49 of the top-200 alpha cohort initiated $XOM positions in Q1 2026, against 3 additions, 1 trim, and 3 exits — a lopsided entry wave that pushed total cohort holders to 89. Linscomb Wealth initiated at 5.12% portfolio weight; Hamel Associates came in at 4.21%. Both are among the largest new positions in the cohort this quarter.
On the adding side, Iat Reinsurance moved from 0.17% to 5.12% (+4.94pp) and Cypress Capital Group lifted from 0.30% to 2.43% (+2.13pp). Vista Investment Partners added +1.24pp to reach 4.84%. The one trim of note: Eventide Asset Management cut from 1.71% to 0.18% (-1.53pp). Tributary Capital Management effectively exited, dropping from 1.76% to a residual 0.09%.
Across all 89 cohort holders, average position weight sits at 0.86%, with a range of 0.00% to 5.12%. The distribution is heavily skewed toward the low end — the median holder is well below that average — suggesting the initiation wave is broad but shallow; most new entrants took sub-1% starter positions.
Forty-nine new initiations in a single quarter is a structurally notable clustering. Whether that reflects rebalancing into energy or simple benchmark-adjacent positioning is not in the filings; what is visible is that the cohort's $XOM footprint roughly doubled in holder count while average weight remained modest.