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Money Management

Overall assets return to positive territory

Increase of 5.8% seen a year after slight loss; passive management also back on growth track

Luba Nikulina sees growth of alternatives as a factor in the rise of passive management.

Total assets run by leading passive money managers grew 9.9% in 2016 to $16.7 trillion, a faster rate than growth across the world's largest 500 money managers, the latest ranking by Willis Towers Watson PLC and Pensions & Investments shows.

The research on the world's 500 largest asset managers showed total assets under management grew 5.8% in the year ended Dec. 31, to $81.2 trillion. In 2015, assets under management fell for the first time since 2011, by 1.7% to $76.7 trillion.

The passive money managers' growth in 2016 compared with a 0.8% decline for 2015. Over 10 years, passive managers have seen their total assets grow at a compound annual growth rate of 9.2%. For the overall 500 firms in the ranking, the 10-year rate was 2.4%. A spokeswoman for Willis Towers Watson said the consultant "created a consistent sample which in our view consists of the most recognizable passive managers with a substantial amount of AUM invested in passively managed assets and which is representative of industry developments." She added that the list is internal.

Overall, however, active strategies continued to take the dominant share of assets under management across the top 500, at $20.5 trillion, down 2.3% from 2015. Total passive assets grew 5.9% over the year to $5.6 trillion.

"Passive has definitely increased much faster than the average," said Luba Nikulina, London-based global head of manager research at Willis Towers Watson.

There are a number of well-known reasons for the growth of passive — such as pressure on fees, the ability to gain exposure in a cheaper way and the underperformance of active strategies — but Ms. Nikulina cited two key additional reasons.

"There has been significant appetite from asset owners to have a bit more control around the sorts of exposures that they have," said Ms. Nikulina. An asset owner looking to incorporate sustainability and environmental, social and governance factors into their exposures can use an ESG-exclusion index, for example.

The second reason is that factor investing and smart beta strategies might also be counted in the passive assets story. The 2016 research showed 5.5% of assets under management of the 500 largest managers was invested in factor-based strategies.

There may also be a relationship between the increase in passive assets and growth in allocations to alternatives. Alternatives assets under management grew 5.1% in 2016 to $2.5 trillion. Equities assets grew 4.1% to $18.5 trillion, and fixed-income assets grew 1.7% to $14.4 trillion.

"What we think is happening is investors are allocating to passive and with this they are lowering the overall fee drag, and they also lower the governance requirements in this area. When they release this fee and governance budget, they reallocate it not to active and traditional asset classes, but rather to more alternatives to make their capital work harder," said Ms. Nikulina.

Currency impact noted

Within the top 500 firms, North America-based managers took a 58.4% share of total assets under management, with $47.4 trillion. That represented a 7.7% increase from 2015. Assets run by Europe-based managers, including the U.K., increased 2.8% to $25.8 trillion. However, U.K.-based firms saw their assets under management fall 4.5% to $6.3 trillion.

Ms. Nikulina attributed much of the North American firms' growth, as well as the U.K.'s decline in part, to the impact of currency. The pound sterling, for example, fell 16.3% in 2016 against the dollar.

"Probably half of the story if not more (regarding North American managers) is the dollar, and also growth of the economy," she said, as well as large passive managers being domiciled in the U.S. The S&P 500 index gained 11.96% in calendar 2016, compared to a 1.38% gain in 2015.

Along with the return to growth for the overall top 500 managers, the top 20 also fared well in 2016. Total assets under management for the 20 largest firms grew 6.7% to $34.3 trillion, and their share of the total pie grew to 42.3%, from 41.9% in 2015.

BlackRock (BLK) Inc. (BLK) remained in first place, with $5.15 trillion in assets as of Dec. 31, 2016. The firm's AUM as of Sept. 30, 2017, was $5.98 trillion, according to its latest quarterly update.

Vanguard Group Inc. again took second place with $3.97 trillion in assets, and State Street Global Advisors ​ stayed in third place with $2.47 trillion in assets under management.

At the other end of the listing, the managers ranked 251 to 500 saw their assets under management grow 7.3% to $4.8 trillion. Their share of total assets also grew, to 5.9% from 5.8% in the 2015 ranking.

For smaller managers, the pace of growth is partly attributable to assets under management starting from a smaller base. Additionally "how we explain this is more appetite for alternatives and the niche strategies. I think we have already started seeing this effect a number of years ago, but this is confirmation of the same trend," added Ms. Nikulina.

