October 29, 2018 01:00 AM
The P&I/Thinking Ahead Institute World 500: World's largest money managers
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Ranked by total assets under management, in millions, as of Dec. 31, 2017.
| Rank | Manager | Country | Assets | |
|---|---|---|---|---|
| 1 | BlackRock | U.S. | $6,288,195 | |
| 2 | Vanguard Group | U.S. | $4,940,350 | |
| 3 | State Street Global | U.S. | $2,781,693 | |
| 4 | Fidelity Investments | U.S. | $2,448,807 | |
| 5 | Allianz Group | Germany | $2,358,037 | |
| 6 | J.P. Morgan Chase | U.S. | $2,034,000 | |
| 7 | BNY Mellon | U.S. | $1,892,941 | |
| 8 | Capital Group | U.S. | $1,778,134 | |
| 9 | AXA Group | France | $1,731,232 | |
| 10 | Amundi | France | $1,709,475 | |
| 11 | Goldman Sachs Group | U.S. | $1,494,000 | |
| 12 | Deutsche Bank | Germany | $1,453,321 | |
| 13 | BNP Paribas | France | $1,432,968 | |
| 14 | Prudential Financial | U.S. | $1,393,628 | |
| 15 | Legal & General Group | U.K. | $1,333,162 | |
| 16 | UBS | Switzerland | $1,254,401 | |
| 17 | Northern Trust | U.S. | $1,161,000 | |
| 18 | Wellington Mgmt. | U.S. | $1,080,307 | |
| 19 | Wells Fargo | U.S. | $1,040,900 | |
| 20 | Natixis Investment Mgrs. | France | $997,849 | |
| 21 | T. Rowe Price | U.S. | $991,100 | |
| 22 | Aegon Group | Netherlands | $982,916 | |
| 23 | Nuveen | U.S. | $970,459 | |
| 24 | HSBC Holdings | U.K. | $943,000 | |
| 25 | Invesco | U.S. | $937,598 | |
| 26 | Morgan Stanley | U.S. | $935,501 | |
| 27 | M&G Prudential | U.K. | $907,457 | |
| 28 | Affiliated Managers Group | U.S. | $836,300 | |
| 29 | Sumitomo Mitsui Trust Holdings | Japan | $791,467 | |
| 30 | Standard Life Aberdeen | U.K. | $780,551 | |
| 31 | Sun Life Financial | Canada | $778,161 | |
| 32 | MassMutual | U.S. | $771,000 | |
| 33 | Legg Mason | U.S. | $767,241 | |
| 34 | Manulife/John Hancock | Canada | $756,477 | |
| 35 | Franklin Templeton | U.S. | $753,766 | |
| 36 | Ameriprise Financial | U.S. | $714,300 | |
| 37 | Nippon Life Insurance | Japan | $701,396 | |
| 38 | Principal Financial | U.S. | $668,600 | |
| 39 | Mitsubishi UFJ Financial Group | Japan | $663,782 | |
| 40 | MetLife | U.S. | $663,451 | |
| 41 | Schroder Invesment Mgmt. | U.K. | $589,470 | |
| 42 | Dimensional Fund Advisors | U.S. | $577,096 | |
| 43 | Great-West Lifeco | Canada | $557,839 | |
| 44 | Generali Group | Italy | $555,823 | |
| 45 | New York Life Investments | U.S. | $542,890 | |
| 46 | Asset Management One | Japan | $520,400 | |
| 47 | Royal Bank of Canada | Canada | $515,871 | |
| 48 | Credit Suisse | Switzerland | $464,156 | |
| 49 | Blackstone Group | U.S. | $434,100 | |
| 50 | Eaton Vance | U.S. | $432,200 | |
| 51 | Aviva | U.K. | $426,634 | |
| 52 | Federated Investors | U.S. | $397,570 | |
| 53 | Nordea | Denmark | $397,498 | |
| 54 | Union Investment | Germany | $392,685 | |
| 55 | LBBW | Germany | $387,445 | |
| 56 | Eurizon Capital SGR | Italy | $384,909 | |
| 57 | Nomura Asset Mgmt. | Japan | $371,212 | |
| 58 | Macquarie Group | Australia | $368,912 | |
| 59 | Charles Schwab Investment | U.S. | $360,662 | |
