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Special report: Megamanagers

Active management growing, but pace lags

Bob Collie believes technological advances combined with shifting global demographics and new ways to invest will dramatically alter money management.

Passive asset increase greater at a time of change on the horizon

Global money managers running both passive and active strategies saw passive assets grow faster than active strategies in 2017, against the backdrop of demographic and technological changes set to revamp the money management industry.

Leading passive managers among that group offering both active and passive strategies grew 19.5% in 2017 to $19.89 trillion in assets under management, compared with the 15.6% AUM growth across the world's largest 500 money managers, the latest ranking by Pensions & Investments and the Willis Towers Watson Thinking Ahead Institute shows.

The research on the world's 500 largest money managers showed total assets grew to $93.8 trillion in the year ended Dec. 31.

Active strategies continued to dominate across the top 500 firms that offer both active and passive strategies, accounting for 77.6% of the total assets, or $72.8 trillion. However, active assets grew 16.9% from 2016, increasing at a slower pace compared to that group's passive assets, which grew 25% in the year.

The leading passive money managers' growth in 2017 compared with a 9.9% increase in 2016. Over the past 10 years, passive managers among the top 20 have seen their total assets grow at a compound annual growth rate of 9.5%. For the overall 500 firms, the 10-year annual growth in assets was 3.1%, according to Bob Collie, head of research at the Thinking Ahead Institute in London.

"There is no surprise there ... the extent to which (assets) have gone up was largely driven by the equity markets," Mr. Collie said. "There is a little bit more concentration in the biggest 20 managers as a proportion of the total. And there are more (assets) in passive. If you look at the year-on-year change these are not big, but when you look over 10 years both of these trends tend to be prolonged in that direction."

Mr. Collie thinks the statistics are "disguising the big story" as the industry is set to face more significant changes resulting from technology interacting with other global trends like demographics and the growth of investment platforms. "Effects (of the interaction) haven't been seen yet," he said.

"When you add them altogether, it seems to us the asset management industry is, at some point, poised for some sort of revamp," Mr. Collie said.

But "it doesn't flip overnight; it's not going to be like the taxi industry, which can change very quickly," he said. "Asset management can't change very quickly."

58.1% for North America

Among the top 500 firms, managers based in North America took a 58.1% share of total assets under management, with $54.5 trillion. That represented a 15.1% increase from 2016.

Assets run by Europe-based managers, including the U.K., increased 15.8% to $29.9 trillion. U.K.-based firms alone saw their AUM increase 9.6% to $6.9 trillion in the 12-month period, Mr. Collie said.

He added these increases can be attributed to global market growth. "Bonds are up and private markets are up, but the largest part of the market is equity," Mr. Collie added. "The other thing that was noticeable this year is that the U.S. concentration is just a currency effect," he said.

The increasing strength of the dollar had a dampening effect on the growth rate in assets recorded by money managers in Australia, Canada, the eurozone and Japan, the research found.

"Because U.S.-based managers tend to manage more (dollar-denominated) accounts, those assets will become larger (compared to the assets of other money managers) when the dollar moves up. Short-term variations in country concentration are driven by currency valuation movements," Mr. Collie said.

On average, firms globally invested 46.3% in equity, 27.3% in fixed income, 15.8% in alternatives, 8.1% in other asset classes and 2.5% in cash.

Equity assets grew 21.9% to $23.69 trillion, and fixed-income assets grew 14.5% to $16.6 trillion.

Alternatives assets under management grew 16.6% in 2017 to $2.82 trillion.

The 2017 research also showed assets allocated to factor-based strategies grew 14.5% in 2017 to $1.8 trillion.

Environmental, social and governance investing strategies grew 10.7% in 2017, down from the 15.6% growth of 2016, Mr. Collie said.

"It's hard to draw a hard conclusion from that number partly because people will mean very different things by ESG," he said, adding the attitudes and rate at which investors are moving toward sustainability is different in different regions.

Top 20 firms grow 18.3%

Along with the growth for the overall top 500 managers, the top 20 increased assets in 2017. Total assets under management for the 20 largest firms grew 18.3% to $40.6 trillion, and their share of the total pie grew to 43.3%, from 42.3% in 2016.

BlackRock (BLK) Inc. (BLK) remained in first place, with $6.28 trillion in assets as of Dec. 31, 2017. The firm's AUM as of Sept. 30, 2018, was $6.4 trillion, according to its latest quarterly update.