She said the growth of the two sets of managers came "at the expense of the middle" ranking firms. The top 20 benefited from the growth in passive as well as consolidation among managers to gain scale and to "deal with regulatory costs."

Almost 60% of managers surveyed said they had experienced a moderate or significant increase in the level of regulatory oversight.

Another highlight of the research was analysis relating to the type of managers in the top 20. All of the managers in the top 10 were independent firms, up from nine in 2015, with Nuveen, the investment management arm of TIAA, entering the top 20 in 20th place, with $881.7 billion in assets under management. The firm was acquired by TIAA in 2014. In the 2015 ranking, the firm took 22nd place with $854.3 billion in assets.

Falling out of the top 20 was HSBC Holdings PLC, which came 22nd in the 2016 ranking with $831 billion. In 2015 it was in 18th place, with $896 billion in assets under management.

Ms. Nikulina said over the past 10 years the number of independent managers in the top 20 has doubled. There are "understandable reasons" for a preference for an independent ownership model, such as regulatory impacts regarding bank ownership, she added.

Other findings

In other findings:

Among those surveyed, 60% said aggregate investment management fees had remained the same in 2016, while 7% noted a moderate increase. One-third said fees had moderately decreased over the year.

Sixty-two percent of managers reported a moderate or significant increase in resources deployed to technology and big data in 2016.

And investor focus on sustainable investing, including voting investor shares, saw a big increase, with 78% of firms surveyed reporting increased client interest.

