SWAN ROBERT HOLMES

Robert Holmes Swan's 600-transaction Form 4 file is the recent pending batch's clearest example of a file where the recent window contains genuinely directional information. At Micron (MU) the recent twelve filings are all Code A awards ranging from 35 to 2,338 shares, with no offsetting sells — mechanical vesting from a new board seat that produces calendar-driven disclosure. But his Nike (NKE) file, previously a pure accumulation record of 45,085 shares bought and zero sold across nine transactions, has flipped to deliberate open-market purchases: 11,781 shares in April 2026, 8,691 in December 2025, and 8,600 in April 2025 — a 29,000-share build in eighteen months against a historical file that never disposed a share. The contrast with the MU chapter sharpens the distinction: one is compensation mechanics producing noise, the other is size-selected open-market accumulation that breaks a decade of static filing behavior. His eBay (3.18 million sells) and Intel (326,000 sells) chapters were earned-income liquidation patterns from concluded executive tenures; the remaining file's informational value lives in the rare moments when a long-accumulated position starts moving.