Vanguard Group Inc. remained in second place with $4.94 trillion in assets at year-end, and State Street Global Advisors held at third with $2.78 trillion in assets under management.

Falling out of the top 10 money mangers was Goldman Sachs Group (GS), which was replaced by Amundi. The French manager came in 10th in the current ranking with $1.7 trillion in assets under management. In 2016, the firm placed 15th. Its ranking was bolstered by the completion of its acquisition of Pioneer Investments, which increased its AUM to €1.28 trillion ($1.48 trillion).

At the other end of the listing, the managers ranked 251 to 500 saw their assets under management grow 10.5% to $5.28 trillion. Their share of total assets fell, to 5.6% from 5.9% in the 2016 ranking.

The institute also queried money managers on a number of ongoing industry issues:

  • Nearly 51% of managers surveyed said they had experienced a moderate rise and 30% said they had seen a significant increase in the level of client interest in sustainable investing and proxy voting.
  • Some 56% said they moderately increased resources deployed to technology and big data.
  • And 60% of the managers said they experienced an increase in the level of regulatory oversight.

In other findings, the research showed U.S. asset owners represented the biggest client base for global money managers, accounting for 59.3% of their assets. However, European investors, excluding the U.K., grew as a share of clients to 15.1% from 13.9% year-over-year.

