MediaAlpha

MAX • NYSE

MediaAlpha is a internet content & information company in the communication services sector on NYSE, led by Steven Yi, with a market cap of $739.3M. As of Q3 2025, 90% of shares are held by 156 institutional investors, with WHITE MOUNTAINS INSURANCE GROUP LTD as the largest holder at 33.61%.

CEOSteven Yi

Market Cap$739.3M

Internet Content & Information

Communication Services

Employees137.0

Websitemediaalpha.com

Country

United States of America

Overview

Overview of institutional ownership in MAX as of Q3 2025 with a market cap of $604.7M

All Institutions

Institutions: 156
Value Held: $544.8M
Shares Held: 47.9M
Avg Position: $3.5M
Median Position: $341.0K

Hedge Funds

Hedge Funds: 30
Value Held: $110.3M
Shares Held: 9.7M
Avg Position: $3.7M
Median Position: $476.2K

Ownership Breakdown

Institutional (non-HF)

71.86%

$434.5M

Hedge Funds

18.23%

$110.3M

Retail & Other

9.91%

$59.9M

Based on market cap of $604.7M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MAX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
WHITE MOUNTAINS INSURANCE GROUP LTD Institution	Liam P. Caffrey President	$203.2M 100.00% of portfolio	33.61% 17.9M shares	Q4 2020 Held for 4y 11m	$203.2M
B BlackRock, Inc. Institution	-	$40.7M 0.00% of portfolio	6.72% 3.6M shares	Q4 2020 Held for 4y 11m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$29.6M 0.00% of portfolio	4.89% 2.6M shares	Q4 2020 Held for 4y 11m	$6.69T
Broad Bay Capital Management, LP Hedge Fund•Long/Short	Richard Scott Greeder Founder	$16.7M 2.07% of portfolio	2.76% 1.5M shares	Q1 2022 Held for 3y 8m	$808.0M
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$16.3M 0.01% of portfolio	2.69% 1.4M shares	Q4 2022 Held for 2y 11m	$121.98B
C Clearline Capital LP Hedge Fund•Event Driven	Mohit Bhasin CFO	$14.7M 1.24% of portfolio	2.43% 1.3M shares	Q2 2023 Held for 2y 5m	$1.2B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$14.6M 0.00% of portfolio	2.41% 1.3M shares	Q4 2020 Held for 4y 11m	$691.34B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$12.0M 0.00% of portfolio	1.99% 1.1M shares	Q4 2020 Held for 4y 11m	$1.56T
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$10.8M 0.01% of portfolio	1.78% 945.1K shares	Q4 2021 Held for 3y 11m	$75.8B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$9.9M 0.00% of portfolio	1.64% 872.0K shares	Q4 2020 Held for 4y 11m	$1.65T

Net Capital Flow

Institutional buying and selling activity for MAX in Q3 2025

Traded: −$3.1M
Buyers: 94
Sellers: 64
Total Bought: +$65.6M
Total Sold: −$68.7M
Avg Position: $3.1M

Biggest Buyers

Institution	Net Bought	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$14.2M +1.2M shares	$16.3M 1.4M shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$7.5M +658.6K shares	$8.1M 710.8K shares
JPMORGAN CHASE & CO Institution	+$5.9M +516.2K shares	$12.0M 1.1M shares
G G2 Investment Partners Management LLC Hedge Fund•Long/Short	+$4.3M +375.5K shares	$4.3M 375.5K shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	+$4.1M +356.0K shares	$6.0M 531.0K shares
Lighthouse Investment Partners, LLC Fund of Funds	+$3.6M +315.9K shares	$4.0M 353.9K shares
FRANKLIN RESOURCES INC Institution	+$3.4M +297.9K shares	$3.6M 318.0K shares
J JANE STREET GROUP, LLC Institution	+$2.0M +176.3K shares	$2.0M 176.3K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$2.0M +172.8K shares	$10.8M 945.1K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$1.9M +169.1K shares	$8.8M 770.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
Broad Bay Capital Management, LP Hedge Fund•Long/Short	−$11.7M −1.0M shares	$16.7M 1.5M shares
GOLDMAN SACHS GROUP INC Institution	−$8.3M −727.2K shares	$14.6M 1.3M shares
D D. E. Shaw & Co., Inc. Institution	−$5.0M −440.5K shares	$5.2M 454.9K shares
B BlackRock, Inc. Institution	−$4.9M −430.2K shares	$40.7M 3.6M shares
UBS Group AG Institution	−$4.4M −390.2K shares	$1.6M 138.2K shares
Hillsdale Investment Management Inc. Long Only Manager	−$3.9M −359.2K shares	Sold Off 0 shares
VANGUARD GROUP INC Institution	−$2.9M −258.6K shares	$29.6M 2.6M shares
HENDERSON GROUP PLC Institution	−$2.8M −246.7K shares	$4.4M 386.2K shares
N Nuveen, LLC Institution	−$2.4M −210.3K shares	$7.9M 690.5K shares
Jackson Creek Investment Advisors LLC Long Only Manager	−$1.8M −164.1K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MAX in Q3 2025

