Some of BHP Billiton's biggest shareholders could be tempted to cut their stakes in the resources giant as the Chinese economy slows.
BlackRock, the world's biggest asset manager and BHP's biggest shareholder, has been juggling its stake in the miner over the past month.
It has issued five separate notices to the Australian Securities Exchange to either reduce or increase its holding in September.
The US fund managers' current shareholding is unknown but BHP revealed on Thursday that BlackRock was no longer a substantial shareholder.
Companies are required to advise the stockmarket if their holding moves above or below five per cent.
Analysts say BlackRock's move below five per cent could encourage other international funds to follow suit as BHP Billiton shares trade around eight year lows and commodities prices wane on concerns about Chinese growth.
Shares in BHP closed five cents, or 0.2 per cent, higher at $22.85 after plunging 4.4 per cent on Wednesday.
The company's shares are now down more than eight per cent for the week.
IG market strategist Evan Lucas said Black Rock had been selling BHP shares recently and market watchers would monitor any moves by other global funds to reduce their stake in the world's biggest miner.
"BlackRock use BHP to play China and their mandate is clearly changing," Mr Lucas said.
"Anything in regard to cyclical plays with an Asian focus on growth and materials is being reviewed by the big hedge funds and the big investment funds."
Mr Lucas said BHP's second biggest shareholder Vanguard and international player HSBC could also question the long-term idea of investing in a cyclical play with long-term exposure to China.
But he said local Australian funds were less likely to reduce their stakes in BHP and would continue to invest in Australian companies.
Melbourne-based BHP has been battered recently as the main commodities it produces, iron ore, coal and oil have suffered sharp price falls.
More than a fifth of BlackRock's World Mining Fund is made up of Australia-focused miners, with BHP Billiton and Rio Tinto each making up 11 per cent of the fund, a BlackRock fact sheet dated August 2015 shows.
Meanwhile, copper prices fell overnight on worries about demand in China.
It came a day after the Caixin Chinese manufacturing purchasing managers' index dipped to a six-and-a-half-year low in September.
BHP and BlackRock declined to comment.
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