Carilion Clinic and related entities: insider trades

10% owner at Runway Growth Finance Corp. 7 open-market purchases and no sales not made under a pre-set plan, reported from April 21, 2017 to May 14, 2019. Trades reported separately by several related funds or companies are counted once, under this name.

Would copying Carilion Clinic and related entities’s purchases have beaten the S&P 500?

Too few purchases to judge. None of their purchases has 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. None of their purchases could be priced, so there is no copy portfolio. None of these trades can be measured yet: either the window after the report has not finished or the share price was under $5 when it was reported.

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

Carilion Clinic and related entities: trades against the S&P 500 afterwards
Measured	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	—	—	—	—	—	—	Not enough years
Sales, 12 months after the report	—	—	—	—	—	—	Not enough years
Sales, 12 months after the trade	—	—	—	—	—	—	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
Runway Growth Finance Corp. RWAY	—	7	0	April 21, 2017	May 14, 2019

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
May 14, 2019	May 10, 2019	RWAY	Purchase	$4,450,548	not yet	not yet	not yet
January 4, 2019	January 2, 2019	RWAY	Purchase	$6,004,693	not yet	not yet	not yet
September 18, 2018	September 14, 2018	RWAY	Purchase	$2,726,577	not yet	not yet	not yet
December 11, 2017	December 8, 2017	RWAY	Purchase	$2,949,474	not yet	not yet	not yet
September 5, 2017	August 28, 2017	RWAY	Purchase	$3,882,039	not yet	not yet	not yet
June 14, 2017	June 12, 2017	RWAY	Purchase	$2,728,328	not yet	not yet	not yet
April 21, 2017	April 19, 2017	RWAY	Purchase	$1,662,821	not yet	not yet	not yet

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 Carilion Clinic and related entities traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.