October 23, 2023 05:00 AM
The P&I/Thinking Ahead Institute World 500: Largest asset managers
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Ranked by total assets under management, in millions, as of Dec. 31, 2022, unless otherwise indicated.
| Rank | Manager | Market | Total assets |
|---|---|---|---|
| 1 | BlackRock | U.S. | $8,594,488 |
| 2 | Vanguard Group | U.S. | $7,252,612 |
| 3 | Fidelity Investments | U.S. | $3,655,574 |
| 4 | State Street Global | U.S. | $3,481,473 |
| 5 | J.P. Morgan Chase | U.S. | $2,766,000 |
| 6 | Goldman Sachs Group | U.S. | $2,547,000 |
| 7 | Allianz Group | Germany | $2,285,496 |
| 8 | Capital Group | U.S. | $2,175,965 |
| 9 | Amundi | France | $2,031,753 |
| 10 | UBS | Switzerland | $1,845,000 |
| 11 | BNY Mellon | U.S. | $1,836,032 |
| 12 | Legal & General Group | U.K. | $1,444,393 |
| 13 | Invesco | U.S. | $1,409,204 |
| 14 | Franklin Templeton | U.S. | $1,387,686 |
| 15 | Prudential Financial | U.S. | $1,377,417 |
| 16 | T. Rowe Price Group | U.S. | $1,274,700 |
| 17 | BNP Paribas | France | $1,269,246 |
| 18 | Northern Trust | U.S. | $1,249,500 |
| 19 | Morgan Stanley Inv. Mgmt. | U.S. | $1,234,226 |
| 20 | Natixis Investment Managers | France | $1,151,280 |
| 21 | Wellington Mgmt. | U.S. | $1,149,360 |
| 22 | Nuveen | U.S. | $1,090,174 |
| 23 | HSBC Holdings | U.K. | $1,087,000 |
| 24 | AXA Group | France | $995,407 |
| 25 | Sun Life Financial | Canada | $978,776 |
| 26 | Ameriprise Financial | U.S. | $956,300 |
| 27 | Power Financial | Canada | $917,607 |
| 28 | Schroders | U.K. | $887,227 |
| 29 | Deutsche Bank | Germany | $876,789 |
| 30 | Geode Capital Mgmt. | U.S. | $866,352 |
| 31 | Sumitomo Mitsui Trust Holdings | Japan | $855,024 |
| 32 | Manulife | Canada | $844,776 |
| 33 | Aegon Group | Netherlands | $797,852 |
| 34 | Brookfield Asset Mgmt. | Canada | $790,000 |
| 35 | Charles Schwab Investment | U.S. | $757,647 |
| 36 | Royal Bank of Canada1 | Canada | $737,999 |
| 37 | Mitsubishi UFJ Financial Group | Japan | $728,633 |
| 38 | Postal Savings Bank of China2 | China | $715,966 |
| 39 | Federated Hermes | U.S. | $668,901 |
| 40 | Fidelity International | U.K. | $663,100 |
| 41 | New York Life Investments | U.S. | $653,638 |
| 42 | Affiliated Managers Group | U.S. | $650,800 |
| 43 | AllianceBernstein | U.S. | $646,400 |
| 44 | Nippon Life Insurance3 | Japan | $642,528 |
| 45 | Principal Financial | U.S. | $635,300 |
| 46 | Dimensional Fund Advisors | U.S. | $583,714 |
| 47 | MetLife Investment Mgmt. | U.S. | $579,837 |
| 48 | Macquarie Group | Australia | $542,791 |
| 49 | Generali Group | Italy | $538,762 |
| 50 | Dai-ichi Life Holdings | Japan | $538,289 |
| 51 | Ping An Bank | China | $517,931 |
| 52 | KKR+D41 | U.S. | $503,897 |
| 53 | Credit Suisse | Switzerland | $477,259 |
| 54 | Nomura Asset Mgmt. | Japan | $468,829 |
| 55 | MassMutual | U.S. | $466,000 |
| 56 | Allspring Global Investments | U.S. | $464,898 |
| 57 | Asset Management One | Japan | $459,526 |
| 58 | abrdn | U.K. | $452,400 |
