Bcip Associates-G and related entities: insider trades

10% owner, Other at 5 companies we cover. No open-market purchases and 9 sales not made under a pre-set plan, reported from August 13, 2012 to August 18, 2015. Trades reported separately by several related funds or companies are counted once, under this name.

What happened after Bcip Associates-G and related entities’s sales?

After their sales, the shares moved −0.7% against the index over 12 months on average (a negative figure means selling was the right call); 67% 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

Bcip Associates-G and related entities: 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	9	+0.6%	−3.6%	56%	3	—	—	Not enough years
Sales, 12 months after the report	9	−0.7%	−5.0%	67%	3	—	—	Not enough years
Sales, 12 months after the trade	9	−0.3%	−5.1%	67%	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

Company	Title on the latest filing	Sales	First report	Latest report
IQVIA IQV	—	3	May 15, 2013	August 7, 2015
Bloomin' Brands, Inc. BLMN	—	2	August 13, 2012	March 6, 2015
Burlington Stores, Inc. BURL	—	2	January 21, 2015	April 8, 2015
Bright Horizons Family Solutions Inc. BFAM	—	1	June 3, 2015	June 3, 2015
Acadia Healthcare Company, Inc. ACHC	—	1	August 18, 2015	August 18, 2015

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
August 18, 2015	August 14, 2015	ACHC	Sale	$189,195,994	−13.3%	−41.7%	−39.9%
August 7, 2015	August 5, 2015	IQV	Sale	$185,439,797	−13.5%	−5.4%	−5.2%
June 3, 2015	May 27, 2015	BFAM	Sale	$165,836,792	+16.7%	+14.5%	+14.8%
May 21, 2015	May 19, 2015	IQV	Sale	$192,723,824	+11.3%	−3.8%	−1.9%
April 8, 2015	April 7, 2015	BURL	Sale	$626,916,398	−6.7%	−5.0%	−5.1%
March 6, 2015	March 4, 2015	BLMN	Sale	$439,806,988	−10.7%	−27.3%	−25.7%
January 21, 2015	January 16, 2015	BURL	Sale	$550,857,450	+6.1%	+9.2%	+3.6%
May 15, 2013	May 14, 2013	IQV	Sale	$95,686,655	−3.6%	−7.8%	−9.2%
August 13, 2012	August 13, 2012	BLMN	Sale	$17,591,256	+18.9%	+61.1%	+65.8%

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