Vanguard manages 2.5 times more target-date money than T. Rowe Price — and yet the four largest individual target-date funds in America are T. Rowe's. The reason is structural: Vanguard splits its assets across share classes (Trust II, Trust Select), while T. Rowe concentrates.

This post exists because Axiomatic identifies funds by their trust EIN rather than their name; a single fund appears under as many as 66 different spellings across filings, which is why this cut is essentially unavailable elsewhere.

Originally posted on LinkedIn.