Forty-eight of the 77 top-200 alpha managers holding $COST in Q1 2026 are new entrants — initiated positions this quarter, against just 1 addition, 2 trims, and 1 exit among the prior holders. That is a structurally unusual quarter: the cohort did not rotate so much as it arrived.
Provident Trust Co. holds the largest position at 9.8%, up +1.90pp from 7.9% last quarter. Among the new entrants, Eastover Investment Advisors LLC opened at 3.39% and Terra Nova Asset Management LLC at 2.63%; Pittenger & Anderson Inc. initiated at 2.07%. On the trim side, Voloridge Investment Management cut from 2.51% to 1.14% (-1.37pp), and TRUE Private Wealth Advisors reduced from 1.98% to 0.50% (-1.48pp). Paragon Capital Management Ltd exited entirely, from 0.43%.
The cohort's average weight across all 77 holders sits at 0.68%, with a range of 0.01% to 9.8%. That spread tells most of the story: a handful of concentrated holders anchor the weight distribution while the bulk of the new entrants sit below 0.50%, many well below 0.20%. The median new position is a toe-hold, not a conviction allocation.
Forty-eight initiations in a single quarter is a large number; the majority are sub-0.30% positions, which reads more like index-adjacent inclusion than active conviction. The two meaningful trims — Voloridge and TRUE Private Wealth — came from holders who had previously carried above-average weights, which is worth noting alongside the wave of small entries.