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Fund Report Cards

Every quarter, funds must disclose their holdings to the SEC. An industry sells you the fantasy of copying them. We backtested it — for every fund, mechanically following each quarter's new positions, buying only after the data became public. These are the report cards.

2,000 funds tested: 94.7% no significant edge · 4.2% significant (≈ the 5% you'd expect from pure chance) · 1.1% significantly negative
Rank Fund 13F equity value Quarters Picks Avg 2Q excess t-stat Win rate Verdict
1 STATE STREET CORP $2.90T 32 467 0.4% 0.13 53% Not significant
2 FMR LLC $1.90T 32 1825 2.0% 1.16 50% Not significant
3 MORGAN STANLEY $1.66T 18 33 -0.1% -0.02 39% Not significant
4 GEODE CAPITAL MANAGEMENT, LLC $1.61T 31 289 1.3% 0.27 42% Not significant
5 BANK OF AMERICA CORP /DE/ $1.37T 27 111 11.1% 2.39 67% Significant
6 GOLDMAN SACHS GROUP INC $760.9B 32 944 -0.9% -0.53 53% Not significant
7 NORTHERN TRUST CORP $756.6B 32 349 1.8% 0.38 50% Not significant
8 Capital World Investors $732.9B 32 732 2.2% 1.22 59% Not significant
9 CHARLES SCHWAB INVESTMENT MANAGEMENT INC $654.5B 32 652 6.4% 1.48 56% Not significant
10 Invesco Ltd. $653.3B 32 1365 0.2% 0.09 50% Not significant
11 Capital Research Global Investors $644.6B 32 603 1.2% 0.82 63% Not significant
12 UBS Group AG $563.6B 31 513 -4.4% -1.26 26% Not significant
13 Bank of New York Mellon Corp $543.8B 32 523 3.9% 1.30 50% Not significant
14 WELLINGTON MANAGEMENT GROUP LLP $535.4B 32 3153 0.3% 0.52 56% Not significant
15 ROYAL BANK OF CANADA $527.6B 32 550 -1.9% -0.74 38% Not significant
16 WELLS FARGO & COMPANY/MN $501.3B 31 288 7.2% 1.07 71% Not significant
17 DIMENSIONAL FUND ADVISORS LP $481.4B 32 900 2.9% 0.98 44% Not significant
18 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME $481.0B 30 2118 3.2% 1.49 57% Not significant
19 Legal & General Group Plc $432.4B 32 655 -2.9% -0.92 44% Not significant
20 AMERIPRISE FINANCIAL INC $431.0B 32 1745 -0.8% -0.62 34% Not significant
21 Capital International Investors $426.5B 32 627 0.4% 0.28 53% Not significant
22 FRANKLIN RESOURCES INC $408.3B 32 2665 1.4% 1.41 59% Not significant
23 LPL Financial LLC $376.2B 32 2640 0.1% 0.12 44% Not significant
24 ENVESTNET ASSET MANAGEMENT INC $373.6B 32 2772 0.5% 0.39 47% Not significant
25 Amundi $367.1B 18 1883 0.1% 0.08 39% Not significant
26 ALLIANCEBERNSTEIN L.P. $308.8B 32 1220 -0.6% -0.30 44% Not significant
27 DEUTSCHE BANK AG\ $302.5B 32 992 0.6% 0.32 41% Not significant
28 Mirae Asset Global Investments Co., Ltd. $299.3B 31 2841 -1.4% -1.39 39% Not significant
29 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $297.5B 32 1258 0.8% 0.62 59% Not significant
30 Fisher Asset Management, LLC $294.9B 31 1286 0.3% 0.29 48% Not significant
31 BARCLAYS PLC $279.8B 32 1220 3.3% 1.61 59% Not significant
32 BERKSHIRE HATHAWAY INC $263.1B 18 44 -4.9% -1.51 44% Not significant
33 BANK OF MONTREAL /CAN/ $245.2B 31 2316 2.7% 1.37 48% Not significant
34 AQR CAPITAL MANAGEMENT LLC $218.4B 32 3217 0.4% 0.30 53% Not significant
35 JONES FINANCIAL COMPANIES LLLP $208.1B 32 3499 -0.2% -0.10 66% Not significant
36 JANUS HENDERSON GROUP PLC $201.7B 32 2347 0.4% 0.33 56% Not significant
