Forty-seven of 64 top-200 alpha holders in $MU are fresh initiations as of Q1 2026 — a cohort-entry wave that is structurally unusual in its breadth. Oak Grove Capital LLC opened at 25.84% weight, the largest single position in the cohort. Explore Capital Management, LLC initiated at 10.32% and Level Financial Advisors at 7.97%, both entering with meaningful conviction.
Among continuing holders, BIT Capital GmbH added +1.78pp to reach 6.10%, and Seaview Investment Managers LLC nearly octupled its weight, adding +2.23pp to 2.51%. On the other side, Citigroup Inc. trimmed sharply — down -3.76pp to 0.73% — and Rokos Capital Management LLP cut -1.12pp to 0.90%. Three holders exited outright: Caitong International Asset Management Co., Ltd (from 5.67%), Bradley Foster & Sargent INC (from 1.28%), and Caption Management, LLC (from 0.23%).
The cohort-average weight sits at 1.35%, but that figure is heavily skewed by a handful of high-conviction initiations; the majority of the 64 holders cluster well below 0.50%. Duquesne Family Office LLC and Coatue Management LLC both appear as fresh initiations, though at modest weights of 0.23% and 0.19% respectively — more foothold than conviction.
Forty-seven simultaneous initiations in a single quarter is the kind of number that warrants a second look at the data (it checks out). Whether this reflects index reconstitution mechanics, a sector rotation into memory, or something else entirely is not visible in 13F filings alone — but the breadth of entry, concentrated in one quarter, is the structural fact here.