The P&I/Thinking Ahead Institute World 500: World's largest money managers
Ranked by total assets under management, in millions, as of Dec. 31, 2017. For a printable version of this chart, click here.
RankManagerCountryAssets
1 BlackRock (BLK)U.S.$6,288,195
2 Vanguard GroupU.S.$4,940,350
3State Street GlobalU.S.$2,781,693
4 Fidelity InvestmentsU.S.$2,448,807
5Allianz GroupGermany$2,358,037
6J.P. Morgan ChaseU.S.$2,034,000
7BNY MellonU.S.$1,892,941
8Capital GroupU.S.$1,778,134
9AXA GroupFrance$1,731,232
10 AmundiFrance$1,709,475
11 Goldman Sachs Group (GS)U.S.$1,494,000
12Deutsche BankGermany$1,453,321
13BNP ParibasFrance$1,432,968
14 Prudential FinancialU.S.$1,393,628
15Legal & General GroupU.K.$1,333,162
16UBSSwitzerland$1,254,401
17Northern TrustU.S.$1,161,000
18Wellington Mgmt.U.S.$1,080,307
19Wells FargoU.S.$1,040,900
20Natixis Global Asset Mgmt.France$997,849
21T. Rowe PriceU.S.$991,100
22Aegon GroupNetherlands$982,916
23 NuveenU.S.$970,459
24HSBC HoldingsU.K.$943,000
25 Invesco (IVZ)U.S.$937,598
26 Morgan Stanley (MS)U.S.$935,501
27M&G PrudentialU.K.$907,457
28Affiliated Managers GroupU.S.$836,300
29Sumitomo Mitsui Trust HoldingsJapan$791,467
30Standard Life AberdeenU.K.$780,551
31Sun Life FinancialCanada$778,161
32MassMutualU.S.$771,000
33 Legg Mason (LM)U.S.$767,241
34Manulife/John HancockCanada$756,477
35 Franklin Templeton (BEN)U.S.$753,766
36Ameriprise FinancialU.S.$714,300
37Nippon Life InsuranceJapan$701,396
38Principal FinancialU.S.$668,600
39Mitsubishi UFJ Financial GroupJapan$663,782
40 MetLifeU.S.$663,451
41Schroder Invesment Mgmt.U.K.$589,470
42 Dimensional Fund AdvisorsU.S.$577,096
43Great-West LifecoCanada$557,839
44Generali GroupItaly$555,823
45 New York Life InvestmentsU.S.$542,890
46Asset Management OneJapan$520,400
47Royal Bank of CanadaCanada$515,871
48Credit SuisseSwitzerland$464,156
49Blackstone GroupU.S.$434,100
50 Eaton Vance (EV)U.S.$432,200
51AvivaU.K.$426,634
52 Federated Investors (FII)U.S.$397,570
53NordeaDenmark$397,498
54Union InvestmentGermany$392,685
55LBBWGermany$387,445
56Eurizon Capital SGRItaly$384,909
57Nomura Asset Mgmt.Japan$371,212
58Macquarie GroupAustralia$368,912
59Charles Schwab InvestmentU.S.$360,662
60Geode Capital Mgmt.U.S.$359,367
61Janus Henderson GroupU.K.$356,953
62Meiji Yasuda Life Insurance1Japan$327,188
63Shinkin Central Bank1Japan$326,060
64 Dodge & CoxU.S.$315,953
65Voya FinancialU.S.$307,980
66MEAGGermany$303,753
67 Russell InvestmentsU.S.$296,589
68Zurcher KantonalbankSwitzerland$296,242
69NN Investment PartnersNetherlands$295,958
70 Neuberger BermanU.S.$295,170
71Brookfield Asset Mgmt.Canada$283,141
72Zurich Financial ServicesSwitzerland$282,341
73Societe GeneraleFrance$276,708
74Banco do Brasil2Brazil$274,366
75Stifel FinancialU.S.$272,600
76BMO Global Asset Mgmt.Canada$260,000
77La PosteFrance$259,865
78Sumitomo Life Insurance1Japan$256,320
79Dekabank GroupGermany$253,356
80Guggenheim InvestmentsU.S.$250,831
81LazardU.S.$249,459
82TD Asset Mgmt.Canada$244,175
83Baillie GiffordU.K.$235,336
84 SEI Investments (SEIC)U.S.$232,037
85Swiss Life Asset ManagersSwitzerland$229,410
86 MercerU.S.$227,455
87AQR Capital Mgmt.U.S.$224,043
88SEBSweden$223,827
89Banco Santander CentralSpain$218,961
90Samsung GroupSouth Korea$205,272
91 TCW GroupU.S.$204,592
92Pictet Asset Mgmt.Switzerland$197,530
93 Robeco GroupNetherlands$193,401
94Itau UnibancoBrazil$190,318
95Banco Bradesco2Brazil$178,201
