Owners of Qualcomm stock may be looking around wondering where everybody else is.
New data shows that Qualcomm has fallen off the list of the top 20 most held institutional stocks. The data comes from a new report by eVestment, at which CNBC got an exclusive first look. The full report is set to be released Monday.
A year ago, Qualcomm was the sixth-most widely held stock by institutional funds, being owned by 17 percent of all institutions in the eVestment database. At the end of 2014, it had dropped to 14 percent—good enough for the 14th rank. And in the latest report, it fell off the top 20 altogether, with ownership at 12 percent or less.
Taking Qualcomm’s spot in the top 20 is newcomer to the list Intel.
The top six stocks remained the same from the end of 2014:
Most widely held stocks
1. Google (30.27 percent ownership)
2. Apple (22.72 percent)
3. Microsoft (20.52 percent)
4. JPMorgan Chase (16.83 percent)
5. Johnson & Johnson (16.73 percent)
6. Wells Fargo (15.56 percent)
The only change at those top levels was that of JNJ and JPM switching spots, by the difference of a tenth of a point. With changes generally this small, seeing Qualcomm fall off the list completely in such a short time is something to watch down the road. “Competitive dynamics were the main driver of the loss of Samsung’s flagship business during the current product cycle,” wrote Timothy Arcuri in a recent Cowen research note, about Qualcomm’s current struggles. He also wrote that the company’s $10 billion accelerated share repurchase plan will result in a delivery of 58 million shares, or 3.5 percent of the outstanding stock.
Data to help the little guy
The data “could be illustrative of larger trends and things an investor might want to dig into a bit more when making an investment decision,” said Mark Scott, an eVestment spokesman.
The company is a supplier of data and analytics to institutional asset managers. It tracks and aggregates over 2,800 data points on tens of thousands of portfolios, providing unique insight into how different types of market players operate.
The firm’s data shows that “institutional investors tend to increase and decrease their allocations to certain stocks and certain segments ahead of retail investors.”
Financials losing out to energy and tech
Beyond just individual stocks, eVestment tracks sector allocations as well. Financial services, while still remaining at the top of the allocation list, saw the biggest drop of any sector, going from 44 percent to 37 percent.
The three biggest gainers were energy, tech and materials.
Value funds buying Target
Breaking it down further, we can see how different types of funds behaved. Value equity funds (those looking for underpriced stocks, rather than overpriced growth names), bought Target and dumped AT&T. Here were the top fives names in each direction:
Growth funds loading up on healthcare
Growth equity funds also saw some rotation across major health-care and technology names. Here were the top five bought and sold names in the past quarter:
Scott describes the clearly obvious reason why professional investors have an advantage over retail traders who are trying to catch up, and why we should pay attention to these moves: “They have lots of people looking out for their investments all day long.”