Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Alignment Healthcare, Inc.ALHC · Entity 4269 | Chief Information Officer | March 18, 2026 | March 19, 2026 |
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
Alignment Healthcare, Inc.
Report date March 18, 2026 · Filed March 19, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 487,685 |
Reported balance
After 2026-03-18 transaction · row 1
1 source rowRow 1 · 2026-03-18 · Sale · Disposed 11,285 · Balance 487,685 F1: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $17.40 to $18.24. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person.
F2: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $17.40 to $18.24. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| March 18, 2026 Filed Mar 19, 2026 22:26 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 11,285 | $17.84 | $201,324.40 |
DisclosureSEC source: 0001628280-26-019908 · wk-form4_1773959198.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 487,685 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $17.40 to $18.24. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 12, 2026 Filed Mar 13, 2026 22:32 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 245 | $16.99 | $4,163.02 |
DisclosureSEC source: 0001628280-26-017812 · wk-form4_1773441154.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 498,970 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F3 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $16.92 to $17.03. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 12, 2026 Filed Mar 13, 2026 22:32 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 3,799 | $17.48 | $66,391.32 |
DisclosureSEC source: 0001628280-26-017812 · wk-form4_1773441154.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 499,215 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $17.035 to $18.03. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| December 29, 2025 Filed Dec 30, 2025 22:01 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 3,813 | $19.38 | $73,902.80 |
DisclosureSEC source: 0001628280-25-059126 · wk-form4_1767132061.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 503,014 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of performance share units. This transaction does not represent a discretionary trade by the reporting person. F3 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $19.23 to $19.51. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| December 29, 2025 Filed Dec 30, 2025 22:01 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 65,728 | $18.71 | $1,229,481.68 |
DisclosureSEC source: 0001628280-25-059126 · wk-form4_1767132061.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 506,827 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of performance share units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from 18.23 to $19.225. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| September 10, 2025 Filed Sep 11, 2025 00:08 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 8,412 | $16.86 | $141,788.47 |
DisclosureSEC source: 0001975024-25-000006 · wk-form4_1757549335.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 572,555 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F3 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $16.74 to $17.24. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| September 10, 2025 Filed Sep 11, 2025 00:08 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 21,123 | $16.23 | $342,811.50 |
DisclosureSEC source: 0001975024-25-000006 · wk-form4_1757549335.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 580,967 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $15.74 to $16.735. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| June 11, 2025 Filed Jun 12, 2025 21:47 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 40,863 | $15.20 | $621,207.50 |
DisclosureSEC source: 0001628280-25-031108 · wk-form4_1749764843.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 602,090 F1 · kind: Date of Rule 10b5-1 plan adoption: 03/11/2025 F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $15.10 to $15.51. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| June 10, 2025 Filed Jun 12, 2025 21:47 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 60,000 | $14.60 | $876,048.00 |
DisclosureSEC source: 0001628280-25-031108 · wk-form4_1749764843.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 642,953 F1 · kind: Date of Rule 10b5-1 plan adoption: 03/11/2025 Read SEC document |
| March 27, 2025 Filed Mar 29, 2025 00:30 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 2,864 | $17.89 | $51,236.96 |
DisclosureSEC source: 0001628280-25-015518 · wk-form4_1743208226.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 702,953 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $17.50 to $18.05. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 19, 2025 Filed Mar 20, 2025 01:54 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 2,600 | $16.96 | $44,092.88 |
DisclosureSEC source: 0001628280-25-013965 · wk-form4_1742435668.xml · nonDerivative · entry 3 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 705,817 F3 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F5 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $16.73 to $17.12. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 19, 2025 Filed Mar 20, 2025 01:54 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 4,634 | $16.09 | $74,551.79 |
DisclosureSEC source: 0001628280-25-013965 · wk-form4_1742435668.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 708,417 F3 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F4 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $15.73 to $16.72. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 18, 2025 Filed Mar 20, 2025 01:54 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 3,923 | $16.89 | $66,261.82 |
