Heilig Kathy: insider trades

Officer at SEI Investments Co. No open-market purchases and 11 sales not made under a pre-set plan, reported from September 14, 2012 to November 21, 2022.

What happened after Heilig Kathy’s sales?

After their sales, the shares moved −4.2% against the index over 12 months on average (a negative figure means selling was the right call); 73% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

Heilig Kathy: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	0	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	11	−3.1%	−2.3%	73%	11	−1.36	0.20	No reliable evidence
Sales, 12 months after the report	11	−4.2%	−7.4%	73%	11	−0.69	0.51	No reliable evidence
Sales, 12 months after the trade	11	−2.7%	−5.4%	64%	11	−0.46	0.66	No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
SEI Investments Co SEIC	Treasurer	0	11	September 14, 2012	November 21, 2022

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
November 21, 2022	November 17, 2022	SEIC	Sale	$762,485	−2.3%	−20.6%	−19.7%
May 11, 2021	May 7, 2021	SEIC	Sale	$820,690	−7.3%	−9.5%	−9.9%
November 25, 2020	November 20, 2020	SEIC	Sale	$817,962	−2.9%	−17.5%	−15.4%
March 20, 2019	March 14, 2019	SEIC	Sale	$824,000	+2.2%	−7.4%	+4.1%
March 13, 2018	March 8, 2018	SEIC	Sale	$1,234,200	−14.7%	−34.7%	−35.1%
March 7, 2017	March 3, 2017	SEIC	Sale	$1,154,250	−2.1%	+30.8%	+27.8%
June 7, 2016	June 3, 2016	SEIC	Sale	$1,256,250	−14.7%	−15.6%	−14.2%
March 16, 2015	March 13, 2015	SEIC	Sale	$648,888	+12.2%	−6.9%	−5.4%
April 2, 2014	March 28, 2014	SEIC	Sale	$1,289,851	−5.8%	+20.4%	+18.5%
March 1, 2013	February 27, 2013	SEIC	Sale	$1,127,200	−1.6%	−5.4%	−1.3%
September 14, 2012	September 12, 2012	SEIC	Sale	$550,500	+2.3%	+20.5%	+21.5%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Heilig Kathy traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.