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Quiver method A (replicated)

Insider buying: Officers only, dollar value, 500 largest

Backtest from 30 Apr 2010 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+9.5%
S&P 500 +13.8%
Last 12 months
−3.1%
S&P 500 +12.1%
Sharpe ratio
0.44
S&P 500 0.79
Biggest drop
−41.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $85.2k$44.5k
StrategyS&P 500 $10,000 in Insider buying: Officers only, dollar value, 500 largest from 30 Apr 2010 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes.

About

Each month, buys the companies whose insiders (officers, directors, large holders) made the largest open-market purchases, by the rule in the label, using only Form 4 filings already public at the rebalance. Costs of 10 basis points a trade are deducted.

Insider backtests →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+9.5%+13.8%
Total return+345%+752%
Last 12 months−3.1%+12.1%
Last 3 months−12.1%—
Last month−2.3%—
This year so far−8.2%—
Volatility a year22.4%16.1%
Sharpe ratio0.440.79
Biggest drop−41.1%−31.8%
Beta to the S&P 5001.161.00
Alpha a year (t-statistic)−4.7% (−1.54)—
Share of weeks up56%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
AMRZ10.0%——
BABA10.0%——
BSX10.0%——
DINO10.0%——
INTC10.0%——
PNFP10.0%——
TFC10.0%——
TM10.0%——
UBER10.0%——
VST10.0%——

Equal weight at the latest rebalance, rebuilt every month.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest30 Apr 2010 to 2 Nov 2026+9.5%+13.8%0.440.79−41.1%1.16−4.7% (−1.54)
2018 onwards5 Jan 2018 to 2 Nov 2026+7.9%+13.9%0.320.66−41.1%1.18−5.9% (−1.30)
Last three years3 Nov 2023 to 2 Nov 2026+4.8%+21.8%0.111.16−23.4%1.03−14.4% (−1.74)
Last year7 Nov 2025 to 2 Nov 2026−1.6%+14.2%−0.190.84−15.8%0.94−13.0% (−0.82)
DateCompanyAction
30 Oct 2026VSTBought
30 Oct 2026UBERBought
30 Oct 2026TFCBought
30 Oct 2026PNFPBought
30 Oct 2026DINOBought
30 Sept 2026TTMIBought
30 Sept 2026TMBought
30 Sept 2026PFEBought
30 Sept 2026INTCBought
30 Sept 2026FTAIBought
30 Sept 2026BSXBought
30 Sept 2026BABABought
31 Aug 2026WTWBought
31 Aug 2026WCNBought
31 Aug 2026TMUSBought
31 Aug 2026SPGIBought
31 Aug 2026SCHWBought
31 Aug 2026MSCIBought
31 Aug 2026KHCBought
31 Aug 2026FISVBought
31 Aug 2026ELVBought
31 Aug 2026AMRZBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Oct 2026TTMISold
30 Oct 2026PFESold
30 Oct 2026FTAISold
30 Oct 2026FISVSold
30 Oct 2026ELVSold
30 Sept 2026WTWSold
30 Sept 2026WCNSold
30 Sept 2026TMUSSold
30 Sept 2026SPGISold
30 Sept 2026SCHWSold
30 Sept 2026MSCISold
30 Sept 2026KHCSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest