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How asset managers actually vote

Form N-PX makes every registered fund disclose how it voted every proxy. These pages turn that into two numbers per manager: how often it voted FOR the board’s own proposals, and how often it backed an environmental or social proposal that a shareholder put on the ballot, which boards usually oppose.

218 managers have a page, covering 2023-2024, 2024-2025, 2025-2026. The tier is a manager that reported at least 10,000 vote records in a season; the dataset has thousands of smaller filers, and a page for each would be thin content rather than useful information.

All seasons combined, ordered by the number of board-sponsored ballot items. “Voted for board proposals” is the FOR share of votes on directors, pay, the auditor and capital proposals; AGAINST, abstained and withheld votes count as not supporting. “Backed E&S” is the FOR share of environmental, social, workforce and diversity shareholder proposals. Counted in ballot items, never in shares.
Asset managerBoard proposals Voted for board proposalsE&S proposals Backed E&S
BlackRock 3,709,876 93.7% 38,919 3.2%
Fidelity 2,954,620 93.9% 48,208 9.7%
Vanguard 2,899,868 94.7% 25,983 2.0%
Dimensional 1,973,697 86.6% 10,417 5.0%
State Street 1,803,128 89.3% 18,047 8.9%
American Century 1,264,994 86.6% 10,313 4.2%
Equitable 1,053,896 92.6% 16,001 13.9%
Charles Schwab 1,017,044 93.0% 10,964 5.6%
Invesco 901,820 94.1% 22,393 6.6%
John Hancock 838,730 90.0% 9,649 26.9%
TIAA 791,182 89.8% 8,876 25.7%
ProShares 785,414 91.9% 16,787 25.0%
WisdomTree 670,821 90.6% 5,865 2.6%
Prudential/PGIM 669,654 93.9% 14,316 18.0%
Brighthouse 633,419 77.1% 4,923 18.1%
Jackson National 628,745 91.9% 11,907 4.5%
DWS 617,323 91.5% 9,529 50.4%
SEI 612,132 91.3% 10,998 27.4%
T. Rowe Price 607,730 94.0% 14,541 2.9%
AIG/SunAmerica 605,870 92.3% 284 28.2%
Northern Trust 603,943 89.5% 5,559 37.5%
Voya 573,301 89.2% 8,659 14.2%
JPMorgan 561,850 93.3% 10,894 9.8%
Goldman Sachs 546,022 93.6% 9,166 1.9%
Lincoln Financial 545,301 90.6% 7,820 12.6%
Thrivent 543,797 93.7% 9,285 2.8%
Victory Capital 485,916 93.0% 12,797 31.6%
First Trust 481,709 92.5% 10,736 2.6%
Guggenheim 436,911 91.6% 10,358 25.5%
Nationwide 429,484 92.1% 7,543 25.3%
Russell Investments 385,832 92.4% 5,838 23.2%
Morgan Stanley 363,553 87.2% 5,294 38.5%
Columbia Threadneedle 357,598 93.1% 10,372 11.9%
BNY Mellon 356,940 91.4% 6,560 8.3%
Franklin Templeton 338,752 89.6% 4,636 28.0%
Pacific Life 300,707 94.1% 4,023 6.5%
Global X 292,536 90.3% 7,590 30.5%
Capital Group 290,592 96.4% 8,751 2.5%
AQR 276,700 92.8% 3,336 49.9%
Allianz 258,105 91.0% 3,872 2.9%
AllianceBernstein 239,488 90.6% 5,612 20.3%
Calvert 239,156 68.0% 3,412 67.1%
MFS 235,814 95.6% 6,170 17.4%
Principal 229,489 92.2% 2,953 25.5%
Putnam 227,010 92.0% 7,187 4.9%
EA Series Trust 225,327 87.0% 7,063 14.3%
HC CAPITAL TRUST 217,399 85.6% 3,006 46.8%
Bridge Builder Trust 210,818 91.3% 2,130 24.9%
New York Life 203,615 91.9% 5,784 34.9%
Transamerica 203,015 94.0% 5,927 14.2%
Empower 189,032 91.9% 2,511 27.5%
Eaton Vance 183,608 81.8% 3,302 37.6%
Federated Hermes 181,305 93.4% 4,853 12.3%
MASTER INVESTMENT PORTFOLIO 175,459 93.9% 1,859 3.0%
Hartford 173,046 91.6% 3,872 18.1%
Allspring 166,335 93.4% 6,036 23.1%
Advisors' Inner Circle Fund III 150,322 79.3% 2,121 31.6%
PIMCO 150,090 86.0% 2,812 37.1%
Brinker Capital Destinations Trust 145,332 92.4% 1,541 14.2%
Pacer Funds Trust 140,092 95.5% 3,988 17.7%
