As of Feb 2025, the total global market cap was USD 123.6 trillion.
Top 500 managers amounted USD 113.7 trillion AUM at the end of 2022.
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First, for context => Largest Asset Owners.
At the end of 2023, the top 100 asset owners managed a total of US$ 26.3 trillion in assets (AUM)
The top 3 asset owners remained unchanged: Japan´s Government Pension Investment Fund (GPIF) retained its position as the world´s largest asset owner (AUM of US$1.6 trillion), followed by Norway's Norges Bank Investment Management (AUM of US$1.5 trillion) and China Investment Corporation in third place (AUM of US$1.2 trillion)
Pension funds manage 51.2% of the total AUM, Sovereign wealth funds handle 38.9%, and outsourced CIOs and master trusts are responsible for 9.3% of total AUM.
Following for the top 100
Following is the list of 10 largest Pension Funds, SWF, OCIO
In terms of investment preference, consider the following charts:
The above are the primary pools of capital in a way. Following are SIP, which are:
- State Investment Platforms are institutional investors which are entrusted with managing and investing a pool of capital from various depositors or funds; and are usually based in one country.
- These depositors/funds can range from pension funds, insurance plans, sovereign wealth funds, endowment funds and other organisations. SIP governance structures are impacted by each depositor's investment policies
- State Investment Platforms should not be considered as a mutually exclusive category like the ones examined in above sections of this report, but as an additional layer to understand the nature of some funds
- The considerable size of AUMs of these platforms is why they warrant special consideration in our report
Following are the largest SIPs and their asset allocation:
Following are foundations and endowments (top 10 - only 1 of them is in 100 largest asset owners), and top 10 insurance funds (none of which are in top 100)
Back to Asset Managers. Top 500:
Here's an indicative split to show the weight that the top managers control:
And although the AUM has grown fastest in China, Norway, India, as a proportion of total assets, these are still small markets compared to the AUM in North America.
Following is the split by asset class and then by vehicle (Vehicle results are survey basis and directional only):
Following are the top asset managers:
The highest is managed by Blackrock with $8.5 trillion. For comparison, the 100th is BMO Wealth Management with $225 billion under management and the 500th is SulAmerica with around $10.3 billion under management.
The above are largest asset managers.
Now to Mutual Funds
A mutual fund is an investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital'), and the open-ended investment company (OEIC) in the UK.Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds.[1] Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. The primary structures of mutual funds are open-end funds, closed-end funds, and unit investment trusts. Over long durations, passively managed funds consistently outperform actively managed funds.(? data)
Mutual funds have advantages and disadvantages compared to direct investing in individual securities. The advantages of mutual funds include economies of scale, diversification, liquidity, and professional management.[6] As with other types of investment, investing in mutual funds involves various fees and expenses.Mutual funds are regulated by governmental bodies and are required to publish information including performance, comparisons of performance to benchmarks, fees charged, and securities held. A single mutual fund may have several share classes, for which larger investors pay lower fees.Hedge funds and exchange-traded funds are not typically referred to as mutual funds, and each is targeted at different investors, with hedge funds being available only to high-net-worth individuals
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In terms of management of different funds
Perhaps here a little historical context:
The mutual fund industry has undergone tremendous change since 1945.The size and the number of funds available: What was a small industry (68, largely stock-oriented funds in 1945) with less than $1 billion in assets has become a giant, with assets now spread over a $7 trillion array of 8,000 stock, bond, and money market funds. (in 2019)
Stock funds in 1945 were largely large-capitalization blend funds that offered broad diversification, and for the most part, they were suitable to be held as the sole component of an investor’s equity investment portfolio. Today, “style box” investing has become the name of the game. Investors are able to slice and dice their equity fund investments into any number of styles and sectors.Fund holding periods have declined dramatically: From the 1940s until the mid-1960s, equity mutual funds were long-term investors that turned their portfolios over at an annual rate of less than 20 percent. They have gradually become short-term speculators that now turn their portfolios over at an annual rate of more than 100 percent.
The mutual fund industry’s ownership of Corporate America: In 1945, the mutual fund industry controlled barely more than 1 percent of all U.S. equities. Today, that figure is nearly 25 percent. The mutual fund industry has become the proverbial 800-pound gorilla. It could sit anywhere it wants at the corporate board table, but it rarely even attends the meetings.The costs of fund ownership have risen dramatically: Total mutual fund assets have increased 3,600-fold since 1945, but mutual fund fees and operating expenses have increased 6,600-fold in that same period—a stunning rise, particularly in an industry that is characterized by tremendous economies of scale.
Following are the top 25 mutual funds
Next is Fidelity's FXAIX (500 Index Fund) with $597.6 billion net assets.
Perhaps Vanguard's other two funds are larger than Fidelity.
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