Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in MAX held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | WHITE MOUNTAINS INSURANCE GROUP LTD | 17.9M | $166.1M | 0.0% | 32.367% | 52.99% |
| 2 | BlackRock, Inc. | 3.5M | $32.3M | -2.1% | 6.302% | 0.00% |
| 3 | Clearline Capital LP | 2.6M | $24.1M | +99.1% | 4.696% | 1.87% |
| 4 | J. Goldman & Co LP | 1.9M | $17.4M | +137.9% | 3.392% | 0.54% |
| 5 | VANGUARD CAPITAL MANAGEMENT LLC | 1.4M | $12.9M | — | 2.512% | 0.00% |
| 6 | GEODE CAPITAL MANAGEMENT, LLC | 1.1M | $10.0M | +37.7% | 1.940% | 0.00% |
| 7 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 1.1M | $9.9M | +24.1% | 1.925% | 0.01% |
| 8 | Triad Investment Management | 945K | $9.3M | +243.1% | 1.713% | 3.41% |
| 9 | JACOBS ASSET MANAGEMENT, LLC | 924K | $8.6M | +31.1% | 1.676% | 5.15% |
| 10 | STATE STREET CORP | 838K | $7.8M | +14.6% | 1.519% | 0.00% |
| 11 | Shay Capital LLC | 775K | $7.2M | +31.1% | 1.405% | 0.63% |
| 12 | JACOBS LEVY EQUITY MANAGEMENT, INC | 750K | $7.0M | +7.1% | 1.359% | 0.03% |
| 13 | RENAISSANCE TECHNOLOGIES LLC | 719K | $6.7M | -31.2% | 1.304% | 0.01% |
| 14 | MORGAN STANLEY | 703K | $6.5M | -26.8% | 1.274% | 0.00% |
| 15 | Nuveen, LLC | 701K | $6.5M | +5.2% | 1.271% | 0.00% |
| 16 | GOLDMAN SACHS GROUP INC | 623K | $5.8M | -14.5% | 1.130% | 0.00% |
| 17 | DIMENSIONAL FUND ADVISORS LP | 621K | $5.8M | +94.1% | 1.125% | 0.00% |
| 18 | VANGUARD PORTFOLIO MANAGEMENT LLC | 547K | $5.1M | — | 0.991% | 0.00% |
| 19 | AQR CAPITAL MANAGEMENT LLC | 482K | $4.5M | -40.1% | 0.874% | 0.00% |
| 20 | Philadelphia Financial Management of San Francisco, LLC | 480K | $4.5M | — | 0.870% | 1.43% |
| 21 | Qube Research & Technologies Ltd | 415K | $3.9M | +46.2% | 0.753% | 0.00% |
| 22 | FRANKLIN RESOURCES INC | 344K | $3.2M | +4.6% | 0.623% | 0.00% |
| 23 | D. E. Shaw & Co., Inc. | 342K | $3.2M | -13.9% | 0.620% | 0.00% |
| 24 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 311K | $2.9M | +14.7% | 0.564% | 0.00% |
| 25 | ALLIANCEBERNSTEIN L.P. | 205K | $2.7M | +505.5% | 0.372% | 0.00% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in MAX — a direct measure of their conviction.
Filings activity in MAX during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 156 | 8.2% | 81.30% | 35.01 pp | $424M | 30% |
| Q4 2025 | 170 | +9.7% | 116.31% | +13.27 pp | $606M | +13% |
| Q3 2025 | 155 | +1.3% | 103.04% | +5.00 pp | $537M | +5.1% |
| Q2 2025 | 153 | +6.3% | 98.04% | +16.27 pp | $511M | +20% |
| Q1 2025 | 144 | 10% | 81.77% | 18.66 pp | $426M | 19% |
| Q4 2024 | 160 | +6.7% | 100.43% | 64.89 pp | $524M | 39% |
| Q3 2024 | 150 | +1.4% | 165.32% | +41.18 pp | $862M | +33% |
| Q2 2024 | 148 | — | 124.14% | — | $647M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying MAX stock.
Based on Q1 2026 13F filings, institutional ownership of MediaAlpha, Inc. stands at 81.3%, held across 156 reporting institutions.
WHITE MOUNTAINS INSURANCE GROUP LTD is the largest reported institutional holder of MAX, with approximately 17,856,614 shares worth $0.17B as of Q1 2026.
Yes — 2 widely-followed marquee investors appear among the top 25 institutional holders of MAX, including RENAISSANCE TECHNOLOGIES LLC, SUSQUEHANNA INTERNATIONAL GROUP, LLP.
Our composite Smart Money Score for MAX is 38 out of 100 (Bearish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
34 institutions opened new positions in MAX during Q1 2026, while 48 fully exited. 31 added to existing positions and 91 trimmed.
MAX institutional ownership fell by 35.01 percentage points quarter-over-quarter, with a net change of -14 holders.
The top 10 institutions account for 70.4% of all reported 13F value in MAX, and the top 25 account for 88.1%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
MediaAlpha, Inc. (MAX) Institutional Ownership