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The market gets scarier by the day.  Wealthy individuals pulled their money out at record rates not seen in seven years. Black swans seem to be showing up in multiple corners of the world, China trade war, Iran real war, just to mention a few. None the less that didn’t stop a few insiders with conviction loading up on their company’s stock. In fact, it’s the most buying we have seen in some time. We highlight those over $200,000 in this report.

Ticker Company $ Amount Name Position Shares Price Dollar Amt % Change
AFIN American Finance Trust Inc  $1,042,790 Kabnick Lisa Dir 100,000  $10.43  $1,042,790 283.2%
AMBC Ambac Financial Group Inc  $226,890 LeBlanc Claude CEO 13,500  $16.81  $226,890 20.1%
AMED Amedisys Inc  $279,597 Perkins Bruce D Dir 2,500  $111.84  $279,597 12.8%
AMG Affiliated Managers Group Inc  $1,025,090 Horgen Jay C Pres 11,000  $93.19  $1,025,090 10.5%
ATSG Air Transport Services Group Inc  $543,750 Coretz Robert K Dir 25,000  $21.75  $543,750 25.0%
BUSE First Busey Corp  $1,503,173 King Stephen V Dir 56,090  $26.80  $1,503,173 71.9%
CALX Calix Inc  $334,033 Plants J Daniel Dir 51,210  $6.52  $334,033 4.0%
CNNE Cannae Holdings Inc  $503,000 Massey Richard N Dir 20,000  $25.15  $503,000 12.2%
COOP Mr Cooper Group Inc  $495,238 Bray Jesse K CEO 52,910  $9.36  $495,238 3.1%
COTY Coty Inc  $1,202,200 Pieraccioni Giovanni Officer 93,100  $12.91  $1,202,200 NEW
COTY Coty Inc  $533,597 Goudet Olivier Dir 45,000  $11.86  $533,597 168.8%
COTY Coty Inc  $7,542,327 Laubies Pierre CEO 648,228  $11.64  $7,542,327 28.1%
COTY Coty Inc  $1,782,732 Terisse Pierre-Andre CFO 152,000  $11.73  $1,782,732 NEW
COTY Coty Inc  $5,194,985 Volatier Luc Officer 451,263  $11.51  $5,194,985 NEW
COTY Coty Inc  $5,304,243 Harf Peter Dir 439,668  $12.06  $5,304,243 5.1%
CSU Capital Senior Living Corp  $202,500 Plochocki Steven T Dir 50,000  $4.05  $202,500 250.7%
CTL CenturyLink Inc  $404,251 Clontz Steven Terrell Dir 37,000  $10.93  $404,251 14.6%
CTLT Catalent Inc  $444,400 Morel Donald E Jr Dir 10,000  $44.44  $444,400 27.1%
CUB Cubic Corp  $301,250 Warner John H Jr Dir 5,000  $60.25  $301,250 NEW
CWH Camping World Holdings Inc  $1,123,510 Lemonis Marcus Chmn 100,000  $11.24  $1,123,510 54.9%
DDD 3D Systems Corp  $245,942 Joshi Vyomesh CEO 29,920  $8.22  $245,942 8.5%
DHR Danaher Corp  $248,485 Rales Mitchell P Officer/Dir 1,900  $130.78  $248,485 0.0%
EPC Edgewell Personal Care Co  $494,565 Hoover R David Dir 15,000  $32.97  $494,565 137.8%
ESI Element Solutions Inc  $210,000 Benson Scot Pres 20,000  $10.50  $210,000 14.3%
FLMN Falcon Minerals Corp  $240,000 Hirshberg Al J Dir 30,000  $8.00  $240,000 541.2%
FLR Fluor Corp  $501,786 Hernandez Carlos M CEO 17,001  $29.52  $501,786 10.6%
FNKO Funko Inc  $517,250 Denson Charles D Dir 25,000  $20.69  $517,250 73.7%
GEL Genesis Energy LP  $1,077,040 Jastrow Kenneth M II Dir 50,000  $21.54  $1,077,040 100.0%
GOGO Gogo Inc  $554,850 Townsend Charles C Dir 100,000  $5.55  $554,850 3.3%
GTES Gates Industrial Corp plc  $994,460 Lifsey Walter COO 76,050  $13.08  $994,460 NEW
HGV Hilton Grand Vacations Inc  $274,950 Potter Leonard Chmn 10,000  $27.50  $274,950 16.0%
HIG Hartford Financial Services Group Inc  $521,900 Fetter Trevor Dir 10,000  $52.19  $521,900 14.3%
HIL Hill International Inc  $516,580 Chadwick James M Dir 225,581  $2.29  $516,580 18.9%
HIL Hill International Inc  $306,614 Chadwick James M Dir 137,163  $2.24  $306,614 n/a
INFN Infinera Corp  $314,790 Gani Marcel Dir 100,000  $3.15  $314,790 81.8%
INOV Inovalon Holdings Inc  $1,836,952 Dunleavy Keith R Chmn 136,995  $13.41  $1,836,952 34.2%
ITCI Intra-Cellular Therapies Inc  $1,256,350 Alafi Christopher D Dir 100,000  $12.56  $1,256,350 1.9%
