Forty-six of the top-200 alpha cohort initiated positions in $MA during Q1 2026, against just two exits and one add — a lopsided intake that pushed total cohort holders to 74. Settian Capital LP entered at 14.66% portfolio weight, the largest new position in the cohort; Explore Capital Management, which held a prior 0.30% stake, added aggressively to reach 12.38% (+12.08pp).
Among the other initiations, Tsai Capital Corp opened at 2.24%, Banque Pictet & Cie SA at 2.38%, and Platinum Investment Management at 0.72%. The 25 holders carried over from Q4 2025 were largely static: Wellington Management trimmed modestly to 1.21% (−0.14pp), Fruth Investment Management edged down to 2.79% (−0.66pp), and Voloridge Investment Management cut its weight from 0.92% to 0.17% (−0.75pp) — the sharpest reduction among continuers.
The two exits were Triasima Portfolio Management (out from 0.21%) and Caption Management (out from 0.23%); neither was a large holder. Cohort-average weight across all 74 holders stands at 0.86%, with a range of effectively zero to 14.66% — a distribution skewed heavily by the two top-conviction names at the head of the list.
Forty-six simultaneous initiations in a single quarter is a structurally unusual configuration; whether it reflects index-rebalancing mechanics or genuine new conviction is not determinable from 13F data alone.