Who’s quietly buyingNew

Managers come from Form 13F. A position appears when the share count rose in three or more consecutive quarters and the stake stayed under 5% — the level at which a Schedule 13D or 13G becomes due within days. Below it there is no filing at all, and the only trace is a 13F published 45 days after the quarter it describes. “Room left” is how far the finished stake sits under that line.

Insiders come from Form 4, open-market purchases only. Grants, option exercises, gifts and anything bought under a pre-arranged 10b5-1 plan are excluded — those were decided by a schedule, not by a view on today’s price. What is left is somebody choosing to buy their own stock, more than once. Cluster is how many different people at the company did it inside the same twelve months.

Percentages are against today’s share count, so they say what a stake is worth as a share of the company now — not a historical ownership figure. And 13F is a photograph every three months: what happened between two of them is not on it.