$15.8T, Same Top Holdings
Vanguard + BlackRock + State Street = $15.8T combined. Same top-10.
This overlap IS the market. Any active manager matching it is a closet indexer.
overlap = set(vanguard.top10) & set(blackrock.top10) & set(state_street.top10)
# overlap = the passive baseline every active fund is measured against
Full overlap analysis: https://13finsight.com/research/vanguard-blackrock-state-street-q4-2025-overlap-map?utm_source=devto&utm_medium=social&utm_campaign=article_ops_0319
Originally published at 13finsight.com
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