Citi Depository Receipt Services Mid-Year 2017 Report

28 / 40

Top Institutional Holders of DRs
1 Investment Style and Investor Type as defined by Ipreo. Data as of Q2 2017.
2GARP Funds: Growth at a Reasonable Price (GARP) investors hold securities that are trading at a discount to the market,
but are expected to grow at a higher than the market or industry average. These companies are typically out of favor
systematically or temporarily. This is a more conservative investment style compared to an outright growth-oriented strategy.
Dividend yield is generally not a concern of GARP investors.
81%
8 %
6% 2%1%1%
MUTUAL FUND
HEDGE FUND
INVESTMENT MANAGER
PENSION FUND-STATE/GOVERNMENT
INSURANCE
BROKER
Institutional DR Ownership (cont.)
By Investor Type1
By Investment Style1,2
1,628
DR
Program
33 %
29 %
10%
9%
8%
3%2 %
2%
1%
1 %
1% GROWTH
VALUE
GARP
INDEX
ALTERNATIVE
DEEP VALUE
AGGRESSIVE GROWTH
EXTERNALLY MANAGED
SPECIALITY
YIELD
BROKER
Total Value of DRs Held: $850.0B
Total Value of DRs Held: $850.0B
28