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System1
SST

90 hedge funds and large institutions have $429M invested in System1 in 2021 Q1 according to their latest regulatory filings, with 28 funds opening new positions, 21 increasing their positions, 25 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

300% more first-time investments, than exits

New positions opened: 28 | Existing positions closed: 7

50% more funds holding in top 10

Funds holding in top 10: 2 → 3 (+1)

30% more funds holding

Funds holding: 69 → 90 (+21)

10% more capital invested

Capital invested by funds: $389M → $429M (+$40.4M)

1.33% more ownership

Funds ownership: 6.99% → 8.32% (+1.3%)

16% less repeat investments, than reductions

Existing positions increased: 21 | Existing positions reduced: 25

Holders
90
Holders Change
+21
Holders Change %
+30.43%
% of All Funds
1.58%
Holding in Top 10
3
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+50%
% of All Funds
0.05%
New
28
Increased
21
Reduced
25
Closed
7
Calls
$664K
Puts
–
Net Calls
+$664K
Net Calls Change
-$1.5M

Top Buyers

Rank Fund Capital Flow
1
ECP
Empyrean Capital Partners
California
+$15.1M
2
ACL
Azora Capital LP
Florida
+$11.8M
3
Alyeska Investment Group
Alyeska Investment Group
Illinois
+$10.3M
4
BTP
Bloom Tree Partners
New York
+$5.38M
5
SCA
Southpoint Capital Advisors
New York
+$5.33M

Top Sellers

Rank Fund Capital Flow
1
Millennium Management
Millennium Management
New York
-$11.6M
2
WAM
Wolverine Asset Management
Illinois
-$5.78M
3
SSA
Schonfeld Strategic Advisors
New York
-$4.94M
4
UOC
UBS O'Connor
Illinois
-$2.6M
5
SRCM
Sage Rock Capital Management
New York
-$2.21M
Name Holding Trade Value Shares
Change 		Change in
Stake
SRCM
26
Sage Rock Capital Management
New York
$5.71M -$2.21M -20,728 -27%
GCL
27
Glazer Capital LLC
New York
$5.69M +$2.32M +21,710 +61%
MI
28
MMCAP International
Cayman Islands
$5.57M -$1.15M -10,763 -16%
D.E. Shaw & Co
29
D.E. Shaw & Co
New York
$5.56M +$1.69M +15,850 +40%
WCA
30
Waratah Capital Advisors
Ontario, Canada
$5.45M +$838K +7,861 +17%
RCM
31
Radcliffe Capital Management
Pennsylvania
$5.33M – – –
BCM
32
Beryl Capital Management
California
$5.26M +$1.33M +12,491 +31%
PAMP
33
Polar Asset Management Partners
Ontario, Canada
$5.19M -$1.07M -10,000 -16%
BTP
34
Bloom Tree Partners
New York
$5.02M +$5.38M +50,405 New
Hudson Bay Capital Management
35
Hudson Bay Capital Management
Connecticut
$4.98M -$2.03M -19,054 -28%
SCA
36
Southpoint Capital Advisors
New York
$4.98M +$5.33M +50,000 New
AC
37
Aristeia Capital
Connecticut
$4.58M +$4.91M +45,990 New
DKCM
38
Davidson Kempner Capital Management
New York
$4.48M +$4.8M +45,000 New
BPIM
39
Brant Point Investment Management
New York
$4.43M +$2.42M +22,643 +104%
Point72 Asset Management
40
Point72 Asset Management
Connecticut
$4.38M +$4.69M +44,000 New
LA
41
Linden Advisors
New York
$4.09M -$469K -4,399 -10%
CC
42
Carlson Capital
Texas
$3.98M +$2.98M +27,940 +233%
MF
43
Magnetar Financial
Illinois
$3.97M +$4.25M +39,820 New
Balyasny Asset Management
44
Balyasny Asset Management
Illinois
$3.86M +$4.14M +38,794 New
BGIM
45
Boussard & Gavaudan Investment Management
United Kingdom
$3.48M – – –
FBCM
46
Fort Baker Capital Management
California
$3.19M +$3.42M +32,054 New
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
47
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
$2.94M -$1.61M -15,054 -34%
FTCM
48
First Trust Capital Management
Illinois
$2.75M +$346K +3,240 +13%
TCM
49
Tuttle Capital Management
Connecticut
$2.73M +$2.38M +22,303 +432%
Marshall Wace
50
Marshall Wace
United Kingdom
$2.49M – – –
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SST Hedge Fund Activity: Q1 2021 in Review

90 of the 5,695 institutional investors tracked by Wall St. Rank reported a position in System1 (SST) for Q1 2021, worth a combined $429M — up 10% from $389M a quarter earlier.

Buyers outnumbered sellers: 28 funds opened new SST positions and 7 closed out — a net gain of 21 holders — while 21 added to existing stakes and 25 trimmed.

The largest buyer was Empyrean Capital Partners, opening a new position worth an estimated $15.1M. The largest seller was Millennium Management, cutting an estimated $11.6M.

  • 90 institutional investors held System1 (SST) as of Q1 2021, up from 69 in Q4 2020.
  • Funds reported $429M of System1 stock for Q1 2021, up 10% quarter-over-quarter.
  • 28 funds opened new System1 positions in Q1 2021 and 7 closed out, a net change of +21 holders.
  • The largest System1 buyer in Q1 2021 was Empyrean Capital Partners, an estimated $15.1M added.
  • The largest System1 seller in Q1 2021 was Millennium Management, an estimated $11.6M sold.

Based on aggregated 13F filings for Q1 2021.