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The World’s Biggest Mutual Fund and ETF Providers

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The World's ten Biggest mutual fund and ETF Providers. Vanguard is the biggest with $6.6 trillion in net assets in 2022.

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The Briefing

  • The 10 largest mutual fund and ETF providers did not change from 2021 to 2022.
  • Vanguard and iShares, the top two brands, both saw net inflows in 2022.

The World’s Biggest Mutual Fund and ETF Providers

The global net assets of mutual fund and ETF providers totaled $38 trillion in 2022. Despite its massive size, the industry is dominated by a relatively small number of brands.

This graphic uses data from Morningstar to show the largest fund brands and their growth rates in 2022.

The Biggest Get Bigger

Below, we rank mutual fund and ETF brands by net assets and show their organic growth rate.

The organic growth rate measures the change in net flows, which reflects growth related to marketing efforts and not the market performance of the provider’s funds.

RankFund ProviderNet Assets in 2022Organic Growth Rate (2021-2022)
1Vanguard$6.6T1.3%
2iShares$2.9T6.8%
3Fidelity$2.1T-0.4%
4American Funds$1.9T-2.4%
5State Street$1.1T2.2%
6Invesco$732B-1.8%
7JPMorgan$708B-1.2%
8BlackRock$690B-5.3%
9T. Rowe Price$637B-7.2%
10Franklin Templeton$577B-8.1%

Vanguard and iShares continue to dominate the list and account for 25% of mutual fund and ETF net assets globally. Both saw net inflows, though iShares’ growth rate was much higher. It collected $222B, more than double the $101 billion that Vanguard received.

State Street, the fifth-largest fund brand, was the only other name on the list to see net inflow. The company manages the SPDR S&P 500 ETF, which is the largest ETF in the world. It was a top pick for retail investors in early 2023.

The smallest of the giants—T. Rowe Price and Franklin Templeton—saw net outflows for the second year in a row. Both firms focus on active management, a strategy designed to outperform the general market through the decisions of investment managers.

Shifting Preferences: From Mutual Fund to ETF

The decline of brands focused on active management reflects a larger trend within the industry. In 2022, investors heavily favored passive funds and ETFs over mutual funds and active funds.

This could be due to the higher fees and long-term underperformance of many active funds.

Fund TypeInflows (+) or Outflows (-) in 2022
Mutual Funds-$1.3T
Actively-Managed Funds-$349B
ETFs+$754B
Indexed (Passive) Funds+$348B

Passive funds now comprise 38% of global assets, up from 19% in 2013.

Typically, passive funds have very low expense ratios that limit the fees providers can earn. Existing brands also have large economies of scale that would be difficult for new entrants to replicate. For these reasons, fewer firms compete in passive management and this is ultimately leading to more consolidation in the industry.

Fortunately, investors have benefited from the cost-effective and efficient path to investment ownership that passive funds provide. In 2022, the average expense ratio of an actively-managed equity mutual fund was 0.66%, while the average for an index equity mutual fund was 0.05%.

On the flip side, some experts have expressed concerns that industry consolidation reduces financial stability. The Federal Reserve states that if a large firm experienced a significant event, such as a cybersecurity breach, it could “lead to sudden massive redemptions from that firm’s funds and thus potentially from the asset management industry as a whole.”

Where Does This Data Come From?

Source: Morningstar Global Fund Flows Report

Data note: Organic growth rate measures the change in net flows from 2021 to 2022 divided by the net assets in 2021. This measures growth related to marketing efforts and not the performance of the funds. Data does not include funds of funds, feeder funds, money market funds, collective investment trusts, or separate accounts.

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Agriculture

Top U.S. Food Imports by Origin Country

This infographic shows the top exporting countries for U.S. food imports, ranging from exotic fruits to meat, oils, spices, and more.

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Top U.S. food imports from countries

Top U.S. Food Imports by Origin Country

The U.S. is a major producer and exporter of food products, but did you know that it’s also one of the world’s largest food importers?

Due to seasonality and climate, some foods can’t be grown on home soil, at least enough to fulfill consumption demands. Indeed, many familiar grocery items come from other countries.

This infographic from Julie Peasley uses data from the Chatham House Resource Trade Database (CHRTD) to show where the U.S. gets its food from, highlighting the top exporting countries of various imported food items.

The Types of Imported Foods

The U.S. imported around $148 billion worth of agricultural products in 2020, and according to the USDA, this has since risen to $194 billion in 2022.

