Forty-three of the top-200 alpha managers initiated $JPM positions in the quarter ending 2026-03-31, against zero exits and zero trims — a lopsided entry wave that doubled the cohort's prior-quarter composition. Four existing holders added to their stakes; 39 held flat. The headline number here is the initiations, not the incremental adds.
Among the new entrants, ACR Alpine Capital Research opened at 4.30% weight and BNP Paribas at 2.54%. Bolthouse Investments, Beverly Hills Private Wealth, and ProVise Management Group each initiated in the 2.21%–2.34% range. At the other end, a cluster of smaller entries — Stelac Advisory Services (0.05%), Patton Fund Management (0.05%), Polymer Capital Management HK (0.04%) — reads more like index-adjacency than conviction.
Among holders carrying over from last quarter, Bradley Foster & Sargent made the sharpest move: weight up +4.01pp to 4.40%, from a prior 0.39%. Venture Visionary Partners added +1.58pp to reach 2.43%; Cypress Capital Group added +1.28pp to 2.38%. On the other side, Nexus Investment Management trimmed -0.65pp (still the largest single holder at 7.67%) and Sara-Bay Financial slipped -0.69pp to 5.25%.
Cohort-aggregate weight sits at 1.05%, with a range of 0.02% to 7.67% — a distribution that is wide rather than concentrated. Forty-three simultaneous initiations in a single mega-cap name is structurally notable; it also means the cohort's average weight is being diluted by a long tail of sub-0.20% positions that collectively move the aggregate without expressing much directional conviction on their own.