37 AMERICAN CENTURY COMPANIES INC $194.3B 32 3186 1.1% 1.39 50% Not significant
38 PRINCIPAL FINANCIAL GROUP INC $187.2B 32 1664 0.8% 0.46 41% Not significant
39 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $184.8B 32 7447 -0.1% -0.08 41% Not significant
40 DODGE & COX $182.0B 30 144 1.5% 0.57 67% Not significant
41 Swiss National Bank $173.8B 30 932 -0.9% -0.33 47% Not significant
42 PNC FINANCIAL SERVICES GROUP, INC. $173.2B 32 1643 -0.7% -0.42 63% Not significant
43 HSBC HOLDINGS PLC $167.7B 32 4369 -0.1% -0.08 44% Not significant
44 CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM $162.5B 29 518 4.3% 1.01 48% Not significant
45 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO $162.4B 31 3868 0.4% 0.41 55% Not significant
46 CITIGROUP INC $157.1B 32 587 4.0% 1.00 34% Not significant
47 VICTORY CAPITAL MANAGEMENT INC $156.1B 32 2359 1.2% 0.74 47% Not significant
48 CANADA PENSION PLAN INVESTMENT BOARD $155.0B 32 4382 0.5% 0.60 53% Not significant
49 Sumitomo Mitsui Trust Group, Inc. $154.5B 32 975 0.3% 0.22 41% Not significant
50 BNP PARIBAS FINANCIAL MARKETS $151.9B 31 3515 0.5% 0.22 39% Not significant
51 Mitsubishi UFJ Asset Management Co., Ltd. $149.0B 32 1097 0.8% 0.32 41% Not significant
52 Creative Planning $147.4B 32 3305 2.2% 1.79 59% Not significant
53 JENNISON ASSOCIATES LLC $145.4B 32 1789 1.5% 1.40 56% Not significant
54 CITADEL ADVISORS LLC $141.1B 32 5033 0.6% 1.02 63% Not significant
55 FIRST TRUST ADVISORS LP $140.0B 32 3016 -0.7% -0.81 47% Not significant
56 MILLENNIUM MANAGEMENT LLC $133.7B 32 5789 -1.1% -1.63 28% Not significant
57 National Pension Service $131.7B 28 457 4.7% 1.65 57% Not significant
58 Neuberger Berman Group LLC $131.4B 32 1927 0.7% 1.18 44% Not significant
59 FIL Ltd $128.7B 32 1912 0.7% 0.61 50% Not significant
60 PRIMECAP MANAGEMENT CO/CA/ $127.0B 32 170 -1.1% -0.54 50% Not significant
61 D. E. Shaw & Co., Inc. $126.9B 32 5750 0.3% 0.47 44% Not significant
62 STATE FARM MUTUAL AUTOMOBILE INSURANCE CO $126.9B 15 30 6.3% 1.61 80% Not significant
63 TD ASSET MANAGEMENT INC $123.2B 32 1322 1.8% 0.99 53% Not significant
64 SCHRODER INVESTMENT MANAGEMENT GROUP $122.0B 32 2149 1.7% 2.01 56% Significant
65 TWO SIGMA INVESTMENTS, LP $120.5B 32 8654 0.1% 0.27 50% Not significant
66 RHUMBLINE ADVISERS $116.9B 32 1120 -0.2% -0.11 50% Not significant
67 MANUFACTURERS LIFE INSURANCE COMPANY, THE $116.3B 32 1587 1.7% 1.27 56% Not significant
68 Clearbridge Investments, LLC $114.9B 32 879 0.2% 0.21 63% Not significant
69 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt $109.5B 32 1989 0.5% 0.66 53% Not significant
70 STIFEL FINANCIAL CORP $108.8B 32 2212 2.0% 2.01 56% Significant
71 SEI INVESTMENTS CO $108.4B 32 2815 0.7% 0.57 44% Not significant
72 NORDEA INVESTMENT MANAGEMENT AB $107.2B 32 1121 2.4% 0.96 38% Not significant
73 BAILLIE GIFFORD & CO $97.9B 32 421 -2.1% -0.82 53% Not significant
74 NATIONAL BANK OF CANADA /FI/ $97.7B 16 1498 2.0% 1.49 56% Not significant
75 VOYA INVESTMENT MANAGEMENT LLC $96.1B 32 1553 -0.1% -0.09 34% Not significant
76 Boston Partners $95.5B 31 1513 0.5% 0.69 52% Not significant
77 Swedbank AB $95.1B 19 760 -5.3% -2.28 53% Negative
