MAX US Equity

MediaAlpha, Inc.

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Industrials · Services-Business Services, NEC · CIK 1818383 · FYE 1231

$13.80

+0.01 (+0.07%)

USD · as of 2026-07-29 · marketstack

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Institutional ownership· 13F filers holding MAX · 2026-Q1 methodology → sources →

161 holders

% of shares outstanding held

72.2%

Shares held (13F)

48,222,370

Reporting holders

161

Top holders

largest 100 of 161 · Δ vs 2025-Q4

#	Holder	Shares	Value	% of shares out	Δ QoQ
1	WHITE MOUNTAINS INSURANCE GROUP LTD	17,856,61417.9M	$166M	26.74%	—
2	BlackRock, Inc.	3,476,6873.5M	$32M	5.21%	TRIM -2%
3	Clearline Capital LP	2,590,6702.6M	$24M	3.88%	ADD 99%
4	JPMORGAN CHASE & CO	1,745,6791.7M	$16M	2.61%	ADD 28%
5	VANGUARD CAPITAL MANAGEMENT LLC	1,385,7291.4M	$13M	2.07%	NEW†
6	J. Goldman & Co LP	1,182,6731.2M	$11M	1.77%	ADD 50%
7	GEODE CAPITAL MANAGEMENT, LLC	1,070,0841.1M	$10M	1.60%	ADD 38%
8	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1,061,9811.1M	$10M	1.59%	ADD 24%
9	JACOBS ASSET MANAGEMENT, LLC	924,443924,443	$9M	1.38%	ADD 31%
10	ACADIAN ASSET MANAGEMENT LLC	847,199847,199	$8M	1.27%	ADD 40%
11	STATE STREET CORP	838,161838,161	$8M	1.25%	ADD 15%
12	Shay Capital LLC	775,000775,000	$7M	1.16%	ADD 31%
13	JACOBS LEVY EQUITY MANAGEMENT, INC	750,054750,054	$7M	1.12%	ADD 7%
14	RENAISSANCE TECHNOLOGIES LLC	719,300719,300	$7M	1.08%	TRIM -31%
15	MORGAN STANLEY	703,018703,018	$7M	1.05%	TRIM -27%
16	Nuveen, LLC	701,399701,399	$7M	1.05%	ADD 5%
17	GOLDMAN SACHS GROUP INC	623,421623,421	$6M	0.93%	TRIM -15%
18	DIMENSIONAL FUND ADVISORS LP	620,669620,669	$6M	0.93%	ADD 94%
19	VANGUARD PORTFOLIO MANAGEMENT LLC	546,745546,745	$5M	0.82%	NEW
20	SPEECE THORSON CAPITAL GROUP INC	499,011499,011	$5M	0.75%	NEW
21	AQR CAPITAL MANAGEMENT LLC	481,951481,951	$4M	0.72%	TRIM -40%
22	Philadelphia Financial Management of San Francisco, LLC	480,000480,000	$4M	0.72%	NEW
23	Qube Research & Technologies Ltd	415,280415,280	$4M	0.62%	ADD 46%
24	FRANKLIN RESOURCES INC	343,709343,709	$3M	0.51%	ADD 5%
25	D. E. Shaw & Co., Inc.	342,058342,058	$3M	0.51%	TRIM -14%
26	Triad Investment Management	333,864333,864	$3M	0.50%	ADD 21%
27	HRT FINANCIAL LP	329,332329,332	$3M	0.49%	ADD 202%
28	ALLIANCEBERNSTEIN L.P.	205,440205,440	$3M	0.31%	ADD 505%
29	JANE STREET GROUP, LLC	283,008283,008	$3M	0.42%	TRIM -21%
30	BANK OF AMERICA CORP /DE/	279,704279,704	$3M	0.42%	ADD 381%
31	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	274,339274,339	$3M	0.41%	—
32	NORTHERN TRUST CORP	271,824271,824	$3M	0.41%	—
33	CITADEL ADVISORS LLC	229,323229,323	$2M	0.34%	ADD 35%
34	VANGUARD FIDUCIARY TRUST CO	227,112227,112	$2M	0.34%	NEW
35	Stoic Point Capital Management LLC	221,041221,041	$2M	0.33%	ADD 7%
36	Squarepoint Ops LLC	215,541215,541	$2M	0.32%	ADD 73%
37	SUSQUEHANNA INTERNATIONAL GROUP, LLP	189,736189,736	$2M	0.28%	ADD 134%
38	TEACHER RETIREMENT SYSTEM OF TEXAS	185,325185,325	$2M	0.28%	ADD 1588%
39	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	180,511180,511	$2M	0.27%	ADD 177%
40	TWO SIGMA INVESTMENTS, LP	175,289175,289	$2M	0.26%	ADD 193%
41	Y-Intercept (Hong Kong) Ltd	158,170158,170	$1M	0.24%	TRIM -25%
42	UBS Group AG	153,883153,883	$1M	0.23%	ADD 158%
43	Caption Management, LLC	149,048149,048	$1M	0.22%	NEW
44	XTX Topco Ltd	146,838146,838	$1M	0.22%	ADD 62%
45	PRINCIPAL FINANCIAL GROUP INC	137,613137,613	$1M	0.21%	ADD 289%
46	Man Group plc	136,707136,707	$1M	0.20%	ADD 23%
47	GSA CAPITAL PARTNERS LLP	109,268109,268	$1M	0.16%	ADD 134%
