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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Herb Blair who wrote (2805)5/6/1998 1:03:00 PM
From: DKR  Read Replies (1) of 27311
 
I think the difficulty in looking at institutional ownership is that the definition of what an institution is seems to vary. Vickers reports that 9.2% of VLNC was in institutional hands on 3/31 (2,156,000 shares). They indicate the number of institutions holding VLNC to be 49, up from 47 at the end of February. However, the number of shares decreased from 2.159 to 2.156 million. IBD looks specifically at mutual funds, and while I can't think of one "pure" small (or micro)cap index fund, I will take your word that they exist, it seems plausible. I feel that the mutual funds are the best proxy for the institutional investor in the absence of a precise definition of an institutional investor. (I apologize for getting hung up on this issue but it is one of the few quantifiable data available.)
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