The P&I/Willis Towers Watson World 500: World's largest money managers
Ranked by total assets under management, in millions, as of Dec. 31, 2016, unless otherwise indicated.
RankManagerCountryTotal assets  
1 BlackRock (BLK)U.S.$5,147,852
2 Vanguard GroupU.S.$3,965,018
3State Street GlobalU.S.$2,468,456
4 Fidelity InvestmentsU.S.$2,130,798
5Allianz GroupGermany$1,971,211
6J.P. Morgan ChaseU.S.$1,770,867
7 Bank of New York Mellon (BK)U.S.$1,647,990
8AXA GroupFrance$1,505,537
9Capital GroupU.S.$1,478,523
10 Goldman Sachs Group (GS)U.S.$1,379,000
11 Prudential FinancialU.S.$1,263,765
12BNP ParibasFrance$1,215,482
13UBSSwitzerland$1,208,275
14Deutsche BankGermany$1,190,523
15 AmundiFrance$1,141,000
16Legal & General GroupU.K.$1,099,919
17Wellington Mgmt.U.S.$979,210
18Northern Trust Asset Mgmt.U.S.$942,452
19Wells FargoU.S.$936,900
20 NuveenU.S.$881,748
21Natixis Global Asset Mgmt.France$877,108
22HSBC HoldingsU.K.$831,000
23 Invesco (IVZ)U.S.$812,918
24T. Rowe PriceU.S.$810,800
25 MetLifeU.S.$800,806
26Aegon GroupNetherlands$783,927
27 Morgan Stanley (MS)U.S.$778,003
28PrudentialU.K.$736,866
29 Franklin Templeton (BEN)U.S.$719,989
30 Legg Mason (LM)U.S.$710,387
31Sumitomo Mitsui Trust HoldingsJapan$699,484
32Affiliated Managers GroupU.S.$688,700
33MassMutual FinancialU.S.$675,000
34Sun Life FinancialCanada$670,600
35Manulife/John HancockCanada$660,437
36Nippon Life InsuranceJapan$647,484
37Ameriprise FinancialU.S.$629,600
38Principal FinancialU.S.$591,600
39Mitsubishi UFJ Financial GroupJapan$584,765
40 New York Life InvestmentsU.S.$504,649
41Great-West LifecoCanada$489,342
42Old MutualU.K.$485,790
43Generali GroupItaly$479,370
44Schroder Invesment Mgmt.U.K.$476,976
45 Dimensional Fund AdvisorsU.S.$460,010
46Royal Bank of CanadaCanada$433,054
47AvivaU.K.$423,813
48DZ BankGermany$413,282
49Credit SuisseSwitzerland$396,707
50Blackstone GroupU.S.$366,553
51 Federated Investors (FII)U.S.$365,908
52Macquarie GroupAustralia$362,511
53 Eaton Vance (EV)U.S.$354,300
54Aberdeen Asset Mgmt.U.K.$346,627
55Standard LifeU.K.$343,424
56NordeaDenmark$339,984
57Meiji Yasuda Life Insurance1Japan$306,716
58Charles Schwab InvestmentU.S.$302,250
59Eurizon Capital SGRItaly$300,264
60 Robeco Group2Netherlands$297,315
61Shinkin Central Bank1Japan$296,976
62Nomura Asset Mgmt.Japan$295,943
63Voya FinancialU.S.$287,109
64Fidelity WorldWide InvestmentsU.K.$278,016
65MEAGGermany$277,607
66 Dodge & CoxU.S.$275,917
67LBBWGermany$274,778
68Geode Capital Mgmt.U.S.$261,735
69 Russell InvestmentsU.S.$258,058
70Zurich Financial ServicesSwitzerland$255,722
71 Neuberger BermanU.S.$255,186
72Pioneer Global Asset Mgmt.Italy$240,654
73Brookfield Asset Mgmt.Canada$239,825
74Stifel FinancialU.S.$236,942
75Societe GeneraleFrance$233,890
76BMO Global Asset Mgmt.Canada$229,778
77Banco do BrasilBrazil$224,466
78Sumitomo Life Insurance1Japan$221,963
79PGGMNetherlands$215,980
80Guggenheim InvestmentsU.S.$209,211
81Dekabank GroupGermany$208,163
82TD Asset Mgmt.Canada$205,106
83NN Investment PartnersNetherlands$202,670
84Swiss Life Asset ManagersSwitzerland$200,353
85LazardU.S.$197,910
86SEBSweden$195,910
87 SEI Investments (SEIC)U.S.$195,897
88Janus Capital GroupU.S.$194,494
89Banco Santander CentralSpain$193,855
90 TCW GroupU.S.$191,557
91La Poste3France$188,587
92Samsung GroupSouth Korea$180,206
93AQR Capital Mgmt.U.S.$175,211
94Baillie GiffordU.K.$174,160
95Banco BradescoBrazil$169,717
96Le Groupe LCF RothschildFrance$162,883