| 59 | Union Investment | Germany | $440,996 |
| 60 | Voya Financial | U.S. | $438,964 |
| 61 | Neuberger Berman | U.S. | $427,269 |
| 62 | Zenkyoren3 | Japan | $424,700 |
| 63 | Intesa Sanpaolo | Italy | $414,514 |
| 64 | LBBW | Germany | $404,763 |
| 65 | E Fund Mgmt. | China | $397,881 |
| 66 | U.S. Bancorp4 | U.S. | $390,000 |
| 67 | Nordea | Denmark | $383,122 |
| 68 | Ares Mgmt. | U.S. | $351,997 |
| 69 | Mercer | U.S. | $344,915 |
| 70 | Meiji Yasuda Life Insurance3 | Japan | $329,510 |
| 71 | MEAG | Germany | $327,956 |
| 72 | TD Asset Mgmt.1 | Canada | $326,073 |
| 73 | Shinkin Central Bank3 | Japan | $323,492 |
| 74 | Dodge & Cox | U.S. | $322,933 |
| 75 | Agricultural Bank of China | China | $317,636 |
| 76 | SEI Investments | U.S. | $315,612 |
| 77 | Jackson Financial | U.S. | $290,549 |
| 78 | Janus Henderson Group | U.K. | $287,290 |
| 79 | Russell Investments | U.S. | $276,485 |
| 80 | Banco do Brasil5 | Brazil | $274,013 |
| 81 | Societe Generale | France | $273,277 |
| 82 | Swiss Life Asset Managers | Switzerland | $270,767 |
| 83 | Dekabank Group | Germany | $270,554 |
| 84 | Baillie Gifford | U.K. | $268,705 |
| 85 | Harvest Fund Mgmt.6 | China | $268,275 |
| 86 | Aviva | U.K. | $267,766 |
| 87 | China Southern Asset Mgmt. | China | $264,000 |
| 88 | Prudential | U.K. | $259,800 |
| 89 | NISA Investment | U.S. | $259,207 |
| 90 | China Asset Mgmt. | China | $256,824 |
| 91 | Sumitomo Life Insurance | Japan | $256,597 |
| 92 | ICBC Credit Suisse Asset Mgmt. | China | $248,334 |
| 93 | Resona Holdings3 | Japan | $241,356 |
| 94 | Pictet Asset Mgmt. | Switzerland | $236,705 |
| 95 | GF Securities | China | $235,116 |
| 96 | Samsung Group7 | South Korea | $234,958 |
| 97 | Zurich Financial Services | Switzerland | $231,976 |
| 98 | Scotiabank1 | Canada | $229,660 |
| 99 | Zurcher Kantonalbank | Switzerland | $225,839 |
| 100 | BMO Wealth Mgmt.1 | Canada | $225,498 |
| 101 | Bosera Asset Mgmt. | China | $218,606 |
| 102 | Guggenheim Investments | U.S. | $217,928 |
| 103 | Lazard | U.S. | $216,125 |
| 104 | China Merchants Fund | China | $213,682 |
| 105 | TCW Group | U.S. | $205,174 |
| 106 | CCB Principal Asset Mgmt. | China | $205,020 |
| 107 | CITIC Securities | China | $204,701 |
| 108 | SEB | Sweden | $203,298 |
| 109 | American Century | U.S. | $201,805 |
| 110 | Banco Santander | Spain | $200,688 |
| 111 | Mirae Asset Financial Group7 | South Korea | $198,000 |
| 112 | Conning | U.S. | $190,954 |
| 113 | Anima Holding | Italy | $189,019 |
| 114 | Raymond James | U.S. | $186,000 |
| 115 | Robeco Group | Netherlands | $182,623 |
| 116 | Mesirow | U.S. | $180,781 |
| 117 | St. James's Place | U.K. | $178,944 |
| 118 | Royal London Group | U.K. | $177,497 |
| 119 | Achmea | Netherlands | $177,203 |
| 120 | Robert W. Baird | U.S. | $177,104 |
| 121 | Fisher Investments | U.S. | $173,042 |
| 122 | PNC Financial | U.S. | $172,502 |
| 123 | Landesbank Hessen-Thuringen | Germany | $169,731 |
| 124 | OFI AM | France | $168,770 |