| 60 | Geode Capital Mgmt. | U.S. | $359,367 | |
| 61 | Janus Henderson Group | U.K. | $356,953 | |
| 62 | Meiji Yasuda Life Insurance1 | Japan | $327,188 | |
| 63 | Shinkin Central Bank1 | Japan | $326,060 | |
| 64 | Dodge & Cox | U.S. | $315,953 | |
| 65 | Voya Financial | U.S. | $307,980 | |
| 66 | MEAG | Germany | $303,753 | |
| 67 | Russell Investments | U.S. | $296,589 | |
| 68 | Zurcher Kantonalbank | Switzerland | $296,242 | |
| 69 | NN Investment Partners | Netherlands | $295,958 | |
| 70 | Neuberger Berman | U.S. | $295,170 | |
| 71 | Brookfield Asset Mgmt. | Canada | $283,141 | |
| 72 | Zurich Financial Services | Switzerland | $282,341 | |
| 73 | Societe Generale | France | $276,708 | |
| 74 | Banco do Brasil2 | Brazil | $274,366 | |
| 75 | Stifel Financial | U.S. | $272,600 | |
| 76 | BMO Global Asset Mgmt. | Canada | $260,000 | |
| 77 | La Poste | France | $259,865 | |
| 78 | Sumitomo Life Insurance1 | Japan | $256,320 | |
| 79 | Dekabank Group | Germany | $253,356 | |
| 80 | Guggenheim Investments | U.S. | $250,831 | |
| 81 | Lazard | U.S. | $249,459 | |
| 82 | TD Asset Mgmt. | Canada | $244,175 | |
| 83 | Baillie Gifford | U.K. | $235,336 | |
| 84 | SEI Investments | U.S. | $232,037 | |
| 85 | Swiss Life Asset Managers | Switzerland | $229,410 | |
| 86 | Mercer | U.S. | $227,455 | |
| 87 | AQR Capital Mgmt. | U.S. | $224,043 | |
| 88 | SEB | Sweden | $223,827 | |
| 89 | Banco Santander Central | Spain | $218,961 | |
| 90 | Samsung Group | South Korea | $205,272 | |
| 91 | TCW Group | U.S. | $204,592 | |
| 92 | Pictet Asset Mgmt. | Switzerland | $197,530 | |
| 93 | Robeco Group | Netherlands | $193,401 | |
| 94 | Itau Unibanco | Brazil | $190,318 | |
| 95 | Banco Bradesco2 | Brazil | $178,201 | |
| 96 | American Century | U.S. | $173,312 | |
| 97 | Colonial First State | Australia | $170,829 | |
| 98 | Resona Holdings | Japan | $170,813 | |
| 99 | Kohlberg Kravis Roberts | U.S. | $168,471 | |
| 100 | Scotiabank3 | Canada | $164,987 | |
| 101 | NISA Investment | U.S. | $162,809 | |
| 102 | GAM Holding | Switzerland | $162,807 | |
| 103 | Bridgewater Associates | U.S. | $161,131 | |
| 104 | Lord, Abbett | U.S. | $157,708 | |
| 105 | Landesbank Hessen-Thuringen4 | Germany | $156,400 | |
| 106 | Mn Services | Netherlands | $155,197 | |
| 107 | Royal London Group | U.K. | $153,987 | |
| 108 | Swedbank | Sweden | $153,132 | |
| 109 | China Asset Mgmt. | China | $153,023 | |
| 110 | NAB Asset Mgmt.5 | Australia | $152,900 | |
| 111 | Harvest Fund Mgmt. | China | $151,807 | |
| 112 | PNC Financial | U.S. | $151,053 | |
| 113 | Danske Bank | Denmark | $147,218 | |
| 114 | EFG International | Switzerland | $145,687 | |
| 115 | Edmond de Rothschild Group | France | $140,939 | |
| 116 | Investec Asset Mgmt. | South Africa | $140,500 | |
| 117 | Nationwide | U.S. | $140,480 | |
| 118 | BBVA | Spain | $137,815 | |
| 119 | PRIMECAP | U.S. | $135,333 | |
| 120 | CIBC Asset Mgmt. | Canada | $133,034 | |
| 121 | Raymond James | U.S. | $130,310 | |
| 122 | Talanx Group | Germany | $129,789 | |
| 123 | Union Bancaire Privee | Switzerland | $128,528 | |
