Debra Noreen Stencel

BFS

SENIOR VP & GENERAL COUNSEL · SAUL CENTERS, INC. · CIK 0001577029

FILING MIX · LIFETIME40%/60%

BUYS

SELLS

TOTAL VALUE

$1.66M

COMPANIES

ACTIVE SINCE

Jan 2020

HOLDINGS NOW

AVG SELL PX

$52.74

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 Debra Noreen Stencel, 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	+100.00%	-12.60%	+0.43%	-13.03%	-13.03%	—
14d	2	+100.00%	-15.01%	+3.01%	-18.02%	-18.02%	—
30d	2	+100.00%	-16.40%	-6.34%	-10.05%	-10.05%	—
60d	2	+100.00%	-42.00%	-21.61%	-20.39%	-20.39%	—
90d	2	+100.00%	-45.29%	-11.21%	-34.09%	-34.09%	—
180d	2	+100.00%	-43.97%	+0.06%	-44.02%	-44.02%	—
1y	2	+100.00%	-40.72%	+18.77%	-59.50%	-59.50%	—
2y	2	+100.00%	-2.50%	+37.24%	-39.75%	-39.75%	—

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

BFS · 0 shares · as of Jan 28, 2020

Trading cadence · quarterly flow

BUY ● SELL ●

2020

FLOW · 4 buys / 6 sellsCOVERAGE · 1 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
BFS SAUL CENTERS, INC.	SALE Senior VP & General Counsel	2,649	$56.37	$149.3K	0	Jan 28, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	PURCHASE Senior VP & General Counsel	2,649	$51.07	$135.3K	2,649	Jan 28, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	SALE Senior VP & General Counsel	2,649	$51.07	$135.3K	0	Jan 28, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	PURCHASE Senior VP & General Counsel	1,250	$49.46	$61.8K	8,100	Jan 27, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	SALE Senior VP & General Counsel	4,499	$47.03	$211.6K	0	Jan 27, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	SALE Senior VP & General Counsel	1,250	$49.46	$61.8K	3,750	Jan 27, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	PURCHASE Senior VP & General Counsel	4,499	$47.03	$211.6K	4,499	Jan 27, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	SALE Senior VP & General Counsel	8,100	$56.25	$455.6K	0	Jan 27, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	SALE Senior VP & General Counsel	2,351	$51.07	$120.1K	2,649	Jan 27, 2020	Jan 29, 2020 ↗
BFS SAUL CENTERS, INC.	PURCHASE Senior VP & General Counsel	2,351	$51.07	$120.1K	6,850	Jan 27, 2020	Jan 29, 2020 ↗

Other insiders · BFS

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About this filer

CIK 0001577029

ROLE

Senior VP & General Counsel

PRIMARY

BFS

COMPANIES

ACTIVE SINCE

Jan 2020

MARKETPEEL · /INSIDER/0001577029DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Debra Noreen Stencel

The morning brief, before the bell.