Basic HTML Version
17
Year-End 2014 Report
| International Investing Trends
International Investing Trends
(continued)
The value of institutional holdings of DRs was $876.2 billion
as disclosed in September 2014. Approximately 74% of the
value of DRs was held by institutional investors in North
America followed by institutional investors in Europe (20%).
In terms of investor type, Investment Managers (Mutual
Funds) and Hedge Funds accounted for roughly 88% of the
DR value held. In terms of investment style, Growth, Value
and GARP investment style funds accounted for roughly 66%
of the DR value held.
Holder Name Investment
Style
1, 2
Investor
Type
1
Value of
DRs Held
(USD Billions)
Fidelity Management
& Research Company
Growth Investment
Manager-
Mutual Fund
20.3
Capital World
Investors (U.S.)
Value Investment
Manager-
Mutual Fund
18.9
Dodge & Cox
Deep Value Investment
Manager-
Mutual Fund
17.7
Aberdeen Asset
Managers, plc (UK)
Growth Investment
Manager-
Mutual Fund
16.4
T. Rowe Price
Associates, Inc.
Growth Investment
Manager-
Mutual Fund
16.2
OppenheimerFunds,
Inc
Growth Investment
Manager-
Mutual Fund
14.6
Lazard Asset
Management, LLC
(U.S.)
Value Investment
Manager-
Mutual Fund
13.9
Wellington
Management
Company, LLP
Value Investment
Manager-
Mutual Fund
13.4
Dimensional Fund
Advisors, L.P. (U.S.)
Value Investment
Manager-
Mutual Fund
13.2
Capital Research
Global Investors
(U.S.)
GARP Investment
Manager-
Mutual Fund
12.7
Top Institutional Holders of DRs
Source: IPREO
1
Investment Style and Investor Type as defined by IPREO. Data as of Q3 2014.
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 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.
By Region
Central America/
Caribbean
1%
Pacific
1% Asia
4%
Europe
20%
North America
74%
Source: IPREO
Total Value of DRs Held: $876 Billion
Source: IPREO
Total Value of DRs Held: $876 Billion
Source: IPREO
Total Value of DRs Held: $876 Billion
By Investor Type
1
Others
1%
Private Equity
1%
Sovereign Wealth Fund
1%
Pension Fund-State/
Government
2%
Broker
3%
Investment
Manager
4%
Hedge Fund
38%
Investment
Manager-Mutual
Fund
50%
By Investment Style
1, 2
Yield
1%
Private Equity
1%
Externally Managed
2%
Aggressive Growth
3%
Broker
5% Index
6%
Deep Value
7%
Alternative
9%
GARP
10%
Value
25%
Growth
31%