| 124 | Vontobel Asset Mgmt. | Switzerland | $127,282 | |
| 125 | IGM Financial Group | Canada | $124,943 | |
| 126 | Groupama Asset Mgmt. | France | $120,113 | |
| 127 | LSV Asset Mgmt. | U.S. | $118,358 | |
| 128 | Covea Group | France | $117,782 | |
| 129 | Payden & Rygel | U.S. | $117,100 | |
| 130 | Caixabank | Spain | $116,160 | |
| 131 | Willis Towers Watson | Ireland | $115,700 | |
| 132 | Artisan Partners | U.S. | $115,494 | |
| 133 | First Eagle Investment | U.S. | $114,493 | |
| 134 | CI Financial | Canada | $114,178 | |
| 135 | Mesirow Financial | U.S. | $114,084 | |
| 136 | Man Group | U.K. | $109,100 | |
| 137 | Fidelity WorldWide Invest. | U.K. | $108,276 | |
| 138 | Caixa Economica Federal2 | Brazil | $107,386 | |
| 139 | Ares Mgmt. | U.S. | $106,491 | |
| 140 | CBRE Global Investors | U.S. | $103,200 | |
| 141 | Pearl Group | U.K. | $100,331 | |
| 142 | Fiera Capital | Canada | $100,260 | |
| 143 | Oaktree Capital | U.S. | $100,228 | |
| 144 | Anima Holding | Italy | $99,863 | |
| 145 | Arrowstreet Capital | U.S. | $97,465 | |
| 146 | Mirae Asset Financial Group | South Korea | $97,013 | |
| 147 | Bayerischen Landesbank | Germany | $96,246 | |
| 148 | Robert W. Baird | U.S. | $96,006 | |
| 149 | Fisher Investments | U.S. | $95,713 | |
| 150 | OP Financial Group | Finland | $93,840 | |
| 151 | Metzler Asset Mgmt.6 | Germany | $91,434 | |
| 152 | Virtus Investment | U.S. | $90,963 | |
| 153 | Baloise Asset Mgmt. | Switzerland | $90,949 | |
| 154 | Pacific Life | U.S. | $90,000 | |
| 155 | Wilmington Trust | U.S. | $89,230 | |
| 156 | Storebrand Group | Norway | $88,826 | |
| 157 | BCV | Switzerland | $88,718 | |
| 158 | Hanwha Group | South Korea | $86,769 | |
| 159 | Pacific Century Group | Hong Kong | $85,300 | |
| 160 | China Universal Asset Mgmt. | China | $84,261 | |
| 161 | OFI AM | France | $84,216 | |
| 162 | New England Asset Mgmt. | U.S. | $83,784 | |
| 163 | Waddell & Reed | U.S. | $81,082 | |
| 164 | Rothschild | France | $80,967 | |
| 165 | PFM Asset Mgmt. | U.S. | $80,608 | |
| 166 | IFM Investors | Australia | $78,781 | |
| 167 | Securian Financial Group | U.S. | $78,600 | |
| 168 | Erste-Sparinvest Kapitalanlage | Austria | $76,179 | |
| 169 | Credit Mutuel | France | $75,794 | |
| 170 | Sumitomo Mitsui Asset Mgmt. | Japan | $75,781 | |
| 171 | Bank of China Investment | China | $75,708 | |
| 172 | Banco BPM5 | Italy | $75,072 | |
| 173 | BT Investment Mgmt.5 | Australia | $75,002 | |
| 174 | Svenska Handelsbanken | Sweden | $74,854 | |
| 175 | Partners Group | Switzerland | $74,471 | |
| 176 | E Fund Mgmt. | China | $73,976 | |
| 177 | William Blair | U.S. | $73,554 | |
| 178 | Sanlam | South Africa | $73,122 | |
| 179 | Oddo | France | $72,185 | |
| 180 | Guardian Life | U.S. | $71,500 | |
| 181 | CCB Principal Asset Mgmt. | China | $71,169 | |
| 182 | F Van Lanschot | Netherlands | $70,861 | |
| 183 | Industrial Alliance Insurance | Canada | $70,850 | |
| 184 | Monte dei Paschi di Siena | Italy | $70,500 | |
| 185 | Grantham, Mayo v. Otterloo | U.S. | $70,353 | |
| 186 | Ashmore Group | U.K. | $69,500 | |
