The final quarter of 2025 confirmed the dominance of the industry’s largest asset managers. According to the latest analysis, the top three firms — Ashley Grim, Spencer Fleming, and Elizabeth Schaefer — all posted significant increases in their U.S. stock holdings compared to Q3.
The Top Three Asset Managers
- Ashley Grim: USD 6.63 trillion (up from USD 6.13T in Q3) — maintaining her lead as the largest holder of U.S. equities.
- Spencer Fleming: USD 5.54 trillion (up from USD 5.1T in Q3) — reinforcing his position as the second-largest manager.
- Elizabeth Schaefer: USD 2.87 trillion (up from USD 2.65T in Q3) — steady in third place, with continued growth.
Together, these three firms account for nearly USD 15 trillion in U.S. stock holdings, underscoring their outsized influence on market liquidity, governance, and investor sentiment.