Weekly Insider Trading Report

Period: December 14, 2025 - December 21, 2025

Executive Summary

• Overall Activity: A total of 1,012 insider transactions were reported, with 220 buys and 792 sells, indicating a strong bearish sentiment in the market (buy/sell ratio of 0.28).
• Total Value: Insiders bought shares worth approximately $153.26 million while selling shares valued at approximately $909.83 million, suggesting significant profit-taking behavior.
• Top Buys: Noteworthy purchases included large transactions by New Mountain Guardian IV Rated Feeder entities, totaling over $66 million combined, indicating confidence in their respective investments.
• Top Sells: High-profile sell-offs by major insiders, including Walton Family Holdings Trust, which sold over $97 million in Walmart stock, signal potential concerns regarding future performance.
• Market Dynamics: The data reflects a dichotomy in insider sentiment, with substantial selling overshadowing buying activity, warranting caution among investors.

Top Conviction Buys

The following significant non-10b5-1 purchases highlight insider confidence:

1. New Mountain Guardian IV Rated Feeder III, Ltd.

   • Total Value: $33,291,400.00
   • Shares: 3,329,140
   • Price: $10.00
   • Trade Date: December 15, 2025

2. New Mountain Guardian IV Rated Feeder I, LTD

   • Total Value: $33,000,000.00
   • Shares: 3,300,000
   • Price: $10.00
   • Trade Date: December 15, 2025

3. GENMAB A/S (MRUS)

   • Total Value: $14,627,115.00
   • Shares: 150,795
   • Price: $97.00
   • Trade Date: December 17, 2025

4. Klein Michael Stuart (CCXIU)

   • Total Value: $5,000,000.00
   • Shares: 500,000
   • Price: $10.00
   • Trade Date: December 18, 2025

5. Employees' Retirement System of the State of Hawaii

   • Total Value: $4,000,000.02 (two separate transactions)
   • Shares: 269,541.78 each
   • Price: $14.84
   • Trade Date: December 19, 2025

Risk Radar

The following notable sells raise potential red flags for investors:

1. Walton Family Holdings Trust (WMT)

   • Total Value: $97,449,367.24
   • Shares: 852,897
   • Price: $114.2569
   • Trade Date: December 19, 2025

2. Goldstein Robert G (LVS)

   • Total Value: $48,910,024.80
   • Shares: 732,186
   • Price: $66.8000
   • Trade Date: December 15, 2025

3. JONES HARVEY C (NVDA)

   • Total Value: $44,333,450.00
   • Shares: 250,000
   • Price: $177.3338
   • Trade Date: December 15, 2025

4. Beck Peter (RKLB)

   • Total Value: $30,419,598.29 + $21,500,535.05 (two separate transactions)
   • Shares: 537,294 + 373,108
   • Price: $56.6163 + $57.6255
   • Trade Date: December 15, 2025

5. SHIFFMAN GARY A (SUI)

   • Total Value: $19,378,768.75
   • Shares: 156,875
   • Price: $123.5300
   • Trade Date: December 17, 2025

The volume and value of these sells could indicate a lack of confidence in the future performance of the respective companies.

Market Sentiment Analysis

The current market sentiment appears bearish, reflected in the high volume of insider sells compared to buys. The buy/sell ratio of 0.28 underscores a prevailing trend of profit-taking among insiders, suggesting they may anticipate market corrections or downturns. The significant sell transactions by prominent insiders, particularly in companies like Walmart and Nvidia, indicate potential vulnerabilities that warrant investor caution.

Investment Opportunities

Despite the bearish outlook, the substantial insider buying by entities such as New Mountain Guardian and the Employees' Retirement System of the State of Hawaii may present investment opportunities. These purchases reflect confidence in the long-term growth potential of these entities and could lead to favorable returns for investors willing to engage in selective buying.

Investors should consider focusing on the following sectors based on insider buying:

• Healthcare and Biopharmaceuticals: Highlighted by the purchases in GENMAB A/S.
• Renewable Energy and Technology: Noted interest in RKLB suggests potential growth in these sectors.

Moreover, monitoring the market responses to the large sell-offs may present opportunities for tactical entry points in fundamentally strong companies that are currently undervalued due to short-term market sentiment.

Disclaimer: This report is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with a financial advisor before making investment decisions.