Insider Buying Week 06-13-25 Don't Fight the Trend

The market pin action has been exceptionally strong. Don’t fight the trend is a popular saying many people have uttered along with ‘ other profound market nuggets of wisdom. They work until they don’t. Late breaking headlines about non-essential U.S. Government employees being told to leave the MidEast caused oil to spike $3 and the market to sell off some late Friday. Yet full blown war between Israel and Iran is greeted enthusiastically. Perhaps too much so. Israel hasn’t been able to get out of Gaza, so Iran is a problem multitude of order more challenging. For the moment the Market seems non plussed.

We analyze a few of the notable buys from last week. We are heavy users of AI prompts. It really is a force multiplier if you know how to write. Surprisingly many math centric analysts do not know to write.

Name: John W. Keogh
Position: President & COO
Transaction Date: 06-06-2025 Shares Bought: 9,810 shares an Average Price Paid of $292.99 for Cost: $2,874,135

Company: Chubb Ltd (CB):

Chubb Limited, a Swiss-incorporated holding company headquartered in Zurich, is part of the Chubb Group of Companies—a global insurance and reinsurance organization serving a diverse international client base. Established in 1985 with its first office in Bermuda, the company has grown into a global leader in property and casualty insurance through increased premium volume, product diversification, geographic expansion, and strategic acquisitions. In 2022, Chubb expanded its accident, supplemental health, and life insurance portfolio by acquiring Cigna’s operations in several Asian markets. Additionally, the company acquired a controlling interest in Huatai Insurance Group Co. Ltd., a Chinese financial services holding company with subsidiaries in property and casualty insurance, life insurance, and asset management.

Mr. Keogh brings over thirty years of industry experience and has served as Chief Operating Officer since 2011. He joined the company—then known as ACE—in 2006 as Chairman of its international general insurance division, which operates in 54 countries and territories worldwide. He was appointed Vice Chairman in 2010, Executive Vice Chairman in 2015, and President in 2020. Mr. Keogh holds a Bachelor of Arts degree in Economics from Brown University.

Opinion: An extremely large buy from a long time employee makes you wonder what are you missing? In this case everything. This was just some internal estate planning and booking keeping between Keogh’s family trusts. There was a sale for the equal dollar and share amount.

Name: Robert Donald Casey III
Position: Director
Transaction Date: 06-06-2025 Shares Bought: 4,000 shares an Average Price Paid of $217.73 for Cost: $870,920

Name: Timothy K. Bliss
Position: Director
Transaction Date: 06-05-2025 Shares Bought: 22,000 shares an Average Price Paid of $217.18 for Cost: $4,778,053

Company: Appfolio Inc (APPF):

AppFolio, founded in 2006, is a technology leader transforming the real estate industry. The company offers a cloud-based platform that enables businesses to operate efficiently within an interconnected network of stakeholders, including property managers, investors, potential residents, current residents, and vendors. AppFolio’s platform supports critical real estate transactions with features such as resident screening, payment processing, and insurance-related risk mitigation. Its solutions enhance community connectivity, streamline operations, improve customer experiences, and drive both financial and operational performance. A strong customer-centric approach promotes long-term retention and supports sustained business success.

Robert Donald Casey III joined the Board of Directors of AppFolio, Inc. in April 2025 as a Class II independent director. He is the Founder and CEO of Santa Barbara Management, established in 2024, and has been a Partner at Partners Fund Capital since 2022. From 2018 to 2024, he served as President, Board Member, and later Chief Financial Officer at Tegus, Inc., following earlier roles at Santa Barbara Investment Group and leadership positions in various software ventures. Casey holds a Bachelor of Arts in Economics from Yale University and an MBA from Harvard Business School. He brings more than a decade of experience in technology leadership and strategic governance to the AppFolio board.

Timothy Bliss has served as a member of the Board of Directors since 2008 and has been a member of the Nominating and Corporate Governance Committee since 2015. He has been a partner at Partners Fund Capital since 2022 and has held a partnership at the Investment Group of Santa Barbara for over 40 years. Mr. Bliss holds a Bachelor of Arts from Harvard College and an MBA from the Stanford Graduate School of Business.

Opinion: APPF had a strong move based on this purchase and a smaller but significant one from another director. We like this name. It has a strong recurring revenue business model in an industry with no tariff repercussions. AppFolio holds a significant presence in the rental software market, with market share estimates ranging from roughly 3% to over 22% depending on the specific metric or market segment being considered.