97Itau UnibancoBrazil$162,316
98 Bridgewater AssociatesU.S.$160,841
99Pictet Asset Mgmt.Switzerland$159,062
100 MercerU.S.$157,448
101American CenturyU.S.$156,764
102Colonial First StateAustralia$147,154
103Scotiabank4Canada$143,064
104EFG InternationalSwitzerland$141,800
105Zurcher KantonalbankSwitzerland$141,557
106Resona HoldingsJapan$139,687
107PNC FinancialU.S.$137,182
108Lord, AbbettU.S.$136,249
109Harvest Fund Mgmt.China$136,221
110BBVASpain$136,183
111NISA InvestmentU.S.$135,667
112Nikko Asset Mgmt.Japan$133,349
113Mn ServicesNetherlands$130,273
114 Kohlberg Kravis RobertsU.S.$129,556
115SwedbankSweden$128,700
116NationwideU.S.$127,433
117Royal London GroupU.K.$122,500
118 Henderson Global InvestorsU.K.$120,733
119Danske BankDenmark$120,179
120AMP CapitalAustralia$119,476
121GAM HoldingSwitzerland$118,433
122Union Bancaire PriveeSwitzerland$116,361
123China Asset Mgmt.China$115,367
124Investec Asset Mgmt.South Africa$113,336
125Talanx GroupGermany$112,914
126Mizuho Financial GroupJapan$109,690
127CandriamBelgium$107,358
128PRIMECAPU.S.$106,294
129 Payden & RygelU.S.$106,000
130CIBC Asset Mgmt.Canada$105,372
131IGM Financial GroupCanada$105,295
132Groupama Asset Mgmt.France$101,933
133Oaktree CapitalU.S.$100,504
134Covea GroupFrance$98,297
135First Eagle InvestmentU.S.$97,065
136LSV Asset Mgmt.U.S.$97,043
137 Mesirow FinancialU.S.$96,904
138 Artisan Partners (APAM)U.S.$96,845
139Ares Mgmt.U.S.$95,259
140Pearl GroupU.K.$93,492
141Credit MutuelFrance$92,819
142New England Asset Mgmt.U.S.$91,786
143CI FinancialCanada$89,522
144Vontobel Asset Mgmt.Switzerland$88,506
145Caixa Economica FederalBrazil$87,895
146Mirae Asset Financial GroupSouth Korea$87,404
147 Fiera CapitalCanada$86,806
148 CBRE Global InvestorsU.S.$86,600
149Willis Towers WatsonIreland$86,400
150CaixabankSpain$86,275
151BCVSwitzerland$83,779
152Pacific Century GroupHong Kong$82,700
153CCB Principal Asset Mgmt.China$82,668
154Man InvestmentsU.K.$80,900
155Waddell & ReedU.S.$80,521
156Raymond JamesU.S.$79,652
157Baloise Asset Mgmt.Switzerland$78,662
158Metzler Asset Mgmt.5Germany$77,963
159 Wilmington TrustU.S.$77,915
160Hanwha GroupSouth Korea$77,835
161Robert W. BairdU.S.$76,786
162Grantham, Mayo v. OtterlooU.S.$76,743
163Bank of China InvestmentChina$75,261
164 Fisher InvestmentsU.S.$71,784
165PFM Asset Mgmt.U.S.$70,983
166OFI AM6France$70,589
167Securian Financial GroupU.S.$70,500
168 Arrowstreet CapitalU.S.$69,941
169Fortress Investment GroupU.S.$69,627
170China Universal Asset Mgmt.China$68,500
171Storebrand GroupNorway$66,903
172Guardian LifeU.S.$66,500
173GF Fund Mgmt.China$66,174
174Anima HoldingItaly$65,959
175 William BlairU.S.$64,892
176Sumitomo Mitsui Asset Mgmt.Japan$64,653
177Lombard Odier InvestmentSwitzerland$64,027
178ICBC Credit Suisse Asset Mgmt.China$63,445
179OddoFrance$63,214
180Industrial Alliance InsuranceCanada$62,991
181Income Research & Mgmt.U.S.$61,589
182BT Investment Mgmt.7Australia$60,699
183F Van LanschotNetherlands$60,580
184Erste-Sparinvest KapitalanlageAustria$60,264
185Monte dei Paschi di Siena7Italy$59,938
186Svenska HandelsbankenSweden$59,620
187 Brown Brothers HarrimanU.S.$59,533
188 Mondrian Investment PartnersU.K.$59,033
189CarmignacFrance$58,733
190LaSalle InvestmentU.S.$58,013
191SanlamSouth Africa$57,941
192ACTIAMNetherlands$57,524
193QICAustralia$57,453
194Cohen & SteersU.S.$57,197
195 Partners GroupSwitzerland$57,103
196Warburg GruppeGermany$56,998
197Record Currency Mgmt.U.K.$56,375