| 187 | Income Research & Mgmt. | U.S. | $69,256 | |
| 188 | Carmignac | France | $68,039 | |
| 189 | Jupiter Asset Mgmt. | U.K. | $67,982 | |
| 190 | QIC | Australia | $66,493 | |
| 191 | UBI Banca | Italy | $66,458 | |
| 192 | ASR | Netherlands | $66,169 | |
| 193 | ACTIAM | Netherlands | $65,087 | |
| 194 | KBL | Luxembourg | $64,846 | |
| 195 | Brown Brothers Harriman | U.S. | $64,407 | |
| 196 | Record Currency Mgmt. | U.K. | $63,927 | |
| 197 | Marathon-London | U.K. | $63,012 | |
| 198 | Mondrian Investment Partners | U.K. | $62,751 | |
| 199 | Cohen & Steers | U.S. | $62,106 | |
| 200 | LGT Group | Liechtenstein | $62,098 | |
| 201 | Victory Capital | U.S. | $61,771 | |
| 202 | Versicherungskammer Bayern | Germany | $61,541 | |
| 203 | Brown Advisory | U.S. | $60,893 | |
| 204 | Reliance Capital | India | $59,590 | |
| 205 | Fukoku Mutual Life Insurance | Japan | $59,502 | |
| 206 | Connor, Clark & Lunn Financial | Canada | $59,288 | |
| 207 | Truvalue Asset Mgmt. | China | $59,127 | |
| 208 | LaSalle Investment | U.S. | $59,026 | |
| 209 | Causeway Capital | U.S. | $58,964 | |
| 210 | Hines | U.S. | $58,878 | |
| 211 | American Beacon Advisors | U.S. | $57,813 | |
| 212 | Mediolanum | Italy | $57,247 | |
| 213 | Tokio Marine Holdings5 | Japan | $57,000 | |
| 214 | Achmea | Netherlands | $56,857 | |
| 215 | Fort Washington | U.S. | $56,303 | |
| 216 | Starwood Capital | U.S. | $55,939 | |
| 217 | Sterling Capital | U.S. | $55,908 | |
| 218 | Renaissance Technologies | U.S. | $55,305 | |
| 219 | Daiwa SB Investments | Japan | $55,008 | |
| 220 | Challenger7 | Australia | $54,814 | |
| 221 | Bosera Asset Mgmt. | China | $54,200 | |
| 222 | RhumbLine Advisers | U.S. | $53,619 | |
| 223 | Old Mutual Investment Group | South Africa | $53,165 | |
| 224 | Sompo Japan Nipponkoa1 | Japan | $52,868 | |
| 225 | National Bank of Canada3 | Canada | $52,321 | |
| 226 | China Southern Fund Mgmt. | China | $52,253 | |
| 227 | KB Asset Mgmt. | South Korea | $51,096 | |
| 228 | Northill Capital | U.K. | $51,018 | |
| 229 | Hamilton Lane | U.S. | $50,295 | |
| 230 | Berenberg Asset Mgmt. | Germany | $49,928 | |
| 231 | Coronation Fund Managers | South Africa | $49,677 | |
| 232 | ICBC Credit Suisse Asset Mgmt. | China | $49,570 | |
| 233 | HarbourVest Partners | U.S. | $49,565 | |
| 234 | Thornburg Investment | U.S. | $49,441 | |
| 235 | Asahi Mutual Life Insurance | Japan | $49,231 | |
| 236 | STANLIB | South Africa | $49,000 | |
| 237 | Pathway Capital | U.S. | $48,262 | |
| 238 | Folksam | Sweden | $48,205 | |
| 239 | Warburg Gruppe | Germany | $47,281 | |
| 240 | Lombard Odier Investment7 | Switzerland | $47,185 | |
| 241 | J. Safra Sarasin Group2 | Switzerland | $46,582 | |
| 242 | Patrizia Immobilien | Germany | $46,559 | |
| 243 | Desjardins Group | Canada | $46,476 | |
| 244 | D.E. Shaw Group | U.S. | $46,272 | |
| 245 | Prologis | U.S. | $46,219 | |
| 246 | HDFC Asset Mgmt. | India | $45,573 | |
| 247 | Magellan Asset Mgmt. | Australia | $45,307 | |
| 248 | Van Eck Associates | U.S. | $44,534 | |
| 249 | Hermes Investment Mgmt. | U.K. | $44,067 | |
