Forty of the top-200 alpha cohort initiated $BAC positions in Q1 2026, against 3 trims, 2 exits, and 1 add — out of 80 total holders. The initiation wave is the structural headline; the trimming activity is almost a footnote by comparison. Stamos Capital Partners added meaningfully, lifting its weight to 2.14% from 1.01% (+1.14pp).
Among the 40 initiators, Citigroup Inc. entered at 1.23%, Hamel Associates at 1.12%, and Beverly Hills Private Wealth at 1.80% — the largest new position in the cohort this quarter. On the trim side, Quad-Cities Investment Group cut the sharpest, falling from 2.51% to 0.38% (-2.14pp); Bradley Foster & Sargent dropped from 1.84% to 0.26% (-1.58pp); ProVise Management Group reduced from 2.02% to 0.69% (-1.33pp). Seldon Capital and Rokos Capital Management both exited entirely.
The cohort's average position weight sits at 0.6%, with a range running from near-zero to 6.97% (Regal Partners, held roughly flat at -0.28pp). That top-of-range concentration in a single holder, set against a median position well below 0.5%, tells you the distribution is heavily right-skewed; most of the 40 initiators came in at sub-0.5% weights.
Forty new entrants in a single quarter for a large-cap financial is an unusually wide broadening of the holder base — though the average entry weight suggests these are index-adjacent allocations rather than high-conviction bets.