Fifty-two of the top-200 alpha cohort initiated positions in $V in Q1 2026, joining 3 managers who added to existing stakes — against just 2 trims and 2 exits. The net holder count reached 88. Explore Capital Management led conviction additions, lifting its weight from 1.08% to 6.77% (+5.69pp); Settian Capital LP and Generation Investment Management LLP both entered fresh at 5.65% and 4.10% respectively.
Among the initiations, Coatue Management opened at 0.75%, BNP Paribas at 1.66%, and Eastover Investment Advisors at 2.70%. Cypress Capital Group, an existing holder, added +1.84pp to reach 2.20%. On the other side, Stelac Advisory Services trimmed sharply from 2.54% to 0.55% (-1.99pp), and Capital Markets Trading UK cut from 1.60% to 0.35% (-1.25pp).
The cohort's average position weight sits at 0.94%, with a range of 0.00% to 7.46% (Provident Trust Co., which itself edged down -0.59pp from 8.05%). The distribution is wide and bottom-heavy: most of the 52 initiations landed below 1.00%, suggesting breadth rather than concentrated conviction from new entrants.
Mountain Hill Investment Partners exited after carrying an 18.22% weight last quarter — a position size that was already an outlier in this cohort — leaving a structural gap at the top of the weight table that the wave of small initiations does not come close to filling.