Forty-two of 61 top-200 alpha holders reported a new $PEP position in Q1 2026 — an unusually wide initiation sweep for a single quarter. Mondrian Investment Partners led the new entrants at 1.46% portfolio weight; Beverly Hills Private Wealth and Bradley Foster & Sargent both initiated above 1.00%.
Among the 17 holders carrying the position from Q4 2025, the picture is largely static. Citadel Investment Advisory nudged weight to 1.17% (+0.18pp); Fruth Investment Management held near-flat at 1.13% (-0.01pp). The only meaningful reduction among continuers came from Nisa Investment Advisors, which trimmed -0.18pp to 0.21%. Paragon Capital Management exited from 0.44%, and Wellington Management Group reduced and exited from 0.12% — two departures against a tide of 42 arrivals.
Cohort-average weight sits at 0.36%, with a range of 0.00% to 1.46%. The distribution skews heavily toward the low end: the majority of initiators entered below 0.20%, suggesting broad but shallow conviction rather than concentrated positioning. The top-weight holders — Mondrian, Citadel, Fruth, Auto-Owners Insurance — account for a disproportionate share of aggregate exposure.
Forty-two simultaneous initiations in a single mega-cap consumer staple is structurally unusual; the cohort's prior-quarter footprint in $PEP was just 19 holders, meaning the holder count more than tripled in one filing cycle.