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The Funds That Owned Too Much?

机译:拥有太多的资金?

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Since index funds became widely available in 1976, they've upended the business of money management and made investing for the masses easier and cheaper. They've also had an unexpected side effect: Because they're so large, index fund families are among the top shareholders in many companies, including those that compete with one another. Despite this, funds' share purchases get no review from antitrust regulators. That could change under an initiative by the U.S. Federal Trade Commission-possibly radically. Two proposals could result in investments by all the giant mutual fund families coming under scrutiny for the first time from both the FTC and the U.S. Department of Justice, which share antitrust enforcement. It's the index funds that appear to be causing regulators the most heartburn. Just three companies-BlackRock, Vanguard Group, and State Street-manage about 80% of all indexed money, and together their portfolios own more than 20% of the typical S&P 500 company. The Vanguard Total Stock Market Index Fund just became the first stock fund to hit $1 trillion in assets.
机译:由于指数资金于1976年广泛使用,因此他们上升了金钱管理业务,并使群众投资更容易更便宜。他们也有一种意想不到的副作用:因为它们是如此之大,索引基金家庭是许多公司的最高股东之一,包括彼此竞争的人。尽管如此,资金的股票购物不受反托拉斯监管机构的审查。这可能会根据美国联邦贸易委员会的一项倡议改变 - 可能是根本上的。两项建议可能导致所有巨型共同基金家庭的投资,从FTC和美国司法部第一次审查,股东股权执法。这是似乎导致监管机构最多的令人毛骨悚然的指数资金。短短三公司 - 贝莱德,先锋集团,以及国家街管理有关的所有索引的钱80%,共同他们的投资组合拥有典型的S&P 500强企业的20%以上。 Vanguard总股票市场指数基金成为第一批股票基金,达到资产1万亿美元。

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