Forty-six of the 69 top-200 alpha managers holding $AMD as of Q1 2026 were not there last quarter. One manager added, none trimmed outright, 20 held flat, and 2 exited. The sheer volume of initiations is the structural fact here.
Oak Grove Capital LLC opened at 5.15% weight, the largest new position in the cohort. Wilmar Advisors LLC initiated at 3.87%, and Shellback Capital, LP came in at 2.90%. BIT Capital GmbH — the one manager to actively add rather than initiate — moved from 0.62% to 5.06%, a delta of +4.44pp, placing it just below Oak Grove at the top of the weight table.
The cohort's average position weight sits at 0.8%, with a range from effectively zero to 5.15%. That spread tells you most of the story: a small number of high-conviction holders are pulling the average up, while the bulk of the 46 initiators entered at sub-0.5% weights. Concentration is narrow at the top; the tail is long and thin.
The two exits are worth noting in proportion. TRUE Private Wealth Advisors reduced from 4.74% to a rounding-error 0.04% — functionally a full exit — while United Super Pty Ltd stepped down from 0.14% to 0.01%. Two departures against 46 arrivals is not a countertrend; it is noise. (A 13F quarter in which 46 separate managers all decide to initiate the same name simultaneously is, structurally, a thing that happens.)