96American CenturyU.S.$173,312
97Colonial First StateAustralia$170,829
98Resona HoldingsJapan$170,813
99 Kohlberg Kravis RobertsU.S.$168,471
100Scotiabank3Canada$164,987
101NISA InvestmentU.S.$162,809
102GAM HoldingSwitzerland$162,807
103 Bridgewater AssociatesU.S.$161,131
104Lord, AbbettU.S.$157,708
105Landesbank Hessen-Thuringen4Germany$156,400
106Mn ServicesNetherlands$155,197
107Royal London GroupU.K.$153,987
108SwedbankSweden$153,132
109China Asset Mgmt.China$153,023
110NAB Asset Mgmt.5Australia$152,900
111Harvest Fund Mgmt.China$151,807
112PNC FinancialU.S.$151,053
113Danske BankDenmark$147,218
114EFG InternationalSwitzerland$145,687
115Edmond de Rothschild GroupFrance$140,939
116Investec Asset Mgmt.South Africa$140,500
117NationwideU.S.$140,480
118BBVASpain$137,815
119PRIMECAPU.S.$135,333
120CIBC Asset Mgmt.Canada$133,034
121Raymond JamesU.S.$130,310
122Talanx GroupGermany$129,789
123Union Bancaire PriveeSwitzerland$128,528
124Vontobel Asset Mgmt.Switzerland$127,282
125IGM Financial GroupCanada$124,943
126Groupama Asset Mgmt.France$120,113
127LSV Asset Mgmt.U.S.$118,358
128Covea GroupFrance$117,782
129 Payden & RygelU.S.$117,100
130CaixabankSpain$116,160
131Willis Towers WatsonIreland$115,700
132 Artisan Partners (APAM)U.S.$115,494
133First Eagle InvestmentU.S.$114,493
134CI FinancialCanada$114,178
135 Mesirow FinancialU.S.$114,084
136Man GroupU.K.$109,100
137Fidelity WorldWide Invest.U.K.$108,276
138Caixa Economica Federal2Brazil$107,386
139Ares Mgmt.U.S.$106,491
140 CBRE Global InvestorsU.S.$103,200
141Pearl GroupU.K.$100,331
142 Fiera CapitalCanada$100,260
143Oaktree CapitalU.S.$100,228
144Anima HoldingItaly$99,863
145 Arrowstreet CapitalU.S.$97,465
146Mirae Asset Financial GroupSouth Korea$97,013
147Bayerischen LandesbankGermany$96,246
148Robert W. BairdU.S.$96,006
149 Fisher InvestmentsU.S.$95,713
150OP Financial GroupFinland$93,840
151Metzler Asset Mgmt.6Germany$91,434
152Virtus InvestmentU.S.$90,963
153Baloise Asset Mgmt.Switzerland$90,949
154Pacific LifeU.S.$90,000
155 Wilmington TrustU.S.$89,230
156Storebrand GroupNorway$88,826
157BCVSwitzerland$88,718
158Hanwha GroupSouth Korea$86,769
159Pacific Century GroupHong Kong$85,300
160China Universal Asset Mgmt.China$84,261
161OFI AMFrance$84,216
162New England Asset Mgmt.U.S.$83,784
163Waddell & ReedU.S.$81,082
164RothschildFrance$80,967
165PFM Asset Mgmt.U.S.$80,608
166IFM InvestorsAustralia$78,781
167Securian Financial GroupU.S.$78,600
168Erste-Sparinvest KapitalanlageAustria$76,179
169Credit MutuelFrance$75,794
170Sumitomo Mitsui Asset Mgmt.Japan$75,781
171Bank of China InvestmentChina$75,708
172Banco BPM5Italy$75,072
173BT Investment Mgmt.5Australia$75,002
174Svenska HandelsbankenSweden$74,854
175 Partners GroupSwitzerland$74,471
176E Fund Mgmt.China$73,976
177 William BlairU.S.$73,554
178SanlamSouth Africa$73,122
179OddoFrance$72,185
180Guardian LifeU.S.$71,500
181CCB Principal Asset Mgmt.China$71,169
182F Van LanschotNetherlands$70,861
183Industrial Alliance InsuranceCanada$70,850
184Monte dei Paschi di SienaItaly$70,500
185Grantham, Mayo v. OtterlooU.S.$70,353
186 Ashmore GroupU.K.$69,500
187Income Research & Mgmt.U.S.$69,256
188CarmignacFrance$68,039
189Jupiter Asset Mgmt.U.K.$67,982
190QICAustralia$66,493
191UBI BancaItaly$66,458
192ASRNetherlands$66,169
193ACTIAMNetherlands$65,087
194KBLLuxembourg$64,846
195 Brown Brothers HarrimanU.S.$64,407