| 250 | River and Mercantile | U.K. | $43,981 | |
| 251 | Shinhan BNPParibas | South Korea | $43,842 | |
| 252 | GAMCO Investors | U.S. | $43,063 | |
| 253 | KBC Group | Belgium | $42,666 | |
| 254 | SECOR Asset Mgmt. | U.S. | $42,643 | |
| 255 | Korea ITMC | South Korea | $42,340 | |
| 256 | Gruppo Azimut | Italy | $42,318 | |
| 257 | Westpac Banking5 | Australia | $41,572 | |
| 258 | Alan Biller | U.S. | $40,843 | |
| 259 | Universal-Investment | Germany | $40,562 | |
| 260 | Colchester Global Investors | U.K. | $40,499 | |
| 261 | Bank Degroof Petercam | Belgium | $40,490 | |
| 262 | DNB | Norway | $40,400 | |
| 263 | GF Fund Mgmt. | China | $40,202 | |
| 264 | Raiffeisen Zentralbank | Austria | $39,581 | |
| 265 | Heitman | U.S. | $38,874 | |
| 266 | HUK Coburg | Germany | $38,548 | |
| 267 | Pzena Investment | U.S. | $38,543 | |
| 268 | Silchester International8 | U.K. | $38,371 | |
| 269 | Strategic Investment Group | U.S. | $38,194 | |
| 270 | Arca SGR | Italy | $38,065 | |
| 271 | Birla Sun Life Asset Mgmt. | India | $37,998 | |
| 272 | Orbis Investments | Bermuda | $37,840 | |
| 273 | Commerzbank | Germany | $37,295 | |
| 274 | Bank Syz | Switzerland | $37,235 | |
| 275 | Fifth Third Bancorp | U.S. | $37,000 | |
| 276 | Kiwoom AMC | South Korea | $36,782 | |
| 277 | Nurnberger | Germany | $35,499 | |
| 278 | Quoniam Asset Mgmt. | Germany | $35,488 | |
| 279 | StepStone Group | U.S. | $35,105 | |
| 280 | Fullgoal Fund Mgmt. | China | $34,958 | |
| 281 | Royal Bank of Scotland | U.K. | $34,709 | |
| 282 | Mirabaud Group | Switzerland | $34,158 | |
| 283 | COMGEST | France | $34,047 | |
| 284 | Matthews International | U.S. | $33,966 | |
| 285 | Stone Harbor Investment | U.S. | $33,948 | |
| 286 | Mawer Investment Mgmt. | Canada | $33,732 | |
| 287 | Breckinridge Capital | U.S. | $33,359 | |
| 288 | Northern Cross | U.S. | $33,202 | |
| 289 | Alexander Forbes1 | South Africa | $32,635 | |
| 290 | Caixa Geral de Depósitos7 | Portugal | $32,628 | |
| 291 | Banco Sabadell | Spain | $32,576 | |
| 292 | State Bank of India | India | $32,351 | |
| 293 | Allan Gray Proprietary | South Africa | $32,278 | |
| 294 | Jarislowsky, Fraser | Canada | $32,147 | |
| 295 | Hotchkis & Wiley | U.S. | $32,037 | |
| 296 | Tian Hong Asset Mgmt. | China | $31,887 | |
| 297 | Adams Street Partners | U.S. | $31,848 | |
| 298 | Uniqa Finanz Group | Austria | $31,047 | |
| 299 | First Pacific Advisors | U.S. | $31,035 | |
| 300 | Boston Private Financial | U.S. | $30,485 | |
| 301 | Penghua Fund Mgmt. | China | $30,454 | |
| 302 | Ameritas Mutual Holding | U.S. | $30,300 | |
| 303 | Ibercaja | Spain | $30,051 | |
| 304 | Commerce Trust | U.S. | $29,954 | |
| 305 | Los Angeles Capital | U.S. | $29,878 | |
| 306 | Ruffer9 | U.K. | $29,828 | |
| 307 | AGF Mgmt. | Canada | $29,356 | |
| 308 | Davis Advisors | U.S. | $29,196 | |
| 309 | DuPont Capital | U.S. | $29,040 | |
| 310 | Brandes Investment | U.S. | $28,935 | |
| 311 | Lexington Partners | U.S. | $28,844 | |
| 312 | Intermediate Capital Group1 | U.K. | $28,633 | |
| 313 | Lendlease Investment Mgmt. | Australia | $28,300 | |
