Michael K. Shields

RVT

DIRECTOR · ROYCE SMALL-CAP TRUST, INC. · CIK 0001640894

FILING MIX · LIFETIME100%/0%

BUYS

SELLS

TOTAL VALUE

$34.0K

COMPANIES

ACTIVE SINCE

Feb 2021

HOLDINGS NOW

2,400

AVG SELL PX

—

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 Michael K. Shields, 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%	-1.80%	-1.47%	-0.32%	-0.32%	—
14d	2	+100.00%	+4.22%	+2.93%	+1.29%	+1.29%	—
30d	2	+50.00%	-0.60%	+3.91%	-4.51%	-4.51%	—
60d	2	+100.00%	+5.63%	+9.59%	-3.95%	-3.95%	—
90d	2	+100.00%	+6.00%	+9.97%	-3.97%	-3.97%	—
180d	2	+100.00%	+5.21%	+17.94%	-12.73%	-12.73%	—
1y	2	+50.00%	+0.40%	+16.02%	-15.62%	-15.62%	—
2y	2	+0.00%	-6.56%	+6.77%	-13.33%	-13.33%	—

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 ●

2021

FLOW · 2 buys / 0 sellsCOVERAGE · 1 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
RVT ROYCE SMALL-CAP TRUST, INC.	PURCHASE	900	$17.95	$16.2K	900	Feb 25, 2021	Feb 26, 2021 ↗
RMT ROYCE MICRO-CAP TRUST, INC.	PURCHASE	1,500	$11.90	$17.9K	1,500	Feb 25, 2021	Feb 26, 2021 ↗

Other insiders · RVT

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About this filer

CIK 0001640894

ROLE

Director

PRIMARY

RVT

COMPANIES

ACTIVE SINCE

Feb 2021

MARKETPEEL · /INSIDER/0001640894DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Michael K. Shields

The morning brief, before the bell.