Active management growing, but pace lags

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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.


1
BlackRock (BLK)
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 (GS)
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 Global Asset Mgmt. 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 (IVZ)
U.S. $937,598
26

Morgan Stanley (MS)
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 (LM)
U.S. $767,241
34 Manulife/John Hancock Canada $756,477
35
Franklin
Templeton (BEN)
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 (EV)
U.S. $432,200
51 Aviva U.K. $426,634
52
Federated Investors (FII)
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 (SEIC)
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 (APAM)
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 (GBL)
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 Depsitos7 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 (CLMS)
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 Stdtische 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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