| 125 | Itau Unibanco5 | Brazil | $166,608 |
| 126 | Swedbank | Sweden | $165,282 |
| 127 | Wilmington Trust | U.S. | $165,219 |
| 128 | Caixabank | Spain | $163,344 |
| 129 | WTW | Ireland | $163,007 |
| 130 | China Universal Asset Mgmt. | China | $161,000 |
| 131 | Penghua Fund Mgmt. | China | $160,810 |
| 132 | Ninety One | South Africa | $159,294 |
| 133 | EFG International | Switzerland | $154,974 |
| 134 | Danske Bank | Denmark | $153,680 |
| 135 | Victory Capital | U.S. | $152,952 |
| 136 | Union Bancaire Privee | Switzerland | $152,012 |
| 137 | Virtus Investment Partners | U.S. | $149,376 |
| 138 | CBRE Investment Mgmt. | U.S. | $149,300 |
| 139 | Man Group | U.K. | $143,300 |
| 140 | IFM Investors | Australia | $143,169 |
| 141 | Pacific Century Group | Hong Kong | $143,100 |
| 142 | Mn Services | Netherlands | $143,044 |
| 143 | CVC Capital Partners | Luxembourg | $141,976 |
| 144 | CIBC Asset Mgmt. | Canada | $140,907 |
| 145 | Arrowstreet Capital | U.S. | $138,246 |
| 146 | Talanx Group | Germany | $137,278 |
| 147 | Credit Mutuel | France | $136,212 |
| 148 | Partners Group | Switzerland | $135,400 |
| 149 | Vontobel Asset Mgmt. | Switzerland | $134,906 |
| 150 | StepStone Group | U.S. | $134,001 |
| 151 | BBVA | Spain | $133,010 |
| 152 | Payden & Rygel | U.S. | $133,000 |
| 153 | Rothschild | France | $132,903 |
| 154 | Yinhua Fund Mgmt. | China | $129,942 |
| 155 | Artisan Partners | U.S. | $127,892 |
| 156 | Starwood Capital | U.S. | $125,324 |
| 157 | Brown Advisory Group | U.S. | $122,000 |
| 158 | Dierickx Leys | Belgium | $120,093 |
| 159 | Aon | U.K. | $119,057 |
| 160 | Sumitomo Mitsui Financial Group | Japan | $119,014 |
| 161 | BCV | Switzerland | $117,884 |
| 162 | PRIMECAP | U.S. | $117,232 |
| 163 | Bayerischen Landesbank | Germany | $117,008 |
| 164 | Fiera Capital | Canada | $117,008 |
| 165 | F Van Lanschot | Netherlands | $115,075 |
| 166 | Caixa Economica Federal5 | Brazil | $114,016 |
| 167 | Banco Bradesco | Brazil | $110,960 |
| 168 | Hamilton Lane | U.S. | $107,530 |
| 169 | IDUNA Gruppe | Germany | $107,519 |
| 170 | Swiss Re | Switzerland | $105,700 |
| 171 | OP Financial Group | Finland | $104,855 |
| 172 | Pendal Group4 | Australia | $104,500 |
| 173 | KB Asset Mgmt.7 | South Korea | $104,421 |
| 174 | Hightower Advisors | U.S. | $104,306 |
| 175 | Storebrand Group | Norway | $103,376 |
| 176 | Groupama Asset Mgmt. | France | $99,810 |
| 177 | MLC Asset Mgmt. | Australia | $98,465 |
| 178 | Poste Italiane | Italy | $98,077 |
| 179 | Colliers International Group | Canada | $98,000 |
| 180 | Zhong Ou Asset Mgmt. | China | $97,000 |
| 181 | Hines | U.S. | $95,789 |
| 182 | AQR Capital Mgmt. | U.S. | $94,834 |
| 183 | BrightSphere | U.S. | $93,600 |
| 184 | Prologis | U.S. | $91,628 |
| 185 | LSV Asset Mgmt. | U.S. | $91,100 |
| 186 | Sompo Holdings | Japan | $89,379 |
| 187 | Income Research & Mgmt. | U.S. | $88,998 |
| 188 | Shinhan BNPParibas7 | South Korea | $88,433 |