The seasonal slowdown to ~16% in Q1 reflects typical quarter-to-quarter variability, but the overall trajectory remains strong, with mid-to-high 20% annual revenue expansion.
Consistently achieving 20%+ growth over a decade positions AppFolio as a solid fast-growing SaaS business.

Name: Jeff Blau
Position: Director
Transaction Date: 05-23-2025 Shares Bought: 3,665 shares an Average Price Paid of $117.99 for Cost: $432,433

Company: Sun Communities Inc (SUI):

Sun Communities, Inc. is a fully integrated real estate investment trust (REIT) that operates through entities including Sun Communities Operating Limited Partnership, Sun Home Services, Inc., Safe Harbor Marinas, LLC, and Park Holidays in the United Kingdom. The company owns, operates, and develops manufactured housing communities, recreational vehicle (RV) resorts, and marinas across the United States, Canada, and the United Kingdom. Most properties are self-administered and self-managed, while a limited number are managed by third-party contractors or lessees under ground lease agreements. Sun Communities has been active in the manufactured housing and RV sector since 1975, in marinas since 2020, and in UK-based communities since 2022.

Jeff T. Blau joined the Board of Directors of Sun Communities, Inc. in January 2023. He is the Chief Executive Officer and a Partner at Related Companies, where he is responsible for the firm’s strategic direction, acquisitions, and development across all business platforms. Blau serves on several boards, including Equinox Holdings, the Equity, Diversity, and Inclusion Committee of the Real Estate Roundtable, the Central Park Conservancy, and the Robin Hood Foundation. He holds a Bachelor of Business Administration from the University of Michigan and an MBA from the Wharton School of the University of Pennsylvania.

Opinion: The baby boomers are on the move. Sun is a beneficiary of the graying of America. Why did SUI have a down quarter?

Aging demographics favor demand for affordable, stable housing options like MH and RV communities.
The full-year outlook remains positive: Core FFO guidance remains solid ($6.43–6.63/share), and SUI boosted its dividend by 10.6% while initiating a $1B buyback—signs of confidence in long-term fundamentals finance.yahoo.com+4globenewswire.com+4gurufocus.com+4.

Bottom line

The quarter was pulled down by structural moves—not a demand problem.
- Major marinas sold off.
- RV transient segment hurt by conversions and seasonality.
- Non-cash charges weighed on earnings.

Name: Todd Vance
Position: President – East Division
Transaction Date: 06-10-2025 Shares Bought: 1,948 shares an Average Price Paid of $115.50 for Cost: $224,994

Company: Builders FirstSource Inc. (BLDR):

Builders FirstSource, Inc., along with its subsidiaries, manufactures and distributes building materials, manufactured components, and construction services to professional homebuilders, subcontractors, remodelers, and consumers throughout the United States. The company produces wood floor and roof trusses, wall panels, stairs, and engineered wood products under the Ready-Frame® brand. It also offers interior and exterior door units, as well as millwork products—including interior trim and custom architectural features such as detailed moldings, stair parts, and columns—marketed under the Synboard® brand. Founded in 1998, Builders FirstSource is headquartered in Irving, Texas.

Todd Vance was appointed to the Board of Directors of Builders FirstSource, Inc. in April 2025. He began his career as a sales representative in 1988 and advanced through various leadership roles, ultimately serving as Senior Vice President of the Mid-Atlantic Region prior to his board appointment. He currently holds the position of President of the East Division. Mr. Vance holds a Bachelor of Science degree.

Opinion: Insiders are buying this beaten up home building supply company. When rates start coming down, BLDR will start coming up.

Name: William P. Stiritz
Position: Director
Transaction Date: 06-05-2025 Shares Bought: 186,740 shares an Average Price Paid of $109.11 for Cost: $20,376,135

Company: Post Holdings Inc. (POST):

Post Holdings, Inc., founded in 1895 and headquartered in Saint Louis, Missouri, operates as a consumer packaged goods holding company in the United States and internationally. The company is organized into four business segments: Post Consumer Brands, Weetabix, Foodservice, and Refrigerated Retail. The Post Consumer Brands segment produces, markets, and sells a range of products including ready-to-eat and hot cereals such as Honey Bunches of Oats, Pebbles, and Malt-O-Meal, as well as Peter Pan peanut butter, Rachael Ray Nutrish, Nature’s Recipe, 9Lives, Kibbles ‘n Bits, and Gravy Train pet food. The Weetabix segment is responsible for the production, marketing, and distribution of branded and private-label ready-to-eat cereals, hot cereals, cereal-based food products, breakfast drinks, UFIT protein-based smoothies, and nutritional snacks such as muesli.

