Fund Family Digest: US in 2026

Morningstar

Bridget Hughes

Research

175 Pages

Morningstar examines the 150 largest US fund families, highlighting an industry increasingly shaped by scale, passive investing, ETFs, and consolidation. Vanguard oversees more than $11 trillion, while Vanguard, BlackRock, and Fidelity control 52% of assets, and more than 100 managers have filed to offer ETFs as fund share classes.

Key Takeaways

Industry concentration deepens: Vanguard, BlackRock, and Fidelity hold 52% of AUM, while the top 10 control roughly three-fourths of the industry.
Passive scale dominates: Passive funds total $22 trillion, with five firms controlling 89%; Vanguard alone manages 44% of passive AUM.
ETF adoption broadens: More than 100 managers filed for ETF share-class relief, with the SEC approving nearly all applications as active ETFs expand.
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