Forty-five of the 67 top-200 alpha managers holding $IBM in Q1 2026 are fresh initiations — a cohort-composition shift that makes the prior quarter's positioning almost structurally irrelevant. Knightsbridge Asset Management entered at 1.74% weight; Oak Grove Capital opened at 1.10%.
Among the 20 managers who held through from Q4 2025, the drift was uniformly downward. Cunning Capital Partners trimmed −0.33pp to 2.84%; Rokos Capital Management cut −0.45pp to 0.18%; TRUE Private Wealth Advisors delivered the sharpest reduction in the cohort, down −1.37pp to 0.15%. No manager in the held cohort added to their position. One manager, Principal Securities, exited entirely.
Cohort-average weight sits at 0.36%, ranging from 2.84% (Cunning Capital Partners; Seaview Investment Managers, also at 2.84%) down to near-zero. That average is pulled upward by a handful of concentrated holders; the median new initiation is well below 0.20%, suggesting breadth rather than conviction in the incoming positions. (Forty-five simultaneous initiations at sub-0.20% weights is less a rotation thesis than a filing-season coincidence.)
The structural read: existing holders are lightening, new entrants are arriving at token weights. The cohort is wider than it was, but not obviously deeper.