| 189 | RhumbLine Advisers | U.S. | $88,016 |
| 190 | Svenska Handelsbanken | Sweden | $87,620 |
| 191 | Pathway Capital | U.S. | $87,223 |
| 192 | CI Financial | Canada | $86,962 |
| 193 | State Bank of India | India | $86,707 |
| 194 | LGT Capital Partners | Liechtenstein | $86,366 |
| 195 | Covea Group7 | France | $86,339 |
| 196 | Record Currency Mgmt. | U.K. | $86,011 |
| 197 | Fullgoal Fund Mgmt. | China | $84,500 |
| 198 | AMP Capital | Australia | $84,340 |
| 199 | Hanwha Group7 | South Korea | $83,731 |
| 200 | National Bank of Canada1 | Canada | $82,936 |
| 201 | GAM Holding | Switzerland | $81,203 |
| 202 | Cohen & Steers | U.S. | $80,425 |
| 203 | Securian Financial | U.S. | $78,500 |
| 204 | LaSalle Investment | U.S. | $78,451 |
| 205 | Connor, Clark & Lunn Financial | Canada | $76,446 |
| 206 | Industrial Alliance Insurance | Canada | $75,820 |
| 207 | Haitong Securities | China | $75,814 |
| 208 | Intermediate Capital Group | U.K. | $75,000 |
| 209 | Tokio Marine Holdings | Japan | $74,800 |
| 210 | Flossbach Von Storch | Germany | $74,724 |
| 211 | Resolute Investment | U.S. | $74,100 |
| 212 | Erste-Sparinvest Kapitalanlage | Austria | $74,030 |
| 213 | GCM Grosvenor | U.S. | $73,667 |
| 214 | Metzler Asset Mgmt. | Germany | $73,657 |
| 215 | New England Asset Mgmt. | U.S. | $72,907 |
| 216 | Alan Biller and Associates | U.S. | $72,630 |
| 217 | Old Mutual Investment Group | South Africa | $72,308 |
| 218 | Edmond de Rothschild Group | Switzerland | $71,719 |
| 219 | Fort Washington | U.S. | $71,609 |
| 220 | Bank of China Investment Mgmt. | China | $70,169 |
| 221 | ASR | Netherlands | $69,387 |
| 222 | Everbright Securities | China | $68,107 |
| 223 | Lombard Odier Investment | Switzerland | $67,746 |
| 224 | Challenger | Australia | $67,500 |
| 225 | QIC2 | Australia | $67,024 |
| 226 | BTG Pactual | Brazil | $66,981 |
| 227 | Versicherungskammer Bayern | Germany | $66,220 |
| 228 | KLP Group | Norway | $64,965 |
| 229 | Bank Degroof Petercam | Belgium | $63,622 |
| 230 | Banco BPM | Italy | $63,409 |
| 231 | Sterling Capital | U.S. | $62,842 |
| 232 | Guotai Junan | China | $62,569 |
| 233 | Sanlam | South Africa | $62,561 |
| 234 | Monte dei Paschi di Siena | Italy | $61,630 |
| 235 | Mawer Investment Mgmt. | Canada | $61,000 |
| 236 | Quintet Private Bank | Luxembourg | $60,847 |
| 237 | Jupiter Asset Mgmt. | U.K. | $60,532 |
| 238 | Baloise Asset Mgmt. | Switzerland | $60,415 |
| 239 | Mediolanum | Italy | $60,205 |
| 240 | Charter Hall | Australia | $59,758 |
| 241 | Gruppo Azimut | Italy | $58,819 |
| 242 | La Poste2 | France | $58,712 |
| 243 | ICICI Prudential Mutual Fund | India | $58,612 |
| 244 | Perpetual | Australia | $58,535 |
| 245 | Nykredit Asset Mgmt. | Denmark | $58,279 |
| 246 | Pinnacle Investment | Australia | $57,761 |
| 247 | Oddo | France | $57,644 |
| 248 | Grantham, Mayo v. Otterloo | U.S. | $57,627 |
| 249 | Ashmore Group | U.K. | $57,200 |
| 250 | Desjardins Group | Canada | $56,229 |
| 251 | Mapfre | Spain | $56,165 |