198Fukoku Mutual Life InsuranceJapan$56,291
199LGT GroupLiechtenstein$56,122
200Tokio Marine Holdings2Japan$56,000
201Bank Degroof PetercamBelgium$55,650
202Victory CapitalU.S.$54,965
203IFM InvestorsAustralia$54,486
204 American Beacon AdvisorsU.S.$53,886
205Brown AdvisoryU.S.$53,744
206 Marathon-LondonU.K.$53,680
207KBLLuxembourg$53,521
208Connor, Clark & Lunn FinancialCanada$52,728
209Bosera Asset Mgmt.China$52,319
210 Ashmore GroupU.K.$52,200
211Landesbank Hessen-ThuringenGermany$51,710
212Sterling CapitalU.S.$51,613
213Sompo Japan Nipponkoa1Japan$51,392
214 Starwood CapitalU.S.$51,296
215Versicherungskammer BayernGermany$51,144
216UBI BancaItaly$50,894
217Jupiter Asset Mgmt.U.K.$50,096
218Delta Lloyd Asset Mgmt.Netherlands$50,000
219 Daiwa SB InvestmentsJapan$49,700
220KempenNetherlands$49,364
221Thornburg InvestmentU.S.$48,972
222AchmeaNetherlands$48,885
223China Southern Fund Mgmt.China$47,631
224 HinesU.S.$47,461
225Truvalue Asset Mgmt.China$47,429
226 HarbourVest PartnersU.S.$47,333
227ChallengerAustralia$47,230
228KB Asset Mgmt.South Korea$45,977
229MediolanumItaly$45,959
230Fort WashingtonU.S.$45,656
231Virtus InvestmentU.S.$45,366
232Pathway CapitalU.S.$44,636
233Causeway CapitalU.S.$44,238
234FolksamSweden$44,030
235STANLIBSouth Africa$42,700
236National Bank of Canada4Canada$42,443
237Coronation Fund ManagersSouth Africa$42,255
238Ohio NationalU.S.$41,800
239Northill CapitalU.K.$41,257
240 RhumbLine AdvisersU.S.$41,225
241D.E. Shaw GroupU.S.$41,059
242UMB FinancialU.S.$40,900
243Yinhua Fund Mgmt.China$40,466
244 Hamilton LaneU.S.$40,367
245RidgeWorth CapitalU.S.$40,152
246Shinhan BNPParibasSouth Korea$40,040
247 GAMCO Investors (GBL)U.S.$39,684
248 Strategic Investment GroupU.S.$38,919
249PrologisU.S.$38,871
250 Renaissance TechnologiesU.S.$38,795
251 Van Eck AssociatesU.S.$38,343
252Desjardins GroupCanada$38,271
253GLC Asset Mgmt. GroupCanada$38,097
254SECOR Asset Mgmt.U.S.$37,908
255Penghua Fund Mgmt.China$37,622
256Portfolio AdvisorsU.S.$37,554
257KBC GroupBelgium$37,306
258Banco Popolare Società3Italy$36,786
259Northern CrossU.S.$36,735
260Tian Hong Asset Mgmt.China$36,554
261E Fund Mgmt.China$36,400
262 HeitmanU.S.$36,385
263Korea ITMCSouth Korea$35,996
264Stone Harbor InvestmentU.S.$35,902
265Fullgoal Fund Mgmt.China$35,841
266Bank SyzSwitzerland$35,618
267Hermes Investment Mgmt.U.K.$35,097
268 Commerce TrustU.S.$35,016
269Westpac Banking7Australia$34,974
270Gruppo AzimutItaly$34,365
271Kiwoom AMCSouth Korea$34,284
272Silchester International8U.K.$34,219
273 Colchester Global InvestorsU.K.$33,941
274CommerzbankGermany$33,714
275Magellan Asset Mgmt.Australia$33,612
276Allan Gray ProprietarySouth Africa$33,237
277Raiffeisen Zentralbank5Austria$32,871
278HDFC Asset Mgmt.India$32,630
279HUK CoburgGermany$32,147
280Winton Capital Mgmt.U.K.$32,067
281Alexander Forbes1South Africa$32,031
282Manning & NapierU.S.$31,683
283Arca SGRItaly$31,396
284Caixa Geral de Depósitos1Portugal$31,045
285 Fifth Third BancorpU.S.$31,000
286DNBNorway$30,959
287Shenkman CapitalU.S.$30,756
288HFT Investment Mgmt.China$30,604
289Mawer Investment Mgmt.Canada$30,193
290Pzena InvestmentU.S.$30,035
291 Hotchkis & WileyU.S.$29,952
292 Adams Street PartnersU.S.$29,903
293 StepStone GroupU.S.$29,889
294Beutel, GoodmanCanada$29,600
295Universal-InvestmentGermany$29,487
296 First Pacific AdvisorsU.S.$29,475
297NurnbergerGermany$29,115
298Reliance CapitalIndia$28,809
299 Lexington PartnersU.S.$28,527
