Forty of the top-200 alpha cohort initiated $TSM positions in Q1 2026, bringing total cohort holders to 76; the initiation wave is the dominant structural fact of the quarter. Coatue Management (Philippe Laffont) added +4.24pp to reach 10.8%, while Duquesne Family Office lifted its weight +1.28pp to 4.96%.
Among existing holders who added, Sandler Capital Management moved from 4.25% to 6.06% (+1.81pp) and BIT Capital GmbH edged up to 5.65% (+1.37pp). On the other side, Sirios Capital Management trimmed -1.46pp to 4.60%, Polymer Capital Management (HK) cut -1.72pp to 2.74%, and Mondrian Investment Partners reduced by -1.08pp to 0.33%. One exit: TRUE Private Wealth Advisors closed its 2.13% position entirely.
Cohort-average weight across all 76 holders stands at 1.75%, with a range of 0.0% to 17.55% — the latter belonging to Level Financial Advisors, a new entrant. The weight distribution is heavily skewed; the top five holders by weight account for positions above 9%, while the bulk of initiators entered below 1.5%.
Forty initiations in a single quarter is a structurally unusual cohort expansion for one name. Most of those new positions are sub-1% allocations, which reads less as high-conviction entry and more as broad-based inclusion — the kind of posture that tends to precede either a sizing-up or a quiet exit in the following quarter.