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12
2014 Mid-Year Report
| International Investing Trends
International Investing Trends
(continued)
The total reported value of institutional holdings of DRs was
$827.2 billion. Approximately 73% of the value of DRs is
held by institutional investors in North America followed by
institutional investors in Europe (21%). In terms of investor
type, Investment Managers accounted for roughly 85% of
the DR values held. In terms of investment style, Growth and
Value investment style funds accounted for roughly 57% of
the DR values held.
Holder Name Investment
Style
1, 2
Investor
Type
1, 2
Value of
DRs Held
(USD Billions)
Dodge & Cox
Deep Value Investment
Manager-
Mutual Fund
19.2
Capital World
Investors
(U.S.)
Value Investment
Manager-
Mutual Fund
18.6
Aberdeen Asset
Managers, LTD
(UK)
Growth Investment
Manager-
Mutual Fund
17.4
Fidelity
Management &
Research Company
Growth Investment
Manager-
Mutual Fund
16.8
Wellington
Management
Company, LLP
Value Investment
Manager-
Mutual Fund
14.8
Dimensional Fund
Advisors, L.P.
(U.S.)
Value Investment
Manager-
Mutual Fund
13.6
OppenheimerFunds,
Inc.
Growth Investment
Manager-
Mutual Fund
12.5
Capital Research
Global Investors
(U.S.)
GARP Investment
Manager-
Mutual Fund
12.3
Lazard Asset
Management, LLC
(U.S.)
Value Investment
Manager-
Mutual Fund
12.1
The Vanguard
Group, Inc.
Index
Investment
Manager-
Mutual Fund
11.0
Source: IPREO
1
Region, Investor Type and Investment Style as defined by IPREO. Data as of 1Q 2014.
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, and Latin America constitute less than 2% of the position of total value of DRs Held.
By Investment Style
1, 2
By Investor Type
1
By Region
3
Top Institutional Holders of DRs
C. America/
Caribbean
1%
Pacific
1%
Asia
4%
Europe
21%
North America
73%
Others
6%
Broker
4%
Investment
Manager
5%
Hedge Fund
Manager
6%
Investment Manager-
Mutual Fund
79%
Others 1%
Yield 1%
Externally Managed
2%
Aggressive Growth
3% Broker
4%
Alternative
7%
Index
7%
Deep Value
8%
GARP
10%
Value
27%
Growth
30%
Source: IPREO
Total Value of DRs Held: $827.2 Billion
Source: IPREO
Total Value of DRs Held: $827.2 Billion
Source: IPREO
Total Value of DRs Held: $827.2 Billion