Altana Director Alignment Research Asia & Oceania
Daily Filings per Country
In Asia, directors’ dealings regulations depend substantially on the individual country. Generally, research suggests that the enforcement and insider trading laws in some Asian countries might be more lax than in the US (Shen, 2009). Such significant country differences merit detailed analyses.
The ADAS fund strategy is based on detailed country-level analysis, which leads to a sophisticated understanding of different categories of directors’ dealings. Hence, only a subset of all directors’ dealings are taken into account to inform profitable trades. This allows the fund strategy to outperform its benchmark over the long run while keeping the volatility at comparatively lower levels. Recent proprietary research for instance revealed that in Asia, director sentiment in terms of aggregated shares traded and transaction volumes can significantly predict future market returns.
All transaction data is collected from the most reliable sources including financial service regulators, accredited data providers, and the issuers themselves, and stored on Altana Wealth servers for analysis and trading purposes. The data is collected in real time on a continuous basis.
Open Market and Derivative Purchase/Sell Data
The Buy-Sell Ratio is the ratio of director purchases in both the cash market and the derivative market over directors’ sales transactions.
The Filing and Transaction data illustrates the magnitude of filings and transactions that are stored on the Altana Wealth servers and analyzed by the algorithm. Every filing has at least one corresponding transaction.
Insider Position Distribution
The Position Distribution illustrates the different categories of insiders that are being monitored. A Significant Shareholder is country specific and is characterized by having substantial interest in the company.
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