DisclosureSEC source: 0001628280-25-013965 · wk-form4_1742435668.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 713,051 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the grant of immediately vested common stock acquired on March 13, 2025 and reported on a Form 4 filed with the SEC on March 17, 2025. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $16.85 to $16.93. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 13, 2025 Filed Mar 17, 2025 22:08 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | GrantCommon Stock | 48,868 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-25-013248 · wk-form4_1742249288.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 716,974 F1 · shares: Represents (i) 39,677 restricted stock units, each restricted stock unit representing the right to receive one share of Common Stock of the Company, that will vest approximately one third on each of the first three anniversaries of the grant date, subject to the reporting person's continued service to the Company as of the applicable vesting date; and (ii) 9,191 fully vested shares of Common Stock granted in lieu of cash settlement of the annual incentive award earned by the reporting person for the 2024 fiscal year. Read SEC document |
| March 12, 2025 Filed Mar 13, 2025 21:07 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 75 | $15.74 | $1,180.34 |
DisclosureSEC source: 0001628280-25-012664 · wk-form4_1741900043.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 668,106 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F3 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $15.72 to $15.76. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 12, 2025 Filed Mar 13, 2025 21:07 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 5,238 | $15.42 | $80,786.20 |
DisclosureSEC source: 0001628280-25-012664 · wk-form4_1741900043.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 668,181 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $14.72 to $15.715. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 06, 2025 Filed Mar 7, 2025 00:35 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 55,403 | $15.53 | $860,408.59 |
DisclosureSEC source: 0001628280-25-011116 · wk-form4_1741307714.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 673,419 F2 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of PSUs. This transaction does not represent a discretionary trade by the reporting person. F3 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $15.12 to $16.065. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 04, 2025 Filed Mar 7, 2025 00:35 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | GrantCommon Stock | 292,000 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-25-011116 · wk-form4_1741307714.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 728,822 F1 · shares: Represents shares of common stock that were acquired upon the certification by the Compensation Committee of the Alignment Healthcare, Inc. Board of Directors of the achievement of the performance objectives under performance share units ("PSUs") granted on September 14, 2023. The PSUs were scheduled to vest only if and to the extent that certain performance objectives (health plan revenue growth percentage, at-risk returning member medical benefit ratio and adjusted EBITDA, less capital expenditures) met or exceeded specified targets. In the aggregate, the performance objectives were achieved above target. Fifty percent (50%) of the granted PSUs were fully vested on the reported date of acquisition and fifty percent (50%) will become vested on December 31, 2025, subject to the reporting person's continued service to the Company on such vesting date. Read SEC document |
| March 28, 2024 Filed Mar 30, 2024 00:00 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 1,821 | $4.84 | $8,813.64 |
DisclosureSEC source: 0001209191-24-005139 · doc4.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 436,822 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $4.73 to $4.935. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 19, 2024 Filed Mar 21, 2024 21:00 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 3,078 | $5.05 | $15,546.36 |
DisclosureSEC source: 0001209191-24-005038 · doc4.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 438,643 F1 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the grant of immediately vested common stock acquired on March 13, 2024 and reported on a Form 4 filed with the SEC on March 15, 2024. This transaction does not represent a discretionary trade by the reporting person. F2 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $4.48 to $5.58. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 15, 2024 Filed Mar 16, 2024 00:00 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | SaleCommon Stock | 4,852 | $4.89 | $23,731.62 |
DisclosureSEC source: 0001209191-24-004884 · doc4.xml · nonDerivative · entry 2 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 441,721 F2 · shares: Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This transaction does not represent a discretionary trade by the reporting person. F3 · price: The reported price in column 4 is a weighted-average price. Shares were sold in multiple transactions at a per share price ranging from $4.77 to $5.06. The reporting person undertakes to provide to Alignment Healthcare, Inc., any security holder of Alignment Healthcare, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range. Read SEC document |
| March 13, 2024 Filed Mar 16, 2024 00:00 UTC | Alignment Healthcare, Inc. ALHC · Entity 4269 | GrantCommon Stock | 80,000 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-24-004884 · doc4.xml · nonDerivative · entry 1 Scavo Robert L. · CIK 0001975024 · Chief Information Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 446,573 F1 · shares: Represents (i) 70,000 restricted stock units, each restricted stock unit representing the right to receive one share of Common Stock of the Company, that will vest 25% on each of the first four anniversaries of the grant date, subject to the reporting person's continued service to the Company as of the applicable vesting date; and (ii) 10,000 fully vested shares of Common Stock granted as a discretionary award to the reporting person by the Board of Directors. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.