Bishop Robert J: insider trades

Director at Unifi Inc. 31 open-market purchases and 4 sales not made under a pre-set plan, reported from February 6, 2017 to February 14, 2022.

Would copying Bishop Robert J’s purchases have beaten the S&P 500?

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 February 7, 2017 into $6,965 by November 2, 2026, −3.7% a year. The copy held shares only 39% of the time, so the fair comparison is the S&P 500 on those same days with Treasury bills otherwise: $20,339, +7.6% a year (the S&P 500 held throughout made $38,465, +14.9% a year). Beta against the index was 0.55. Twelve months after each report, the average purchase was −26.3% against the S&P 500 (median −40.6%), and 16% beat it: within what luck alone would produce (p = 0.84 over 4 years). Measured from the trade date, the insider’s own timing, the average was −24.8%. After their sales, the shares moved −24.3% against the index over 12 months on average (a negative figure means selling was the right call); 75% 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 Bishop Robert JS&P 500, same days investedS&P 500, held throughout $10,000 copying Bishop Robert J’s open-market purchases from February 7, 2017, 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: −3.7%
S&P 500, same days invested: +7.6% (held throughout +14.9%)
Time in shares: 39%
Sharpe ratio (S&P 500): −0.02 (0.71)
Biggest drop (S&P 500): −79% (−34%)
Market sensitivity (beta): 0.55
Purchases copied: 31

Trade by trade

Bishop Robert J: 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	31	−7.6%	−8.7%	13%	4	−2.54	0.085	No reliable evidence
Purchases, 6 months after the report	31	−15.9%	−17.5%	16%	4	−3.57	0.038	Some evidence: behind
Purchases, 12 months after the report	31	−26.3%	−40.6%	16%	4	−0.22	0.84	No reliable evidence
Purchases, 12 months after the trade	31	−24.8%	−40.7%	16%	4	−0.12	0.91	No reliable evidence
Sales, 3 months after the report	4	−2.5%	−18.2%	75%	3	—	—	Not enough years
Sales, 12 months after the report	4	−24.3%	−35.4%	75%	3	—	—	Not enough years
Sales, 12 months after the trade	4	−28.6%	−37.8%	75%	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	Purchases	Sales	First report	Latest report
Unifi Inc UFI	—	31	4	February 6, 2017	February 14, 2022

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
February 14, 2022	February 14, 2022	UFI	Sale	$2,287,500	−17.5%	−41.5%	−42.1%
June 10, 2021	June 8, 2021	UFI	Sale	$1,493,410	−23.0%	−34.8%	−36.0%
June 7, 2021	June 3, 2021	UFI	Sale	$1,029,218	−19.0%	−36.0%	−39.6%
November 19, 2020	November 17, 2020	UFI	Sale	$980,269	+49.6%	+15.3%	+3.3%
May 8, 2020	May 8, 2020	UFI	Purchase	$118,500	−21.4%	+54.9%	+80.0%
March 13, 2020	March 12, 2020	UFI	Purchase	$260,600	−15.8%	+71.2%	+53.8%
September 9, 2019	September 6, 2019	UFI	Purchase	$849,012	+4.8%	−62.8%	−58.8%
March 1, 2019	February 28, 2019	UFI	Purchase	$215,276	−13.0%	−15.7%	−11.7%
February 15, 2019	February 14, 2019	UFI	Purchase	$558,194	−15.2%	−18.1%	−19.4%
February 8, 2019	February 7, 2019	UFI	Purchase	$764,380	−14.8%	−23.7%	−16.9%
September 4, 2018	August 31, 2018	UFI	Purchase	$127,160	−13.2%	−40.6%	−42.7%
August 28, 2018	August 27, 2018	UFI	Purchase	$726,604	−9.1%	−42.9%	−42.6%
August 14, 2018	August 13, 2018	UFI	Purchase	$223,930	−12.5%	−42.9%	−40.9%
August 8, 2018	August 7, 2018	UFI	Purchase	$158,300	−17.5%	−44.8%	−46.4%
June 4, 2018	June 1, 2018	UFI	Purchase	$481,050	−11.4%	−51.2%	−44.2%
May 14, 2018	May 11, 2018	UFI	Purchase	$21,986	−3.7%	−42.7%	−41.6%
May 10, 2018	May 9, 2018	UFI	Purchase	$49,920	−1.7%	−41.6%	−42.8%
May 8, 2018	May 7, 2018	UFI	Purchase	$83,529	−2.4%	−42.8%	−43.3%
May 4, 2018	May 3, 2018	UFI	Purchase	$303,100	−4.3%	−43.3%	−45.3%
May 2, 2018	May 1, 2018	UFI	Purchase	$1,190,560	−3.1%	−45.3%	−47.7%
April 30, 2018	April 27, 2018	UFI	Purchase	$150,400	−7.3%	−47.7%	−45.4%
March 1, 2018	February 27, 2018	UFI	Purchase	$353,200	−12.2%	−42.7%	−40.7%
February 26, 2018	February 23, 2018	UFI	Purchase	$574,672	−8.7%	−40.7%	−38.1%
February 20, 2018	February 16, 2018	UFI	Purchase	$48,916	−9.5%	−40.2%	−37.6%
February 12, 2018	February 9, 2018	UFI	Purchase	$846,713	−10.2%	−38.4%	−41.5%
February 8, 2018	February 6, 2018	UFI	Purchase	$597,966	−15.3%	−41.5%	−41.4%
February 6, 2018	February 2, 2018	UFI	Purchase	$1,032,914	−14.2%	−41.6%	−42.1%
December 4, 2017	November 30, 2017	UFI	Purchase	$209,755	−7.4%	−34.5%	−29.9%
November 13, 2017	November 9, 2017	UFI	Purchase	$188,643	−7.1%	−30.1%	−33.3%
August 25, 2017	August 23, 2017	UFI	Purchase	$110,416	+8.3%	−18.3%	−9.6%
August 15, 2017	August 11, 2017	UFI	Purchase	$368,341	+10.0%	−12.5%	−13.8%
August 11, 2017	August 9, 2017	UFI	Purchase	$92,908	+7.2%	−14.1%	−11.5%
February 13, 2017	February 10, 2017	UFI	Purchase	$420,000	−6.1%	+3.7%	+3.2%
February 10, 2017	February 8, 2017	UFI	Purchase	$295,704	−6.3%	+2.8%	+14.8%
February 6, 2017	February 2, 2017	UFI	Purchase	$534,800	−1.7%	+12.9%	+8.9%

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