A Comparison of the 150 Largest US Fund Families in 2024

To explore Morningstar's latest Fund Family Digest, download the full report.

Vanguard remains the largest fund family in the US, managing over $8.5 trillion in assets. While the firm offers a robust selection of actively managed funds, its core focuses on low-cost, passively managed index funds. The trend toward passive investing continues to gain momentum, with Vanguard and BlackRock as the primary beneficiaries in the US. As of August 2024, Vanguard held an impressive 29% share of the US open-end fund and ETF market, driven by the popularity of its affordable, core-focused index funds, while BlackRock captured 12%. Despite the large inflows these firms receive, their growth rates are relatively modest, remaining in the single digits due to the sheer size of their assets under management. 

Although still a small part of most firms’ fund lineups, active ETFs have been gaining traction as firms recognize investor preference for the vehicle. While ETFs’ easy tradability and full transparency of portfolio holdings may be an attraction, investors also appreciate other ETF attributes more generally: ETFs can offer better tax treatment compared with traditional open-end mutual funds as well a potentially lower cost.  

The 150 largest fund families in the United States collectively manage trillions of dollars across a range of open-end mutual funds and exchange-traded funds, with Vanguard and BlackRock leading the way. 

How do the largest providers compare? 

In the 2024 Fund Family Digest, Morningstar analysts explore industry attributes in terms of market share and product trends. The report also includes comprehensive factsheets, including Parent Pillar ratings, for each of the US’s largest 150-fund families. Download the full report for a deeper dive into these leading firms. 

Morningstar's Parent Pillar rating, one of three pillars that comprise the Morningstar Medalist Rating, provides investors with valuable insight into how well a fund family is managed for the benefit of its clients.  

The Parent Pillar assessment is grounded in Morningstar analysts' evaluations of several factors:  

• Investment culture, including a firm's ability to attract, develop, and retain top investment talent. 

• Business practice and governance of product offerings. 

• Philosophies that guide fund fees and portfolio-manager compensation. 

• Regulatory infractions. 

These factors together reflect a fund family's overall care of investors’ capital and its alignment with investors' interests. 

Morningstar analysts use a combination of qualitative and quantitative approaches to assess a fund family's leadership, investment team, and product development, among other relevant characteristics. 

At the leadership level, they consider a firm’s business structure and attention to core functions, such as risk management and capacity management.  

In the investment team evaluation, analysts utilize Morningstar data to assess factors like manager retention and fund performance, contributing to a more comprehensive understanding of a firm's strengths and weaknesses. Here, succession planning and investment-team resources are also considered. 

On the product development side, data on fund launches, mergers, and liquidations are critical. Analysts also assess a firm’s commitment to keeping costs competitive: how does a firm price its strategies and does it share economies of scale?  

This detailed analysis helps investors identify firms that offer thoughtful leadership, long-term investment-team stability, and a focus on delivering value to their clients. 

Just 10 out of the 150 largest asset managers in the US receive High Parent Pillar ratings from Morningstar analysts. Morningstar's High Parent Pillar rating is reserved for firms with investment and commercial cultures that demonstrate a strong commitment to investors’ interests.  

These firms share several characteristics, often having stable portfolio management teams with long tenures and clear succession plans. High-rated firms also attract top talent and maintain competitive fee structures, ensuring investors get a good deal. 

Firms like Vanguard, Capital Group, and T. Rowe Price earn High Parent Pillar ratings given a long track record of delivering favorable investor outcomes, whether an output of low-cost offerings, judicious product development, or the development and retention of skilled portfolio managers that have produced strong investment results. 

Have a fund family you’re curious about? Get the insights that matter with Morningstar Data + Analytics. Morningstar offers unparalleled fund data, including detailed analysis of passive vs. active strategies, Medalist ratings, and more. 

Here’s how the largest fund families in the United States stack up in Medalists-rated shares, assets under management, and flows.  

To see the factsheets and gain insights into the performance of these leading firms, download the full Fund Family Digest 2024.

Morningstar factsheets are invaluable for financial advisors and individual investors alike, comparing fund families across various performance and risk metrics. By providing key data on product lineups, performance, risk, and portfolio managers among other things,  these fact sheets offer a clear, concise snapshot of a fund family compared with peers. 

 Using fact sheets from prominent fund families like BlackRock and Vanguard, advisors can easily evaluate a firm’s exposure to asset classes, its Morningstar Medalist ratings breakdown, and a plethora of portfolio manager data,  helping them make informed decisions for their clients' portfolios. These side-by-side comparisons enable advisors make smart choices about the asset managers with which they partner for the long term based on data to help determine a firm’s investor-friendliness.

To learn more about the largest fund families in the US and how their offerings stack up across various metrics, download the full Fund Family Digest 2024.