Forty-six of 101 top-200 alpha cohort holders reported new $GOOG positions in Q1 2026, against only 1 exit and 6 trims — a structural skew toward initiation that is difficult to ignore. Torno Capital (alpha: 25.3pts) opened at 10.10% weight; Oribel Capital Management initiated at 4.14%; BNP Paribas entered at 3.52%.
Among the trimmers, Nexus Investment Management ULC cut from 8.85% to 6.63% (−2.23pp), Intrinsic Value Partners trimmed from 11.34% to 10.13% (−1.21pp), and GMT Capital Corp reduced from 5.23% to 3.81% (−1.42pp). Caption Management — the quarter's sole exit — closed a 1.77% position entirely. On the adding side, Eastover Investment Advisors moved from 0.35% to 5.01% (+4.66pp) and Lumbard & Kellner from 1.39% to 4.85% (+3.46pp).
The cohort's average position weight sits at 1.66%, with a range running from 0.01% (Quarry LP) to 16.78% (Provident Trust Co., held flat at −0.17pp). Forty-six holders were classified as flat — neither adding nor trimming in any meaningful sense. Concentration is thin: only four managers hold above 5%, while the median sits well below the 1.66% average, indicating a long tail of small, freshly opened positions pulling the distribution rightward.
Forty-six simultaneous initiations in a single quarter is a notable cohort-wide rotation event. Whether those entries reflect index-adjacent rebalancing or genuine conviction is not something 13F data can resolve; the posture data simply shows the cohort arriving en masse at the same name in the same quarter. (That is, structurally, a fact worth noting.)
Generated from public SEC 13F filings. Not investment advice.