The $15.8T Overlap Map: Where All Three Passive Giants Converge

$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