undamentalytics Newsletter
Sign in

Goldman, Sachs Management Gp Gmbh and related entities: insider trades

10% owner at 6 companies we cover. No open-market purchases and 7 sales not made under a pre-set plan, reported from February 10, 2011 to August 16, 2017. Trades reported separately by several related funds or companies are counted once, under this name.

What happened after Goldman, Sachs Management Gp Gmbh and related entities’s sales?

After their sales, the shares moved +17.1% against the index over 12 months on average (a negative figure means selling was the right call); 14% 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 7 +2.2% +0.7% 43% 5 0.72 0.51 No reliable evidence
Sales, 12 months after the report 7 +17.1% +21.1% 14% 5 2.83 0.047 Some evidence: seller wrong
Sales, 12 months after the trade 7 +15.6% +19.1% 14% 5 2.16 0.097 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Hyatt Hotels Corp H —02May 31, 2017August 16, 2017
CVR Energy Inc CVI —01February 10, 2011February 10, 2011
Dollar General DG —01June 13, 2012June 13, 2012
Openlane, Inc. OPLN —01December 13, 2012December 13, 2012
Aramark ARMK —01March 27, 2015March 27, 2015
Tiptree Inc. TIPT —01June 27, 2016June 27, 2016

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
August 16, 2017August 14, 2017 H Sale $498,300,199 +19.0%+21.1%+19.1%
May 31, 2017May 26, 2017 H Sale $230,120,000 +0.7%+31.9%+25.5%
June 27, 2016June 23, 2016 TIPT Sale $36,374,000 +7.3%+18.8%+7.8%
March 27, 2015March 26, 2015 ARMK Sale $179,945,105 −1.2%+2.9%+3.3%
December 13, 2012December 11, 2012 OPLN Sale $65,750,140 +1.3%+33.1%+35.6%
June 13, 2012June 11, 2012 DG Sale $333,775,147 −10.0%−23.5%−25.7%
February 10, 2011February 8, 2011 CVI Sale $241,812,064 −1.5%+35.5%+43.7%

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 Goldman, Sachs Management Gp Gmbh and related entities traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.