Forty-nine of the top-200 alpha managers initiated new $GE positions in Q1 2026, against 2 trims, 1 exit, and 17 held flat — a lopsided intake that pushed total cohort holders to 69. Oribel Capital Management entered at 9.86% portfolio weight (+9.86pp), the largest single initiation in the cohort. Terra Nova Asset Management and Settian Capital both opened fresh positions at 3.11% and 2.19% respectively.
The two trims were meaningful in magnitude if not in number. Sharpepoint LLC cut from 2.74% to 0.63% (-2.11pp), and Sirios Capital Management reduced from 1.52% to 0.37% (-1.16pp) — both among the cohort's more established holders from the prior quarter. Corsicana & Co. was the sole exit, closing a 0.12% position. Among continuing holders, Intrinsic Value Partners held its conviction position near the top of the book at 3.53% (down a marginal -0.27pp).
Cohort-average weight sits at 0.49% across 69 holders, with a range of 0.00% to 9.86%. The distribution is heavily right-skewed: the top four holders (Oribel, Intrinsic Value Partners, Terra Nova, Settian) account for the bulk of aggregate weight, while the remaining 65 cluster below 2.2%. The 49 new initiations are predominantly sub-0.5% positions — broad, shallow adoption rather than concentrated conviction.
Forty-nine simultaneous initiations in a single quarter is a structurally unusual configuration; most of the new entrants are RIA-tier and wealth-management platforms, not concentrated equity funds. The cohort's $GE posture looks less like a coordinated thesis and more like a benchmark-awareness event.