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Fanjul Oscar: insider trades

Director at Marsh McLennan. No open-market purchases and 10 sales not made under a pre-set plan, reported from November 30, 2022 to October 31, 2024.

What happened after Fanjul Oscar’s sales?

After their sales, the shares moved −12.1% against the index over 12 months on average (a negative figure means selling was the right call); 90% 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

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
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 10 −1.7% −2.5% 60% 3 — — Not enough years
Sales, 12 months after the report 10 −12.1% −9.5% 90% 3 — — Not enough years
Sales, 12 months after the trade 10 −12.9% −9.8% 90% 3 — — Not enough years

“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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Marsh McLennan MRSH —010November 30, 2022October 31, 2024

Trades and what followed

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

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
October 31, 2024October 30, 2024 MRSH Sale $1,105,225 −2.9%−37.4%−37.8%
August 16, 2024August 14, 2024 MRSH Sale $548,325 −5.1%−19.0%−24.4%
June 17, 2024June 13, 2024 MRSH Sale $1,254,070 +4.0%−6.6%−6.9%
November 29, 2023November 28, 2023 MRSH Sale $1,000,850 −11.1%−15.5%−13.4%
August 30, 2023August 29, 2023 MRSH Sale $584,700 +1.0%−5.1%−8.9%
May 4, 2023May 3, 2023 MRSH Sale $988,460 −2.2%−11.9%−13.5%
April 26, 2023April 25, 2023 MRSH Sale $986,590 −5.6%−13.3%−10.8%
February 9, 2023February 8, 2023 MRSH Sale $503,730 +4.4%−7.1%−8.1%
February 6, 2023February 3, 2023 MRSH Sale $988,770 +4.2%−7.0%−6.8%
November 30, 2022November 28, 2022 MRSH Sale $1,015,620 −3.9%+1.8%+1.6%

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 Fanjul Oscar traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.