300Jarislowsky, FraserCanada$28,454
301AJOU.S.$28,258
302Quoniam Asset Mgmt.Germany$27,871
303Boston Private FinancialU.S.$27,557
304Uniqa Finanz GroupAustria$27,027
305Davis AdvisorsU.S.$27,013
306Angelo, GordonU.S.$27,000
307Bank J. Safra SarasinSwitzerland$26,940
308 ICMA RetirementU.S.$26,878
309Birla Sun Life Asset Mgmt.India$26,597
310 DuPont CapitalU.S.$26,449
311Ruffer5U.K.$26,325
312Royal Bank of ScotlandU.K.$26,079
313Brandes InvestmentU.S.$26,073
314Breckinridge CapitalU.S.$25,951
315Ameritas Mutual HoldingU.S.$25,800
316Banco SabadellSpain$25,644
317AGF Mgmt.Canada$25,543
318Goodman GroupAustralia$25,147
319Eagle CapitalU.S.$25,043
320Hungkuk ITMCSouth Korea$24,749
321Matthews InternationalU.S.$24,608
322NH-CASouth Korea$24,487
323Kyobo Life InsuranceSouth Korea$24,378
324 CommonfundU.S.$24,331
325Burgundy Asset Mgmt.Canada$24,248
326Gruppo Credito Emiliano3Italy$24,100
327Greystone ManagedCanada$23,736
328ASB Capital Mgmt.U.S.$23,589
329BTG PactualBrazil$23,376
330SafraBrazil$23,358
331Fiduciary Mgmt./MilwaukeeU.S.$23,307
332VinvaAustralia$23,000
333COMGESTFrance$22,985
334Berenberg Asset Mgmt.Germany$22,959
335Gruppo Bipiemme7Italy$22,862
336Intermediate Capital Group1U.K.$22,757
337 Callan AssociatesU.S.$22,666
338Los Angeles CapitalU.S.$22,380
339KutxabankSpain$22,367
340Knights of Columbus AssetU.S.$22,364
341PerpetualAustralia$22,356
342Letko BrosseauCanada$22,097
343Jackson Square PartnersU.S.$21,951
344China Post FundChina$21,854
345WoodfordU.K.$21,848
346Tactical Global Mgmt.Australia$21,736
347Penn Mutual Asset Mgmt.U.S.$21,367
348Westwood HoldingsU.S.$21,241
349Sarofim GroupU.S.$21,164
350Canyon PartnersU.S.$21,000
351UnigestionSwitzerland$20,750
352State Bank of IndiaIndia$20,741
353SCORFrance$20,228
354Co-operators GroupCanada$20,218
355BankiaSpain$20,205
356Blue Sky GroupNetherlands$20,018
357Bank of Comm. SchrodersChina$19,955
358 Highland AssociatesU.S.$19,660
359Patrizia ImmobilienGermany$19,638
360 EARNEST PartnersU.S.$19,613
361AlgerU.S.$19,515
362Southeastern Asset Mgmt.U.S.$19,471
363Diamond Hill CapitalU.S.$19,381
364Tongyang Investment Mgmt.South Korea$19,336
365UTI Asset Mgmt.India$19,033
366King Street CapitalU.S.$18,900
367China Fund Mgmt.China$18,708
368Grupo Banco PopularSpain$18,690
369Lansdowne PartnersU.K.$18,526
370IbercajaSpain$18,514
371 Calamos Advisors (CLMS)U.S.$18,278
372Lendlease Investment Mgmt.Australia$17,848
373QBEAustralia$17,613
374Platinum Asset Mgmt.Australia$17,500
375 International Value AdvisersU.S.$17,421
376Veritas Asset Mgmt.U.K.$17,033
377Royal & SunAllianceU.K.$16,779
378Majedie Asset Mgmt.U.K.$16,774
379DEXUS Property GroupAustralia$16,403
380Providence EquityU.S.$16,294
381Tortoise CapitalU.S.$16,251
382AXA SPDB Investment ManagersChina$16,061
383Pacific Asia GroupHong Kong$16,000
384Caitong Fund Mgmt.China$15,963
385Independent Franchise8U.K.$15,833
386BankinterSpain$15,528
387Votorantim Asset Mgmt.Brazil$15,355
388Kepler Fonds9Austria$15,182
389Glenmede InvestmentU.S.$15,087
390 Wasatch AdvisorsU.S.$15,072
391Sprucegrove InvestmentCanada$15,006
392Highland Capital (Texas)U.S.$14,769
393HuntU.S.$14,754
394Canso Investment CounselCanada$14,751
395T&D Asset Mgmt.Japan$14,561
396 Amalgamated BankU.S.$14,296
397 Guardian CapitalCanada$14,229
398HexavestCanada$14,118
399H/2 CapitalU.S.$14,101
400GPT GroupAustralia$13,890
401 Horsley Bridge PartnersU.S.$13,808
402Silvercrest Asset Mgmt.U.S.$13,800
