It’s pretty clear that many Pros, thanks to the sums of money they need to invest, are going to favor big cap stocks.  It’s simply easier (and in many cases “safer”) to invest in those names.  But it’s also true that Pros do dabble in small caps, and with small caps typically being a riskier segment of the market — especially in the current climate — some investors find it useful to know which small caps have the Pro “stamp of approval.”

With that in mind, we can use tickerspy’s Ideas & Research section to see which small caps (market caps of under $1 billion) were most popular with the Pros at the end of 2009.

Setting aside the various ETFs that appear near the top of the list, there are a number of intriguing names.  Huntsman (HUN) is a specialties chemical maker seeing a lot of interest from the Pros

Also high on the Pros’ list is beleaguered bond insurer MBIA (MBI) , whose market cap has recently fallen through the $1 billion threshold.  Finally, there’s Magellan Midstream Holdings (MGG), which owns the general partner of master limited partnership Magellan Midstream Partners (MMP).

The above stocks are the small caps that were most like to be among the top, U.S. listed holdings of the Pros at the end of Q4, but we can also look at which small caps were most added to Pro portfolios during Q4.  Again excluding ETFs and companies that were acquired during the quarter, the most added small cap during Q4 was children’s apparel maker Carter’s (CRI).  Also being added to Pro portfolios were Huntsman, genetic analysis firm Sequenom (SQNM) and United Airlines parent UAL (UAUA).

Yesterday, we looked at the top holdings among the Pros at the end of 2008, and saw that GE (GE) has continued to move lower on the list, while Johnson & Johnson (JNJ) has a firm grip on top spot.  The names that occupy the top of that list tend to be well-known blue chips that have long been favorites of the Pros, but digging deeper we can find some names that appear to be getting more attention from the Pros.

Taking a look at the stocks where the most Pros were either adding to or initiating positions during Q4, we can see the usual blue chip suspects occupy the top of the list, but a little further down are some more interesting names.  Oracle (ORCL) was 25th most popular overall among the Pros but 19th most added by the Pros during Q4.  Verizon (VZ) was 30th most popular but 20th most added.  Biotech giant Genentech (DNA) was 37th most popular but 27th most added.

Finally, the biggest mover might have been Goldman Sachs (GS).  The stock was only the 74th most popular stock in Pro portfolios at the end of Q4, but it was the 39th most added.

With essentially all the Pro portfolios from the end of 2008 now available on tickerspy, we can head on over to Ideas & Research and take a look at what the data is telling us.

We noted last quarter that GE (GE) had fallen behind Johnson & Johnson (JNJ) as the most popular stock among the Pros.  With another quarter in the books, however, GE has continued to slip, falling to the fourth most popular stock among the Pros.

Concerns about GE Capital are continuing to weigh on the stock which has plummeted to below $10 of late.  While quite a few Pros were likely trimming their exposure to GE in Q4, the steep decline in GE’s share price during the quarter also has an impact on our stats.  We only show Pros’ top-15 holdings on tickerspy, so if the price decline during Q3 caused GE to slip out of a Pro’s top-15 holdings, we count that as a “Pro Holder Remove.”

Meanwhile, JNJ kept the top spot as many Pros continue to view its healthcare and consumer products focus as defensive in the current environment.

Moving ahead of GE are Exxon Mobile (XOM) and Procter & Gamble (PG). Microsoft (MSFT) rounds out the top five.

All the Pro portfolios for Q4 have been added to tickerspy. Click below to check out the latest holdings:

• Berkshire Hathaway
• Capital Growth Management
• Pabrai Funds
• Fairholme Capital Management
• Lone Pine Capital
• Tiger Global Management
• Carl Icahn
• Atticus Capital
• Third Avenue Management
• Greenlight Capital

You can find many more by digging into the Pro lists in our Ideas & Research section.