Top 3 Passive S&P 500 Funds Swell Past $2.6 Trillion as Vanguard VOO Tops $1 Trillion

3 articles · Updated · Apollo Global Management · Jun 14

More than $2.6 trillion is now concentrated in the three largest passive S&P 500 funds, with Vanguard’s VOO crossing the $1 trillion mark this month.
Apollo’s chief economist said that scale means stock prices are increasingly being driven by automatic fund flows rather than investors assessing what individual companies are worth.
The milestone underscores how a small group of index products has gained outsized influence over the benchmark U.S. equity market.
That shift adds to broader concerns that passive investing’s growth is changing price discovery across the S&P 500.

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