48	Balyasny Asset Management L.P.	108,808108,808	$1M	0.16%	TRIM -41%
49	Quantinno Capital Management LP	107,274107,274	$997,648	0.16%	ADD 151%
50	STATE OF WISCONSIN INVESTMENT BOARD	106,160106,160	$987,288	0.16%	ADD 127%
51	PDT Partners, LLC	90,02290,022	$837,205	0.13%	TRIM -46%
52	VICTORY CAPITAL MANAGEMENT INC	87,26987,269	$811,602	0.13%	TRIM -88%
53	Bank of New York Mellon Corp	86,95586,955	$808,681	0.13%	—
54	Divisadero Street Capital Management, LP	86,90786,907	$808,235	0.13%	TRIM -90%
55	Russell Investments Group, Ltd.	84,89484,894	$794,000	0.13%	TRIM -7%
56	ALGERT GLOBAL LLC	84,51084,510	$786,000	0.13%	NEW
57	GLOBEFLEX CAPITAL L P	80,23380,233	$746,167	0.12%	—
58	Amundi	78,10478,104	$726,367	0.12%	ADD 33%
59	Allianz Asset Management GmbH	70,17670,176	$652,637	0.11%	—
60	Swiss National Bank	58,70058,700	$545,910	0.09%	—
61	Mariner, LLC	58,48958,489	$543,954	0.09%	TRIM -16%
62	BNP PARIBAS FINANCIAL MARKETS	56,20656,206	$522,716	0.08%	TRIM -79%
63	BLAIR WILLIAM & CO/IL	55,97555,975	$520,568	0.08%	TRIM -7%
64	RHUMBLINE ADVISERS	47,88447,884	$445,313	0.07%	—
65	MILLENNIUM MANAGEMENT LLC	47,04147,041	$437,481	0.07%	TRIM -94%
66	Allspring Global Investments Holdings, LLC	47,88547,885	$434,795	0.07%	ADD 11%
67	BARCLAYS PLC	45,36445,364	$421,886	0.07%	TRIM -50%
68	Dynamic Technology Lab Private Ltd	43,59543,595	$405,434	0.07%	NEW
69	State of Wyoming	43,00143,001	$399,909	0.06%	ADD 11%
70	Brooklyn Investment Group	39,72439,724	$369,434	0.06%	ADD 230%
71	Vanguard Global Advisers, LLC	37,68837,688	$350,498	0.06%	NEW
72	FOX RUN MANAGEMENT, L.L.C.	36,95536,955	$348,855	0.06%	ADD 42%
73	PRICE T ROWE ASSOCIATES INC /MD/	37,07637,076	$345,000	0.06%	ADD 20%
74	SEI INVESTMENTS CO	35,73835,738	$332,363	0.05%	TRIM -56%
75	DEUTSCHE BANK AG\	35,08835,088	$326,318	0.05%	ADD 11%
76	IEQ CAPITAL, LLC	32,92132,921	$306,165	0.05%	TRIM -63%
77	Quantbot Technologies LP	29,11929,119	$270,807	0.04%	NEW
78	Legal & General Group Plc	27,53327,533	$256,056	0.04%	TRIM -19%
79	FMR LLC	27,17427,174	$252,715	0.04%	ADD 463%
80	Bridgefront Capital, LLC	26,17026,170	$243,381	0.04%	NEW
81	Abel Hall, LLC	25,42425,424	$236,443	0.04%	NEW
82	Cannell & Spears LLC	25,40025,400	$236,220	0.04%	—
83	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	25,25225,252	$234,844	0.04%	—
84	LOS ANGELES CAPITAL MANAGEMENT LLC	23,74023,740	$220,782	0.04%	TRIM -67%
85	Invesco Ltd.	23,62723,627	$219,732	0.04%	TRIM -9%
86	ELKHORN PARTNERS LIMITED PARTNERSHIP	23,00023,000	$213,900	0.03%	NEW
87	CWM, LLC	22,42522,425	$208,553	0.03%	TRIM -47%
88	MetLife Investment Management, LLC	21,40221,402	$199,039	0.03%	—
89	JUPITER ASSET MANAGEMENT LTD	21,17221,172	$196,900	0.03%	NEW
90	WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	20,91620,916	$195,774	0.03%	TRIM -21%
91	State of Tennessee, Department of Treasury	20,72820,728	$192,771	0.03%	ADD 61%
92	Creative Planning	19,94619,946	$185,498	0.03%	TRIM -21%
93	SG Americas Securities, LLC	19,47319,473	$181,000	0.03%	ADD 23%
94	Cornerstone Investment Partners, LLC	19,00819,008	$176,774	0.03%	ADD 30%
95	Zurcher Kantonalbank (Zurich Cantonalbank)	18,64218,642	$173,371	0.03%	—
96	AMERIPRISE FINANCIAL INC	17,80717,807	$165,605	0.03%	NEW
97	EVENTIDE ASSET MANAGEMENT, LLC	17,50917,509	$165,279	0.03%	NEW
98	VANGUARD ASSET MANAGEMENT, Ltd	17,42517,425	$162,053	0.03%	NEW
99	MERCER GLOBAL ADVISORS INC /ADV	16,15516,155	$150,242	0.02%	TRIM -5%
100	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	16,13216,132	$150,028	0.02%	ADD 2%

† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.

Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.

Holder trends· top 15 holders · shares held over 6 quarters

green added · red trimmed

Holder

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

WHITE MOUNTAINS INSURANCE GROUP LTD

17.9M

$166M

BlackRock, Inc.

3.6M

3.7M

4.0M

3.6M

3.5M

$32M

Clearline Capital LP

1.2M

2.7M

1.4M

1.3M

2.6M

$24M

JPMORGAN CHASE & CO

122K

308K

542K

2.1M

1.4M

1.7M

$16M

VANGUARD CAPITAL MANAGEMENT LLC

—

1.4M

$13M

J. Goldman & Co LP

311K

568K

175K

531K

786K

1.2M

$11M

GEODE CAPITAL MANAGEMENT, LLC

699K

728K

765K

770K

777K

1.1M

$10M

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

763K

296K

484K

520K

856K

1.1M

$10M

JACOBS ASSET MANAGEMENT, LLC

357K

408K

799K

819K

705K

924K

$9M

ACADIAN ASSET MANAGEMENT LLC

445K

321K

532K

420K

606K

847K

$8M

STATE STREET CORP

606K

624K

653K

672K

731K

838K

$8M

Shay Capital LLC

448K

572K

670K

790K

591K

775K

$7M

JACOBS LEVY EQUITY MANAGEMENT, INC

476K

139K

470K

561K

700K

750K

$7M

RENAISSANCE TECHNOLOGIES LLC

539K

566K

772K

945K

1.0M

719K

$7M

MORGAN STANLEY

611K

738K

756K

872K

960K

703K

$7M

Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

Institutional footprint by quarter

Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding uses today's share count for every quarter (the only count stored).

