Forty-four of the 68 top-200 alpha managers holding $CAT as of Q1 2026 initiated their positions this quarter; zero added to existing stakes, and only 4 exited. Platinum Investment Management Ltd. entered at 1.52% weight, the largest new position in the cohort. Oribel Capital Management, LP and Bradley Foster & Sargent INC followed close behind, initiating at 1.29% and 1.14% respectively.
Among the 20 holders that carried the name from Q4 2025, the picture is quieter. Fruth Investment Management — the cohort's largest holder at 1.37% — nudged its weight up just +0.12pp from 1.25%. Wellington Management Group LLP moved the other way, trimming from 0.39% to 0.15% (-0.24pp); Oxford Asset Management LLP similarly cut from 0.28% to 0.11% (-0.16pp). Four managers — Polymer Capital Management (HK) LTD, Quarry LP, Fielder Capital Group LLC, and Caption Management, LLC — exited outright, though none had held above 0.43%.
Cohort-average weight sits at 0.33%, with a range of 0.01% to 1.52%. The distribution is heavily right-skewed: the top five holders account for a disproportionate share of aggregate cohort weight, while the median position is well below 0.25%. The 20 flat-holders show negligible net drift, suggesting the quarter's story is entirely in the initiation wave rather than any conviction shift among incumbents.
Forty-four simultaneous initiations in a single industrial name is a structurally unusual configuration — the kind that typically reflects index-rebalancing mechanics or model-portfolio adoption rather than concentrated conviction, though the data alone cannot distinguish between the two.