Hadjipateras John C: insider trades

Chief executive at Dorian LPG LTD. 14 open-market purchases and 2 sales not made under a pre-set plan, reported from July 10, 2015 to January 9, 2026.

Would copying Hadjipateras John C’s purchases have beaten the S&P 500?

Too few purchases to judge. Only 13 purchases have 12 months of prices after the report; we judge insiders once they have 20. The figures below can swing a long way on a handful of trades. Buying each purchase the day after it was reported, an equal amount each, and holding it 12 months or until they reported a sale would have turned $10,000 on July 13, 2015 into $28,415 by November 2, 2026, +9.7% a year. The copy held shares only 56% of the time, so the fair comparison is the S&P 500 on those same days with Treasury bills otherwise: $27,877, +9.5% a year (the S&P 500 held throughout made $43,362, +13.9% a year). Beta against the index was 0.54. Twelve months after each report, the average purchase was −14.2% against the S&P 500 (median −24.3%), and 31% beat it. Measured from the trade date, the insider’s own timing, the average was −8.6%. After their sales, the shares moved −6.9% against the index over 12 months on average (a negative figure means selling was the right call); 50% 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.

Copying Hadjipateras John CS&P 500, same days investedS&P 500, held throughout $10,000 copying Hadjipateras John C’s open-market purchases from July 13, 2015, before costs and taxes, marked weekly. Each purchase gets the same starting stake, bought at the close of the first trading day after the report and sold 12 months later or the day after a reported sale of that stock; uninvested money earns the Treasury bill rate. “Same days invested” holds the S&P 500 only on the days the copy held shares, Treasury bills otherwise.

Return a year, copying: +9.7%
S&P 500, same days invested: +9.5% (held throughout +13.9%)
Time in shares: 56%
Sharpe ratio (S&P 500): 0.38 (0.69)
Biggest drop (S&P 500): −70% (−34%)
Market sensitivity (beta): 0.54
Purchases copied: 14

Trade by trade

Hadjipateras John C: 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	14	−2.2%	−9.4%	43%	8	0.54	0.60	No reliable evidence
Purchases, 6 months after the report	14	−5.7%	−16.0%	43%	8	0.23	0.82	No reliable evidence
Purchases, 12 months after the report	13	−14.2%	−24.3%	31%	7	−0.16	0.88	No reliable evidence
Purchases, 12 months after the trade	13	−8.6%	−23.9%	31%	7	0.20	0.85	No reliable evidence
Sales, 3 months after the report	2	−7.3%	−7.3%	100%	2	—	—	Not enough years
Sales, 12 months after the report	2	−6.9%	−6.9%	50%	2	—	—	Not enough years
Sales, 12 months after the trade	2	−4.3%	−4.3%	50%	2	—	—	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

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Dorian LPG LTD. LPG	President and CEO	14	2	July 10, 2015	January 9, 2026

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
January 9, 2026	January 7, 2026	LPG	Purchase	$409,500	+25.2%	not yet	not yet
April 10, 2025	April 8, 2025	LPG	Purchase	$532,500	+22.5%	+56.7%	+72.5%
January 16, 2024	January 12, 2024	LPG	Purchase	$212,900	−7.9%	−61.1%	−54.8%
April 3, 2023	March 30, 2023	LPG	Purchase	$591,900	+26.6%	+101.9%	+110.7%
March 10, 2021	March 8, 2021	LPG	Sale	$624,726	−3.7%	+10.1%	+12.1%
April 9, 2019	April 5, 2019	LPG	Purchase	$57,975	+13.6%	+1.3%	+10.4%
April 2, 2019	March 29, 2019	LPG	Purchase	$128,600	+23.6%	+18.9%	+40.8%
July 14, 2017	July 12, 2017	LPG	Sale	$1,887,500	−10.8%	−23.9%	−20.8%
January 18, 2017	January 13, 2017	LPG	Purchase	$187,600	−18.8%	−59.4%	−42.0%
December 27, 2016	December 21, 2016	LPG	Purchase	$217,145	+16.8%	−24.3%	−31.8%
June 30, 2016	June 29, 2016	LPG	Purchase	$147,800	−24.6%	−5.0%	−8.4%
March 31, 2016	March 30, 2016	LPG	Purchase	$91,700	−25.4%	−2.2%	−5.1%
February 18, 2016	February 16, 2016	LPG	Purchase	$97,600	−20.1%	−32.9%	−23.9%
October 5, 2015	October 1, 2015	LPG	Purchase	$214,346	−10.9%	−58.7%	−58.1%
July 16, 2015	July 14, 2015	LPG	Purchase	$338,700	−25.0%	−59.8%	−62.2%
July 10, 2015	July 8, 2015	LPG	Purchase	$155,400	−25.8%	−60.5%	−59.4%

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