Quarter	Holders	Shares held	% shares out	Value held
2026-Q1	161	48,222,370	72.2%	$449M
2025-Q4	172	47,777,669	71.5%	$619M
2025-Q3	157	48,898,421	73.2%	$556M
2025-Q2	152	48,276,007	72.3%	$529M
2025-Q1	144	47,216,866	70.7%	$436M
2024-Q4	161	48,141,176	72.1%	$543M
2024-Q3	151	48,969,106	73.3%	$887M
2024-Q2	148	50,291,326	75.3%	$662M
2024-Q1	122	45,042,888	67.4%	$917M
2023-Q4	91	42,459,342	63.6%	$473M

Short interest has its own tab now — open SI →

Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.

Activists & large holders· Schedule 13D/G beneficial owners · MAX

Activists — 13D, active intent

WHITE MOUNTAINS INSURANCE GROUP LTD33.03%▲ +1.33ppSCHEDULE 13D/A · Amd 6 · event 2026-04-29SEC →

17,856,614 shares · 2 reporting persons

“Item 4 is amended and supplemented as follows: On March 31, 2025, Jennifer Moyer, one of White Mountains's two designees on the Issuer's board of directors (the "Board") and the Chair of the Issuer's Nominating and Corporate Governance Committee, informed the Issuer of her decision to not stand for re-election to the Board (the "Moyer Notification"). On December 4, 2025, Christopher Delehanty, White Mountains's second designee on the Board, informed the Issuer of his decision to resign as a memb”

Nonko Eugene10.8%NEWSCHEDULE 13D/A · Amd 4 · event 2025-02-26SEC →

5,996,864 shares · 2 reporting persons

Large holders — 13G, passive (top 4 by % of class)

Holder

% of class

Type

As of

Divisadero Street Capital Management, LP

5.8%

Passive

2026-07-21

Institutional ownership· 13F filers holding MAX · 2026-Q1 methodology → sources →

161 holders

% of shares outstanding held

72.2%

Shares held (13F)

48,222,370

Reporting holders

161

Top holders

largest 100 of 161 · Δ vs 2025-Q4

#	Holder	Shares	Value	% of shares out	Δ QoQ
1	WHITE MOUNTAINS INSURANCE GROUP LTD	17,856,61417.9M	$166M	26.74%	—
2	BlackRock, Inc.	3,476,6873.5M	$32M	5.21%	TRIM -2%
3	Clearline Capital LP	2,590,6702.6M	$24M	3.88%	ADD 99%
4	JPMORGAN CHASE & CO	1,745,6791.7M	$16M	2.61%	ADD 28%
5	VANGUARD CAPITAL MANAGEMENT LLC	1,385,7291.4M	$13M	2.07%	NEW†
6	J. Goldman & Co LP	1,182,6731.2M	$11M	1.77%	ADD 50%
7	GEODE CAPITAL MANAGEMENT, LLC	1,070,0841.1M	$10M	1.60%	ADD 38%
8	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1,061,9811.1M	$10M	1.59%	ADD 24%
9	JACOBS ASSET MANAGEMENT, LLC	924,443924,443	$9M	1.38%	ADD 31%
10	ACADIAN ASSET MANAGEMENT LLC	847,199847,199	$8M	1.27%	ADD 40%
11	STATE STREET CORP	838,161838,161	$8M	1.25%	ADD 15%
12	Shay Capital LLC	775,000775,000	$7M	1.16%	ADD 31%
13	JACOBS LEVY EQUITY MANAGEMENT, INC	750,054750,054	$7M	1.12%	ADD 7%
14	RENAISSANCE TECHNOLOGIES LLC	719,300719,300	$7M	1.08%	TRIM -31%
15	MORGAN STANLEY	703,018703,018	$7M	1.05%	TRIM -27%
16	Nuveen, LLC	701,399701,399	$7M	1.05%	ADD 5%
17	GOLDMAN SACHS GROUP INC	623,421623,421	$6M	0.93%	TRIM -15%
18	DIMENSIONAL FUND ADVISORS LP	620,669620,669	$6M	0.93%	ADD 94%
19	VANGUARD PORTFOLIO MANAGEMENT LLC	546,745546,745	$5M	0.82%	NEW
20	SPEECE THORSON CAPITAL GROUP INC	499,011499,011	$5M	0.75%	NEW
21	AQR CAPITAL MANAGEMENT LLC	481,951481,951	$4M	0.72%	TRIM -40%
22	Philadelphia Financial Management of San Francisco, LLC	480,000480,000	$4M	0.72%	NEW
23	Qube Research & Technologies Ltd	415,280415,280	$4M	0.62%	ADD 46%
24	FRANKLIN RESOURCES INC	343,709343,709	$3M	0.51%	ADD 5%
25	D. E. Shaw & Co., Inc.	342,058342,058	$3M	0.51%	TRIM -14%
26	Triad Investment Management	333,864333,864	$3M	0.50%	ADD 21%
27	HRT FINANCIAL LP	329,332329,332	$3M	0.49%	ADD 202%
28	ALLIANCEBERNSTEIN L.P.	205,440205,440	$3M	0.31%	ADD 505%
29	JANE STREET GROUP, LLC	283,008283,008	$3M	0.42%	TRIM -21%
30	BANK OF AMERICA CORP /DE/	279,704279,704	$3M	0.42%	ADD 381%
31	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	274,339274,339	$3M	0.41%	—
32	NORTHERN TRUST CORP	271,824271,824	$3M	0.41%	—
33	CITADEL ADVISORS LLC	229,323229,323	$2M	0.34%	ADD 35%
34	VANGUARD FIDUCIARY TRUST CO	227,112227,112	$2M	0.34%	NEW
35	Stoic Point Capital Management LLC	221,041221,041	$2M	0.33%	ADD 7%
36	Squarepoint Ops LLC	215,541215,541	$2M	0.32%	ADD 73%
37	SUSQUEHANNA INTERNATIONAL GROUP, LLP	189,736189,736	$2M	0.28%	ADD 134%
38	TEACHER RETIREMENT SYSTEM OF TEXAS	185,325185,325	$2M	0.28%	ADD 1588%
39	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	180,511180,511	$2M	0.27%	ADD 177%
40	TWO SIGMA INVESTMENTS, LP	175,289175,289	$2M	0.26%	ADD 193%
41	Y-Intercept (Hong Kong) Ltd	158,170158,170	$1M	0.24%	TRIM -25%
42	UBS Group AG	153,883153,883	$1M	0.23%	ADD 158%
43	Caption Management, LLC	149,048149,048	$1M	0.22%	NEW
44	XTX Topco Ltd	146,838146,838	$1M	0.22%	ADD 62%
45	PRINCIPAL FINANCIAL GROUP INC	137,613137,613	$1M	0.21%	ADD 289%
46	Man Group plc	136,707136,707	$1M	0.20%	ADD 23%
47	GSA CAPITAL PARTNERS LLP	109,268109,268	$1M	0.16%	ADD 134%
48	Balyasny Asset Management L.P.	108,808108,808	$1M	0.16%	TRIM -41%
49	Quantinno Capital Management LP	107,274107,274	$997,648	0.16%	ADD 151%
50	STATE OF WISCONSIN INVESTMENT BOARD	106,160106,160	$987,288	0.16%	ADD 127%
51	PDT Partners, LLC	90,02290,022	$837,205	0.13%	TRIM -46%
52	VICTORY CAPITAL MANAGEMENT INC	87,26987,269	$811,602	0.13%	TRIM -88%
53	Bank of New York Mellon Corp	86,95586,955	$808,681	0.13%	—
54	Divisadero Street Capital Management, LP	86,90786,907	$808,235	0.13%	TRIM -90%
55	Russell Investments Group, Ltd.	84,89484,894	$794,000	0.13%	TRIM -7%
56	ALGERT GLOBAL LLC	84,51084,510	$786,000	0.13%	NEW
57	GLOBEFLEX CAPITAL L P	80,23380,233	$746,167	0.12%	—
58	Amundi	78,10478,104	$726,367	0.12%	ADD 33%
59	Allianz Asset Management GmbH	70,17670,176	$652,637	0.11%	—
60	Swiss National Bank	58,70058,700	$545,910	0.09%	—
61	Mariner, LLC	58,48958,489	$543,954	0.09%	TRIM -16%
62	BNP PARIBAS FINANCIAL MARKETS	56,20656,206	$522,716	0.08%	TRIM -79%
63	BLAIR WILLIAM & CO/IL	55,97555,975	$520,568	0.08%	TRIM -7%
64	RHUMBLINE ADVISERS	47,88447,884	$445,313	0.07%	—
65	MILLENNIUM MANAGEMENT LLC	47,04147,041	$437,481	0.07%	TRIM -94%
66	Allspring Global Investments Holdings, LLC	47,88547,885	$434,795	0.07%	ADD 11%
67	BARCLAYS PLC	45,36445,364	$421,886	0.07%	TRIM -50%
68	Dynamic Technology Lab Private Ltd	43,59543,595	$405,434	0.07%	NEW
69	State of Wyoming	43,00143,001	$399,909	0.06%	ADD 11%
70	Brooklyn Investment Group	39,72439,724	$369,434	0.06%	ADD 230%
71	Vanguard Global Advisers, LLC	37,68837,688	$350,498	0.06%	NEW
72	FOX RUN MANAGEMENT, L.L.C.	36,95536,955	$348,855	0.06%	ADD 42%
73	PRICE T ROWE ASSOCIATES INC /MD/	37,07637,076	$345,000	0.06%	ADD 20%
74	SEI INVESTMENTS CO	35,73835,738	$332,363	0.05%	TRIM -56%
75	DEUTSCHE BANK AG\	35,08835,088	$326,318	0.05%	ADD 11%
76	IEQ CAPITAL, LLC	32,92132,921	$306,165	0.05%	TRIM -63%
77	Quantbot Technologies LP	29,11929,119	$270,807	0.04%	NEW
78	Legal & General Group Plc	27,53327,533	$256,056	0.04%	TRIM -19%
79	FMR LLC	27,17427,174	$252,715	0.04%	ADD 463%
80	Bridgefront Capital, LLC	26,17026,170	$243,381	0.04%	NEW
81	Abel Hall, LLC	25,42425,424	$236,443	0.04%	NEW
82	Cannell & Spears LLC	25,40025,400	$236,220	0.04%	—
83	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	25,25225,252	$234,844	0.04%	—
84	LOS ANGELES CAPITAL MANAGEMENT LLC	23,74023,740	$220,782	0.04%	TRIM -67%
85	Invesco Ltd.	23,62723,627	$219,732	0.04%	TRIM -9%
86	ELKHORN PARTNERS LIMITED PARTNERSHIP	23,00023,000	$213,900	0.03%	NEW
87	CWM, LLC	22,42522,425	$208,553	0.03%	TRIM -47%
88	MetLife Investment Management, LLC	21,40221,402	$199,039	0.03%	—
89	JUPITER ASSET MANAGEMENT LTD	21,17221,172	$196,900	0.03%	NEW
90	WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	20,91620,916	$195,774	0.03%	TRIM -21%
91	State of Tennessee, Department of Treasury	20,72820,728	$192,771	0.03%	ADD 61%
92	Creative Planning	19,94619,946	$185,498	0.03%	TRIM -21%
93	SG Americas Securities, LLC	19,47319,473	$181,000	0.03%	ADD 23%
94	Cornerstone Investment Partners, LLC	19,00819,008	$176,774	0.03%	ADD 30%
95	Zurcher Kantonalbank (Zurich Cantonalbank)	18,64218,642	$173,371	0.03%	—
96	AMERIPRISE FINANCIAL INC	17,80717,807	$165,605	0.03%	NEW
97	EVENTIDE ASSET MANAGEMENT, LLC	17,50917,509	$165,279	0.03%	NEW
98	VANGUARD ASSET MANAGEMENT, Ltd	17,42517,425	$162,053	0.03%	NEW
99	MERCER GLOBAL ADVISORS INC /ADV	16,15516,155	$150,242	0.02%	TRIM -5%
100	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	16,13216,132	$150,028	0.02%	ADD 2%

† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.

Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.

Holder trends· top 15 holders · shares held over 6 quarters

green added · red trimmed

Holder

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

WHITE MOUNTAINS INSURANCE GROUP LTD

17.9M

$166M

BlackRock, Inc.

3.6M

3.7M

4.0M

3.6M

3.5M

$32M

Clearline Capital LP

1.2M

2.7M

1.4M

1.3M

2.6M

$24M

JPMORGAN CHASE & CO

122K

308K

542K

2.1M

1.4M

1.7M

$16M

VANGUARD CAPITAL MANAGEMENT LLC

—

1.4M

$13M

J. Goldman & Co LP

311K

568K

175K

531K

786K

1.2M

$11M

GEODE CAPITAL MANAGEMENT, LLC

699K

728K

765K

770K

777K

1.1M

$10M

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

763K

296K

484K

520K

856K

1.1M

$10M

JACOBS ASSET MANAGEMENT, LLC

357K

408K

799K

819K

705K

924K

$9M

ACADIAN ASSET MANAGEMENT LLC

445K

321K

532K

420K

606K

847K

$8M

STATE STREET CORP

606K

624K

653K

672K

731K

838K

$8M

Shay Capital LLC

448K

572K

670K

790K

591K

775K

$7M

JACOBS LEVY EQUITY MANAGEMENT, INC

476K

139K

470K

561K

700K

750K

$7M

RENAISSANCE TECHNOLOGIES LLC

539K

566K

772K

945K

1.0M

719K

$7M

MORGAN STANLEY

611K

738K

756K

872K

960K

703K

$7M

Institutional footprint by quarter

Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding uses today's share count for every quarter (the only count stored).

Quarter	Holders	Shares held	% shares out	Value held
2026-Q1	161	48,222,370	72.2%	$449M
2025-Q4	172	47,777,669	71.5%	$619M
2025-Q3	157	48,898,421	73.2%	$556M
2025-Q2	152	48,276,007	72.3%	$529M
2025-Q1	144	47,216,866	70.7%	$436M
2024-Q4	161	48,141,176	72.1%	$543M
2024-Q3	151	48,969,106	73.3%	$887M
2024-Q2	148	50,291,326	75.3%	$662M
2024-Q1	122	45,042,888	67.4%	$917M
2023-Q4	91	42,459,342	63.6%	$473M

Short interest has its own tab now — open SI →

Activists & large holders· Schedule 13D/G beneficial owners · MAX

Activists — 13D, active intent

WHITE MOUNTAINS INSURANCE GROUP LTD33.03%▲ +1.33ppSCHEDULE 13D/A · Amd 6 · event 2026-04-29SEC →

17,856,614 shares · 2 reporting persons

Nonko Eugene10.8%NEWSCHEDULE 13D/A · Amd 4 · event 2025-02-26SEC →

5,996,864 shares · 2 reporting persons

Large holders — 13G, passive (top 4 by % of class)

Holder

% of class

Type

As of

Divisadero Street Capital Management, LP

5.8%

Passive

2026-07-21

MAX US Equity☆

Institutional ownership· 13F filers holding MAX · 2026-Q1 methodology → sources →

Top holders

Holder trends· top 15 holders · shares held over 6 quarters

Institutional footprint by quarter

Activists & large holders· Schedule 13D/G beneficial owners · MAX

Institutional ownership· 13F filers holding MAX · 2026-Q1 methodology → sources →

Top holders

Holder trends· top 15 holders · shares held over 6 quarters

Institutional footprint by quarter

Activists & large holders· Schedule 13D/G beneficial owners · MAX

MAX US Equity