Michael Licalsi

GAIN

GENERAL COUNSEL AND SECRETARY · GLADSTONE INVESTMENT CORPORATIONDE · CIK 0001475246

FILING MIX · LIFETIME100%/0%

BUYS

SELLS

TOTAL VALUE

$30.1K

COMPANIES

ACTIVE SINCE

Mar 2020

HOLDINGS NOW

22,600

AVG SELL PX

—

Trades · vs SPY

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Performance · forward returns vs SPY

4 backtested trades · 8 horizons

Forward-return performance of every backtestable P/S trade by Michael Licalsi, 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	4	+25.00%	-17.02%	-6.50%	-10.53%	-16.16%	—
14d	4	+50.00%	+5.06%	+9.74%	-4.68%	-3.90%	—
30d	4	+75.00%	+13.00%	+16.50%	-3.49%	-2.04%	—
60d	4	+75.00%	+19.73%	+20.07%	-0.33%	+1.95%	—
90d	4	+100.00%	+42.36%	+28.78%	+13.59%	+14.10%	—
180d	4	+100.00%	+36.73%	+40.73%	-4.00%	-3.41%	—
1y	4	+100.00%	+81.01%	+68.16%	+12.84%	+10.10%	—
2y	4	+100.00%	+157.88%	+87.50%	+70.38%	+29.81%	—

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

Not enough transaction history to chart holdings.

Trading cadence · quarterly flow

BUY ● SELL ●

2020

FLOW · 4 buys / 0 sellsCOVERAGE · 1 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
GOOD GLADSTONE COMMERCIAL CORP	PURCHASE General Counsel and Secretary	500	$13.21	$6.6K	3,632	Mar 16, 2020	Mar 16, 2020 ↗
GAIN GLADSTONE INVESTMENT CORPORATIONDE	PURCHASE General Counsel and Secretary	1,000	$8.73	$8.7K	9,144	Mar 16, 2020	Mar 16, 2020 ↗
GLAD GLADSTONE CAPITAL CORP	PURCHASE General Counsel and Secretary	1,000	$6.74	$6.7K	8,339	Mar 16, 2020	Mar 16, 2020 ↗
LAND GLADSTONE LAND CORP	PURCHASE General Counsel and Secretary	800	$10.08	$8.1K	1,485	Mar 16, 2020	Mar 16, 2020 ↗

Other insiders · GAIN

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About this filer

CIK 0001475246

ROLE

General Counsel and Secretary

PRIMARY

GAIN

COMPANIES

ACTIVE SINCE

Mar 2020

MARKETPEEL · /INSIDER/0001475246DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Michael Licalsi

The morning brief, before the bell.