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System1
SST

85 hedge funds and large institutions have $458M invested in System1 in 2021 Q4 according to their latest regulatory filings, with 15 funds opening new positions, 17 increasing their positions, 21 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

97% more call options, than puts

Call options by funds: $1.29M | Put options by funds: $655K

50% more funds holding in top 10

Funds holding in top 10: 2 → 3 (+1)

0.36% less ownership

Funds ownership: 9.33% → 8.97% (-0.36%)

3% less capital invested

Capital invested by funds: $472M → $458M (-$14.5M)

6% less first-time investments, than exits

New positions opened: 15 | Existing positions closed: 16

2% less funds holding

Funds holding: 87 → 85 (-2)

19% less repeat investments, than reductions

Existing positions increased: 17 | Existing positions reduced: 21

Holders
85
Holders Change
-2
Holders Change %
-2.3%
% of All Funds
1.31%
Holding in Top 10
3
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+50%
% of All Funds
0.05%
New
15
Increased
17
Reduced
21
Closed
16
Calls
$1.29M
Puts
$655K
Net Calls
+$635K
Net Calls Change
+$30K

Top Buyers

Rank Fund Capital Flow
1
BCM
Beryl Capital Management
California
+$32.1M
2
Marshall Wace
Marshall Wace
United Kingdom
+$6.85M
3
Hudson Bay Capital Management
Hudson Bay Capital Management
Connecticut
+$4.95M
4
Citadel Advisors
Citadel Advisors
Florida
+$4.9M
5
WRBC
W.R. Berkley Corp
Connecticut
+$4.71M

Top Sellers

Rank Fund Capital Flow
1
BCM
BlueCrest Capital Management
Jersey
-$21.3M
2
RCM
Ratan Capital Management
Florida
-$18.1M
3
TEC
Tiger Eye Capital
Tennessee
-$14.9M
4
ECP
Empyrean Capital Partners
California
-$14M
5
FIG
Fortress Investment Group
New York
-$7.43M
Name Holding Trade Value Shares
Change 		Change in
Stake
WP
26
Woodline Partners
California
$7.47M – – –
WRBC
27
W.R. Berkley Corp
Connecticut
$7.19M +$4.71M +47,397 +191%
SV
28
Starboard Value
New York
$6.77M +$2.29M +23,010 +51%
WCMNY
29
Westchester Capital Management (New York)
New York
$5.59M – – –
MI
30
MMCAP International
Cayman Islands
$5.57M – – –
BTP
31
Bloom Tree Partners
New York
$4.76M -$81.3K -818 -2%
RCM
32
Rivernorth Capital Management
Florida
$4.6M – – –
TCM
33
Tenor Capital Management
New York
$4.48M +$1.39M +13,935 +45%
MF
34
Magnetar Financial
Illinois
$4.22M -$247K -2,489 -6%
Jane Street
35
Jane Street
New York
$4.18M +$4.18M +42,023 New
CC
36
Carlson Capital
Texas
$3.98M – – –
Bank of America
37
Bank of America
North Carolina
$3.8M – – –
GCWM
38
Graham Capital Wealth Management
District of Columbia
$3.62M +$3.61M +36,325 New
BGIM
39
Boussard & Gavaudan Investment Management
United Kingdom
$3.49M – – –
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
40
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
$2.94M – – –
TAL
41
TIG Advisors LLC
New York
$2.8M – – –
CM
42
Cohanzick Management
New York
$2.71M +$144K +1,445 +6%
OAC
43
OMERS Administration Corp
Ontario, Canada
$2.6M +$2.6M +26,122 New
Verition Fund Management
44
Verition Fund Management
Connecticut
$2.5M +$609K +6,130 +32%
PMAM
45
Picton Mahoney Asset Management
Ontario, Canada
$2.49M – – –
Deutsche Bank
46
Deutsche Bank
Germany
$2.49M – – –
Goldman Sachs
47
Goldman Sachs
New York
$2.39M -$3.95M -39,774 -62%
IPCP
48
Iron Park Capital Partners
New York
$2.37M +$2.36M +23,767 New
SC
49
Sculptor Capital
New York
$2.12M – – –
AC
50
Aristeia Capital
Connecticut
$1.98M – – –
1
2
3 4 5

SST Hedge Fund Activity: Q4 2021 in Review

85 of the 6,498 institutional investors tracked by Wall St. Rank reported a position in System1 (SST) for Q4 2021, worth a combined $458M — down 3.1% from $472M a quarter earlier.

Sellers outnumbered buyers: 16 funds closed out of SST and 15 opened new positions — a net loss of 1 holder — while 21 trimmed existing stakes and 17 added.

The largest buyer was Beryl Capital Management, adding an estimated $32.1M. The largest seller was BlueCrest Capital Management, exiting entirely with an estimated $21.3M sold.

  • 85 institutional investors held System1 (SST) as of Q4 2021, down from 87 in Q3 2021.
  • Funds reported $458M of System1 stock for Q4 2021, down 3.1% quarter-over-quarter.
  • 15 funds opened new System1 positions in Q4 2021 and 16 closed out, a net change of -1 holder.
  • The largest System1 buyer in Q4 2021 was Beryl Capital Management, an estimated $32.1M added.
  • The largest System1 seller in Q4 2021 was BlueCrest Capital Management, an estimated $21.3M sold.

Based on aggregated 13F filings for Q4 2021.