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The 500 largest managers, on the record
Every quarter these managers disclose their US equity books to the SEC. Pick one: top holdings, what changed, and, for members, whether following it ever actually worked.
The cloneability study
Can you actually copy these books?
We replayed 29 of these disclosed books at the real filing lag: every long US stock position, value-weighted, rebalanced only on the day each filing became public, measured against the S&P 500.
29
books scored
51.7%
beat the index at the lag
+0.4%
median excess, per year
In plain English: about half of these books kept pace even at the 45-day delay, but the typical edge was thin. The typical one beat the index by about 0.4% a year, and the middle half of the cohort landed between −4.0% and +3.0% a year. 15 of 29 came out ahead. Which ones, and whether that survived their coverage caveats, is the part worth reading.
Study caveats: today's top 500 measured backward (survivorship), disclosed long US equity only, quarters below the 85% priced-coverage floor excluded. Historical statistics, not predictions. Insight, not advice.
- BlackRock, Inc.$6.7T reported#1
- VANGUARD CAPITAL MANAGEMENT LLC$4.0T reported#2
- STATE STREET CORP$3.4T reported#3
- FMR LLC$1.9T reported#4
- VANGUARD PORTFOLIO MANAGEMENT LLC$1.9T reported#5
- MORGAN STANLEY$1.7T reported#6
- GEODE CAPITAL MANAGEMENT, LLC$1.6T reported#7
- JPMORGAN CHASE & CO$1.6T reported#8
- BANK OF AMERICA CORP /DE/$1.4T reported#9
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$893.3B reported#10
- GOLDMAN SACHS GROUP INC$870.9B reported#11
- NORGES BANK$864.7B reported#12
- JANE STREET GROUP, LLC$777.2B reported#13
- NORTHERN TRUST CORP$756.6B reported#14
- Capital World Investors$732.9B reported#15
- UBS Group AG$666.3B reported#16
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC$654.5B reported#17
- Invesco Ltd.$653.3B reported#18
- Capital Research Global Investors$644.6B reported#19
- CITADEL ADVISORS LLC$618.5B reported#20
- Bank of New York Mellon Corp$609.4B reported#21
- ROYAL BANK OF CANADA$570.1B reported#22
- DIMENSIONAL FUND ADVISORS LP$551.8B reported#23
- WELLINGTON MANAGEMENT GROUP LLP$535.5B reported#24
- WELLS FARGO & COMPANY/MN$530.3B reported#25
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC$481.0B reported#26
- LPL Financial LLC$445.1B reported#27
- Legal & General Group Plc$432.4B reported#28
- AMERIPRISE FINANCIAL INC$431.8B reported#29
- Capital International Investors$426.5B reported#30
- Nuveen, LLC$419.2B reported#31
- IMC-Chicago, LLC$418.7B reported#32
- BARCLAYS PLC$416.3B reported#33
- Amundi$412.6B reported#34
- FRANKLIN RESOURCES INC$408.3B reported#35
- VANGUARD FIDUCIARY TRUST CO$391.6B reported#36
- ENVESTNET ASSET MANAGEMENT INC$373.6B reported#37
- DEUTSCHE BANK AG\$344.4B reported#38
- RAYMOND JAMES FINANCIAL INC$324.4B reported#39
- ALLIANCEBERNSTEIN L.P.$308.8B reported#40
- Mirae Asset Global Investments Co., Ltd.$299.3B reported#41
- MASSACHUSETTS FINANCIAL SERVICES CO /MA/$297.5B reported#42
- Fisher Asset Management, LLC$294.9B reported#43
- Optiver Holding B.V.$289.5B reported#44
- BANK OF MONTREAL /CAN/$268.5B reported#45
- Berkshire Hathaway Inc$263.1B reported#46
- MILLENNIUM MANAGEMENT LLC$240.3B reported#47
- CITIGROUP INC$234.5B reported#48
- AQR CAPITAL MANAGEMENT LLC$218.4B reported#49
- CTC LLC$217.2B reported#50
- JANUS HENDERSON GROUP PLC$209.4B reported#51
- JONES FINANCIAL COMPANIES LLLP$208.1B reported#52
- BNP PARIBAS FINANCIAL MARKETS$205.8B reported#53
- AMERICAN CENTURY COMPANIES INC$194.3B reported#54
- HSBC HOLDINGS PLC$191.6B reported#55
- Swiss National Bank$191.4B reported#56
- PRINCIPAL FINANCIAL GROUP INC$187.2B reported#57
- Vanguard Global Advisers, LLC$185.0B reported#58
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$184.8B reported#59
- PNC FINANCIAL SERVICES GROUP, INC.$184.3B reported#60
- Dodge & Cox$182.0B reported#61
- Mitsubishi UFJ Asset Management Co., Ltd.$180.4B reported#62
- VICTORY CAPITAL MANAGEMENT INC$178.3B reported#63
- FIRST TRUST ADVISORS LP$170.0B reported#64
- D. E. Shaw & Co., Inc.$166.3B reported#65
- California Public Employees Retirement System$162.5B reported#66
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO$162.4B reported#67
- CANADA PENSION PLAN INVESTMENT BOARD$155.0B reported#68
- Sumitomo Mitsui Trust Group, Inc.$154.5B reported#69
- SIMPLEX TRADING, LLC$149.1B reported#70
- Creative Planning$147.4B reported#71
- JENNISON ASSOCIATES LLC$145.4B reported#72
- NATIONAL BANK OF CANADA /FI/$139.8B reported#73
- National Pension Service$131.7B reported#74
- NEUBERGER BERMAN GROUP LLC$131.4B reported#75
- FIL Ltd$128.7B reported#76
- PRIMECAP MANAGEMENT CO/CA/$127.0B reported#77
- STATE FARM MUTUAL AUTOMOBILE INSURANCE CO$126.9B reported#78
- TWO SIGMA INVESTMENTS, LP$123.9B reported#79
- TD Asset Management Inc$123.2B reported#80
- NORDEA INVESTMENT MANAGEMENT AB$122.6B reported#81
- SCHRODER INVESTMENT MANAGEMENT GROUP$122.0B reported#82
- RHUMBLINE ADVISERS$116.9B reported#83
- MANUFACTURERS LIFE INSURANCE COMPANY, THE$116.3B reported#84
- VANGUARD ASSET MANAGEMENT, Ltd$115.7B reported#85
- Clearbridge Investments, LLC$114.9B reported#86
- Russell Investments Group, Ltd.$114.0B reported#87
- DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main$112.7B reported#88
- BAILLIE GIFFORD & CO$110.2B reported#89
- STIFEL FINANCIAL CORP$108.8B reported#90
- 1832 Asset Management L.P.$108.8B reported#91
- SEI INVESTMENTS CO$108.4B reported#92
- HighTower Advisors, LLC$103.2B reported#93
- MARSHALL WACE, LLP$100.4B reported#94
- Sanders Capital, LLC$99.8B reported#95
- VOYA INVESTMENT MANAGEMENT LLC$96.1B reported#96
- Boston Partners$95.5B reported#97
- Allianz Asset Management GmbH$95.4B reported#98
- Swedbank AB$95.1B reported#99
- Pictet Asset Management Holding SA$94.8B reported#100
Showing 100 of 500 — keep typing to narrow.
Source: quarterly holdings filings with the SEC, via EDGAR. Ranked by each filer's own reported totals. Educational analysis of published data — insight, not advice.