
Organization
Vanguard was rated High Risk because it scored poorly across multiple criteria, including discriminatory philanthropy, employment protection, and corporate governance measures like advocacy bias, funding, and political actions. The company is seen as prioritizing partisan and identity-based initiatives over merit and core business objectives, which the report views as undermining free speech, free enterprise, and shareholder interests.
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The Vanguard Group, Inc. is an American registered investment adviser founded on May 1, 1975, and based in Malvern, Pennsylvania, with approximately $12 trillion in global assets under management as of 2025. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock's iShares. In addition to mutual funds and ETFs, Vanguard offers brokerage services, educational account services, financial planning, asset management, and trust services. Several mutual funds managed by Vanguard are ranked at the top of the list of mutual funds in the United States by assets under management. Along with BlackRock and State Street, Vanguard is considered to be one of the Big Three index fund managers.