Forty-seven of 77 top-200 alpha holders initiated $CVX positions in Q1 2026, with just one manager adding to an existing stake and one exiting. The scale of simultaneous first entries is the structural fact here; 28 holders held flat and none trimmed.
ACR Alpine Capital Research led all initiations at 8.49% weight, the only cohort member in the high-single-digit range. Hamel Associates entered at 2.71% and Delta Financial Advisors at 1.45%. GM Advisory Group — the sole manager classified as adding rather than initiating — moved from 0.13% to 1.49%, a +1.36pp delta. ProVise Management Group was the lone exit, reducing from 0.33% to a near-zero residual position.
Among continuing holders, Fruth Investment Management sits at the top of the weight table at 2.92% (up +0.57pp from 2.35%), followed by Vista Investment Partners at 2.35% (+0.59pp) and Elefante Mark B at 2.30% (+0.30pp). Citigroup trimmed the most of any continuing holder, falling -0.39pp to 0.32%; Rokos Capital Management cut -0.24pp to 0.22%. The cohort's average position weight across all 77 holders is 0.71%, with a range of effectively 0.00% to 8.49%.
Forty-seven simultaneous initiations in a single quarter is a wide dispersion event, not a concentrated conviction call. The weight distribution — most initiators below 0.50%, one outlier above 8% — suggests the cohort is establishing positions at varying conviction levels rather than rotating in size.