EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

“Insider” sentiment is very bullish

Smart Insider

May saw more directors and senior employees buying shares than in any month since Mar 20 - activity was very similar to Feb and Mar 22, where in each month there were >1,000 insider purchases vs. a very low level of selling (<300; Jan-May selling is -20% below 2020 levels), with a Sell/Buy ratio of 0.25 (<0.4 is bullish). Sweden, UK and Germany saw the most buying. Out of the 26 stocks that Smart Insider upgraded last month, the majority were in Industrials, Financials and Consumer Discretionary. Large May purchases (>€1m) in positive ranked stocks include Bank of Georgia Group, Corporacion Financiera Alba, Hemnet Group, Ratos, S&T, Skanska and Valmet.

Edition: 137

- 10 June, 2022