Comparisons, Connections & Conspiracy Theories, page-9

To assist speculation, below is a screen grab of the top part of my record of 20-Largest holdings over the Company’s history, adjusted for the 20:1 share consolidation.

Conscious that individual shareholders may have more than one account, it needs to be remembered that this is a list of the largest accounts and not necessarily the largest shareholdings. Conversely, a nominee account may represent several individual shareholder accounts.

The increasing concentration over time towards institutional holdings is obvious.