| 252 | William Blair | U.S. | $55,930 |
| 253 | Raiffeisen Zentralbank | Austria | $55,640 |
| 254 | J. Safra Sarasin Group | Switzerland | $55,552 |
| 255 | Patrizia Immobilien | Germany | $55,400 |
| 256 | Polen Capital | U.S. | $54,833 |
| 257 | Universal-Investment | Germany | $54,442 |
| 258 | HDFC Asset Mgmt. | India | $54,127 |
| 259 | Aristotle | U.S. | $54,120 |
| 260 | Goodman Group | Australia | $53,986 |
| 261 | Rabobank Group | Netherlands | $53,908 |
| 262 | Fukoku Mutual Life Insurance | Japan | $53,608 |
| 263 | Heitman | U.S. | $53,268 |
| 264 | Angelo, Gordon | U.S. | $53,000 |
| 265 | Adams Street Partners | U.S. | $52,536 |
| 266 | La Francaise | France | $52,307 |
| 267 | Liberty Holdings | South Africa | $51,367 |
| 268 | Pzena Investment | U.S. | $51,366 |
| 269 | Folksam | Sweden | $50,442 |
| 270 | PAG | Hong Kong | $50,000 |
| 271 | DNB | Norway | $49,966 |
| 272 | HuaAn Funds | China | $48,050 |
| 273 | GoldenTree Asset Mgmt. | U.S. | $47,933 |
| 274 | Fortis | Canada | $47,246 |
| 275 | Tianhong Asset Mgmt. | China | $46,347 |
| 276 | Shinsei Bank | Japan | $45,789 |
| 277 | Magellan Asset Mgmt. | Australia | $45,322 |
| 278 | Westpac Banking4 | Australia | $44,548 |
| 279 | Beutel, Goodman | Canada | $43,600 |
| 280 | Mondrian Investment Partners | U.K. | $43,300 |
| 281 | Huatai-PineBridge Investment | China | $43,000 |
| 282 | Korea ITMC7 | South Korea | $42,636 |
| 283 | Dexus | Australia | $42,306 |
| 284 | Breckinridge Capital | U.S. | $42,249 |
| 285 | Impax Asset Mgmt.4 | U.K. | $41,756 |
| 286 | Mitsubishi Estate Group4 | Japan | $41,690 |
| 287 | HUK Coburg | Germany | $41,506 |
| 288 | Tikehau Capital | France | $41,419 |
| 289 | Berenberg Group | Germany | $41,098 |
| 290 | Portfolio Advisors | U.S. | $40,830 |
| 291 | Silchester International8 | U.K. | $40,300 |
| 292 | Asahi Mutual Life Insurance | Japan | $39,653 |
| 293 | Kiwoom AMC7 | South Korea | $39,491 |
| 294 | Marathon-London8 | U.K. | $39,000 |
| 295 | Causeway Capital | U.S. | $38,701 |
| 296 | Thornburg Investment | U.S. | $38,696 |
| 297 | Commerce Trust | U.S. | $37,285 |
| 298 | Providence | U.S. | $37,184 |
| 299 | Wiener Städtische Versicherung | Austria | $36,721 |
| 300 | Guardian Capital | Canada | $36,606 |
| 301 | Coronation Fund Managers | South Africa | $35,395 |
| 302 | Calamos Advisors | U.S. | $35,372 |
| 303 | Mitsui Fudosan Investment3 | Japan | $34,868 |
| 304 | Caitong Fund Mgmt. | China | $34,651 |
| 305 | Carmignac | France | $34,266 |
| 306 | Gothaer Versicherungsgruppe | Germany | $34,234 |
| 307 | Nurnberger | Germany | $34,233 |
| 308 | SDIC UBS Fund Mgmt. | China | $34,222 |
| 309 | Royal Bank of Scotland | U.K. | $34,125 |
| 310 | Mirabaud Group | Switzerland | $34,105 |
| 311 | SECOR Asset Mgmt. | U.S. | $33,931 |
| 312 | Arca SGR | Italy | $33,789 |
| 313 | Kyobo Life Insurance7 | South Korea | $33,787 |
| 314 | Stockbridge Capital Group | U.S. | $33,724 |
| 315 | Kotak Mahindra Asset Mgmt. | India | $33,295 |
