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Financial Markets & Risk Dynamics
June 14, 2026
When Three Passive Funds Become the Market
About the Author
Torsten<br>Slok
Partner, Chief Economist
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With the three largest passive S&P 500 funds now holding more than $2.6 trillion combined, and Vanguard's VOO alone crossing $1 trillion this month, prices are increasingly set by mechanical flows rather than by anyone judging what companies are actually worth. See chart below.
1 page
Sources: Bloomberg, Macrobond, Apollo Chief Economist
Download high-res chart
Disclosures
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).\r\n\r\nApollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice....