I finally found the latest top 20 list. Out of the 5574...

I finally found the latest top 20 list.

Out of the 5574 retail/HNW shareholders, I'd note that 3249 hold less than 10,000 shares (which really is jack all). In other words 58.3% of the retail holders are pretty much insignificant.

There's 1937 shareholders with 10-100k shares (which I assume is where most of us fall) and 388 with over 100k shares.

I also note that out of the instos I mentioned:

JP Morgan holds 33M shares compared to 18.6M in FY16 (+77%)
HSBC holds 18.9M shares compared to 17.5M in FY16 (+8%)
BNP Paribas holds 3.4M shares (NEW top 20, no domestic retail banking, has asset management, insto, and international retail banking)
Citicorp holds 2.5M shares compared to 2.4M in FY16 (+4%)
Bond Street Custodians (Macquarie bank) holds 2.1M (NEW top 20, has everything from retail to insto)

Who’s missing? ABN Amro is gone (previously a top 20 in FY16) but they are a clearing house so you can’t really attribute them to insto clients.

So ACTUALLY if you compare the top 20 shareholders, all of the instos have in fact INCREASED their positions. It might be less as a % of total capital held, but that could be because of dilution from people exercising options (on that note, the good news is that the only other options have an exercise price over 75c).

Before I did this research I wasn’t really convinced of insto accumulation but now I’m beginning to be. It’s quite clear that NONE of the top 20 instos have sold down. I actually feel a bit better now.