The family investment firm of Andrew Saul, the commissioner of Social Security, disclosed sales of shares of Exxon Mobil, Danaher, and Visa in March. The firm also bought shares of design-software firm Autodesk.
Saul Loeb/Getty ImagesThe U.S. Office of Government Ethics recently disclosed substantial stock transactions in March by Andrew Saul, the commissioner of Social Security.
Saul Partners LP, a family investment firm of which Saul is a partner, sold Exxon Mobil (ticker: XOM), Danaher (DHR), and Visa (V), and bought up Autodesk stock (ADSK).
Saul disclosed the trades, among others, in a form he filed with the Office of Ethics on April 29. The form was certified on June 19 and subsequently posted to OGE’s site. Typically, public officials have 30 days to report transactions valued at more than $1,000 by them, their spouses, and dependent children
The Social Security Administration declined to make Saul available for comment beyond the form. In Saul’s ethics agreement, dated Feb. 13, 2019, he pledged that while he held public office, he wouldn’t manage the entity or provide any services to it, “other than to ensure that Saul Partners LP obtains my prior approval on a case-by-case basis” for the purchases of certain assets. “I will receive only passive investment income from Saul Partners LP.”
Saul Partners sold $500,001 to $1 million of Exxon stock on March 18. Specific values aren’t required for disclosure, only ranges. This is the partnership’s first transaction in Exxon shares since Saul filed a financial disclosure in January 2019 with OGE that showed Saul Partners owned $1 million to $5 million in Exxon stock.
Exxon stock has lost about a third of its value this year through Friday’s close, far worse than the 6.9% drop in the S&P 500 index, a broad measure of the market. Exxon disclosed a mixed earnings report in early May, and shares have suffered as oil prices slipped to multiyear lows.
Saul Partners also sold $500,001 to $1 million of Danaher stock on March 18. The partnership had owned $250,001 to $500,000 of shares of the health-care conglomerate in January 2019, while Saul himself owned $250,001 to $500,000 of the shares through a retirement account, and another $250,001 to $500,000 of Danaher stock through a custody account.
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Danaher stock has gained 11.9% year to date, buoyed by upgrades from analysts who are upbeat about the company’s defensive quality, while a subsidiary is developing a Covid-19 test.
Saul Partners sold $101,003 to $215,000 of Visa stock on March 17. It owned $250,001 to $500,000 of the card giant in January 2019, but it was buying shares in September 2019 and selling in October, according to OGE records.
Visa stock is up about 0.7% in 2020. In early May, we noted that Visa made an investment in fintech. Earlier this month, Visa said it would introduce a digital tool that assesses risks in account applications.
Saul Partners bought $100,001 to $250,000 of Autodesk stock on March 18. Saul hadn’t owned any of the shares of the maker of design software as of January 2019 and this is his first reported transaction in the stock.
Autodesk shares slipped in February when the company provided a disappointing outlook, but overall, with a 26.9% year-to-date gain, the stock has been one of the market’s better performers in the coronavirus pandemic.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com
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June 28, 2020 at 06:00PM
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Social Security Head Andrew Saul’s Family Office Sold Exxon, Visa Stock. Here’s What It Bought. - Barron's
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