Yeah - obviously the higher that number the better. That being said we are seeing mutual fund groups selling. They generally don't really hold distressed securities in their funds. They could very well be pulling out and waiting for Banro to get their act together. For them, missing out on a 100-200% rally from these levels ($0.15ish) isn't a big deal when you could get back in at $0.40ish with an improved balance sheet and 2 mines at full production - then catch the 100-1000% rally from there.
The selling by them has picked up with the delay in Twangiza forward sale agreement and no news on Namoya streaming agreement. Im certain the ownership number would be hanging in the rafters if those deals would have closed in October/November as originally planned.
BAA institutional ownership is over 60%. NASDAQ only reports what it receives via Form 13-F filings with the SEC. There are over 100M shares of BAA held by institutions that don't file 13-F's with the SEC.
Morningstar.com tracks a much more complete list. They are an investment research firm which means they don't limit themselves to SEC filings but attempt to provide as much research as possible in the hopes of attracting business.
As to why many of those companies don't file 13F's I could write a book but I'll try not to. BAA is dual listed on the TSX and AMEX so some of those institutions file with SEDAR instead of EDGAR. Some don't file with either. For example BlackRock (Luxembourg) S.A. owns 14.9M but they aren't required to file a 13F most likely because they don't use the US Mail or engage in interstate commerce.
The interesting one is BlackRock Advisors LLC. They do file a 13F...yet they don't list BAA. Why I do not know. Maybe it has something to do with them being a bondholder (that's a wild guess) but it is beyond me especially since they do file an SC-13G with EDGAR showing their BAA holdings.
The link below is a complete listing of all the stocks that BlackRock Advisors LLC listed in their latest 13F which they filed on 12/31/2014. They list 3,832 securities but BAA is not one of them. To save you some time you can jump right to page 15 which is where BAA would be if they listed it. Right there between BA and BABA on line number 368.
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