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12
2016 Midyear Report
| International Investing Trends
International Investing Trends
(continued)
At the beginning of Q2 2016 the total reported value of
institutional holdings of DRs was $742 billion. Approximately
72% of the value of DRs is held by institutional investors in
North America while European institutional investors hold
around 22% of the value of DRs. In terms of investor type,
mutual funds accounted for roughly 79% of the DR value held.
In terms of investment style, growth and value investment
style funds accounted for around 59% of the DR value held.
Top Ten DR Holders
1
Holder Name Region Investment
Style
2
Investor
Type
Value of
DRs Held
(USD Billions)
Fidelity
Management
& Research
Company
North
America
Growth Mutual
Fund
$19.1
Capital World
Investors
North
America
Value
Mutual
Fund
$16.9
Baillie Gifford
& Company,
LTD
Europe Growth Mutual
Fund
$14.1
Dodge & Cox North
America
Deep Value Mutual
Fund
$13.0
Fisher
Investments
North
America
GARP Mutual
Fund
$12.5
T. Rowe Price
Associates,
Inc.
North
America
Growth Mutual
Fund
$12.1
Capital
Research
Global
Investors
North
America
GARP Mutual
Fund
$11.6
Dimensional
Fund Advisors,
L.P.
North
America
Value
Mutual
Fund
$10.7
BlackRock
Fund Advisors
North
America
Index
Mutual
Fund
$9.7
Lazard Asset
Management,
LLC
North
America
Value
Mutual
Fund
$9.7
Source: Ipreo
1
Data as of Q1 2016.
2
GARP 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
rate 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 and Latin America constitute less than 2% of the total value of DRs held.
By Investment Style
1, 2
By Investor Type
1
By Region
3
Top Institutional Holders of DRs
Pacific
1%
Asia
5%
Europe
22%
North America
72%
Other
1% Insurance
1%
Broker
1%
Investment advisor-fund of funds
1%
Sovereign wealth fund
1%
Pension fund-state/
government
2%
Investment manager
6%
Hedge fund manager
8%
Mutual fund
79%
Specialty
1%
Broker
1%
Yield
1%
Externally managed
2%
Aggressive growth
3%
Deep value
7%
Alternative
8%
Index
8%
GARP
10% Value
27%
Growth
32%
Source: Ipreo
Total Value of DRs Held: $742.5 Billion
Source: Ipreo
Total Value of DRs Held: $742.5 Billion
Source: Ipreo
Total Value of DRs Held: $742.5 Billion