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List of possible reasons behind the infrequent cases where we
have total institutional ownership that exceeds 100% of the
common shares outstanding for a specific company:
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Double-counting - On the 13-F filing, each
institutional holder must report all securities over which they
exercise sole or shared investment discretion. In cases where
investment discretion is shared by more than one institution,
care is generally taken to prevent double-counting, but there is
always the exception. Another cause of double-counting is a
company name change for the 13F filer where the holdings are
accounted for under both filer names.
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Short Interest - A large short interest amount
affects the institutional ownership amount considerably because
all shares that have been sold short appear as holdings in two
separate portfolios. One institution has lent its shares to a
short seller, while the same shares have been purchased by
another reporting institution. Consequently, the institutional
ownership percentage reflected in the 13-F filings is overstated
as a percentage of total shares outstanding.
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A gap between 'as of' dates - In the case where
gaps between the 'as of' dates of the holdings and the shares
outstanding arise, the percentage owned could be skewed due to a
sharp increase/decrease in shares out. Again, this case doesn’t
come up very often but the results are unavoidable.
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Other possible reasons:
a) An overlap occurs amongst reporting institutions;
b) The 13F filing includes holdings other than common stock
issues;
c) Mutual fund money is co-advised and incorrectly reported by
multiple institutions.
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