Forty-eight of the 105 top-200 alpha cohort holders in $NVDA are new this quarter, against a single exit: Quarry LP, which cut from 15.44% to effectively zero (-15.41pp). That asymmetry is the headline. Oak Grove Capital LLC initiated at 26.96% and Legacy Wealth Management at 18.22% — both entering at weights that immediately rank among the cohort's largest positions.
Among managers with prior-quarter history, the picture is more restrained. Four added and nine trimmed. Citigroup Inc. was the most aggressive adder, lifting from 2.40% to 5.77% (+3.37pp). On the trim side, Certior Financial Group cut from 31.78% to 0.29% (-31.49pp) and TRUE Private Wealth Advisors reduced from 23.69% to 1.36% (-22.32pp) — both suggesting idiosyncratic rebalancing rather than a cohort-wide directional call. Kingdon Capital Management trimmed a more measured -1.80pp to 3.97%.
The cohort-average weight across all 105 holders sits at 3.29%, with a range spanning 0.0% to 39.64% (Kieckhefer Group LLC, which itself trimmed -2.83pp). Forty-three holders were flat quarter-on-quarter. The distribution is wide: the top five positions by weight account for a disproportionate share of aggregate exposure, while the bulk of initiators entered below 3.00%.
Forty-eight initiations in a single quarter is structurally unusual; most of them entered at sub-2% weights, which reads more like index-adjacent accumulation than high-conviction rotation. The one exit and nine trims do not offset the gross inflow in holder count — but weight-per-new-entrant is thin.