Capital Markets Spring 2020

I

Follow the Executives Navigating Through a Crisis

I In most periods, executives of companies are typically selling the stock that has been awarded to them

• But when they are buying en masse , it may well be an important signal for investors

II

Record Insider Buying

2000

III

S&P 500 +33% in next 12-months

1500

Insider buying has marked attractive

S&P 500 +21% in next 12-months

1000

entry points historically

IV

500

0

V

-500

Net Insiders Buying / (Selling)

-1000

VI

Source: InsiderScore, FactSet, Alger. The performance data quoted represents past performance, which is not an indication or a guarantee of future results.

7