System1, Inc.: which funds bought and sold

Institutions that bought and sold System1 shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 10 institutions that filed 13F reports for both quarters added to or opened positions in System1, and 15 cut or closed them. Together they sold a net 229K shares, −27.7% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 39K shares (−77.0%); index fund managers were net buyers of 98K shares (+92.8%). 8 opened a new position and 10 sold out entirely.

Bought, Q2 2026 10 institutions, 8 of them new holders Sold, Q2 2026 15 institutions, 10 of them sold out

Net change, all compared −229K shares (−27.7%)

Net change, active managers −39K shares (−77.0%), 1 bought, 2 sold

Buyers versus sellers

institutions compared, 31

10 bought 6 15 sold

Active managers and hedge funds 1 bought · 2 sold · −39K

Index fund managers 2 bought · 1 sold · +98K

Other institutions 7 bought · 12 sold · −288K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Vanguard Capital Management LLC Index funds	+90K +243.6%	128K	$294,701
Crescent Grove Advisors, LLC	+76K New position	76K	$174,509
Blackrock, Inc. Index funds	+19K +78.8%	43K	$100,145
Morgan Stanley	+13K New position	13K	$30,340
Leonteq Securities AG	+13K New position	13K	$28,875
Price T Rowe Associates Inc Active manager	+12K New position	12K	$28,000
Royal Bank Of Canada	+1,308 New position	1,308	$3,000
Jones Financial Companies LLLP	+366 New position	366	$919
Barclays PLC	+9 New position	9	$21
Signaturefd, LLC	+1 New position	1	$2

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Price T Rowe Associates Inc Active manager	+12K New position	12K	$28,000

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Cannae Holdings, Inc.	−357K Sold out	0	—
Millennium Management LLC Hedge fund	−33K Sold out	0	—
Nine Masts Capital Ltd	−19K Sold out	0	—
Renaissance Technologies LLC Hedge fund	−18K Sold out	0	—
Geode Capital Management, LLC Index funds	−11K −47.5%	13K	$28,934
Tower Research Capital LLC (TRC)	−7,332 Sold out	0	—
Jpmorgan Chase & Co	−5,848 −99.3%	42	$102
UBS Group AG	−706 −53.3%	618	$1,428
Vanguard Global Advisers, LLC	−660 Sold out	0	—
Physician Wealth Advisors, Inc.	−301 Sold out	0	—
Group One Trading LLC	−190 −85.2%	33	$76
Farther Finance Advisors, LLC	−150 Sold out	0	—
Shp Wealth Management	−100 Sold out	0	—
Strategic Wealth Partners, Ltd.	−100 Sold out	0	—
Bank Of America Corp	−6 0.0%	162K	$373,095

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Millennium Management LLC Hedge fund	−33K Sold out	0	—
Renaissance Technologies LLC Hedge fund	−18K Sold out	0	—

New positions

largest by value

Institution	Shares	Value June 30, 2026
Crescent Grove Advisors, LLC	76K	$174,509
Morgan Stanley	13K	$30,340
Leonteq Securities AG	13K	$28,875
Price T Rowe Associates IncActive manager	12K	$28,000
Royal Bank Of Canada	1,308	$3,000
Jones Financial Companies LLLP	366	$919
Barclays PLC	9	$21
Signaturefd, LLC	1	$2

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Cannae Holdings, Inc.	357K	$1.1M
Millennium Management LLCHedge fund	33K	$98,509
Nine Masts Capital Ltd	19K	$56,015
Renaissance Technologies LLCHedge fund	18K	$55,326
Tower Research Capital LLC (TRC)	7,332	$22,143
Vanguard Global Advisers, LLC	660	$1,993
Physician Wealth Advisors, Inc.	301	$910
Farther Finance Advisors, LLC	150	$783
Shp Wealth Management	100	$302
Strategic Wealth Partners, Ltd.	100	$302

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 21
Ten largest holders: 98.0%
Index fund managers: 34.1%
Active managers and hedge funds: 2.0%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	1	2	1	2	−39K	−77.0%
Index fund managers	2	1	0	0	+98K	+92.8%
Other institutions	7	12	7	8	−288K	−43.0%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on System1.

Only managers that filed a holdings report for both quarters are compared (31 here). 1 other holder is left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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