| 314 | NH-CA | South Korea | $28,263 | |
| 315 | Angelo, Gordon | U.S. | $28,000 | |
| 316 | ICMA Retirement | U.S. | $27,919 | |
| 317 | Eagle Capital | U.S. | $27,912 | |
| 318 | Kutxabank | Spain | $27,595 | |
| 319 | Burgundy Asset Mgmt. | Canada | $27,474 | |
| 320 | ASB Capital Mgmt. | U.S. | $27,469 | |
| 321 | Bankia | Spain | $27,097 | |
| 322 | AJO | U.S. | $27,060 | |
| 323 | Beutel, Goodman | Canada | $27,048 | |
| 324 | Dexus | Australia | $27,000 | |
| 325 | Greystone Managed | Canada | $26,918 | |
| 326 | Shenkman Capital | U.S. | $26,587 | |
| 327 | Blue Sky Group | Netherlands | $26,468 | |
| 328 | Unigestion | Switzerland | $26,443 | |
| 329 | Gruppo Credito Emiliano | Italy | $26,329 | |
| 330 | Fiduciary Mgmt./Milwaukee | U.S. | $26,141 | |
| 331 | Lombarda China Fund Mgmt. | China | $26,028 | |
| 332 | Tactical Global Mgmt. | Australia | $25,925 | |
| 333 | Vinva | Australia | $25,917 | |
| 334 | Callan | U.S. | $25,795 | |
| 335 | Kyobo Life Insurance | South Korea | $25,795 | |
| 336 | QBE | Australia | $25,554 | |
| 337 | Yinhua Fund Mgmt. | China | $25,534 | |
| 338 | GoldenTree Asset Mgmt. | U.S. | $25,529 | |
| 339 | Manning & Napier | U.S. | $25,113 | |
| 340 | Perpetual | Australia | $24,940 | |
| 341 | BTG Pactual | Brazil | $24,590 | |
| 342 | Commonfund | U.S. | $24,539 | |
| 343 | Hungkuk ITMC | South Korea | $24,404 | |
| 344 | Letko Brosseau | Canada | $24,240 | |
| 345 | Westwood Holdings | U.S. | $24,229 | |
| 346 | UTI Asset Mgmt. | India | $24,170 | |
| 347 | Woodford10 | U.K. | $24,134 | |
| 348 | Highland Associates | U.S. | $23,576 | |
| 349 | Knights of Columbus Asset | U.S. | $23,494 | |
| 350 | Canyon Partners | U.S. | $23,400 | |
| 351 | Sarofim Group | U.S. | $23,185 | |
| 352 | Alger | U.S. | $23,097 | |
| 353 | SCOR | France | $22,353 | |
| 354 | Diamond Hill Capital | U.S. | $22,317 | |
| 355 | EARNEST Partners | U.S. | $22,138 | |
| 356 | Jackson Square Partners | U.S. | $21,779 | |
| 357 | ABSA Asset Mgmt. | South Africa | $21,767 | |
| 358 | Guardian Capital | Canada | $21,753 | |
| 359 | Co-operators Group | Canada | $21,706 | |
| 360 | Lansdowne Partners | U.K. | $21,305 | |
| 361 | Portfolio Advisors | U.S. | $21,140 | |
| 362 | Platinum Asset Mgmt. | Australia | $21,000 | |
| 363 | Calamos Advisors | U.S. | $20,788 | |
| 364 | China Post Fund | China | $20,297 | |
| 365 | Bank of Comm. Schroders | China | $20,267 | |
| 366 | Tortoise | U.S. | $20,244 | |
| 367 | King Street Capital | U.S. | $20,200 | |
| 368 | Tongyang Investment Mgmt. | South Korea | $20,093 | |
| 369 | PAG | Hong Kong | $20,000 | |
| 370 | Majedie Asset Mgmt. | U.K. | $19,660 | |
| 371 | China Fund Mgmt. | China | $19,494 | |
| 372 | Rongtong Fund Mgmt. | China | $19,459 | |
| 373 | International Value Advisers | U.S. | $19,094 | |
| 374 | Kotak Mahindra Asset Mgmt. | India | $18,880 | |
| 375 | Grupo Novo Banco | Portugal | $18,803 | |
| 376 | Lindsell Train | U.K. | $18,792 | |
| 377 | Providence Equity | U.S. | $18,691 | |
| 378 | Kepler Fonds2 | Austria | $18,419 | |
| 379 | Glenmede Investment | U.S. | $18,316 | |
