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Greece's change in status—from a developed to an emerging market—has changed the type of institutional investor in the country.
Data from eVestment shows $1.7 billion in reported equity exposure to Greece, with another quarter of a billion dollars in fixed-income exposure. EVestment tracks thousands of funds, strategies and portfolios across the globe, and provided the data exclusively to CNBC. After MSCI, which gauges world stock activity, switched Greece's status as an emerging market—no longer a developed market—a massive shift took place.
Funds with a developed market mandate were forced out by rule, leaving the door open for emerging market players to jump in. For the most part, their numbers have stayed steady in the past year. You can see that on the chart: How the investor makeup switched completely from one type to another:
Even with that shift, and the massive drop in Greek bonds, total equity exposure has stayed about the same—right at the five-year average. It's the fixed-income exposure that has seen huge volatility. It's also important to note: About 90 percent of institutional investors in Greece are actively managed funds, as opposed to passive strategies.
"The question we don't know is how much exposure remains in derivatives on Greek debt," said Peter Laurelli, eVestment's vice president of research.
"That could have a far greater impact than any public market exposure. That's why everything Greece is so much bigger than Greece itself."