Thirty-eight of the 57 top-200 alpha managers now holding $WFC initiated positions in Q1 2026 — a cohort-expansion event, not a conviction trade. Quad-Cities Investment Group opened at 1.63% weight; Capital Markets Trading UK LLP came in at 0.99%; MFA Wealth Services at 0.87%. The breadth is notable; the average weight is not.
Among continuing holders, only ProVise Management Group added materially, lifting its position by +1.09pp to 1.97%. The two largest holders — Sirios Capital Management (3.14%, -0.62pp) and Regal Partners Ltd (2.87%, -0.38pp) — both trimmed modestly while staying put. Wellington Management held at 0.98% (-0.20pp). No cohort member trimmed to zero without exiting; the four exits — Bradley Foster & Sargent (-1.79pp to effectively zero), Fortress Private Ledger (-0.45pp), GM Advisory Group, and Fiduciary Alliance — were all sub-1% positions.
Cohort-aggregate weight averages 0.43%, ranging from a trace 0.00% (Pittenger & Anderson) to 3.14% at Sirios. That spread, combined with 38 initiations clustered below 0.30%, suggests the quarter's expansion is driven by small, diversified allocations rather than concentrated new conviction. Fourteen holders were flat; zero trimmed without exiting.
Thirty-eight initiations in a single quarter across a cohort of 57 is structurally unusual — roughly two-thirds of the holder base is brand new to the name. Whether that reflects index-adjacent rebalancing or a deliberate rotation into financials is not answerable from 13F data alone; the positioning is what it is.