Forty of the 60 top-200 alpha managers holding $GS as of 31 March 2026 were not in the name the prior quarter — a wave of initiations that dwarfs any other cohort activity. Cacti Asset Management LLC opened at 10.63%, the largest new position by a considerable margin; Lumbard & Kellner, LLC and Delta Financial Advisors LLC followed at 3.50% and 2.00% respectively.
Among the 19 holders who carried the position from Q4 2025, movement was largely cosmetic. Merrion Investment Management Co, LLC held steady at 2.64% (+0.01pp); Citadel Investment Advisory, Inc. barely shifted at 1.69% (+0.05pp). The one notable trim among continuers: Greenwich Wealth Management LLC cut from 1.14% to 0.39% (-0.76pp). The sole exit was Caitong International Asset Management Co., Ltd, which closed a 0.35% position entirely.
Cohort-average weight across all 60 holders sits at 0.6%, with a range of 0.01% to 10.63% — a distribution that signals the initiating class arrived mostly at token or benchmark-tracking sizes, not high-conviction allocations. Strip out Cacti's outsized entry and the median new position is well below 0.5%.
Forty new entrants in a single quarter is structurally unusual. Whether that reflects index-rebalancing mechanics, a new ETF wrapper hitting the cohort's filings, or genuine fresh conviction is not answerable from 13F data alone — but the breadth without accompanying weight is worth noting.