Portfolios

BoardroomTrades monitors SEC Form 4 filings for qualifying open-market purchases of $100,000 or more by officers and directors. Live tracking under the current methodology began on 31 August 2026. The current methodology requires an aggregate qualifying open-market purchase of $100,000 or more, a market capitalisation above $300 million at the time of filing, and at least six months of listing history, alongside all other existing production filters.

Purchases held indirectly through a trust, fund or spouse count too. They are labelled as indirect on the dashboard so the ownership route remains visible.

Two portfolios are tracked, one benchmark is published alongside them, and cluster alerts are deliberately not tracked as a portfolio. The five sections below explain each one and the exclusions.

1 · Same-session alert portfolio

What is in it. Only filings where the insider's purchase and the SEC filing fall on the same day, and the filing arrives while the market is open, between 9:30 AM and 4:00 PM ET. These are the ones we can alert on while a price is still on screen.

Entry price. The market price at the minute the alert was sent, taken from one-minute intraday data and stored with the filing. Not the insider's price, and not a closing price — the price a subscriber could see at the moment the alert landed.

Why that price. Because it is the only one that was actually available to someone reading the alert.

One filing counts as one position. When several executives at the same company buy on the same afternoon, that company appears several times, because collapsing them into one position would flatter the figure.

The position count is shown above and stated on every figure.

Filings that arrive during the session but report a purchase from an earlier day are not alerted. They are still published in the dashboard and in the daily email, which lists everything filed that day.

2 · Same-day alert portfolio

What is in it. Filings where the purchase and the filing fall on the same day, but the filing arrives outside market hours. Most Form 4s are filed after the close, so this is the larger of the two portfolios.

Entry price. The official opening auction of the next trading day.

Why that price. The market is shut when these alerts go out, so no live price exists. The opening auction is the first price anyone can get at normal liquidity, and it is what a subscriber gets if they place a market-on-open order after reading the alert in the evening. We do not use that evening's closing price: the closing auction was already over before the filing appeared, and nobody could have traded at it.

One filing counts as one position. When several executives at the same company buy on the same afternoon, that company appears several times, because collapsing them into one position would flatter the figure.

3 · Insider purchase benchmark

This is not a portfolio. It is every filing that clears the filter, measured from the price the insider actually paid as reported in the Form 4, with the same amount behind each one. It exists as context for the two portfolios, not as something a subscriber could have replicated — nobody gets the insider's price.

One filing counts as one observation. When several executives at the same company buy on the same afternoon, that company appears several times, because collapsing them into one observation would flatter the figure.

Every filing that clears the filter is tracked from the price reported by the insider. A Form 4 may be filed up to two business days after the trade, so by the time a purchase appears here the market price is usually different from what the insider paid, often higher. The benchmark shows the result of the insiders' own purchases, not the result of buying after publication.

4 · Why there is no cluster portfolio

We alert on clusters — two or more different insiders at the same company filing within five trading days — but we do not track them as a portfolio.

The members of a cluster often buy days apart, at prices that differ by several percent. Any single entry price for the group would be arbitrary whichever one we picked: the first filer's price, the second filer's price, or an average of them. A cluster is a signal worth reporting, not a portfolio worth measuring.

The individual filings in a cluster still appear in whichever portfolio they qualify for, on that portfolio's own entry price.

5 · Exclusions

A filing that reports a disposal in the same Form 4 is excluded. A purchase and a sale in one document is not the signal this service reports. Every exclusion is recorded with its reason.

No filing has been excluded under this rule since 31 August 2026.

How all three are calculated

• Every return is calculated on settled closing prices only. No figure moves during a trading session.
• A position enters its portfolio only after the first close following its entry day, so a new position does not drag the figure toward zero.
• The alert count can therefore be higher than the position count. The difference is alerts whose entry day has not yet been followed by a close; those positions enter the next evening.
• Returns are adjusted for stock splits.
• Positions are never sold or closed.
• All three series started from zero on 31 August 2026 under the $100,000 methodology.
• The figures ignore costs, spreads, slippage and taxes.
• Past performance is no guarantee of future results.

BoardroomTrades reports publicly available SEC filings for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Insider purchases are no guarantee of future returns; past results never are. Data may contain errors or omissions. Always verify against the original filing before acting.