Basic HTML Version
17
Year-End 2013 Report
| International Investing Trends
International Investing Trends
(continued)
The value of institutional holdings of DRs increased from
$640 billion as of September 2012 to $853 billion as of
September 2013, an increase of $213 billion (or 33%).
Approximately 73% of the value of DRs is held by institutional
investors in North America followed by institutional investors
in Europe (22%). In terms of investor type, Investment
Managers (Mutual Funds) and Hedge Funds accounted for
roughly 87% of the DR values held. In terms of investment
style, Growth, Value and GARP investment style funds
accounted for roughly 68% of the DR values held.
Holder Name Investment
Style
1, 2
Investor
Type
1, 2
Value of
DRs Held
(USD Billions)
Capital World
Investors (U.S.)
Value Investment
Manager-
Mutual Fund
23
Fidelity
Management &
Research Company
Growth Investment
Manager-
Mutual Fund
21
Dodge & Cox
Deep Value Investment
Manager-
Mutual Fund
19
Aberdeen Asset
Managers, LTD
(U.K.)
Growth Investment
Manager-
Mutual Fund
18
Capital Research
Global Investors
(U.S.)
GARP Investment
Manager-
Mutual Fund
17
The Vanguard
Group, Inc.
Index
Investment
Manager-
Mutual Fund
14
Wellington
Management
Company, LLP
Value Investment
Manager-
Mutual Fund
13
Lazard Asset
Management, LLC
(U.S.)
Value Investment
Manager-
Mutual Fund
13
Dimensional Fund
Advisors, L.P. (U.S.)
Value Investment
Manager-
Mutual Fund
13
OppenheimerFunds,
Inc.
Growth Investment
Manager-
Mutual Fund
11
Top Institutional Holders of DRs
Source: IPREO
1
Investment Style and Investment Type as defined by IPREO. Data as of Q3 2013.
2
GARP Funds: Growth at a Responsible 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.
3
Institutional investors from the Middle East, Africa, Latin America and Central America and the Caribbean constitute less than 1% of the position of total value of DRs Held.
By Region
3
Others
1%
Pacific
1%
Asia
3%
Europe
22%
North
America
73%
Source: IPREO
Total Value of DRs Held: $853 Billion
By Investor Type
1
Others
5%
Broker
3%
Investment
Manager
5%
Hedge Fund
5%
Investment
Manager-Mutual Fund
82%
Source: IPREO
Total Value of DRs Held: $853 Billion
By Investor Style
1, 2
Others
12%
Alternative
6%
Deep Value
7%
Index
7%
GARP
11%
Value
26%
Growth
31%
Source: IPREO
Total Value of DRs Held: $853 Billion