Philip A. Hadley

FDS

DIRECTOR · FACTSET RESEARCH SYSTEMS INC · CIK 0001166908

FILING MIX · LIFETIME25%/75%

BUYS

SELLS

TOTAL VALUE

$13.50M

COMPANIES

ACTIVE SINCE

Jan 2020

HOLDINGS NOW

400,000

AVG SELL PX

$256.82

Trades · vs SPY

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Performance · forward returns vs SPY

2 backtested trades · 8 horizons

Forward-return performance of every backtestable P/S trade by Philip A. Hadley, measured at 8 horizons from 7 days to 2 years. Deduped per economic event so co-filings count once. Excess return = trade return minus SPY return over the same window.

HORIZON	TRADES	WIN RATE	INSIDER RETURN	SPY RETURN	MEAN EXCESS	MEDIAN EXCESS	T-STAT
7d	2	+0.00%	+4.39%	+7.09%	-2.70%	-2.70%	—
14d	2	+0.00%	+7.77%	+11.47%	-3.70%	-3.70%	—
30d	2	+0.00%	+5.47%	+13.79%	-8.32%	-8.32%	—
60d	2	+0.00%	+19.26%	+21.10%	-1.84%	-1.84%	—
90d	2	+0.00%	+27.28%	+22.23%	+5.05%	+5.05%	—
180d	2	+0.00%	+29.75%	+33.83%	-4.07%	-4.07%	—
1y	2	+0.00%	+22.40%	+60.79%	-38.39%	-38.39%	—
2y	2	+0.00%	+70.31%	+84.90%	-14.59%	-14.59%	—

How to read this: Insider Returnis the average raw return of the filer's trades over the horizon. SPY Return is what SPY did over those same windows — reference only, not a comparison. The headline alpha number is Mean Excess = Insider − SPY; green means the filer beat SPY, red means they trailed it. Win rate is the share of individual trades where the filer beat SPY. T-statvalues above 2 mean the alpha is unlikely to be chance given the sample size. "Pending" counts trades where the horizon hasn't elapsed yet; their stats are not included in the row average.

Holdings over time

FDS · 400,000 shares · as of Apr 1, 2020

Trading cadence · quarterly flow

BUY ● SELL ●

2020

FLOW · 1 buys / 3 sellsCOVERAGE · 2 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
FDS FACTSET RESEARCH SYSTEMS INC	SALE	29,743	$253.80	$7.55M	400,000	Apr 1, 2020	Apr 2, 2020 ↗
FDS FACTSET RESEARCH SYSTEMS INC	SALEGRANT Gift	14,804	—	—	452,564	Mar 31, 2020	Apr 2, 2020 ↗
FDS FACTSET RESEARCH SYSTEMS INC	SALE	22,821	$260.76	$5.95M	429,743	Mar 31, 2020	Apr 2, 2020 ↗
FDS FACTSET RESEARCH SYSTEMS INC	PURCHASEGRANT Stock grant	2,010	—	—	2,010	Jan 15, 2020	Jan 16, 2020 ↗

Other insiders · FDS

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About this filer

CIK 0001166908

ROLE

Director

PRIMARY

FDS

COMPANIES

ACTIVE SINCE

Jan 2020

MARKETPEEL · /INSIDER/0001166908DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Philip A. Hadley

The morning brief, before the bell.