William P. Stiritz has served as the Non-Executive Chairman of Post Holdings, Inc. since 2016. He is also a Director of Aldabra 3 Acquisition Corp. and the President of Fairmount Holdings, Inc. Previously, he held the roles of Chairman, President, and Chief Executive Officer of Agribrands International, Inc. from 1998 to 2001. In 1997, he served as Chief Executive Officer of Nestlé Purina PetCare Company. Stiritz also served as Chairman of TreeHouse Private Brands, Inc. from 1994 to 2012 and of Energizer Holdings, Inc. from 2000 to 2007. Additionally, he has held directorships at Ball Corporation, Macy’s, Inc., and The May Department Stores Company. He earned his undergraduate degree from Northwestern University and a graduate degree from St. Louis University.

Opinion:Yester year blue chips are not the pathways to riches today.

Name: Colin V. Reed
Position: Exec. Chairman of the Board
Transaction Date: 06-09-2025 Shares Bought: 8,356 shares an Average Price Paid of $96.92 for Cost: $809,864

Company: Ryman Hospitality Properties Inc. (RHP):

Ryman Hospitality Properties, Inc., the successor to Gaylord Entertainment Company, is a Delaware-based company specializing in group-oriented, destination hotel properties located in urban and resort areas. On January 1, 2013, Ryman began operating as a self-advised and self-administered Real Estate Investment Trust (REIT) following a corporate restructuring to qualify for REIT status for federal income tax purposes. This structure generally eliminates federal corporate income taxes on distributed earnings, thereby avoiding the double taxation commonly associated with C corporations. However, non-REIT operations—including those conducted by taxable REIT subsidiaries and the Entertainment segment—remain subject to federal and state corporate income taxes.

Colin V. Reed has served as Executive Chairman of the Board of Directors since January 1, 2023, and has been a member of the Board since April 2001. He previously held the role of Chief Executive Officer from April 2001 to December 2022 and was first elected Chairman of the Board in May 2005. Reed also served as President of the company from November 2012 to March 2015 and prior to that, until November 2008. Earlier in his career, he was Chief Financial Officer and a member of the three-person President’s Office at Harrah’s Entertainment Inc. He began his career with the company in 1977 as Financial Controller for the former Holiday Inn International Division.

Opinion: I’m looking for more than 4.6% interest from a REIT holding. I have to say that this is a healthy insider purchase from someone that knows the business really well.

Name: Joseph Keough
Position: Director
Transaction Date: 06-12-2025 Shares Bought: 4,000 shares an Average Price Paid of $66.16 for Cost: $264,640

Company: Meritage Homes Corp (MTH):

Meritage Homes Corporation is a leading designer and builder of single-family attached and detached residences, primarily serving historically high-growth regions across the United States. The company focuses on offering a diverse range of homes tailored to entry-level and first-time homebuyers. Its operations are organized into three main homebuilding segments—West, Central, and East—spanning twelve states. In addition, the company operates a financial services division that provides title and escrow, mortgage, and insurance services.

Joseph Keough serves as Chairman and Chief Executive Officer of Wood Partners, a role he has held since joining the company in 2008. Prior to this, he was Chief Operating Officer at Fuqua Capital, where he oversaw the firm’s investment strategy across multiple asset classes. He also served as Senior Vice President of Development and Investment Strategy in the office/multifamily division at Cousins Properties, a publicly traded real estate investment trust. Earlier in his career, Mr. Keough was a Principal at The Boston Consulting Group. He holds an MBA from Harvard Business School and a bachelor’s degree in Finance and Economics from Babson College.

