Fifty-four of 79 top-200 alpha cohort holders in $HD reported new positions in Q1 2026, against a single exit and 24 holders carrying flat-to-marginal changes from Q4 2025. The initiation wave is the structural fact here; no other posture comes close in count.
Sulzberger Capital Advisors led new entrants at 1.41% portfolio weight, followed by Bradley Foster & Sargent at 1.02% and Hamel Associates at 0.98%. Sandler Capital Management and Platinum Investment Management each initiated above 0.95%. The one exit was Paragon Capital Management, which had held 0.16% last quarter and closed the position entirely.
Among holders carrying the position from Q4, Provident Trust Co. remains the heaviest at 5.20% (up +0.10pp), with Corsicana & Co. the most active continuity holder, adding +0.35pp to reach 2.04%. Cypress Capital Group trimmed by -0.28pp to 0.82%, and Capital Markets Trading UK LLP cut -0.32pp to 0.42%; both stayed in. The cohort's average weight across all 79 holders sits at 0.42%, with a range of 0.00% to 5.20%.
Fifty-four simultaneous initiations in a single quarter is a structurally unusual configuration — though the median new position is well below 0.30%, suggesting breadth rather than conviction. The cohort widened the holder count substantially; it did not, on balance, concentrate.