Thirty-seven of the 60 top-200 alpha managers holding $AXP in Q1 2026 were new entrants; zero added to existing positions, zero trimmed. That is an unusual cohort structure — more than half the holder count is first-quarter exposure, with just 22 flat-holders and a single exit.
Cacti Asset Management led initiations at 7.17% portfolio weight, the heaviest position in the cohort by a wide margin. River Road Asset Management entered at 1.30% and Level Financial Advisors at 1.15%; below them, the initiation weights fall off sharply, with the bulk of new entrants below 0.40%. Svb Wealth LLC was the sole exit, closing a 0.11% position.
Among continuing holders, Provident Trust Co. carried the largest existing weight at 5.80% (down 0.87pp from 6.67% last quarter). Intrinsic Value Partners trimmed 0.49pp to 2.09%; Fruth Investment Management, which runs 79.5pts of alpha in this cohort, cut 0.30pp to 0.88%. The cohort's average position weight across all 60 holders stands at 0.64%, with a range of 0.00% to 7.17% — a distribution skewed heavily by Cacti's outsized entry.
The structural read here is straightforward: the prior-quarter holder base was roughly half the current size, and the new entrants are predominantly sub-0.50% positions. Breadth expanded; conviction, measured by weight, did not follow in kind.