196Record Currency Mgmt.U.K.$63,927
197 Marathon-LondonU.K.$63,012
198 Mondrian Investment PartnersU.K.$62,751
199Cohen & SteersU.S.$62,106
200LGT GroupLiechtenstein$62,098
201Victory CapitalU.S.$61,771
202Versicherungskammer BayernGermany$61,541
203Brown AdvisoryU.S.$60,893
204Reliance CapitalIndia$59,590
205Fukoku Mutual Life InsuranceJapan$59,502
206Connor, Clark & Lunn FinancialCanada$59,288
207Truvalue Asset Mgmt.China$59,127
208LaSalle InvestmentU.S.$59,026
209Causeway CapitalU.S.$58,964
210 HinesU.S.$58,878
211 American Beacon AdvisorsU.S.$57,813
212MediolanumItaly$57,247
213Tokio Marine Holdings5Japan$57,000
214AchmeaNetherlands$56,857
215Fort WashingtonU.S.$56,303
216 Starwood CapitalU.S.$55,939
217Sterling CapitalU.S.$55,908
218 Renaissance TechnologiesU.S.$55,305
219 Daiwa SB InvestmentsJapan$55,008
220Challenger7Australia$54,814
221Bosera Asset Mgmt.China$54,200
222 RhumbLine AdvisersU.S.$53,619
223Old Mutual Investment GroupSouth Africa$53,165
224Sompo Japan Nipponkoa1Japan$52,868
225National Bank of Canada3Canada$52,321
226China Southern Fund Mgmt.China$52,253
227KB Asset Mgmt.South Korea$51,096
228Northill CapitalU.K.$51,018
229 Hamilton LaneU.S.$50,295
230Berenberg Asset Mgmt.Germany$49,928
231Coronation Fund ManagersSouth Africa$49,677
232ICBC Credit Suisse Asset Mgmt.China$49,570
233 HarbourVest PartnersU.S.$49,565
234Thornburg InvestmentU.S.$49,441
235Asahi Mutual Life InsuranceJapan$49,231
236STANLIBSouth Africa$49,000
237Pathway CapitalU.S.$48,262
238FolksamSweden$48,205
239Warburg GruppeGermany$47,281
240Lombard Odier Investment7Switzerland$47,185
241J. Safra Sarasin Group2Switzerland$46,582
242Patrizia ImmobilienGermany$46,559
243Desjardins GroupCanada$46,476
244D.E. Shaw GroupU.S.$46,272
245PrologisU.S.$46,219
246HDFC Asset Mgmt.India$45,573
247Magellan Asset Mgmt.Australia$45,307
248 Van Eck AssociatesU.S.$44,534
249Hermes Investment Mgmt.U.K.$44,067
250River and MercantileU.K.$43,981
251Shinhan BNPParibasSouth Korea$43,842
252 GAMCO Investors (GBL)U.S.$43,063
253KBC GroupBelgium$42,666
254SECOR Asset Mgmt.U.S.$42,643
255Korea ITMCSouth Korea$42,340
256Gruppo AzimutItaly$42,318
257Westpac Banking5Australia$41,572
258Alan BillerU.S.$40,843
259Universal-InvestmentGermany$40,562
260 Colchester Global InvestorsU.K.$40,499
261Bank Degroof PetercamBelgium$40,490
262DNBNorway$40,400
263GF Fund Mgmt.China$40,202
264Raiffeisen ZentralbankAustria$39,581
265 HeitmanU.S.$38,874
266HUK CoburgGermany$38,548
267Pzena InvestmentU.S.$38,543
268Silchester International8U.K.$38,371
269 Strategic Investment GroupU.S.$38,194
270Arca SGRItaly$38,065
271Birla Sun Life Asset Mgmt.India$37,998
272Orbis InvestmentsBermuda$37,840
273CommerzbankGermany$37,295
274Bank SyzSwitzerland$37,235
275 Fifth Third BancorpU.S.$37,000
276Kiwoom AMCSouth Korea$36,782
277NurnbergerGermany$35,499
278Quoniam Asset Mgmt.Germany$35,488
279 StepStone GroupU.S.$35,105
280Fullgoal Fund Mgmt.China$34,958
281Royal Bank of ScotlandU.K.$34,709
282Mirabaud GroupSwitzerland$34,158
283COMGESTFrance$34,047
284Matthews InternationalU.S.$33,966
285Stone Harbor InvestmentU.S.$33,948
286Mawer Investment Mgmt.Canada$33,732
287Breckinridge CapitalU.S.$33,359
288Northern CrossU.S.$33,202
289Alexander Forbes1South Africa$32,635
290Caixa Geral de Depósitos7Portugal$32,628
291Banco SabadellSpain$32,576
292State Bank of IndiaIndia$32,351
293Allan Gray ProprietarySouth Africa$32,278
