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  "docSlug": "778e2cbfbfaa",
  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses a table to demonstrate a loss of institutional confidence, specifically calling out AT&T's exit as a major signal.",
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      "text": "We find it telling that Amdocs’ largest customer no longer has sufficient conviction in the Company to maintain its previous levels of share ownership.",
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      "text": "institutional ownership percentage",
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      "text": "Institutional investors have grown increasingly wary of taking large positions in DOX shares. Outside of Fidelity and (only recently) Janus, institutions which once held large positions in Amdocs have more recently been trimming their exposure to the stock. Notably, AT&T – still Amdocs’ largest customer by a significant margin – was a large strategic investor in DOX in the past, but has not had a >5% position in the stock since 2008. We find it telling that Amdocs’ largest customer no longer has sufficient conviction in the Company to maintain its previous levels of share ownership.",
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      "text": "Source: Amdocs 20-F Beneficial Ownership Summary",
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      "text": "Insider And Institutional Ownership Trends Show Waning Confidence In Amdocs",
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