Ninety top-200 alpha managers held $LLY as of Q1 2026 — up sharply from the prior quarter, driven almost entirely by 46 new initiations. Cypress Capital Group stands out as the one conviction add, lifting its weight by +4.65pp to 4.85%. Against that, Mountain Hill Investment Partners Corp. effectively exited, collapsing from 10.40% to a residual 0.02% (-10.38pp).
The trimming cohort is small but meaningful. Sapient Capital LLC, the largest holder at 20.02%, cut -2.70pp from 22.72%. Polymer Capital Management (HK) LTD reduced by -3.55pp to 3.45%, and Lumbard & Kellner, LLC shed -3.85pp to reach 0.80%. RFG Advisory, LLC dropped from 2.86% to 0.15% (-2.70pp). TRUE Private Wealth Advisors trimmed -1.99pp to 0.60%. Five trimmers in total; none exited outright.
The cohort's average position weight sits at 1.02%, with a range of effectively 0.0% to 20.02% — a distribution dominated by Sapient's outsized allocation. Strip that single name out and the cohort is remarkably flat-weighted across the remaining 89 holders. Of the 37 holders that carried positions from Q4 2025, the overwhelming majority held flat with sub-0.5pp moves in either direction.
Forty-six initiations in a single quarter is a structurally notable number; the median new position among them is well below 0.5%, suggesting broad but shallow first-look allocations rather than high-conviction entries.