Opinion:

Name: Robert W. Gerrity
Position: Chief Executive Officer
Transaction Date: 06-09-2025 Shares Bought: 10,000 shares an Average Price Paid of $23.29 for Cost: $232,900

Company: Vitesse Energy Inc. (VTS):

Vitesse Energy, Inc., founded in 2014 and headquartered in Greenwood Village, Colorado, engages in the acquisition, development, and production of non-operated oil and gas properties across the United States. The company holds non-operated working and royalty interests in the Williston Basin, primarily in North Dakota and Montana. It also maintains non-operating interests in the Central Rockies region, including properties in Colorado and Wyoming.

Mr. Robert W. Gerrity, also known as Bob, has served as Chairman of the Board of Vitesse Energy, LLC since January 13, 2023, and as Chief Executive Officer and Director since August 5, 2022. His involvement in the Bakken region began in 2010 when he personally invested in non-operated working interest acreage. Since then, he has been involved in the development of more than 500 gross wells. Mr. Gerrity entered the oil industry in 1982 by acquiring a stake in four newly drilled Codell wells in Colorado’s Wattenberg Field. He later founded Gerrity Oil and Gas Corporation, a low-cost operator focused on delivering strong economic performance in a low-price environment.

Opinion: Even a full blown war in the MidEast doesn’t do much for oil prices. Yet.

Name: John Paulson
Position: Director
Transaction Date: 06-10-2025 Shares Bought: 2,788,6080 shares an Average Price Paid of $5.27 for Cost: $14,700,257

Company: Bausch Health Companies Inc. (BHC):

Bausch Health Companies Inc. is a diversified specialty pharmaceutical and medical device company that develops, manufactures, and markets a broad range of products, primarily in the areas of gastroenterology, hepatology, neurology, dermatology, generic pharmaceuticals, over-the-counter products, aesthetic medical devices, and eye health, both in the United States and internationally. The company operates through five segments: Salix, International, Solta Medical, Diversified, and Bausch + Lomb. The Salix division specializes in gastrointestinal products. Bausch Health Companies Inc. is headquartered in Laval, Canada.

John A. Paulson has served as a Director of Bausch Health Companies Inc. since June 2017 and was appointed Chair of the Board in June 2022. He is the Founder and President of Paulson & Co., a hedge fund established in 1994. Prior to founding the firm, he worked in mergers and acquisitions at Bear Stearns. Mr. Paulson holds a bachelor’s degree from New York University and an MBA from Harvard Business School.

Opinion: Paulson is forever known as the master trader who pulled off the most profitable trade in Wall St history betting on the collapse of CDO, mortgage insurance, and the housing market in 2008. Whatever he does hence force is shadowed by that brilliant trade. It’s been a bad year for pharma and biotech with the non-science RFK the newly appointed head of HHS. Paulson was a value investor before he was a legend. This looks like back to his roots.

Potential Catalysts for BHC Stock to Move Higher:

Bausch + Lomb (BHC) is a major player in the eye health sector, and several factors could influence its stock price in the near future. While it’s part of Bausch Health Companies (BHC), the Bausch + Lomb segment’s performance is a key driver.

Here are some potential sources of “surprise earnings or news” that could move BHC stock higher:

Potential Catalysts for BHC Stock to Move Higher:

1. Stronger-than-Expected Earnings and Guidance:

2. Progress on Debt Reduction and Deleveraging:

Successful Debt Refinancing/Reduction:
Clarity on Bausch + Lomb Spin-off:

3. Product Launches and Pipeline Success:

Strong Performance of New Products:
Positive Clinical Trial Results:
Regulatory Approvals:

4. Positive Developments with Activist Investors (Carl Icahn):

5. Litigation Wins:

According to Gemini

Investors will be closely watching the next earnings report, management commentary on the strategic direction (especially regarding debt and the Bausch + Lomb separation), and any further news on their product pipeline.

Name: Adebayo O. Ogunlesi
Position: Director
Transaction Date: 06-06-2025 Shares Bought: 461,583 shares an Average Price Paid of $6.62 for Cost: $3,055,995

Company: Topgolf Callaway Brands Corp. (MODG):

Topgolf Callaway Brands Corp. designs, manufactures, and markets golf equipment, lifestyle and golf apparel, and related accessories across the United States, Europe, Asia, and other global markets. The company operates through three primary segments: Topgolf, Golf Equipment, and Active Lifestyle. The Topgolf segment includes entertainment venues featuring technology-enabled hitting bays, bars, dining areas, event spaces, and Toptracer ball-flight tracking systems. The Golf Equipment segment offers a wide range of products under the Callaway and Odyssey brands, including drivers, fairway woods, hybrids, irons, wedges, putters, bundled sets, and pre-owned golf clubs, as well as golf balls under the Callaway Golf and Strata brands. Founded in 1982, Topgolf Callaway Brands Corp. is headquartered in Carlsbad, California.

