SYSTEM1 INC
CL A COM · CUSIP 87200P109
31
institutional holders
-7 vs Q3 2022
28.5m
shares reported held*
$133.5mreported value*
4 new
11 added
8 reduced
11 sold out
net sold ≈ $2.2m (-478.0k shares)
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $4.69. Options: 12 managers hold calls ($13.2m notional), 8 hold puts ($4.4m).
Trends to Q4 2022
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 38 |
| Q4 2022 | 31 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
CallsPuts
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $38.8m | $9.2m | 0.24 |
| Q4 2022 | $13.2m | $4.4m | 0.34 |
Biggest buyers
| Huber Capital Management LLC | Added | +133.1k |
| Cerity Partners LLC | New | +118.5k |
| VANGUARD GROUP INC | Added | +89.1k |
| Pacific Ridge Capital Partners, LLC | Added | +87.3k |
| SIMPLEX TRADING, LLC | New | +61.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +47.4k |
| MILLENNIUM MANAGEMENT LLC | Added | +37.5k |
| Bank of New York Mellon Corp | New | +32.3k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +8.1k |
| Cutler Group LLC / CA | Added | +6.5k |
Biggest sellers
| CAAS CAPITAL MANAGEMENT LP | Reduced | -348.3k |
| NORGES BANK | Sold out | -338.5k |
| JANE STREET GROUP, LLC | Reduced | -253.4k |
| TWINBEECH CAPITAL LP | Sold out | -73.1k |
| GROUP ONE TRADING LLC | Reduced | -30.0k |
| Engineers Gate Manager LP | Sold out | -14.3k |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | Sold out | -14.0k |
| JPMORGAN CHASE & CO | Sold out | -7.8k |
| MORGAN STANLEY | Reduced | -7.5k |
| BANK OF AMERICA CORP /DE/ | Reduced | -5.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $5.3m1.1m shares |
| GROUP ONE TRADING LLC | Reduced | $3.2m675.2k shares |
| JANE STREET GROUP, LLC | Reduced | $1.6m340.3k shares |
| CITADEL ADVISORS LLC | Reduced | $1.2m255.0k shares |
| Oasis Management Co Ltd. | Unchanged | $750.4k160.0k shares |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | Unchanged | $530.0k113.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $281.0k60.1k shares |
| SUMMIT SECURITIES GROUP LLC | Reduced | $281.0k60.0k shares |
| Cutler Group LLC / CA | Reduced | $7.0k98.7k shares |
| CSS LLC/IL | Reduced | $4.7k1.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.5m329.7k shares |
| JANE STREET GROUP, LLC | Reduced | $1.1m226.9k shares |
| GROUP ONE TRADING LLC | Reduced | $622.8k132.8k shares |
| CITADEL ADVISORS LLC | Reduced | $404.3k86.2k shares |
| SIMPLEX TRADING, LLC | Added | $330.0k70.4k shares |
| Cutler Group LLC / CA | Reduced | $270.0k26.2k shares |
| CSS LLC/IL | Reduced | $195.1k41.6k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Blend Family Foundation
13D · may seek influence
new · filed 2025-05-05
Stated purposeThe Reporting Person acquired the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Person might undertake will be dependent upon the Reporting Person's review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments. The Reporting Person may, at any time and from time to time, acquire additional securities of the Issuer, or retain or sell all or a portion of the securities of the … Full filing |
7.0% |
Fell to 5% or below in the last year: FOLEY WILLIAM P II (4.8%, 2025-12-02), Cannae Holdings, Inc. (4.4%, 2025-12-02)
Holders, Q4 2022
| Manager | Shares | Change |
|---|---|---|
| Cannae Holdings, Inc. 6.08% of their portfolio | 25.4m $119.1m | Unchanged |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.1m $5.2m | Added +89.1k |
| Huber Capital Management LLC 0.36% of their portfolio | 301.6k $1.4m | Added +133.1k |
| BlackRock Inc. 0.00% of their portfolio | 263.8k $1.2m | Reduced -4.6k |
| Pacific Ridge Capital Partners, LLC 0.26% of their portfolio | 233.3k $1.1m | Added +87.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 180.5k $846.0k | Added +8.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 126.4k $593.0k | Reduced -5.8k |
| Cerity Partners LLC 0.00% of their portfolio | 118.5k $555.9k | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 104.4k $489.6k | Added +1.4k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 87.3k $410.0k | Added +37.5k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 85.0k $398.7k | Reduced -253.4k |
| CAAS CAPITAL MANAGEMENT LP 0.07% of their portfolio | 76.2k $357.4k | Reduced -348.3k |
| STATE STREET CORP 0.00% of their portfolio | 70.6k $331.2k | Unchanged |
| SIMPLEX TRADING, LLC 0.01% of their portfolio | 61.6k $288.0k | New |
| Quarry LP 0.31% of their portfolio | 60.5k $283.7k | First filing |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 59.9k $280.7k | Added +47.4k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 32.3k $151.7k | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 31.0k $145.4k | Added +273 |
| GROUP ONE TRADING LLC 0.00% of their portfolio | 19.0k $89.3k | Reduced -30.0k |
| Cutler Group LLC / CA 0.01% of their portfolio | 13.2k $61.0k | Added +6.5k |
| ARBOR TRUST WEALTH ADVISORS, LLC 0.04% of their portfolio | 10.9k $52.2k | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 10.0k $46.9k | Reduced -55 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 9.9k $47.0k | Added +2.0k |
| MORGAN STANLEY 0.00% of their portfolio | 4.0k $18.6k | Reduced -7.5k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 1.3k $6.0k | Reduced -285 |
| CWM, LLC 0.00% of their portfolio | 1.1k $5.0k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 143 $671 | Added +5 |
| West Branch Capital LLC 0.00% of their portfolio | 115 $539 | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 101 $474 | New |
| DUPONT CAPITAL MANAGEMENT CORP 0.00% of their portfolio | 1 $5 | Unchanged |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio | 0 $0 | Unchanged |