[Form 4] Alexander & Baldwin, Inc. Insider Trading Activity

Rhea-AI Filing Summary

J.P. Morgan Efficiente® Plus DS 5 Index (Net ER) – July 2025 performance update

The rules-based Index reallocates monthly among 20 liquid U.S.-listed ETFs and a cash component, then scales exposure daily to target 5 % annualized volatility. It is calculated on an excess-return basis, deducting a 0.85 % p.a. index fee plus a notional 3-month cash financing cost.

Long-term risk/return

• 10-year annualized return: 3.02 % with 6.37 % volatility.
• Sharpe ratio: 0.47 versus 0.25 for a domestic 30/70 equity-bond mix.
• 1-year return to 30 Jun 2025: 2.81 %.

Recent positioning (Feb–Jul 2025) shows a defensive tilt: cash has ranged from 30 % to 50 %, U.S. large-cap equities (VOO) around 20 %, and smaller allocations (≤10 %) to gold (IAU), EM bonds (EMB) and investment-grade credit (LQD/VCSH). Exposure limits and a 50 % daily adjustment cap constrain portfolio shifts.

Historical pattern

• Back-tested data run from Jun 2015; live data since 31 Dec 2014.
• Monthly returns reveal moderate drawdowns (e.g., -9.00 % in Dec 2018) and muted upside (best calendar year +8.26 % in 2016).

Key risks: limited operating history, momentum strategy may lag in regime shifts, fee and financing drag, potential conflicts as JPMS plc is both sponsor and calculation agent, and the index may underperform alternative strategies or fail to meet its 5 % volatility target. Past or back-tested performance is not indicative of future results.

The filing supplies updated data for investors in notes or certificates linked to the Index; it does not change terms of existing securities.

Positive

• Sharpe ratio 0.47 exceeds domestic 30/70 portfolio’s 0.25, indicating better risk-adjusted performance.
• Volatility held near 5 % over 10 years, showing strategy effectiveness in meeting target.
• Diversified 20-ETF universe provides multi-asset exposure with built-in concentration limits.

Negative

• 0.85 % annual fee plus financing cost is a persistent drag on returns.
• Limited live history (since 2014); most data are back-tested.
• High cash allocations (30-50 %) cap upside during equity rallies.
• Sponsor conflict of interest: JPMS plc controls methodology and rebalancing.

Insights

Financial Analyst

TL;DR: Update shows modest risk-adjusted outperformance versus 30/70 portfolios but fee drag and high cash weight cap upside.

The Index’s 10-year Sharpe of 0.47 and annualized return of 3.02 % beat the domestic and global 30/70 comparators, validating the low-volatility objective. However, with cash at up to 50 % and a 0.85 % fee plus financing cost, forward returns will likely remain subdued relative to equities. The disclosure is informational; it does not introduce structural changes or new economics to outstanding ETNs, so market impact is limited.

Risk Analyst

TL;DR: Volatility targeting and momentum filters mitigate risk, yet sponsor conflict and strategy constraints remain material.

Rebalancing and exposure caps aim to control 5 % volatility, but can whipsaw in rapidly changing markets. The 50 % daily adjustment limit, instituted after Dec 2017, may hamper risk reduction during extreme moves. Sponsor discretion, constituent substitutions, correlation spikes among ETFs, and sizeable cash allocations can all erode performance. Investors should weigh these against seemingly attractive historical Sharpe metrics. Overall, disclosure maintains status quo—risk profile unchanged.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CHING MEREDITH J

(Last) (First) (Middle)

822 BISHOP STREET

(Street)

HONOLULU HI 96813

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Alexander & Baldwin, Inc. [ ALEX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Exec. VP, External Affairs

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/10/2025		S(1)		700	D	$17.9315(2)	148,949	D
Common Stock								213	I	By Spouse
Common Stock								781.571	I	By TCESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. THE SALES REPORTED IN THIS FORM 4 WERE EFFECTED PURSUANT TO A RULE 10b5-1 TRADING PLAN.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $17.84 to $17.99, inclusive. The reporting person undertakes to provide to Alexander & Baldwin, Inc., any security holder or Alexander & Baldwin, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

	/s/ Meredith J. Ching	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the 10-year annualized return of the J.P. Morgan Efficiente® Plus DS 5 Index?

3.02 % on an excess-return basis through 30 June 2025.

How does the Index control risk?

It reallocates monthly and scales daily to target 5 % annualized volatility, with a 50 % cap on day-to-day exposure changes.

What fees are deducted from the Index level?

A 0.85 % per-annum index fee plus a notional 3-month cash financing cost are subtracted daily.

How has the Index performed versus a 30/70 equity-bond mix?

It delivered a higher Sharpe ratio (0.47 vs 0.25) and higher 10-year return (3.02 % vs 1.55 %) while maintaining similar volatility.

Why is past performance, including back-tests, not a guarantee of future results?

Back-testing uses hindsight and proxy data; market regimes, fees, and constraints can yield materially different future outcomes.

When was the Index launched?

The live Index began on 31 December 2014; prior history is hypothetical back-testing.