Forty-six of the top-200 alpha managers filed new $META positions in Q1 2026, against just 3 adding, 5 trimming, and 1 exit — the initiation wave is the structural fact here. Explore Capital Management led the adds, lifting weight from 1.16% to 9.75% (+8.60pp); Rokos Capital Management followed with a near-identical move, from 0.86% to 8.48% (+7.62pp).
Among the fresh initiations, Caption Management opened at 7.44%, Wilmar Advisors at 4.70%, and Tsai Capital Corp at 3.94% — all meaningful first positions. On the trim side, Sirios Capital Management cut from 2.90% to 1.68% (-1.22pp), ANTIPODES PARTNERS reduced from 2.48% to 1.06% (-1.42pp), and BIT Capital GmbH trimmed from 2.31% to 0.65% (-1.66pp). Corsicana & Co. was the sole exit, closing a 0.36% position.
Across all 101 cohort holders, the average position weight sits at 1.36%, with a range of effectively 0.00% to 9.75%. Coatue Management (Philippe Laffont) held at 5.54%, down a modest -0.71pp from 6.25% the prior quarter; AH Capital held at 9.42%, up +0.54pp. The cohort is wide but thin — 46 flat-holders and 46 initiations means the majority of new exposure is at sub-1% weights.
Forty-six initiations in a single quarter is a structurally unusual breadth event; the median new position is well under 1%, which reads more like index-completion behaviour across a diverse manager set than concentrated conviction.