| 316 | Aditya Birla Sun Life Mutual | India | $33,255 |
| 317 | Lendlease Investment Mgmt. | Australia | $32,595 |
| 318 | Kutxabank2 | Spain | $32,558 |
| 319 | CIM Group4 | U.S. | $32,554 |
| 320 | Alte Leipziger Group | Germany | $32,232 |
| 321 | MMI Holdings | South Africa | $31,983 |
| 322 | Ruffer9 | U.K. | $31,954 |
| 323 | Orbis Investments | Bermuda | $31,378 |
| 324 | Colchester Global Investors | U.K. | $31,222 |
| 325 | MissionSquare Investments | U.S. | $30,704 |
| 326 | Laboral Kutxa | Spain | $30,355 |
| 327 | Generation Investment Mgmt. | U.K. | $30,000 |
| 328 | Yuanta Securities Investment | Taiwan | $29,918 |
| 329 | Ibercaja | Spain | $29,795 |
| 330 | NN Investment Partners | Netherlands | $29,676 |
| 331 | AGF Mgmt. | Canada | $29,529 |
| 332 | Comgest | France | $29,491 |
| 333 | GAMCO Investors | U.S. | $29,261 |
| 334 | Hungkuk ITMC7 | South Korea | $29,204 |
| 335 | XP Asset Mgmt.5 | Brazil | $29,027 |
| 336 | Shenkman Group | U.S. | $28,842 |
| 337 | Bank of Nanjing | China | $28,552 |
| 338 | Carnegie Investment | Sweden | $28,536 |
| 339 | Hotchkis & Wiley | U.S. | $28,329 |
| 340 | UTI Mutual Fund | India | $28,223 |
| 341 | QBE | Australia | $28,167 |
| 342 | Los Angeles Capital | U.S. | $28,058 |
| 343 | DMFCO4 | Netherlands | $27,755 |
| 344 | Axis Mutual Fund | India | $27,485 |
| 345 | Alexander Forbes4 | South Africa | $26,755 |
| 346 | Blue Sky Group | Netherlands | $26,687 |
| 347 | Intact Financial | Canada | $26,281 |
| 348 | EARNEST Partners | U.S. | $26,237 |
| 349 | Rockpoint Group | U.S. | $25,840 |
| 350 | Canso Investment Counsel | Canada | $25,838 |
| 351 | Knights of Columbus Asset | U.S. | $25,778 |
| 352 | Commonfund | U.S. | $25,310 |
| 353 | Co-operators Group | Canada | $25,247 |
| 354 | Bank Syz | Switzerland | $25,011 |
| 355 | Capula Investment Mgmt.2 | U.K. | $25,000 |
| 356 | Hayfin Capital Mgmt. | U.K. | $25,000 |
| 357 | Sarofim Group | U.S. | $25,000 |
| 358 | Diamond Hill Capital | U.S. | $24,763 |
| 359 | Zheshang Fund Mgmt. | China | $24,545 |
| 360 | Navigator Global Investments | Australia | $24,500 |
| 361 | Woori Asset Mgmt.7 | South Korea | $24,431 |
| 362 | Triodos Bank | Netherlands | $24,118 |
| 363 | Canyon Partners | U.S. | $23,962 |
| 364 | Eagle Capital | U.S. | $23,915 |
| 365 | RWC Asset Mgmt. | U.K. | $23,875 |
| 366 | One Investment | Australia | $23,767 |
| 367 | SCOR | France | $23,676 |
| 368 | Luther King Capital | U.S. | $23,593 |
| 369 | LFPI | France | $23,485 |
| 370 | NFU Mutual | U.K. | $23,152 |
| 371 | Wasatch Global Investors | U.S. | $22,398 |
| 372 | Polar Capital Holdings | U.K. | $22,319 |
| 373 | King Street Capital | U.S. | $22,200 |
| 374 | Allan Gray Proprietary | South Africa | $22,126 |
| 375 | IBK AMC7 | South Korea | $22,086 |
| 376 | GPT Group | Australia | $22,002 |
| 377 | Baring Private Equity Asia | China | $22,000 |
| 378 | Lindsell Train | U.K. | $21,992 |
| 379 | First Seafront Fund Mgmt. | China | $21,989 |