78 Pictet Asset Management Holding SA $94.8B 9 535 3.2% 1.82 56% Not significant
79 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $94.5B 31 767 -1.6% -0.50 45% Not significant
80 HighTower Advisors, LLC $94.2B 32 2830 1.2% 1.42 56% Not significant
81 Cetera Investment Advisers $94.0B 32 2869 0.5% 0.54 50% Not significant
82 MARSHALL WACE, LLP $93.4B 32 11376 -0.1% -0.21 56% Not significant
83 JANE STREET GROUP, LLC $93.1B 32 8045 -0.6% -0.80 59% Not significant
84 Russell Investments Group, Ltd. $93.1B 32 2692 1.4% 0.77 50% Not significant
85 Colony Group, LLC $89.9B 8 1345 3.4% 1.31 63% Not significant
86 Allianz Asset Management GmbH $86.6B 32 3032 1.1% 1.48 53% Not significant
87 BNP Paribas Asset Management Holding S.A. $86.1B 32 2476 0.5% 0.24 28% Not significant
88 Mariner, LLC $85.7B 32 3085 1.1% 1.20 50% Not significant
89 Sanders Capital, LLC $83.9B 22 47 11.1% 1.65 50% Not significant
90 MACKENZIE FINANCIAL CORP $83.3B 32 3280 -0.4% -0.80 41% Not significant
91 US BANCORP \DE\ $82.4B 32 1756 1.6% 1.06 50% Not significant
92 PRUDENTIAL FINANCIAL INC $81.2B 32 1910 -1.0% -0.71 38% Not significant
93 SUSQUEHANNA INTERNATIONAL GROUP, LLP $77.3B 32 7429 -0.7% -1.60 38% Not significant
94 First Eagle Investment Management, LLC $75.6B 31 587 -1.9% -0.77 48% Not significant
95 1832 Asset Management L.P. $75.5B 32 2069 -0.7% -0.84 44% Not significant
96 HARRIS ASSOCIATES L P $74.9B 32 196 -0.5% -0.29 38% Not significant
97 LOOMIS SAYLES & CO L P $74.3B 32 2316 -1.3% -1.65 44% Not significant
98 BROOKFIELD Corp /ON/ $74.2B 30 1994 -0.5% -0.39 47% Not significant
99 TRUIST FINANCIAL CORP $74.1B 32 2672 1.1% 1.26 47% Not significant
100 COMMONWEALTH EQUITY SERVICES, LLC $71.6B 32 1934 1.2% 1.10 44% Not significant
101 NEW YORK STATE COMMON RETIREMENT FUND $71.6B 32 948 -0.1% -0.02 53% Not significant
102 Cerity Partners LLC $70.5B 32 3436 0.9% 0.90 66% Not significant
103 Qube Research & Technologies Ltd $70.4B 31 10703 0.5% 1.48 55% Not significant
104 Robeco Institutional Asset Management B.V. $70.2B 32 1490 -0.8% -0.85 56% Not significant
105 Corient Private Wealth LLC $69.9B 12 1331 0.4% 0.41 25% Not significant
106 OSAIC HOLDINGS, INC. $68.3B 23 771 1.7% 0.83 44% Not significant
107 MERCER GLOBAL ADVISORS INC /ADV $67.6B 27 2605 2.1% 2.80 67% Significant
108 ProShare Advisors LLC $67.5B 31 2671 -1.3% -0.63 52% Not significant
109 ADAGE CAPITAL PARTNERS GP, L.L.C. $64.8B 32 2047 -0.2% -0.27 44% Not significant
110 Baird Financial Group, Inc. $64.0B 32 1776 2.0% 1.98 53% Not significant
111 RENAISSANCE TECHNOLOGIES LLC $63.9B 31 7066 1.5% 2.56 71% Significant
112 GQG Partners LLC $63.1B 32 434 2.6% 1.44 50% Not significant
113 Assenagon Asset Management S.A. $62.6B 32 5160 0.9% 1.62 53% Not significant
114 CAISSE DE DEPOT ET PLACEMENT DU QUEBEC $62.4B 32 1393 -0.4% -0.31 53% Not significant
115 abrdn plc $61.9B 32 859 4.0% 1.19 53% Not significant
116 FEDERATED HERMES, INC. $61.5B 32 2882 0.8% 0.79 56% Not significant
117 Artisan Partners Limited Partnership $61.3B 32 733 1.7% 1.28 56% Not significant
118 BROWN ADVISORY INC $60.9B 32 1346 0.6% 0.66 53% Not significant
119 LAZARD ASSET MANAGEMENT LLC $60.7B 32 5202 0.4% 0.72 56% Not significant