294Jarislowsky, FraserCanada$32,147
295 Hotchkis & WileyU.S.$32,037
296Tian Hong Asset Mgmt.China$31,887
297 Adams Street PartnersU.S.$31,848
298Uniqa Finanz GroupAustria$31,047
299 First Pacific AdvisorsU.S.$31,035
300Boston Private FinancialU.S.$30,485
301Penghua Fund Mgmt.China$30,454
302Ameritas Mutual HoldingU.S.$30,300
303IbercajaSpain$30,051
304 Commerce TrustU.S.$29,954
305Los Angeles CapitalU.S.$29,878
306Ruffer9U.K.$29,828
307AGF Mgmt.Canada$29,356
308Davis AdvisorsU.S.$29,196
309 DuPont CapitalU.S.$29,040
310Brandes InvestmentU.S.$28,935
311 Lexington PartnersU.S.$28,844
312Intermediate Capital Group1U.K.$28,633
313Lendlease Investment Mgmt.Australia$28,300
314NH-CASouth Korea$28,263
315Angelo, GordonU.S.$28,000
316 ICMA RetirementU.S.$27,919
317Eagle CapitalU.S.$27,912
318KutxabankSpain$27,595
319Burgundy Asset Mgmt.Canada$27,474
320ASB Capital Mgmt.U.S.$27,469
321BankiaSpain$27,097
322AJOU.S.$27,060
323Beutel, GoodmanCanada$27,048
324DexusAustralia$27,000
325Greystone ManagedCanada$26,918
326Shenkman CapitalU.S.$26,587
327Blue Sky GroupNetherlands$26,468
328UnigestionSwitzerland$26,443
329Gruppo Credito EmilianoItaly$26,329
330Fiduciary Mgmt./MilwaukeeU.S.$26,141
331Lombarda China Fund Mgmt.China$26,028
332Tactical Global Mgmt.Australia$25,925
333VinvaAustralia$25,917
334 CallanU.S.$25,795
335Kyobo Life InsuranceSouth Korea$25,795
336QBEAustralia$25,554
337Yinhua Fund Mgmt.China$25,534
338GoldenTree Asset Mgmt.U.S.$25,529
339Manning & NapierU.S.$25,113
340PerpetualAustralia$24,940
341BTG PactualBrazil$24,590
342 CommonfundU.S.$24,539
343Hungkuk ITMCSouth Korea$24,404
344Letko BrosseauCanada$24,240
345Westwood HoldingsU.S.$24,229
346UTI Asset Mgmt.India$24,170
347Woodford10U.K.$24,134
348 Highland AssociatesU.S.$23,576
349Knights of Columbus AssetU.S.$23,494
350Canyon PartnersU.S.$23,400
351Sarofim GroupU.S.$23,185
352AlgerU.S.$23,097
353SCORFrance$22,353
354Diamond Hill CapitalU.S.$22,317
355 EARNEST PartnersU.S.$22,138
356Jackson Square PartnersU.S.$21,779
357ABSA Asset Mgmt.South Africa$21,767
358 Guardian CapitalCanada$21,753
359Co-operators GroupCanada$21,706
360Lansdowne PartnersU.K.$21,305
361Portfolio AdvisorsU.S.$21,140
362Platinum Asset Mgmt.Australia$21,000
363 Calamos Advisors (CLMS)U.S.$20,788
364China Post FundChina$20,297
365Bank of Comm. SchrodersChina$20,267
366TortoiseU.S.$20,244
367King Street CapitalU.S.$20,200
368Tongyang Investment Mgmt.South Korea$20,093
369PAGHong Kong$20,000
370Majedie Asset Mgmt.U.K.$19,660
371China Fund Mgmt.China$19,494
372Rongtong Fund Mgmt.China$19,459
373 International Value AdvisersU.S.$19,094
374Kotak Mahindra Asset Mgmt.India$18,880
375Grupo Novo BancoPortugal$18,803
376Lindsell TrainU.K.$18,792
377Providence EquityU.S.$18,691
378Kepler Fonds2Austria$18,419
379Glenmede InvestmentU.S.$18,316
380BankinterSpain$18,222
381Independent Franchise11U.K.$18,187
382AristotleU.S.$18,012
383Canso Investment CounselCanada$17,968
384 Amalgamated BankU.S.$17,813
385Royal & SunAllianceU.K.$17,639
386HuntU.S.$17,496
387Polen CapitalU.S.$17,422
388GPT GroupAustralia$16,945
389PAAMCO Prisma HoldingsU.S.$16,633
390Value PartnersHong Kong$16,594
391 Wasatch AdvisorsU.S.$16,571
392T&D Asset Mgmt.Japan$16,485
393Sprucegrove InvestmentCanada$16,102
394Harrison StreetU.S.$16,061
395Wiener Städtische VersicherungAustria$16,045
396EdgePoint Investment GroupCanada$16,000
397Silvercrest Asset Mgmt.U.S.$16,000