| 380 | Alger Associates | U.S. | $21,698 |
| 381 | Lion Fund Mgmt. | China | $21,657 |
| 382 | Madison Investments | U.S. | $21,622 |
| 383 | ACORE Capital | U.S. | $21,169 |
| 384 | IGIS Asset Mgmt.7 | South Korea | $21,093 |
| 385 | PCCP | U.S. | $20,868 |
| 386 | Silvercrest Asset Mgmt. | U.S. | $20,851 |
| 387 | Bankinter | Spain | $20,848 |
| 388 | PSG Konsult5 | South Africa | $20,829 |
| 389 | ANZ Banking Group4 | Australia | $20,531 |
| 390 | Pacific Asset Mgmt. | U.S. | $20,214 |
| 391 | DuPont Capital | U.S. | $20,144 |
| 392 | Gruppo Credito Emiliano | Italy | $20,063 |
| 393 | Uniqa Finanz Group | Austria | $19,669 |
| 394 | EdgePoint Investment Group | Canada | $19,637 |
| 395 | Callodine Group | U.S. | $19,359 |
| 396 | Cathay Securities | Taiwan | $19,098 |
| 397 | Ziraat Portfoy | Turkey | $19,098 |
| 398 | Safra Asset Mgmt. | Brazil | $18,707 |
| 399 | Close Brothers Group10 | U.K. | $18,451 |
| 400 | Unigestion | Switzerland | $18,391 |
| 401 | ACTIAM2 | Netherlands | $18,329 |
| 402 | Morrison | Australia | $18,277 |
| 403 | Burgundy Asset Mgmt.2 | Canada | $18,233 |
| 404 | Minsheng Royal Fund | China | $17,843 |
| 405 | Troy Asset Mgmt. | U.K. | $17,763 |
| 406 | Boyd Watterson | U.S. | $17,707 |
| 407 | China Galaxy Securities | China | $17,443 |
| 408 | Sage Advisory Services | U.S. | $17,322 |
| 409 | Systematica Investments | Jersey | $17,300 |
| 410 | Davis Advisors | U.S. | $17,274 |
| 411 | Leith Wheeler Investment3 | Canada | $17,274 |
| 412 | Angel Oak Capital | U.S. | $17,252 |
| 413 | Brandes Investment | U.S. | $17,238 |
| 414 | Intech | U.S. | $17,107 |
| 415 | Bahl & Gaynor | U.S. | $17,103 |
| 416 | UNICAJA | Spain | $17,059 |
| 417 | Adrian Lee & Partners | U.K. | $17,000 |
| 418 | Caixa Geral de Depositos | Portugal | $16,983 |
| 419 | London Co. | U.S. | $16,903 |
| 420 | Crestline Investors | U.S. | $16,860 |
| 421 | Sprucegrove Investment | Canada | $16,802 |
| 422 | Longfellow Investment | U.S. | $16,792 |
| 423 | CCLA Investment Mgmt.3 | U.K. | $16,780 |
| 424 | Garcia Hamilton | U.S. | $16,764 |
| 425 | Hyundai Investment AMC7 | South Korea | $16,692 |
| 426 | Axiom Investors | U.S. | $16,581 |
| 427 | Fuller & Thaler | U.S. | $16,360 |
| 428 | Baoying Fund | China | $16,218 |
| 429 | Ariel Investments | U.S. | $16,185 |
| 430 | Johnson Investment Counsel | U.S. | $16,130 |
| 431 | Champlain Investment | U.S. | $15,983 |
| 432 | Rongtong Fund Mgmt. | China | $15,925 |
| 433 | Callan | U.S. | $15,421 |
| 434 | Ardea Investment Mgmt. | Australia | $15,236 |
| 435 | Sit Investment | U.S. | $15,223 |
| 436 | Walton Street Capital | U.S. | $15,176 |
| 437 | Cantillon Capital Mgmt. | U.S. | $15,040 |
| 438 | Jacobs Levy Equity | U.S. | $15,039 |
| 439 | SWS MU Fund Mgmt. | China | $14,960 |
| 440 | Belle Haven Investments | U.S. | $14,717 |
| 441 | Intercontinental Real Estate | U.S. | $14,714 |
| 442 | Grayscale Investments | U.S. | $14,600 |
| 443 | Independent Franchise | U.K. | $14,519 |