GMO 135,712 90.3% 1,682 40.6%
GuideStone 129,946 93.1% 2,514 38.7%
Gabelli 116,100 97.0% 81 4.9%
PENN SERIES FUNDS INC 114,067 92.6% 1,769 12.1%
Virtus 113,835 93.7% 3,986 22.6%
Legg Mason 112,536 95.9% 4,506 23.6%
WILSHIRE MUTUAL FUNDS INC 109,174 91.7% 1,375 25.7%
FundVantage Trust 106,063 94.9% 4,288 23.8%
MassMutual 105,345 96.0% 3,164 14.3%
SA FUNDS INVESTMENT TRUST 103,204 89.0% 1,013 0.5%
Six Circles Trust 103,006 96.1% 1,494 1.9%
Nuveen 98,965 94.5% 3,633 21.1%
OLD WESTBURY FUNDS INC 96,068 91.7% 856 21.1%
ETF Series Solutions 94,551 90.5% 3,107 18.3%
TRUST FOR PROFESSIONAL MANAGERS 94,405 93.4% 2,089 9.1%
Lazard 90,810 89.9% 1,398 29.0%
RBB FUND, INC. 88,737 93.2% 1,290 16.6%
Northwestern Mutual 87,736 96.5% 2,272 6.7%
MML SERIES INVESTMENT FUND 78,796 96.3% 3,087 14.1%
Direxion Shares ETF Trust 78,270 94.8% 2,888 25.2%
ADVISORS' INNER CIRCLE FUND 76,311 89.8% 2,217 26.0%
WILMINGTON FUNDS 75,780 93.6% 1,356 24.0%
GPS Funds I 74,742 92.2% 697 2.3%
Neuberger Berman 73,397 93.3% 2,132 22.3%
Calamos 72,659 99.1% 4,252 2.0%
Tidal Trust I 71,425 95.2% 1,968 4.7%
MoA Funds Corp 70,914 95.6% 1,700 24.5%
Horizon Funds 70,328 95.8% 2,884 23.6%
Northern Lights Fund Trust IV 70,038 88.6% 1,109 24.1%
Lattice Strategies Trust 69,817 91.8% 1,762 1.7%
Venerable Variable Insurance Trust 65,875 92.2% 974 17.8%
NORTHERN LIGHTS FUND TRUST II 65,833 96.3% 676 11.8%
VanEck ETF Trust 64,136 89.1% 1,300 24.0%
Symmetry Panoramic Trust 61,750 82.6% 1,208 22.8%
CLEARWATER INVESTMENT TRUST 61,590 84.8% 510 41.6%
Forethought Variable Insurance Trust 59,035 96.4% 1,764 5.2%
Catholic Responsible Investments Funds 58,350 73.0% 1,000 71.5%
STEWARD FUNDS, INC. 57,625 94.9% 1,953 22.3%
UBS 57,183 67.7% 1,273 31.3%
PRINCIPAL VARIABLE CONTRACTS FUNDS INC 56,748 94.7% 2,085 23.0%
PACE SELECT ADVISORS TRUST 54,278 89.3% 857 26.6%
TIMOTHY PLAN 54,082 94.7% 358 33.5%
Lord Abbett 53,834 95.0% 1,538 10.5%
M FUND INC 52,666 92.2% 304 26.3%
Guardian Variable Products Trust 52,339 95.4% 2,205 12.9%
HARBOR FUNDS 51,991 94.0% 452 16.6%
Mercer Funds 50,532 91.9% 338 23.7%
Morningstar Funds Trust 50,415 95.6% 1,305 14.9%
Adviser Managed Trust 49,991 93.7% 720 26.2%
JANUS INVESTMENT FUND 49,462 96.7% 1,830 8.0%
Meeder Funds 49,435 94.2% 2,167 25.7%
WILLIAM BLAIR FUNDS 49,137 89.1% 439 35.3%
Delaware/Macquarie 48,244 91.2% 1,479 35.0%
ADVISORS SERIES TRUST 48,217 94.2% 2,219 16.6%
Royce 48,191 95.7% 67 68.7%
Aberdeen 47,422 76.0% 653 25.0%
Natixis 46,974 91.3% 2,923 15.2%
AMERICAN BEACON FUNDS 46,824 93.3% 963 29.9%
SHELTON FUNDS 46,391 95.4% 1,453 25.5%
Krane Shares Trust 43,484 79.5% 370 48.1%

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Reading these numbers

A raw “voted with management” percentage is close to useless on its own: director elections are most of the volume and nearly everyone votes FOR them, so every manager lands in the high nineties. Splitting the record by who put the proposal on the ballot is what makes managers distinguishable — and the last column, support for shareholder-filed environmental and social proposals, is where the spread is widest.

Each manager page breaks the record down by proposal type, states its denominator in full, and lists every proposal where the manager parted company with the board. Where the manager also has a published voting policy in the policy library, the page links to it — what it said it would do, next to what it did.

Built October 13, 2026 from SEC EDGAR Form N-PX filings.