Thirty-nine of the top-200 alpha managers initiated $PFE positions in Q1 2026, against 2 trims and 1 exit — a lopsided entry wave that lifted cohort holder count to 60. Barnett & Company opened at 2.99% weight; Stamos Capital Partners initiated at 1.20%.
Among existing holders, the picture is quieter. Nexus Investment Management added +0.68pp to reach 4.05% — the largest single weight in the cohort. Sphera Funds Management and Voloridge Investment Management each added roughly +0.41pp to 0.83% and 0.79% respectively. On the other side, ProVise Management Group cut −1.30pp to 0.28%, and Bradley Foster & Sargent trimmed −1.37pp to 0.27%; both arrived at nearly identical residual weights from positions that had been above 1.5%.
Cohort-average weight sits at 0.37% across 60 holders, with a range of 0.00% to 4.05%. The distribution is heavily right-skewed: a handful of names above 1% anchor the weight, while the bulk of the 39 initiations cluster below 0.20% — thin starter positions rather than conviction allocations. Caption Management, the lone exit, closed out a 0.15% position.
Thirty-nine new entrants in a single quarter is a structurally notable breadth event; the median initiation weight of roughly 0.10%–0.15% suggests many of these are exploratory rather than high-conviction, which makes Barnett's 2.99% opening stake the genuine outlier in an otherwise cautious entry cohort.