403Charter HallAustralia$13,730
404Sit InvestmentU.S.$13,708
405Grupo Novo Banco3Portugal$13,696
406Marathon Asset Mgmt.U.S.$13,400
407Iridian Asset Mgmt.U.S.$13,372
408Hana Financial GroupSouth Korea$13,363
409Harrison StreetU.S.$13,330
410Value PartnersHong Kong$13,200
411AristotleU.S.$13,110
412Luther King CapitalU.S.$13,108
413Gulf International BankU.K.$12,900
414 Cambiar InvestorsU.S.$12,846
415World Asset Mgmt.U.S.$12,827
416 Cantillon Capital Mgmt.U.S.$12,774
417IBK AMCSouth Korea$12,746
418Shinyoung ITMCSouth Korea$12,711
419 Rockpoint GroupU.S.$12,644
420Leith Wheeler InvestmentCanada$12,621
421Perella WeinbergU.S.$12,612
422Beach Point CapitalU.S.$12,145
423Kotak Mahindra Asset Mgmt.India$12,082
424CQSU.K.$12,027
425 Sage Advisory ServicesU.S.$11,994
426Hyundai Investment AMCSouth Korea$11,879
427Westfield CapitalU.S.$11,753
428 London Co.U.S.$11,619
429Gruppo Banca CarigeItaly$11,446
430 SkyBridge CapitalU.S.$11,400
431KBSU.S.$11,252
432Polen CapitalU.S.$11,251
433DongbuSouth Korea$11,226
434Synovus FinancialU.S.$11,200
435Mitsui Fudosan Investment1Japan$11,098
436QV InvestorsCanada$11,045
437 Ariel InvestmentsU.S.$10,963
438Tocqueville Asset Mgmt.U.S.$10,919
439Lindsell TrainU.K.$10,914
440 Stockbridge Capital GroupU.S.$10,903
441Carnegie InvestmentSweden$10,890
442Banco BPIPortugal$10,883
443BOCI-PrudentialHong Kong$10,763
444Cowen InvestmentU.S.$10,544
445SulAmerica InvestimentosBrazil$10,512
446Aetos CapitalU.S.$10,511
447 Westbrook PartnersU.S.$10,412
448RWC Asset Mgmt.U.K.$10,381
449Polar Capital HoldingsU.K.$10,333
450EdgePoint Investment GroupCanada$10,313
451ASRNetherlands$10,114
452 Segall Bryant & HamillU.S.$10,060
453HI Asset Mgmt.South Korea$9,974
454Pacific Alternative AssetU.S.$9,962
455New Brunswick Investment1Canada$9,844
456Close Brothers Group10U.K.$9,841
457MapfreSpain$9,814
458Axiom InvestorsU.S.$9,672
459Opus InvestmentU.S.$9,672
460 DRA AdvisorsU.S.$9,536
461Verde Asset Mgmt.9Brazil$9,520
462Systematica InvestmentsJersey$9,500
463 Rockwood CapitalU.S.$9,464
464Fisch Asset Mgmt.Switzerland$9,370
465Longfellow InvestmentU.S.$9,192
466 C.S. McKeeU.S.$9,184
467UNICAJASpain$9,133
468Johnson Investment CounselU.S.$9,110
469 CornerStone PartnersU.S.$9,100
470ABSA Asset Mgmt.South Africa$9,079
471Maple-Brown AbbottAustralia$9,074
472Adrian Lee & PartnersU.K.$9,000
473Lupus Alpha Asset Mgmt.Germany$9,000
474KTBSouth Korea$8,994
475KGALGermany$8,992
476Westwood GlobalU.S.$8,919
477 Bahl & GaynorU.S.$8,905
478Advent CapitalU.S.$8,835
479 Edinburgh PartnersU.K.$8,782
480Piper JaffrayU.S.$8,731
481Cooper InvestorsAustralia$8,671
482CCLA Investment Mgmt.U.K.$8,611
483First Midwest BancorpU.S.$8,600
484First Principles CapitalU.S.$8,575
485CaserSpain$8,560
486SPARX GroupJapan$8,551
487IDFC Asset Mgmt.India$8,531
488Peregrine Holdings1South Africa$8,518
489Eugene Asset Mgmt.South Korea$8,415
490Renta 4Spain$8,347
491L&B RealtyU.S.$8,217
492Bantleon BankSwitzerland$8,200
493 M.D. Sass GroupU.S.$8,119
494Brown CapitalU.S.$8,060
495TriState Capital HoldingsU.S.$8,055
496Driehaus CapitalU.S.$8,034
497Garcia HamiltonU.S.$8,016
498 American Realty AdvisorsU.S.$8,011
499Quadrant Real EstateU.S.$8,010
500Kairos PartnersItaly$7,991
 Total$81,163,746
Notes: 1 As of March 31, 2016; 2 As of June 30, 2017; 3 As of June 30, 2016; 4 As of Oct. 31, 2016; 5 As of May 31, 2017; 6 As of Jan. 31, 2017; 7 As of Sept. 30, 2016; 8 As of April 30, 2017; 9 As of March 31, 2017; 10 As of July 31, 2016