KINS Kingstone Cos Inc  $225,000 Thatcher Dale A CEO 25,000  $9.00  $225,000 32.6%
KNDI Kandi Technologies Group Inc  $579,652 Hu Xiaoming Chmn 122,032  $4.75  $579,652 1.0%
KOP Koppers Holdings Inc  $251,453 Johnson R Michael VP 8,577  $29.32  $251,453 4.4%
LGND Ligand Pharmaceuticals Inc  $283,750 Higgins John L CEO 2,500  $113.50  $283,750 1.8%
LILAK Liberty Latin America Ltd  $249,654 Nair Balan CEO 14,000  $17.83  $249,654 7.7%
LIN Linde PLC  $264,156 Bruch Christian VP 1,474  $179.21  $264,156 17.4%
LIN Linde PLC  $268,098 Eulitz Bernd Hugo VP 1,496  $179.21  $268,098 16.5%
LIN Linde PLC  $340,499 Lamba Sanjiv VP 1,900  $179.21  $340,499 8.0%
MAC Macerich Co  $202,500 Coppola Edward C Pres 5,000  $40.50  $202,500 1.6%
MAR Marriott International Inc  $261,662 McCarthy Margaret M Dir 2,000  $130.83  $261,662 154.8%
MEC Mayville Engineering Co Inc  $425,000 Michels Patrick D Dir 25,000  $17.00  $425,000 NEW
MPC Marathon Petroleum Corp  $253,697 Templin Donald C Officer 5,000  $50.74  $253,697 5.4%
NBN Northeast Bancorp  $214,400 Wayne Richard CEO 10,000  $21.44  $214,400 2.5%
NLY Annaly Capital Management Inc  $955,660 Finkelstein David L Officer 100,000  $9.56  $955,660 33.3%
NLY Annaly Capital Management Inc  $478,000 Green Anthony C Officer 50,000  $9.56  $478,000 49.5%
NMRK Newmark Group Inc  $4,328,090 Gosin Barry M CEO 561,084  $7.71  $4,328,090 25.4%
NOG Northern Oil & Gas Inc  $441,160 Reger Michael Lewis CEO 200,000  $2.21  $441,160 2.0%
NS NuStar Energy LP  $1,931,907 Greehey William E Chmn 68,075  $28.38  $1,931,907 0.8%
PDCE PDC Energy Inc  $373,000 Ellis Mark E Dir 10,000  $37.30  $373,000 129.0%
PENN Penn National Gaming Inc  $214,940 Fair William J CFO 11,000  $19.54  $214,940 30.6%
PENN Penn National Gaming Inc  $212,171 Snowden Jay A Pres 10,875  $19.51  $212,171 11.6%
PETQ PetIQ Inc  $872,586 Clarke James Nathan Dir 31,031  $28.12  $872,586 NEW
PFLT PennantPark Floating Rate Capital Ltd  $242,240 Katz Samuel L Dir 20,000  $12.11  $242,240 13.6%
PURE Pure Bioscience Inc  $300,000 Okuno Dale Dir 714,285  $0.35  $300,000 15.6%
QRTEA Qurate Retail Inc  $637,555 Maffei Gregory B Chmn 50,000  $12.75  $637,555 1.1%
QRTEA Qurate Retail Inc  $3,060,402 George Michael A CEO 244,568  $12.51  $3,060,402 14.4%
QRTEA Qurate Retail Inc  $1,248,810 Maffei Gregory B Chmn 100,000  $12.49  $1,248,810 2.2%
QRTEA Qurate Retail Inc  $9,986,320 Malone John C Dir 800,000  $12.48  $9,986,320 203.1%
RBBN Ribbon Communications Inc  $483,550 Hobbs Franklin W IV CEO 100,000  $4.84  $483,550 45.9%
SPKE Spark Energy Inc  $219,858 Maxwell W Keith III Chmn 22,366  $9.83  $219,858 1.0%
STKL SunOpta Inc  $215,440 Ennen Joseph CEO 50,000  $4.31  $215,440 1,250.0%
STKL SunOpta Inc  $209,450 Ennen Joseph CEO 50,000  $4.19  $209,450 92.6%
TG Tredegar Corporation  $333,600 Steitz John M CEO 20,000  $16.68  $333,600 59.2%
TRGP Targa Resources Corp  $2,025,038 Evans Robert B Dir 51,420  $39.38  $2,025,038 150.9%
TUES Tuesday Morning Corp  $330,280 Becker Steven R CEO 190,100  $1.74  $330,280 13.7%
TWOU 2U Inc  $500,229 Peters Gregory K Dir 12,459  $40.15  $500,229 93.8%
UCTT Ultra Clean Holdings Inc  $283,185 Granger Clarence L Chmn 21,000  $13.49  $283,185 14.1%
UGI UGI Corp  $5,410,480 Hermance Frank S Dir 100,000  $54.10  $5,410,480 55.1%
UNVR Univar Inc  $224,100 Pappas Christopher D Dir 10,000  $22.41  $224,100 11.5%
VBTX Veritex Holdings Inc  $484,299 Bolin Patrick S Dir 18,771  $25.80  $484,299 18.3%
W Wayfair Inc  $423,120 Kumin Michael Andrew Dir 3,000  $141.04  $423,120 1.7%
WETF WisdomTree Investments Inc  $492,765 Steinberg Jonathan L CEO 75,000  $6.57  $492,765 1.0%
XON Intrexon Corp  $9,220,175 Kirk Randal J Chmn 2,096,209  $4.40  $9,220,175 4.5%