New Positions: 14
New Value: $2.8M
Exited Positions: 19
Exited Value: $13.2M

New Positions

Institution	Position Value
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$804.2K 70.7K shares
PRINCIPAL FINANCIAL GROUP INC Institution	$281.3K 24.7K shares
FourThought Financial Partners, LLC RIA/Wealth	$281.0K 24.7K shares
V VIRGINIA RETIREMENT SYSTEMS ET AL Institution	$278.8K 24.5K shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$263.4K 23.1K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$196.3K 17.3K shares
Cresset Asset Management, LLC RIA/Wealth	$179.1K 15.7K shares
K Keebeck Alpha, LP Hedge Fund	$176.3K 15.5K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$146.1K 12.8K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$136.1K 16.5K shares

Exited Positions

Institution	Previous Position
Hillsdale Investment Management Inc. Long Only Manager	$3.9M 359.2K shares
Jackson Creek Investment Advisors LLC Long Only Manager	$1.8M 164.1K shares
Trexquant Investment LP Hedge Fund•Quant	$1.3M 120.8K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.3M 115.6K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$725.0K 66.2K shares
A Amundi Institution	$598.4K 57.5K shares
H HSBC HOLDINGS PLC Institution	$560.9K 51.6K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$450.7K 41.2K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$396.8K 36.2K shares
AMERIPRISE FINANCIAL INC Institution	$311.7K 28.5K shares

Options Activity

Institutions with the largest Call and Put options positions in MAX as of Q3 2025

Call Positions: 3
Call Value: $2.1M
Put Positions: 3
Put Value: $709.0K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.0M 914.0 contracts
J JANE STREET GROUP, LLC Institution	$837.6K 736.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$217.4K 191.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$344.8K 303.0 contracts
J JANE STREET GROUP, LLC Institution	$187.8K 165.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$176.4K 155.0 contracts

Most Committed Institutions

Institutions with MAX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
WHITE MOUNTAINS INSURANCE GROUP LTD Institution	Liam P. Caffrey President	100.00% $203.2M	33.61% 17.9M shares	Q4 2020 Held for 4y 11m	$203.2M
JACOBS ASSET MANAGEMENT, LLC Hedge Fund•Long/Short	Seymour Murray Jacobs Managing Partner	5.10% $9.3M	1.54% 819.0K shares	Q4 2021 Held for 3y 11m	$182.7M
Broad Bay Capital Management, LP Hedge Fund•Long/Short	Richard Scott Greeder Founder	2.07% $16.7M	2.76% 1.5M shares	Q1 2022 Held for 3y 8m	$808.0M
S Shay Capital LLC Institution	-	1.64% $9.0M	1.49% 790.1K shares	Q3 2022 Held for 3y 2m	$548.9M
C Clearline Capital LP Hedge Fund•Event Driven	Mohit Bhasin CFO	1.24% $14.7M	2.43% 1.3M shares	Q2 2023 Held for 2y 5m	$1.2B
G G2 Investment Partners Management LLC Hedge Fund•Long/Short	Joshua M Goldberg Managing Partner	0.91% $4.3M	0.71% 375.5K shares	Q3 2025 Held for 2 months	$467.4M
Semanteon Capital Management, LP Hedge Fund•Long/Short	Rajat Lal Managing Partner	0.64% $507.4K	0.08% 44.6K shares	Q2 2025 Held for 5 months	$79.7M
C Corton Capital Inc. Institution	-	0.47% $190.7K	0.03% 16.8K shares	Q2 2024 Held for 1y 5m	$40.6M
K Keebeck Alpha, LP Hedge Fund	Thong Huy Nguyen CIO	0.25% $176.3K	0.03% 15.5K shares	Q3 2025 Held for 2 months	$71.9M
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	Jay Glenn Goldman CEO	0.23% $6.0M	1.00% 531.0K shares	Q4 2023 Held for 1y 11m	$2.6B