120 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $60.6B 24 4810 -0.1% -0.14 50% Not significant
121 Quantinno Capital Management LP $59.9B 28 3703 0.2% 0.23 54% Not significant
122 Allspring Global Investments Holdings, LLC $59.7B 15 1450 0.0% 0.01 40% Not significant
123 AVIVA PLC $59.6B 32 1309 1.7% 1.20 47% Not significant
124 Point72 Asset Management, L.P. $57.5B 32 8910 1.0% 2.07 59% Significant
125 CAPTRUST FINANCIAL ADVISORS $57.2B 32 3787 -1.0% -0.86 41% Not significant
126 BANK OF NOVA SCOTIA $57.1B 32 2161 -0.2% -0.19 41% Not significant
127 CIBC WORLD MARKET INC. $56.9B 32 2180 1.1% 1.67 56% Not significant
128 Rockefeller Capital Management L.P. $56.4B 31 5046 0.4% 0.54 55% Not significant
129 FIFTH THIRD BANCORP $54.7B 32 2306 1.0% 1.13 56% Not significant
130 Ensign Peak Advisors, Inc $53.7B 24 1058 3.8% 1.01 50% Not significant
131 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $53.4B 32 1385 -2.4% -1.37 34% Not significant
132 TORONTO DOMINION BANK $51.9B 32 2422 2.2% 1.12 69% Not significant
133 BALYASNY ASSET MANAGEMENT L.P. $50.9B 32 10796 0.1% 0.35 41% Not significant
134 Financial Engines Advisors L.L.C. $49.2B 32 507 -0.1% -0.08 56% Not significant
135 ASSETMARK, INC $49.0B 32 2838 -0.8% -1.06 31% Not significant
136 Korea Investment CORP $48.3B 31 540 4.2% 1.56 65% Not significant
137 Man Group plc $48.2B 31 5237 0.2% 0.30 45% Not significant
138 Aristotle Capital Management, LLC $47.8B 30 107 1.9% 0.77 50% Not significant
139 ROYAL LONDON ASSET MANAGEMENT LTD $47.7B 30 598 7.6% 2.24 67% Significant
140 Squarepoint Ops LLC $46.5B 32 10981 0.6% 1.62 66% Not significant
141 Zurcher Kantonalbank (Zurich Cantonalbank) $46.0B 32 1222 2.4% 1.03 59% Not significant
142 Wealthfront Advisers LLC $45.6B 28 1280 2.1% 1.23 54% Not significant
143 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $45.5B 32 2944 1.4% 1.21 53% Not significant
144 WCM INVESTMENT MANAGEMENT, LLC $43.8B 32 493 2.0% 1.07 44% Not significant
145 STATE OF WISCONSIN INVESTMENT BOARD $43.7B 32 2997 1.3% 0.92 47% Not significant
146 Connor, Clark & Lunn Investment Management Ltd. $43.4B 32 6257 -0.7% -1.30 41% Not significant
147 Ninety One UK Ltd $43.1B 32 484 -1.0% -0.73 44% Not significant
148 Holocene Advisors, LP $41.3B 32 5170 -0.1% -0.21 63% Not significant
149 CIBC Asset Management Inc $40.9B 32 1862 1.4% 1.06 56% Not significant
150 Newport Trust Company, LLC $40.7B 25 49 3.0% 0.86 48% Not significant
151 Mitsubishi UFJ Trust & Banking Corp $40.6B 32 1390 1.0% 0.62 44% Not significant
152 Grantham, Mayo, Van Otterloo & Co. LLC $39.1B 32 2302 0.7% 0.66 44% Not significant
153 FAYEZ SAROFIM & CO $39.1B 32 283 2.1% 1.15 56% Not significant
154 NOMURA ASSET MANAGEMENT CO LTD $38.8B 32 1444 0.3% 0.22 44% Not significant
155 Empower Advisory Group, LLC $38.5B 11 162 5.8% 1.79 46% Not significant
156 Pacer Advisors, Inc. $38.1B 32 3181 -2.3% -2.26 41% Negative
157 CWM, LLC $38.0B 30 2779 2.3% 1.46 53% Not significant
158 FIRST MANHATTAN CO. LLC. $36.1B 32 1223 2.5% 1.26 50% Not significant
159 MML INVESTORS SERVICES, LLC $36.1B 32 2100 2.6% 2.27 56% Significant
160 VIKING GLOBAL INVESTORS LP $35.7B 32 445 -1.4% -0.72 53% Not significant
161 Alyeska Investment Group, L.P. $35.3B 32 3141 2.0% 2.22 53% Significant
