Forty-six of the 72 top-200 alpha cohort holders in $PG filed new initiations for Q1 2026, against just 3 exits — a lopsided entry signal with almost no offsetting conviction on the other side. The largest new position came from Eastover Investment Advisors LLC, which entered at 2.76% portfolio weight. Hamel Associates, Inc. initiated at 2.35%, and Delta Financial Advisors LLC at 1.37%.
Among the 23 holders carrying positions from the prior quarter, movement was largely inert. Elefante Mark B, the cohort's top-weighted holder, nudged from 2.77% to 2.95% (+0.17pp). Corsicana & Co. added +0.24pp to reach 1.01%. Iat Reinsurance Co. Ltd. made the most meaningful incremental move among continuers, nearly doubling its weight from 0.15% to 0.31% (+0.16pp). Wellington Management Group LLP trimmed modestly, from 0.25% to 0.22%.
The three exits are worth noting for their asymmetry: Level Financial Advisors closed a 1.38% position — the largest exit by weight — while Fiduciary Alliance LLC and GM Advisory Group, LLC each departed from sub-0.15% stakes. Cohort average weight sits at 0.38%, with a range of 0.00% to 2.95%, indicating the new initiations are predominantly small-weight, diversified allocations rather than high-conviction entries.
Forty-six initiations in a single quarter is a structurally unusual number for a mega-cap consumer staple; the median initiation weight here is well below 0.20%, which suggests systematic or model-driven inclusion rather than concentrated new conviction.