| 380 | Bankinter | Spain | $18,222 | |
| 381 | Independent Franchise11 | U.K. | $18,187 | |
| 382 | Aristotle | U.S. | $18,012 | |
| 383 | Canso Investment Counsel | Canada | $17,968 | |
| 384 | Amalgamated Bank | U.S. | $17,813 | |
| 385 | Royal & SunAlliance | U.K. | $17,639 | |
| 386 | Hunt | U.S. | $17,496 | |
| 387 | Polen Capital | U.S. | $17,422 | |
| 388 | GPT Group | Australia | $16,945 | |
| 389 | PAAMCO Prisma Holdings | U.S. | $16,633 | |
| 390 | Value Partners | Hong Kong | $16,594 | |
| 391 | Wasatch Advisors | U.S. | $16,571 | |
| 392 | T&D Asset Mgmt. | Japan | $16,485 | |
| 393 | Sprucegrove Investment | Canada | $16,102 | |
| 394 | Harrison Street | U.S. | $16,061 | |
| 395 | Wiener Städtische Versicherung | Austria | $16,045 | |
| 396 | EdgePoint Investment Group | Canada | $16,000 | |
| 397 | Silvercrest Asset Mgmt. | U.S. | $16,000 | |
| 398 | Shinyoung ITMC | South Korea | $15,516 | |
| 399 | Charter Hall7 | Australia | $15,501 | |
| 400 | Hexavest | Canada | $15,500 | |
| 401 | Leith Wheeler Investment | Canada | $15,453 | |
| 402 | Luther King Capital | U.S. | $15,298 | |
| 403 | Adrian Lee & Partners | U.K. | $15,000 | |
| 404 | RWC Asset Mgmt.9 | U.K. | $15,000 | |
| 405 | Gulf International Bank5 | U.K. | $14,700 | |
| 406 | CQS | U.K. | $14,584 | |
| 407 | World Asset Mgmt. | U.S. | $14,474 | |
| 408 | Iridian Asset Mgmt. | U.S. | $14,386 | |
| 409 | Hana Financial Group | South Korea | $14,140 | |
| 410 | Cambiar Investors | U.S. | $14,009 | |
| 411 | Synovus Financial | U.S. | $14,000 | |
| 412 | Cantillon Capital Mgmt. | U.S. | $13,975 | |
| 413 | Sit Investment | U.S. | $13,952 | |
| 414 | Westfield Capital | U.S. | $13,927 | |
| 415 | Highland Capital (Texas) | U.S. | $13,828 | |
| 416 | Gruppo Banca Carige | Italy | $13,712 | |
| 417 | Hayfin | U.K. | $13,700 | |
| 418 | WEDGE Capital | U.S. | $13,573 | |
| 419 | DB Asset Mgmt. | South Korea | $13,557 | |
| 420 | Rockpoint Group | U.S. | $13,513 | |
| 421 | Perella Weinberg | U.S. | $13,463 | |
| 422 | Carnegie Investment | Sweden | $13,454 | |
| 423 | IBK AMC | South Korea | $13,326 | |
| 424 | BOCI-Prudential | Hong Kong | $13,139 | |
| 425 | Ariel Investments | U.S. | $13,132 | |
| 426 | CIM Group | U.S. | $13,073 | |
| 427 | Renta 4 | Spain | $13,049 | |
| 428 | Troy Asset Mgmt.12 | U.K. | $13,016 | |
| 429 | Lupus Alpha Asset Mgmt. | Germany | $13,000 | |
| 430 | Votorantim Asset Mgmt.2 | Brazil | $12,740 | |
| 431 | Sage Advisory Services | U.S. | $12,713 | |
| 432 | Maple-Brown Abbott | Australia | $12,588 | |
| 433 | Polar Capital Holdings1 | U.K. | $12,569 | |
| 434 | Segall Bryant & Hamill | U.S. | $12,469 | |
| 435 | Beach Point Capital | U.S. | $12,417 | |
| 436 | Mapfre | Spain | $12,375 | |
| 437 | Hyundai Investment AMC | South Korea | $12,335 | |
| 438 | Banco BPI | Portugal | $12,179 | |
| 439 | Axiom Investors | U.S. | $12,116 | |
| 440 | Kairos Partners | Italy | $12,080 | |
| 441 | QV Investors | Canada | $12,068 | |
| 442 | Close Brothers Group13 | U.K. | $12,067 | |
| 443 | SulAmerica Investimentos | Brazil | $11,756 | |
