Core Viewpoint - Vanguard's founder Jack Bogle aimed for the company's market share to decline as a signal for other firms to lower fees, but this goal remains unachieved as Vanguard continues to grow its market share and assets [2][3]. Market Share and Growth - Vanguard currently manages 28% of total fund assets, a figure that has doubled over the past 15 years and is more than double that of its closest competitors, BlackRock and Fidelity [3]. - Vanguard attracted approximately 35% of all fund flows this year, indicating potential for further growth in market share [3][7]. - The historical market share of the top three fund companies shows Vanguard's dominance, with its current share being the highest in the past century [3]. Competitive Landscape - Despite Vanguard's growth, numerous companies have launched lower-fee funds, which may eventually limit Vanguard's market share expansion, potentially taking 5 to 10 years [4]. - Bogle's vision was that Vanguard's mission would be fulfilled when its market share began to decline, reflecting a more competitive and cost-effective industry [6]. Fund Flows and Investor Behavior - Vanguard's ability to maintain stable fund inflows during market turbulence has been demonstrated, with a notable record of inflows during past market sell-offs, including the 2008 financial crisis [7]. - The company's investors have shown a commitment to their investment strategies, encouraged by Vanguard to remain focused on long-term goals [7]. ETF Dominance - Vanguard holds a strong position in the ETF market, managing the largest ETF, the Vanguard S&P 500 ETF (VOO), which has surpassed the SPDR S&P 500 ETF Trust (SPY) in assets [7]. - VOO has attracted $307 billion in inflows over the past five years, significantly outpacing SPY, which attracted $181 billion [7]. - VOO is expected to draw $150 billion in inflows this year, potentially breaking last year's record [8].
聚焦ETF市场 | Vanguard成立50周年 创始人Bogle的梦想仍未实现
彭博Bloomberg·2025-05-26 03:30