System1
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.
300% more first-time investments, than exits
New positions opened: 28 | Existing positions closed: 7
157% more capital inflows, than outflows
Capital inflows: $121M | Capital outflows: $47M
50% more funds holding in top 10
Funds holding in top 10: 2 → 3 (+1)
30% more funds holding
Funds holding: 69 → 90 (+21)
13.34% more ownership
Funds ownership: 69.86% → 83.2% (+13%)
16% less repeat investments, than reductions
Existing positions increased: 21 | Existing positions reduced: 25
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Empyrean Capital Partners
Los Angeles,
California
|
+$15.1M |
| 2 |
Azora Capital LP
Miami,
Florida
|
+$11.8M |
| 3 |
Alyeska Investment Group
Chicago,
Illinois
|
+$10.3M |
| 4 |
Bloom Tree Partners
New York
|
+$5.38M |
| 5 |
Southpoint Capital Advisors
New York
|
+$5.33M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
-$11.6M |
| 2 |
Wolverine Asset Management
Chicago,
Illinois
|
-$5.78M |
| 3 |
Schonfeld Strategic Advisors
New York
|
-$4.94M |
| 4 |
UBS O'Connor
Chicago,
Illinois
|
-$2.6M |
| 5 |
Sage Rock Capital Management
New York
|
-$2.21M |
SST Hedge Fund Activity: Q1 2021 in Review
90 of the 5,713 institutional investors tracked by Wall St. Rank reported a position in System1 (SST) for Q1 2021, worth a combined $429M — up 10% from $390M 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.