Below is the Eurostoxx 50 constituents as of August 30th (date of last weighting).
As can be seen Nokia (NYSE:NOK) market cap at E17.4bn is actually bigger than the bottom 20% of constituents. Obviously the Nokia move has happened in September so it wont be included in the latest Aug 30th round.
However the positioning point is there. If (a big one) things remain vaguely as is, Nokia arguably should join the index down the line. I appreciate more complicated index considerations that just that. However it is something illustrative worth pointing out, especially as this is the European company with largest institutional underweight I have EVER seen.
Pre the MSFT announcement, only Dodge & Cox as a non Finnish institution featured on the register in a meaningful way. We know that stock has moved up 60%, however it has happened in a matter of weeks and we also know that institutions are notoriously slower at turning around a position like this. So potentially we have a Eurostoxx 50 candidate (down the line), with the lowest international institutional positioning I have EVER seen after a 12 year career in European equities.
This is shareholder register from Morningstar. Lack of institutional ownership unlike any European stock I have seen.
As well as the fundamental story and valuation upside I see, this is the most interesting lack of positioning in what is now a major European company. Maybe this explains why the ADR is up 8% today against a weak tech space.
Disclosure: I am long NOK.