| 444 | Opportunity5 | Brazil | $14,449 |
| 445 | Beacon Capital | U.S. | $14,429 |
| 446 | Lupus Alpha Asset Mgmt. | Germany | $14,411 |
| 447 | Beach Point Capital | U.S. | $14,397 |
| 448 | Reichmuth11 | Switzerland | $14,075 |
| 449 | Cliffwater | U.S. | $14,074 |
| 450 | Bandhan Mutual Fund | India | $13,951 |
| 451 | Letko Brosseau4 | Canada | $13,900 |
| 452 | Zacks Investment | U.S. | $13,884 |
| 453 | KGAL | Germany | $13,854 |
| 454 | BOCI-Prudential | Hong Kong | $13,776 |
| 455 | DSP Mutual Fund | India | $13,650 |
| 456 | Chuangjin Hexin Fund Mgmt. | China | $13,586 |
| 457 | Amalgamated Bank | U.S. | $13,439 |
| 458 | Capital Investment Trust | Taiwan | $13,328 |
| 459 | Westfield Capital | U.S. | $13,316 |
| 460 | Fiduciary Mgmt./Milwaukee | U.S. | $13,199 |
| 461 | Abbott Capital | U.S. | $13,145 |
| 462 | CenterSquare Investment | U.S. | $13,096 |
| 463 | Jensen Investment | U.S. | $13,067 |
| 464 | American Realty Advisors | U.S. | $13,062 |
| 465 | Daol Financial Group7 | South Korea | $12,976 |
| 466 | Matthews Asia | U.S. | $12,966 |
| 467 | Platinum Asset Mgmt.9 | Australia | $12,902 |
| 468 | Renta4 | Spain | $12,821 |
| 469 | Fubon Group | Taiwan | $12,785 |
| 470 | Yarra Capital Mgmt. | Australia | $12,732 |
| 471 | Driehaus Capital | U.S. | $12,672 |
| 472 | Grupo Novo Banco | Portugal | $12,524 |
| 473 | Polaris Capital | U.S. | $12,425 |
| 474 | T&D Asset Mgmt. | Japan | $12,108 |
| 475 | VINCI PARTNERS | Brazil | $11,932 |
| 476 | TATA Financial Services8 | India | $11,859 |
| 477 | Edelweiss Asset Mgmt. | India | $11,840 |
| 478 | Yousif Capital | U.S. | $11,738 |
| 479 | Waterfall Asset Mgmt. | U.S. | $11,600 |
| 480 | CornerStone Partners | U.S. | $11,567 |
| 481 | Ak Asset Mgmt. | Turkey | $11,507 |
| 482 | Westbrook Partners | U.S. | $11,480 |
| 483 | Alphinity Investment2 | Australia | $11,408 |
| 484 | KDB AMC7 | South Korea | $11,318 |
| 485 | FirstRand Group | South Africa | $11,295 |
| 486 | Glenmede Investment | U.S. | $11,285 |
| 487 | V-I Asset Mgmt.7 | South Korea | $11,246 |
| 488 | Midas Asset AMC7 | South Korea | $11,185 |
| 489 | SPARX Group | Japan | $11,182 |
| 490 | SPX5 | Brazil | $10,928 |
| 491 | Global Endowment Mgmt. | U.S. | $10,901 |
| 492 | Mediobanca | Italy | $10,895 |
| 493 | TISCO Asset Mgmt. | Thailand | $10,807 |
| 494 | Chinatrust Financial Holding | Taiwan | $10,755 |
| 495 | Cooke & Bieler | U.S. | $10,678 |
| 496 | Brown Capital | U.S. | $10,615 |
| 497 | Great Lakes Advisors | U.S. | $10,509 |
| 498 | DB Asset Mgmt.7 | South Korea | $10,438 |
| 499 | Gruppo Bancario Iccrea | Italy | $10,334 |
| 500 | SulAmerica Investimentos4 | Brazil | $10,324 | Total | $113,718,905 |
| Notes:1 As of Oct. 31, 2022; 2 As of June 30, 2022; 3 As of March 31, 2022; 4 As of Sept. 30, 2022; 5 As of Feb. 28, 2023; 6 As of March 20, 2023; 7 As of Dec. 30, 2022; 8 As of March 31, 2023; 9 As of Jan. 31, 2023; 10 As of July 31, 2022; 11 As of Jan. 3, 2023 | |||
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