162 BLAIR WILLIAM & CO/IL $34.9B 32 1352 3.2% 2.49 56% Significant
163 STOREBRAND ASSET MANAGEMENT AS $34.8B 22 222 1.3% 0.31 46% Not significant
164 Chevy Chase Trust Holdings, LLC $34.7B 32 634 -0.7% -0.26 53% Not significant
165 Daiwa Securities Group Inc. $34.6B 32 1085 1.9% 0.92 41% Not significant
166 PARNASSUS INVESTMENTS, LLC $34.1B 32 238 -0.8% -0.38 44% Not significant
167 KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC $34.0B 32 1314 -1.0% -0.64 41% Not significant
168 Asset Management One Co., Ltd. $33.9B 32 862 -0.2% -0.19 66% Not significant
169 TD Waterhouse Canada Inc. $33.7B 16 1074 0.0% 0.01 38% Not significant
170 Bank Julius Baer & Co. Ltd, Zurich $33.2B 22 916 -2.3% -1.56 27% Not significant
171 BAMCO INC /NY/ $33.1B 32 447 0.5% 0.29 56% Not significant
172 Gotham Asset Management, LLC $32.7B 32 4296 0.4% 0.64 63% Not significant
173 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $32.4B 32 759 -1.3% -0.64 47% Not significant
174 PUBLIC SECTOR PENSION INVESTMENT BOARD $32.1B 32 1433 0.1% 0.05 56% Not significant
175 Tidal Investments LLC $32.1B 28 2645 -0.1% -0.11 50% Not significant
176 BILL & MELINDA GATES FOUNDATION TRUST $31.7B 13 63 0.8% 0.08 46% Not significant
177 APG Asset Management N.V. $31.6B 32 1687 1.3% 0.59 47% Not significant
178 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO $30.9B 32 1691 2.8% 1.45 66% Not significant
179 PZENA INVESTMENT MANAGEMENT LLC $30.8B 32 284 -0.3% -0.22 41% Not significant
180 CREDIT AGRICOLE S A $30.6B 30 1707 1.0% 1.08 53% Not significant
181 BARROW HANLEY MEWHINNEY & STRAUSS LLC $30.5B 32 896 -0.4% -0.27 47% Not significant
182 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC $30.3B 32 859 1.6% 1.67 50% Not significant
183 Retirement Systems of Alabama $30.0B 32 405 -0.1% -0.05 53% Not significant
184 EAGLE CAPITAL MANAGEMENT LLC $29.8B 21 72 3.8% 0.94 48% Not significant
185 State of Tennessee, Department of Treasury $29.8B 31 1713 -2.1% -1.69 45% Not significant
186 Temasek Holdings (Private) Ltd $29.7B 31 225 3.5% 0.72 58% Not significant
187 FULLER & THALER ASSET MANAGEMENT, INC. $29.7B 32 1047 -0.2% -0.19 53% Not significant
188 Fiera Capital Corp $29.2B 32 841 1.2% 1.53 66% Not significant
189 M&T BANK CORP $29.2B 32 1650 0.7% 0.47 53% Not significant
190 Vontobel Holding Ltd. $29.1B 19 1128 1.5% 1.05 42% Not significant
191 COATUE MANAGEMENT LLC $29.1B 32 825 -1.4% -0.66 56% Not significant
192 DnB Asset Management AS $28.0B 32 664 2.5% 0.80 50% Not significant
193 Federation des caisses Desjardins du Quebec $27.8B 32 1867 -0.4% -0.48 53% Not significant
194 KEYBANK NATIONAL ASSOCIATION/OH $27.4B 32 1205 0.9% 0.62 50% Not significant
195 NISA INVESTMENT ADVISORS, LLC $27.0B 32 2243 1.6% 1.04 59% Not significant
196 PANAGORA ASSET MANAGEMENT INC $26.7B 32 2437 1.5% 1.46 63% Not significant
197 Woodline Partners LP $26.5B 24 2712 -1.5% -1.26 33% Not significant
198 Kestra Advisory Services, LLC $26.4B 21 2412 2.6% 2.59 62% Significant
199 WORLDQUANT MILLENNIUM ADVISORS LLC $25.9B 30 2031 0.5% 0.39 50% Not significant
200 State of New Jersey Common Pension Fund D $25.9B 32 1938 0.2% 0.12 41% Not significant

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