Citi Depositary Receipt Services Year End 2016 Report

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Top Institutional Holders of DRs
1 Investment Style and Investor Type as defined by Ipreo. Data as of Q3 2016.
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% 1%
MUTUAL FUND
HEDGE FUND
INVESTMENT MANAGER
PENSION FUND-STATE/GOVERNMENT
SOVEREIGN WEALTH FUND
BROKER
OTHER
Institutional DR Ownership (cont.)
By Investor Type1
By Investment Style1,2
1,628
DR
Program
36%
27%
9%
8%
8%
4%3% 2% 1% 1% 1% GROWTH
VALUE
INDEX
GARP
ALTERNATIVE
DEEP VALUE
AGGRESSIVE GROWTH
EXTERNALLY MANAGED
SPECIALITY
BROKER
OTHER
Total Value of DRs Held: $808.4B
Total Value of DRs Held: $808.4B
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