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System1
SST

87 hedge funds and large institutions have $472M invested in System1 in 2021 Q3 according to their latest regulatory filings, with 11 funds opening new positions, 18 increasing their positions, 22 reducing their positions, and 20 closing their positions.

New
Increased
Maintained
Reduced
Closed

94% more call options, than puts

Call options by funds: $1.25M | Put options by funds: $645K

6% more capital invested

Capital invested by funds: $443M → $472M (+$28.7M)

0.47% more ownership

Funds ownership: 8.86% → 9.33% (+0.47%)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

10% less funds holding

Funds holding: 97 → 87 (-10)

18% less repeat investments, than reductions

Existing positions increased: 18 | Existing positions reduced: 22

45% less first-time investments, than exits

New positions opened: 11 | Existing positions closed: 20

Holders
87
Holders Change
-10
Holders Change %
-10.31%
% of All Funds
1.52%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.04%
New
11
Increased
18
Reduced
22
Closed
20
Calls
$1.25M
Puts
$645K
Net Calls
+$605K
Net Calls Change
-$686K

Top Buyers

Rank Fund Capital Flow
1
BCM
BlueCrest Capital Management
Jersey
+$21.3M
2
Citadel Advisors
Citadel Advisors
Florida
+$17.3M
3
HSBC Holdings
HSBC Holdings
United Kingdom
+$9.9M
4
LA
Linden Advisors
New York
+$9.9M
5
WP
Woodline Partners
California
+$7.43M

Top Sellers

Rank Fund Capital Flow
1
CAC
Cowen and Company
New York
-$9.9M
2
HIM
HGC Investment Management
Ontario, Canada
-$7.64M
3
PAMP
Polar Asset Management Partners
Ontario, Canada
-$7.63M
4
PWAM
Park West Asset Management
California
-$6.93M
5
ACL
Azora Capital LP
Florida
-$5.86M
Name Holding Trade Value Shares
Change 		Change in
Stake
OPU
26
Omni Partners US
California
$6.43M +$6.42M +64,853 New
Goldman Sachs
27
Goldman Sachs
New York
$6.32M -$2.79M -28,195 -31%
FTCM
28
First Trust Capital Management
Illinois
$5.66M +$3.19M +32,251 +130%
WCMNY
29
Westchester Capital Management (New York)
New York
$5.56M -$1.45M -14,672 -21%
MI
30
MMCAP International
Cayman Islands
$5.54M – – –
KC
31
Kepos Capital
New York
$5.2M – – –
Hudson Bay Capital Management
32
Hudson Bay Capital Management
Connecticut
$4.96M – – –
BTP
33
Bloom Tree Partners
New York
$4.82M -$46.2K -467 -1%
Manulife (Manufacturers Life Insurance)
34
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$4.82M +$1.88K +19 +0%
RCM
35
Rivernorth Capital Management
Florida
$4.58M – – –
SV
36
Starboard Value
New York
$4.46M +$4.46M +45,000 New
MF
37
Magnetar Financial
Illinois
$4.45M +$150K +1,513 +3%
CC
38
Carlson Capital
Texas
$3.96M – – –
BCM
39
Beryl Capital Management
California
$3.87M -$273K -2,755 -7%
Bank of America
40
Bank of America
North Carolina
$3.78M – – –
MSU
41
Mizuho Securities USA
New York
$3.22M +$3.21M +32,462 New
FBCM
42
Fort Baker Capital Management
California
$3.18M – – –
TCM
43
Tenor Capital Management
New York
$3.08M +$105K +1,065 +4%
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
44
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
$2.93M – – –
Marshall Wace
45
Marshall Wace
United Kingdom
$2.9M -$134K -1,352 -4%
TAL
46
TIG Advisors LLC
New York
$2.78M -$22.2K -224 -0.8%
CM
47
Cohanzick Management
New York
$2.55M – – –
PMAM
48
Picton Mahoney Asset Management
Ontario, Canada
$2.48M – – –
Deutsche Bank
49
Deutsche Bank
Germany
$2.48M – – –
WRBC
50
W.R. Berkley Corp
Connecticut
$2.46M – – –
1
2
3 4 5

SST Hedge Fund Activity: Q3 2021 in Review

87 of the 5,712 institutional investors tracked by Wall St. Rank reported a position in System1 (SST) for Q3 2021, worth a combined $472M — up 6.5% from $443M a quarter earlier.

Sellers outnumbered buyers: 20 funds closed out of SST and 11 opened new positions — a net loss of 9 holders — while 22 trimmed existing stakes and 18 added.

The largest buyer was BlueCrest Capital Management, opening a new position worth an estimated $21.3M. The largest seller was Cowen and Company, exiting entirely with an estimated $9.9M sold.

  • 87 institutional investors held System1 (SST) as of Q3 2021, down from 97 in Q2 2021.
  • Funds reported $472M of System1 stock for Q3 2021, up 6.5% quarter-over-quarter.
  • 11 funds opened new System1 positions in Q3 2021 and 20 closed out, a net change of -9 holders.
  • The largest System1 buyer in Q3 2021 was BlueCrest Capital Management, an estimated $21.3M added.
  • The largest System1 seller in Q3 2021 was Cowen and Company, an estimated $9.9M sold.

Based on aggregated 13F filings for Q3 2021.