Ranked by reported Q2 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 | $224.5M | 0.0% | 33.707% | 57.03% |
| 2 | BlackRock, Inc. | 3.4M | $42.6M | -2.4% | 6.404% | 0.00% |
| 3 | Clearline Capital LP | 2.7M | $34.1M | +4.8% | 5.123% | 2.04% |
| 4 | JPMORGAN CHASE & CO | 1.9M | $23.3M | +7.7% | 3.549% | 0.00% |
| 5 | VANGUARD CAPITAL MANAGEMENT LLC | 1.3M | $16.0M | -7.9% | 2.409% | 0.00% |
| 6 | GEODE CAPITAL MANAGEMENT, LLC | 1.1M | $13.4M | -0.2% | 2.017% | 0.00% |
| 7 | Divisadero Street Capital Management, LP | 1.0M | $12.8M | +1073.6% | 1.925% | 0.29% |
| 8 | JACOBS LEVY EQUITY MANAGEMENT, INC | 971K | $12.2M | +29.5% | 1.833% | 0.04% |
| 9 | JACOBS ASSET MANAGEMENT, LLC | 920K | $11.6M | -0.5% | 1.736% | 7.27% |
| 10 | STATE STREET CORP | 862K | $10.8M | +2.9% | 1.628% | 0.00% |
| 11 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 830K | $10.4M | -21.9% | 1.567% | 0.00% |
| 12 | MORGAN STANLEY | 821K | $10.3M | +16.8% | 1.550% | 0.00% |
| 13 | Nuveen, LLC | 752K | $9.5M | +7.3% | 1.420% | 0.00% |
| 14 | DIMENSIONAL FUND ADVISORS LP | 702K | $8.8M | +13.1% | 1.325% | 0.00% |
| 15 | J. Goldman & Co LP | 686K | $8.6M | -63.3% | 1.296% | 0.22% |
| 16 | CITADEL ADVISORS LLC | 673K | $8.5M | +129.8% | 1.270% | 0.00% |
| 17 | JANE STREET GROUP, LLC | 597K | $7.5M | +70.4% | 1.126% | 0.00% |
| 18 | RENAISSANCE TECHNOLOGIES LLC | 574K | $7.2M | -20.1% | 1.084% | 0.01% |
| 19 | Shay Capital LLC | 570K | $7.2M | -26.5% | 1.076% | 0.46% |
| 20 | D. E. Shaw & Co., Inc. | 536K | $6.7M | +56.7% | 1.012% | 0.00% |
| 21 | SPEECE THORSON CAPITAL GROUP INC | 489K | $6.1M | β | 0.923% | 1.31% |
| 22 | EVR Research LP | 440K | $5.5M | β | 0.831% | 2.73% |
| 23 | VANGUARD PORTFOLIO MANAGEMENT LLC | 433K | $5.4M | -20.8% | 0.817% | 0.00% |
| 24 | GOLDMAN SACHS GROUP INC | 429K | $5.4M | -31.2% | 0.810% | 0.00% |
| 25 | TWO SIGMA INVESTMENTS, LP | 409K | $5.1M | +133.6% | 0.773% | 0.00% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). β% of Fundβ shows how much of that investorβs total 13F portfolio is invested in MAX β a direct measure of their conviction.
Filings activity in MAX during Q2 2026, grouped by how each filer changed its position.
8 quarters of 13F filings Β· Ξ columns show change vs prior quarter
| Quarter | Inst. Holders | Ξ Holders | Ownership % | Ξ Ownership | Total 13F Value | Ξ Value |
|---|---|---|---|---|---|---|
| Q2 2026 | 156 | 4.9% | 92.53% | 12.93 pp | $598M | +35% |
| Q1 2026 | 164 | 3.5% | 105.46% | +20.31 pp | $441M | 27% |
| Q4 2025 | 170 | +9.0% | 85.15% | 16.11 pp | $606M | +13% |
| Q3 2025 | 156 | +2.0% | 101.26% | 1.24 pp | $538M | +5.2% |
| Q2 2025 | 153 | +6.3% | 102.50% | +1.53 pp | $511M | +20% |
| Q1 2025 | 144 | 10% | 100.97% | 2.46 pp | $426M | 19% |
| Q4 2024 | 160 | +6.7% | 103.43% | 2.37 pp | $524M | 39% |
| Q3 2024 | 150 | β | 105.80% | β | $862M | β |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Ξ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying MAX stock.
Based on Q2 2026 13F filings, institutional ownership of MediaAlpha, Inc. stands at 92.5%, 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 $0.22B as of Q2 2026.
Yes β 4 widely-followed marquee investors appear among the top 25 institutional holders of MAX, including CITADEL ADVISORS LLC, JANE STREET GROUP, LLC, RENAISSANCE TECHNOLOGIES LLC, TWO SIGMA INVESTMENTS, LP.
Our composite Smart Money Score for MAX is 45 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
21 institutions opened new positions in MAX during Q2 2026, while 28 fully exited. 100 added to existing positions and 31 trimmed.
MAX institutional ownership fell by 12.93 percentage points quarter-over-quarter, with a net change of -8 holders.
The top 10 institutions account for 67.2% of all reported 13F value in MAX, and the top 25 account for 86.0%.
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