398Shinyoung ITMCSouth Korea$15,516
399Charter Hall7Australia$15,501
400HexavestCanada$15,500
401Leith Wheeler InvestmentCanada$15,453
402Luther King CapitalU.S.$15,298
403Adrian Lee & PartnersU.K.$15,000
404RWC Asset Mgmt.9U.K.$15,000
405Gulf International Bank5U.K.$14,700
406CQSU.K.$14,584
407World Asset Mgmt.U.S.$14,474
408Iridian Asset Mgmt.U.S.$14,386
409Hana Financial GroupSouth Korea$14,140
410 Cambiar InvestorsU.S.$14,009
411Synovus FinancialU.S.$14,000
412 Cantillon Capital Mgmt.U.S.$13,975
413Sit InvestmentU.S.$13,952
414Westfield CapitalU.S.$13,927
415Highland Capital (Texas)U.S.$13,828
416Gruppo Banca CarigeItaly$13,712
417HayfinU.K.$13,700
418WEDGE CapitalU.S.$13,573
419DB Asset Mgmt.South Korea$13,557
420 Rockpoint GroupU.S.$13,513
421Perella WeinbergU.S.$13,463
422Carnegie InvestmentSweden$13,454
423IBK AMCSouth Korea$13,326
424BOCI-PrudentialHong Kong$13,139
425 Ariel InvestmentsU.S.$13,132
426CIM GroupU.S.$13,073
427Renta 4Spain$13,049
428Troy Asset Mgmt.12U.K.$13,016
429Lupus Alpha Asset Mgmt.Germany$13,000
430Votorantim Asset Mgmt.2Brazil$12,740
431 Sage Advisory ServicesU.S.$12,713
432Maple-Brown AbbottAustralia$12,588
433Polar Capital Holdings1U.K.$12,569
434 Segall Bryant & HamillU.S.$12,469
435Beach Point CapitalU.S.$12,417
436MapfreSpain$12,375
437Hyundai Investment AMCSouth Korea$12,335
438Banco BPIPortugal$12,179
439Axiom InvestorsU.S.$12,116
440Kairos PartnersItaly$12,080
441QV InvestorsCanada$12,068
442Close Brothers Group13U.K.$12,067
443SulAmerica InvestimentosBrazil$11,756
444Paradice InvestmentAustralia$11,744
445KGALGermany$11,718
446Polaris CapitalU.S.$11,718
447Tocqueville Asset Mgmt.U.S.$11,680
448Mitsui Fudosan Investment1Japan$11,677
449OpportunityBrazil$11,676
450H/2 CapitalU.S.$11,596
451Axis Mutual FundIndia$11,563
452KBSU.S.$11,541
453 Stockbridge Capital GroupU.S.$11,533
454Westwood GlobalU.S.$11,344
455IDFC Asset Mgmt.India$11,251
456UNICAJASpain$11,151
457Longfellow InvestmentU.S.$11,123
458Cowen InvestmentU.S.$11,005
459Aetos CapitalU.S.$10,979
460Fisch Asset Mgmt.Switzerland$10,926
461 Bahl & GaynorU.S.$10,903
462 CornerStone PartnersU.S.$10,870
463CCLA Investment Mgmt.U.K.$10,847
464SPARX GroupJapan$10,809
465 London Co.U.S.$10,683
466Impax Asset Mgmt.U.K.$10,649
467 Westbrook PartnersU.S.$10,637
468Millennium bcpPortugal$10,577
469Seamark Asset Mgmt.Canada$10,500
470Opus InvestmentU.S.$10,478
471Navigator Global Invest.Australia$10,460
472Alte Leipziger HoldingGermany$10,446
473Johnson Investment CounselU.S.$10,421
474 SkyBridge CapitalU.S.$10,300
475ReichmuthSwitzerland$10,258
476KTBSouth Korea$10,231
477Verde Asset Mgmt.14Brazil$10,143
478Garcia HamiltonU.S.$10,071
479 Edinburgh PartnersU.K.$10,062
480 C.S. McKeeU.S.$10,032
481 Sustainable Growth AdvisersU.S.$9,985
482 Rockwood CapitalU.S.$9,894
483Affin Hwang Asset Mgmt.12Malaysia$9,848
484Brown CapitalU.S.$9,702
485CaserSpain$9,700
486 DRA AdvisorsU.S.$9,592
487Champlain InvestmentU.S.$9,524
488Cooper InvestorsAustralia$9,395
489Bridgeway CapitalU.S.$9,388
490Quadrant Real EstateU.S.$9,381
491Advent CapitalU.S.$9,350
492Grupo MarchSpain$9,341
493HI Asset Mgmt.South Korea$9,260
494 Great Lakes AdvisorsU.S.$9,179
495Credito Valtellinese5Italy$9,141
496Gruppo Bancario IccreaItaly$9,135
497Midas Asset AMCSouth Korea$9,097
498 TOBAMFrance$9,012
499DGB AMCSouth Korea$8,929
500Yurie AMCSouth 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.