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Understanding corporate ownership is key to many governance, valuation, and volatility investment issues, and varies significantly between regions. The large free floats, institutional ownership, and profit maximization focus in the US goes a long way to supporting the high US (SPY) market profitability and our positive view. Similarly, the dramatic foreign under-ownership of China (GXC) and its market liberalization is one of the drivers of our positive view, whilst the significant foreign over-ownership of UK equities (EWU) going into Brexit is one of