In this report, we highlight open market purchases from employees and directors of more than $200,000.  Insiders sell stock for many reasons, but they generally buy for just one – to make money.  As a standard, we only look at material amounts of money, $200 thousand or more, as anything less could just be window dressing. The bar is different from selling because the natural state of management is to be sellers. This is because most companies provide significant amounts of management compensation packages as stock. Therefore, with selling, we analyze for unusual patterns, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. We generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and not the SMART money we are trying to go to school on.  Although this info is available for free from the SEC’s Web site, Edgar, we subscribe to the Washington Service as they provide a way to manage and make sense of the vast realms of data.

To learn more about our strategy, visit our website here. We welcome your comments on our analysis.

THE INSIDERS FUND is a long-short equity fund. We invest in companies at or near prices that management has been willing to invest significant amounts of their own money in. After all, who knows a business better than the people running it?  You’ve always heard the best information is “inside information”. The SEC mandates that officers, directors and 10% shareholders file a Form 4 detailing buying and selling in their company’s stock within 48 hours. The SEC makes this info public immediately upon receiving it. This is as close to “insider information” that an ordinary investor is likely to see.  We may own positions, long or short, in any of these names and are under no obligation to disclose that.

If you would like to hear more about how you can get involved with the Insiders Fund, please schedule some time on my calendar.