According to the answer given in the book what I could figure out is:
Menard is managing a fund and not an individual stock. A fund has around 20-30 stocks and an information is said to be material if the stock price could be hugely impacted. Since, it is a fund of stocks and this information would not result in a massive change in individual stock prices, The funds NAV should not change much and if the NAV is not changing much it means the information is not materially impacting the stock prices. Hence, it is not Material Non Public Information.
According to the answer given in the book what I could figure out is:
Menard is managing a fund and not an individual stock. A fund has around 20-30 stocks and an information is said to be material if the stock price could be hugely impacted. Since, it is a fund of stocks and this information would not result in a massive change in individual stock prices, The funds NAV should not change much and if the NAV is not changing much it means the information is not materially impacting the stock prices. Hence, it is not Material Non Public Information.
okay .. got it..thanks