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The following is a list of BRIC stocks that have seen significant institutional outflows over the last three months.

BRIC stocks, representing companies from Brazil, Russia, India and China, have been dragged down by concerns of more Chinese tightening. Institutional investors, it seems, can't wait to sell some of these names…

To compile the list, we started with a universe of about 120 BRIC stocks. We then collected data on institutional flows, and narrowed down the list to focus on the 9 stocks that have seen the largest decreases in institutional ownership over the past three months.

Institutional data sourced from Reuters, short float data sourced from Finviz.

Interactive Chart: Compare annual returns and analyst ratings for all the stocks mentioned below.

The list has been sorted by change in institutional ownership over the past three months.

1. Companhia de Bebidas Das Americas (ABV): Brazil. Beverages Industry. Market cap of $85.1B. Institutional investors currently own 3,108,731 shares vs. 8,313,448 shares held 3 months ago (-62.61% change). Short float at 1.4%, which implies a short ratio of 3.89 days. The stock has gained 48.22% over the last year.

2. Net Servicos de Comunicacao (NASDAQ:NETC): Brazil. CATV Systems Industry. Market cap of $4.53B. Institutional investors currently own 29,078,970 shares vs. 56,887,701 shares held 3 months ago (-48.88% change). Short float at 0.06%, which implies a short ratio of 0.15 days. The stock has lost -6.44% over the last year.

3. eLong Inc. (NASDAQ:LONG): China. Personal Services Industry. Market cap of $477.28M. Institutional investors currently own 6,697,500 shares vs. 12,980,002 shares held 3 months ago (-48.40% change). Short float at 0.65%, which implies a short ratio of 1.56 days. The stock has gained 18.83% over the last year.

4. Changyou.com Limited (NASDAQ:CYOU): China. Multimedia & Graphics Software Industry. Market cap of $1.62B. Institutional investors currently own 6,403,258 shares vs. 7,442,434 shares held 3 months ago (-13.96% change). Short float at 6.4%, which implies a short ratio of 3.28 days. The stock has lost -3.88% over the last year.

5. Brasil Telecom S.A. (BTM): Brazil. Diversified Communication Services Industry. Market cap of $4.32B. Institutional investors currently own 22,713,454 shares vs. 26,061,033 shares held 3 months ago (-12.85% change). Short float at 0.21%, which implies a short ratio of 0.76 days. The stock has lost -24.88% over the last year.

6. TAM S.A. (NYSE:TAM): Brazil. Major Airlines Industry. Market cap of $3.64B. Institutional investors currently own 28,286,822 shares vs. 32,253,128 shares held 3 months ago (-12.30% change). Short float at 3.7%, which implies a short ratio of 2.53 days. The stock has gained 62.42% over the last year.

7. Centrais Electricas Brasileiras S.A. (NYSE:EBR): Brazil. Electric Utilities Industry. Market cap of $15.B. Institutional investors currently own 27,312,689 shares vs. 30,101,143 shares held 3 months ago (-9.26% change). Short float at 0%, which implies a short ratio of 4.58 days. The stock has gained 20.53% over the last year.

8. Vivo Participacoes S.A. (NYSE:VIV): Brazil. Wireless Communications Industry. Market cap of $12.39B. Institutional investors currently own 79,048,054 shares vs. 86,956,159 shares held 3 months ago (-9.09% change). Short float at 0.29%, which implies a short ratio of 0.63 days. The stock has gained 9.61% over the last year.

9. Suntech Power Holdings Co. Ltd. (NYSE:STP): China. Solar Power Industry. Market cap of $1.53B. Institutional investors currently own 53,856,872 shares vs. 57,180,212 shares held 3 months ago (-5.81% change). Short float at 8.54%, which implies a short ratio of 4.05 days. The stock has lost -33.93% over the last year.

Disclosure: No positions

Source: 9 BRIC Stocks Being Dumped by Smart Money