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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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Markets

Ranked: Which NBA Team Takes Home the Most Revenue?

The Celtics and the Mavericks are the fourth and fifth highest-earning teams in the NBA. We show the top teams in the NBA by revenue in 2023.

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This circle graphic shows the top teams in the NBA by revenue during the 2022-2023 season.

Which NBA Team Takes Home the Most Revenues?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The NBA is projected to earn $13 billion in revenue this year before revenue sharing and debt payments, a 11% jump from last season, driving NBA team valuations even higher.

Since 2005, NBA team valuations have increased faster than any other major U.S. league by a wide margin. For perspective, the rise in their combined valuation has exceeded growth in the S&P 500 by more than threefold during this time period.

This graphic shows the top NBA teams by revenue, based on data from JP Morgan Asset Management.

Ranked: The Highest-Earning NBA Teams

Below, we show the revenue of all 30 NBA teams as of the 2022-2023 season:

RankingTeam2022-2023 Season
Revenue
Valuation
1Golden State Warriors$765M$7.7B
2Los Angeles Lakers$516M$6.4B
3New York Knicks$504M$6.6B
4Boston Celtics$443M$4.7B
5Dallas Mavericks$429M$4.5B
6Los Angeles Clippers$425M$4.7B
7Houston Rockets$381M$4.4B
8Chicago Bulls$372M$4.6B
9Philadelphia 76ers$371M$4.3B
10Miami Heat$371M$3.9B
11Brooklyn Nets$367M$3.9B
12Phoenix Suns$366M$4.0B
13Denver Nuggets$348M$3.4B
14Cleveland Cavaliers$348M$3.4B
15Milwaukee Bucks$329M$3.2B
16Atlanta Hawks$326M$3.3B
17Washington Wizards$323M$3.5B
18San Antonio Spurs$319M$3.3B
19Toronto Raptors$305M$4.1B
20Portland Trail Blazers$300M$3.1B
21Sacramento Kings$289M$3.3B
22Utah Jazz$274M$3.1B
23Detroit Pistons$274M$3.1B
24Charlotte Hornets$269M$3.0B
25Oklahoma City Thunder$267M$3.1B
26Indiana Pacers$263M$2.9B
27New Orleans Pelicans$262M$2.6B
28Orlando Magic$261M$3.0B
29Minnesota Timberwolves$259M$2.5B
30Memphis Grizzlies$258M$2.4B

Revenue figures are net of arena debt service and revenue sharing

With $765 million in revenue, the Golden State Warriors are the highest-earning team in the league, thanks to the stellar performances of all-star players Klay Thompson, Stephen Curry, and Draymond Green.

These players were instrumental in driving the valuation of the franchise, which grew from $1.5 billion in 2015 to a remarkable $7.7 billion in 2023. At this valuation, the Golden State Warriors are the second-most valuable sports team in America, following after the $9 billion Dallas Cowboys NFL franchise. Since 2010, the Warriors’ revenue has increased by sevenfold.

Not only did the team have the highest NBA TV ratings in seven of the last eight years as of last season, the Warriors have the largest social media following across U.S. sport franchises, including 32.4 million Instagram followers. By comparison, the Lakers have 24.6 million followers. Adding to this, the team’s jersey patch deal with Rakuten is worth approximately $45 million per season alone.

Ranking in second are the Los Angeles Lakers, earning $516 million in revenue. Over the last decade, revenues have increased by 76% fueled by the star power of LeBron James and the team’s world-renowned brand. In 2021, the team signed a five-year $100 million jersey patch deal with Korean food brand, Bibigo, making it one of the most valuable in the league.

The New York Knicks are third in revenue with $504 million, followed by the 2023-24 season champions, the Boston Celtics with $443 million in the 2022-23 season and the Dallas Mavericks in fifth at $429 million.

How Do NBA Teams Earn Revenue?

Below, we show the primary sources of revenue for the National Basketball Association (NBA):

Revenue Stream2022-2023 Season
Revenue
Share of Revenues
National Revenue
(Media/broadcast deals, merchandise, shared ticket revenue, other sponsorships)
$4.5B41%
Seating/Suites$2.9B26%
Local Media$1.4B13%
Team Sponsorships$1.3B12%
Concessions/Parking/Other$0.9B8%

As we can see, national revenue makes up the league’s largest share, driven by broadcasting and streaming agreements with national providers.

Going forward, these contract values are set to grow substantially. Today, the league is negotiating broadcasting deals with Amazon, ESPN, and NBC worth an estimated $76 billion over 11 years—making the annual contract value 2.6 times higher than its current contract. With NBA viewership up 16% across ESPN and ABC compared to the 2021-2022 season, strong demand is driving bigger media deals. During the 2022-2023 season, average viewership reached 1.7 million per game across these outlets.

Ticket and suite sales, another key source of revenue, topped $2.9 billion over the 2022-2023 season. In some cases, courtside tickets cost upwards of $3,000 per seat, with a host of celebrities from Jack Nicholson to Kendall Jenner and Bad Bunny sitting close to the action.

Following next in line were local media deals, worth $1.4 billion, and team sponsorship deals, valued at $1.3 billion.

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