Around 50% of all U.S. agricultural imports are horticultural products like fruits, vegetables, tree nuts, and more. Other large import categories include sugar and tropical products, meat, grains, and oilseeds.

With that context in mind, we break down each category and highlight the five foods with the largest single-origin import value.

Farm Fresh: Fruit and Vegetable Imports

U.S. fruit and vegetable imports have been on a steady rise since 2000. In fact, between 2011 and 2021, fruits and nuts imports made up 44% of domestic consumption, while 35% of vegetables consumed in the U.S. came from outside the country.

Mexico is by far the largest exporter of fruits and vegetables to the United States.

Fruit or VegetableLargest Exporting CountryU.S. Import Value (2020)
Tomatoes🇲🇽 Mexico$2.5B
Avocados🇲🇽 Mexico$2.1B
Peppers🇲🇽 Mexico$1.4B
Bananas🇬🇹 Guatemala$1.0B
Strawberries🇲🇽 Mexico$897M

The U.S. imported $2.5 billion worth of tomatoes from Mexico in 2020, representing 31% of international tomato trade. Avocados, native to central Mexico, were nearly as popular with $2.1 billion worth of imports.

Generally, the largest exporters of fruits and vegetables to the U.S. are North and South American countries, with products often coming from Guatemala, Chile, Peru, Costa Rica, and Brazil.

Beefed Up: Meat Imports

The U.S. is the world’s largest overall consumer of beef (or bovine meat), and the third-largest per capita consumer at nearly 37.9 kg (84 lbs) per person per year.

Therefore, despite being one of the top producers of beef, the country still imports a lot of it.

MeatLargest Exporting CountryU.S. Import Value (2020)
Bovine Cuts🇨🇦 Canada$1.4B
Bovine Cuts, Frozen🇳🇿 New Zealand$839M
Sheep Meat🇦🇺 Australia$643M
Swine Hams, Shoulders, and Cuts🇨🇦 Canada$559M
Bovine Cuts, Bone In🇲🇽 Mexico$449M

Precisely, The U.S. imported $8.7 billion worth of meat in 2020. Canada was the largest source of imported beef, with the U.S. accounting for more than 70% of all Canadian beef exports.

The sources of meat imports are more geographically diverse than fruits and vegetables, with billions of dollars of imports coming from New Zealand and Australia.

Making Waves: Seafood Imports

Despite plenty of coastlines, the U.S. imports 70–85% of all its seafood and accounted for 15% of global seafood imports in 2020 at $21.8 billion.

Frozen shrimp and prawns were the top seafood import, with $1.9 billion worth from India.

Fish and SeafoodLargest Exporting CountryU.S. Import Value (2020)
Shrimp and Prawns, Frozen🇮🇳 India$1.9B
Fish Fillet or Meat🇨🇱 Chile$1.4B
Fish Fillet or Meat, Frozen🇨🇳 China$884M
Lobsters🇨🇦 Canada$764M
Crabs, Frozen🇨🇦 Canada$719M

The largest source of U.S. seafood imports overall with $3.1 billion total was Canada, which leads in lobster, crab, and whole fish imports. It was followed by Chile at $2.1 billion, primarily for parts of fish (fillet or meat, fresh or chilled).

Other Foods: Oils, Grains, Coffee, and More

There are plenty of other types of foods and agricultural products that the U.S. relies on other countries for. Here are the largest single-origin U.S. food imports for the remaining categories:

FoodCategoryLargest Exporting CountryU.S. Import Value (2020)
Canola Oil, RefinedOils🇨🇦 Canada$1.4B
Coffee, Not RoastedStimulants/Spices🇨🇴 Colombia$1.0B
Cashews, ShelledNuts/Seeds/Beans🇻🇳 Vietnam$960M
Raw Sugar, RefinedSweetners🇲🇽 Mexico$723M
RiceCereals🇹🇭 Thailand$713M
CheeseDairy🇮🇹 Italy$310M

Some of the highest and potentially surprising exports? Imports of refined Canadian canola oil totaled $1.4 billion in 2020, while Vietnam exported a whopping $960 million worth of cashews to America.

A Global Plate: The Diversity of U.S. Food Imports

The amount and value of food imported to the U.S. highlights the diversity of consumer preferences and the importance of global food stocks, considering America is one of the world’s leading food producers.

With countries having to rely on others to satisfy demand for limited production supply or exotic foods, the interconnectedness of the global food system is both vital and delicate.

What’s clear is that the U.S. food plate is indeed a global one, with many foods taking remarkable journeys from farm to fork.

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