Thirty-six of the 57 top-200 alpha cohort holders in $UNH as of Q1 2026 are fresh initiations — a structural expansion rather than a rotation story. Sectoral Asset Management Inc. entered at 3.35% weight; Stamos Capital Partners, L.P. initiated at 2.31%. Neither held the name last quarter.
Among continuing holders, the picture is quieter. Mondrian Investment Partners LTD trimmed modestly to 1.40% (−0.24pp); Wellington Management Group LLP cut from 0.91% to 0.51% (−0.40pp). Caption Management, LLC ran the other direction, lifting its position from 0.31% to 1.16% (+0.84pp). Only one holder — Quad-Cities Investment Group, LLC — registered a formal trim, cutting from 1.59% to 0.11% (−1.47pp). Three exited outright: Bradley Foster & Sargent INC (previously 1.01%), Corsicana & Co. (previously 0.28%), and GM Advisory Group, LLC (previously 0.14%).
The cohort's average position weight sits at 0.38%, with a range of 0.00% to 3.35%. That average is pulled up by a handful of high-conviction initiators; the median holder is well below it. Seventeen holders carried their position flat from the prior quarter, suggesting the existing base is largely passive on sizing.
Thirty-six new initiations in a single quarter is a large number in absolute terms, though most entered at sub-0.25% weights (the bulk of the initiation list). The conviction signal is concentrated in the handful of managers — Sectoral, Stamos, Altrius Capital Management Inc at 1.04%, Stelac Advisory Services LLC at 1.03% — who came in with meaningful allocations.