Who bought it first?

8-quarter moving-window, new-action only

• 1. New-position entries only. We scan every 13F filing in the 8-quarter window (Q1 2024 → Q4 2025) for action="new" records. Adds on top of existing positions don’t count — we want the manager who opened the book.
• 2. Earliest-quarter rule. For each ticker with at least one new entry, the earliest quarter in the archive with any new record defines the first-mover cohort. Managers in that quarter are first movers. Everyone later is the late wave.
• 3. Lead quarters. The gap between the first-mover quarter and the next quarter with any new record on the same ticker. If no crowd has arrived, lead = quarters from first-move to the end of the archive.
• 4. Sorting. Current owner count desc (the bet worked, crowd came), then lead quarters desc (bigger moat), then first-mover quality average desc (higher-quality pick), then ConvictionScore.

The 8-quarter window is a hard limit of the current archive — if a manager opened a position in 2022 and the archive only starts in Q1 2024, they are treated as an established holder, not a first mover. This is a known bias and the archive will extend as quarters close.