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System1
SST

32 hedge funds and large institutions have $421M invested in System1 in 2022 Q1 according to their latest regulatory filings, with 19 funds opening new positions, 3 increasing their positions, 9 reducing their positions, and 72 closing their positions.

New
Increased
Maintained
Reduced
Closed

325% more call options, than puts

Call options by funds: $53.9M | Put options by funds: $12.7M

5.42% less ownership

Funds ownership: 8.97% → 3.56% (-5.4%)

8% less capital invested

Capital invested by funds: $458M → $421M (-$36.4M)

62% less funds holding

Funds holding: 85 → 32 (-53)

67% less funds holding in top 10

Funds holding in top 10: 3 → 1 (-2)

67% less repeat investments, than reductions

Existing positions increased: 3 | Existing positions reduced: 9

74% less first-time investments, than exits

New positions opened: 19 | Existing positions closed: 72

Holders
32
Holders Change
-53
Holders Change %
-62.35%
% of All Funds
0.5%
Holding in Top 10
1
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-66.67%
% of All Funds
0.02%
New
19
Increased
3
Reduced
9
Closed
72
Calls
$53.9M
Puts
$12.7M
Net Calls
+$41.2M
Net Calls Change
+$40.6M

Top Buyers

Rank Fund Capital Flow
1
CH
Cannae Holdings
Nevada
+$334M
2
BlackRock
BlackRock
New York
+$2.97M
3
Vanguard Group
Vanguard Group
Pennsylvania
+$2.91M
4
Geode Capital Management
Geode Capital Management
Massachusetts
+$2.08M
5
Charles Schwab
Charles Schwab
California
+$1.25M

Top Sellers

Rank Fund Capital Flow
1
Citadel Advisors
Citadel Advisors
Florida
-$51.4M
2
BCM
Beryl Capital Management
California
-$36.1M
3
WAM
Weiss Asset Management
Massachusetts
-$22.4M
4
HSBC Holdings
HSBC Holdings
United Kingdom
-$18.9M
5
Millennium Management
Millennium Management
New York
-$18.6M
Name Holding Trade Value Shares
Change 		Change in
Stake
DKCM
51
Davidson Kempner Capital Management
New York
– -$7.95M -79,798 Closed
UOC
52
UBS O'Connor
Illinois
– -$7.8M -78,285 Closed
RL
53
RPO LLC
Connecticut
– -$7.56M -75,878 Closed
AWG
54
Alpha Wave Global
New York
– -$7.53M -75,591 Closed
WP
55
Woodline Partners
California
– -$7.47M -75,000 Closed
WRBC
56
W.R. Berkley Corp
Connecticut
– -$7.19M -72,177 Closed
SV
57
Starboard Value
New York
– -$6.77M -68,010 Closed
WCMNY
58
Westchester Capital Management (New York)
New York
– -$5.59M -56,096 Closed
MI
59
MMCAP International
Cayman Islands
– -$5.57M -55,937 Closed
Manulife (Manufacturers Life Insurance)
60
Manulife (Manufacturers Life Insurance)
Ontario, Canada
– -$4.84K -48,601 Closed
BTP
61
Bloom Tree Partners
New York
– -$4.76M -47,838 Closed
RCM
62
Rivernorth Capital Management
Florida
– -$4.6M -46,191 Closed
TCM
63
Tenor Capital Management
New York
– -$4.48M -45,000 Closed
MF
64
Magnetar Financial
Illinois
– -$4.22M -42,397 Closed
CC
65
Carlson Capital
Texas
– -$3.98M -39,940 Closed
GCWM
66
Graham Capital Wealth Management
District of Columbia
– -$3.62M -36,325 Closed
BGIM
67
Boussard & Gavaudan Investment Management
United Kingdom
– -$3.49M -35,000 Closed
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
68
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Ontario, Canada
– -$2.94M -29,554 Closed
TAL
69
TIG Advisors LLC
New York
– -$2.8M -28,082 Closed
CM
70
Cohanzick Management
New York
– -$2.71M -27,177 Closed
OAC
71
OMERS Administration Corp
Ontario, Canada
– -$2.6M -26,122 Closed
Verition Fund Management
72
Verition Fund Management
Connecticut
– -$2.5M -25,131 Closed
PMAM
73
Picton Mahoney Asset Management
Ontario, Canada
– -$2.49M -25,010 Closed
Deutsche Bank
74
Deutsche Bank
Germany
– -$2.49M -25,000 Closed
IPCP
75
Iron Park Capital Partners
New York
– -$2.37M -23,767 Closed
1 2
3
4 5

SST Hedge Fund Activity: Q1 2022 in Review

32 of the 6,340 institutional investors tracked by Wall St. Rank reported a position in System1 (SST) for Q1 2022, worth a combined $421M — down 8% from $458M a quarter earlier.

Sellers outnumbered buyers: 72 funds closed out of SST and 19 opened new positions — a net loss of 53 holders — while 9 trimmed existing stakes and 3 added.

The largest buyer was Cannae Holdings, opening a new position worth an estimated $334M. The largest seller was Citadel Advisors, cutting an estimated $51.4M.

  • 32 institutional investors held System1 (SST) as of Q1 2022, down from 85 in Q4 2021.
  • Funds reported $421M of System1 stock for Q1 2022, down 8% quarter-over-quarter.
  • 19 funds opened new System1 positions in Q1 2022 and 72 closed out, a net change of -53 holders.
  • The largest System1 buyer in Q1 2022 was Cannae Holdings, an estimated $334M added.
  • The largest System1 seller in Q1 2022 was Citadel Advisors, an estimated $51.4M sold.

Based on aggregated 13F filings for Q1 2022.