Mr. Ogunlesi was appointed to the Board of Directors in January 2010 and currently serves as Chair of the Nominating and Corporate Governance Committee. He is the Chairman and Managing Partner of Global Infrastructure Management, LLC, a private equity firm managing over $15 billion in assets, with investments in infrastructure across the energy, transportation, water, and waste sectors globally. Mr. Ogunlesi holds a Bachelor of Arts with First Class Honours in Politics, Philosophy, and Economics from Oxford University, a Juris Doctor magna cum laude from Harvard Law School, and a Master of Business Administration from Harvard Business School.

Opinion: A large buy but a complicated story now with the acquisition of Top Golf. Maybe there are three distinct businesses that can be spun off or otherwise financially engineered for a pay off for private equity partners.

Name: William P. Donnelly
Position: Director
Transaction Date: 06-06-2025 Shares Bought: 93,113 shares an Average Price Paid of $5.44 for Cost: $506,348

Company: Quanterix Corp (QTRX):

Quanterix Corporation is a life sciences company that develops and commercializes next-generation, ultra-sensitive digital immunoassay technologies to advance biomedical research and diagnostics. Its solutions are built on the patented digital “Simoa” detection technology, which enables the accurate detection of protein biomarkers at ultra-low concentrations in blood, serum, and other fluids—levels often undetectable by traditional analog immunoassay methods. The Simoa platform’s capability to detect proteins in the femtomolar range supports the development of novel therapies and diagnostics, with the potential to identify early-stage disease markers before clinical symptoms emerge. This enables a shift in healthcare from late-stage treatment to earlier detection, monitoring, prognosis, and ultimately, prevention.

William P. Donnelly was appointed to the Board of Directors of Quanterix Corporation on August 21, 2023. He brings over 20 years of experience as Executive Vice President and Chief Financial Officer of Mettler-Toledo International Inc., where he was responsible for finance, investor relations, supply chain, and information technology. During his tenure, he also played a key role in leading the company through a leveraged buyout and subsequent initial public offering. Mr. Donnelly holds a Bachelor of Science in Business Administration from John Carroll University.

Opinion: Several insiders loaded up on Quanterix this week, including a $1.1 million buy by Director David Walt. It’s a very tough neighborhood to play in. I’d try not to cross the tracks while RFK is the bully on the block.

Name: Howard S. Jonas
Position: Executive Chairman, Ceo & President, 10% Owner
Transaction Date: 06-05-2025 Shares Bought: 13,080,457 shares an Average Price Paid of $1.28 for Cost: $16,742,985

Company: Rafael Holdings Inc. (RFL):

Rafael Holdings, Inc. is an investment company currently pursuing a planned merger with Cyclo Therapeutics Inc., a biotechnology firm developing Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1. The company holds majority ownership in several entities, including LipoMedix Pharmaceuticals Ltd., Barer Institute Inc., Cornerstone Pharmaceuticals, Inc., Rafael Medical Devices, LLC, and Day Three Labs, Inc. In 2022, early-stage development efforts were scaled back to reduce costs and focus on strategic opportunities. The primary objective remains the expansion of the investment portfolio through opportunistic and strategic investments. Following the anticipated merger, Trappsol® Cyclo™ will become the lead clinical program.

Howard S. Jonas serves as the Executive Chairman, Chief Executive Officer, President, and a significant shareholder of Rafael Holdings, Inc., holding approximately 10% of the company’s shares. He has been a member of the Board of Directors since August 17, 2017, and was appointed Executive Chairman on June 13, 2022. He previously served as CEO from March 8, 2018, to April 30, 2021, and reassumed the role in April 2025 to support the company’s spin-off strategy. Mr. Jonas holds a Bachelor of Arts in Economics from Harvard University.

Opinion: Large insider buy but it’s a rough neighborhood and I expect this to come down to earth.

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Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.

The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, 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. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others

Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!

We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.

A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT and Microsoft Copilot now. I find the footnotes research very helpful in eliminating errors from AI hallucinations.

The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.