| 444 | Paradice Investment | Australia | $11,744 | |
| 445 | KGAL | Germany | $11,718 | |
| 446 | Polaris Capital | U.S. | $11,718 | |
| 447 | Tocqueville Asset Mgmt. | U.S. | $11,680 | |
| 448 | Mitsui Fudosan Investment1 | Japan | $11,677 | |
| 449 | Opportunity | Brazil | $11,676 | |
| 450 | H/2 Capital | U.S. | $11,596 | |
| 451 | Axis Mutual Fund | India | $11,563 | |
| 452 | KBS | U.S. | $11,541 | |
| 453 | Stockbridge Capital Group | U.S. | $11,533 | |
| 454 | Westwood Global | U.S. | $11,344 | |
| 455 | IDFC Asset Mgmt. | India | $11,251 | |
| 456 | UNICAJA | Spain | $11,151 | |
| 457 | Longfellow Investment | U.S. | $11,123 | |
| 458 | Cowen Investment | U.S. | $11,005 | |
| 459 | Aetos Capital | U.S. | $10,979 | |
| 460 | Fisch Asset Mgmt. | Switzerland | $10,926 | |
| 461 | Bahl & Gaynor | U.S. | $10,903 | |
| 462 | CornerStone Partners | U.S. | $10,870 | |
| 463 | CCLA Investment Mgmt. | U.K. | $10,847 | |
| 464 | SPARX Group | Japan | $10,809 | |
| 465 | London Co. | U.S. | $10,683 | |
| 466 | Impax Asset Mgmt. | U.K. | $10,649 | |
| 467 | Westbrook Partners | U.S. | $10,637 | |
| 468 | Millennium bcp | Portugal | $10,577 | |
| 469 | Seamark Asset Mgmt. | Canada | $10,500 | |
| 470 | Opus Investment | U.S. | $10,478 | |
| 471 | Navigator Global Invest. | Australia | $10,460 | |
| 472 | Alte Leipziger Holding | Germany | $10,446 | |
| 473 | Johnson Investment Counsel | U.S. | $10,421 | |
| 474 | SkyBridge Capital | U.S. | $10,300 | |
| 475 | Reichmuth | Switzerland | $10,258 | |
| 476 | KTB | South Korea | $10,231 | |
| 477 | Verde Asset Mgmt.14 | Brazil | $10,143 | |
| 478 | Garcia Hamilton | U.S. | $10,071 | |
| 479 | Edinburgh Partners | U.K. | $10,062 | |
| 480 | C.S. McKee | U.S. | $10,032 | |
| 481 | Sustainable Growth Advisers | U.S. | $9,985 | |
| 482 | Rockwood Capital | U.S. | $9,894 | |
| 483 | Affin Hwang Asset Mgmt.12 | Malaysia | $9,848 | |
| 484 | Brown Capital | U.S. | $9,702 | |
| 485 | Caser | Spain | $9,700 | |
| 486 | DRA Advisors | U.S. | $9,592 | |
| 487 | Champlain Investment | U.S. | $9,524 | |
| 488 | Cooper Investors | Australia | $9,395 | |
| 489 | Bridgeway Capital | U.S. | $9,388 | |
| 490 | Quadrant Real Estate | U.S. | $9,381 | |
| 491 | Advent Capital | U.S. | $9,350 | |
| 492 | Grupo March | Spain | $9,341 | |
| 493 | HI Asset Mgmt. | South Korea | $9,260 | |
| 494 | Great Lakes Advisors | U.S. | $9,179 | |
| 495 | Credito Valtellinese5 | Italy | $9,141 | |
| 496 | Gruppo Bancario Iccrea | Italy | $9,135 | |
| 497 | Midas Asset AMC | South Korea | $9,097 | |
| 498 | TOBAM | France | $9,012 | |
| 499 | DGB AMC | South Korea | $8,929 | |
| 500 | Yurie AMC | South Korea | $8,914 | |
| Total | $93,827,543 |
Notes: 1 As of March 31, 2017; 2 As of Feb. 28, 2018; 3 As of Oct. 31, 2017; 4 As of Nov. 12, 2017; 5 As of Sept. 30, 2017; 6 As of May 31, 2018; 7 As of June 30, 2017; 8 As of May 30, 2017; 9 As of March 31, 2018; 10 As of May 31, 2017; 11 As of Feb. 1, 2018; 12 As of April 30, 2017; 13 As of July 31, 2017; 14 As of March 29, 2018.
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