Fifty-seven top-200 alpha managers held $UNP at the close of Q1 2026; 37 of them were not in the name the prior quarter. No cohort member exited. The initiations dominate the structural picture, though the median new position is modest — most entrants sit well below 0.5% weight.
The largest holder, JTC Employer Solutions Trustee Ltd, carried $UNP at 4.22% (+0.95pp QoQ), the only cohort member with a position above 2%. Regal Partners Ltd held at 3.60% (essentially flat, -0.03pp). Among the 37 initiators, Hamel Associates, Inc. entered at 1.54% and Stamos Capital Partners, L.P. at 1.15% — both materially above the cohort average. Barnett & Company, Inc. initiated at 1.01%. The remaining 34 new entrants clustered below 0.5%.
Among continuing holders, Sirios Capital Management L P trimmed slightly to 1.98% (-0.10pp); HighVista Strategies LLC cut the sharpest among the held cohort, down -0.23pp to 0.25%. Voloridge Investment Management, LLC was the notable exception on the held side, adding +0.17pp to reach 0.36%. The cohort average weight of 0.45% across all 57 holders reflects a distribution pulled upward by two concentrated positions at the top.
Thirty-seven simultaneous initiations with zero exits is an unusual configuration. The weight range of 0.00% to 4.22% suggests the cohort is not converging on a shared conviction level — JTC's 4.22% and the long tail of sub-0.1% starters are structurally quite different bets wearing the same posture label.