Forty-one of the 69 top-200 alpha holders in $NFLX as of Q1 2026 were not there last quarter. Zero added, zero trimmed — the cohort's prior holders either held flat (25) or walked (3). The initiation wave is the structural fact here, not any incremental conviction from existing longs.
Among the new entrants, Oak Grove Capital LLC opened at 1.94% weight, Knightsbridge Asset Management at 1.57%, and Erste Asset Management GmbH at 1.26%. Those are meaningful opening positions; the median new entrant came in well below 0.30%, suggesting the bulk of the 41 were small, diversified allocations rather than high-conviction entries.
The 25 flat-holders include the cohort's largest positions. Seaview Investment Managers LLC held at 3.40% (+0.47pp drift), Kieckhefer Group LLC at 2.68%, and Coatue Management LLC (Philippe Laffont) trimmed marginally to 2.28% (-0.27pp) — the only notable reduction among prior holders. Cohort average weight sits at 0.55%, range 0.01% to 3.40%, which reflects a highly skewed distribution: a handful of concentrated longs, a long tail of token allocations.
The three exits — Voloridge Investment Management (-1.73pp, from 1.82%), TRUE Private Wealth Advisors (-2.35pp, from 2.42%), and Corsicana & Co. (-0.21pp) — are modest in count but not trivial in weight surrendered. Forty-one initiations and three exits in the same quarter is an unusual configuration; it expands the holder base substantially without any corresponding increase in aggregate conviction from those already present.