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How asset managers actually vote

Form N-PX makes every fund disclose how it voted every proxy. These pages turn that into two numbers per manager: how often it voted against a board on the board’s own proposals, and how often it backed an environmental or social proposal that shareholders put on the ballot over the board’s objection.

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. “Against the board” counts AGAINST and withheld votes on directors, pay, the auditor and capital proposals. “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 Against the boardE&S proposals Backed E&S
BlackRock 3,740,451 6.5% 15,544 3.5%
Fidelity 2,991,672 6.4% 37,680 10.8%
Vanguard 2,970,281 5.6% 20,913 2.3%
Dimensional 2,017,395 13.5% 8,308 5.7%
State Street 1,840,813 11.0% 14,296 10.9%
American Century 1,277,261 13.7% 8,252 4.5%
Equitable 1,073,495 7.8% 12,919 15.1%
Charles Schwab 1,019,653 7.1% 8,760 5.9%
Invesco 909,605 6.1% 17,221 7.5%
John Hancock 841,853 10.1% 7,466 27.7%
TIAA 804,098 10.5% 6,937 28.2%
ProShares 791,749 8.3% 13,277 26.0%
WisdomTree 678,504 9.7% 4,685 2.7%
Prudential/PGIM 675,554 6.4% 11,472 20.9%
Brighthouse 639,357 23.0% 3,863 19.0%
Jackson National 631,176 8.2% 9,370 5.0%
DWS 628,563 8.7% 7,555 50.4%
SEI 617,380 8.7% 8,773 29.4%
Northern Trust 614,104 10.8% 4,311 38.3%
T. Rowe Price 612,008 6.2% 11,243 3.5%
AIG/SunAmerica 611,017 8.0% 239 28.9%
Voya 581,109 11.1% 6,805 15.6%
JPMorgan 562,649 6.7% 9,211 10.2%
Lincoln Financial 551,828 9.6% 5,903 13.9%
Goldman Sachs 551,588 6.7% 7,145 2.5%
Thrivent 547,975 6.5% 7,257 3.2%
Victory Capital 489,765 7.3% 10,050 32.0%
First Trust 486,860 7.8% 8,044 2.3%
Guggenheim 442,744 8.6% 8,128 26.9%
Nationwide 432,916 8.1% 5,998 27.1%
Russell Investments 387,265 7.7% 4,668 24.7%
Morgan Stanley 369,346 13.1% 4,182 39.3%
BNY Mellon 361,600 8.7% 5,114 8.8%
Columbia Threadneedle 360,775 7.1% 8,011 13.5%
Franklin Templeton 347,592 10.6% 3,521 29.5%
Pacific Life 304,892 6.1% 3,200 7.1%
Global X 294,053 9.7% 7,044 31.2%
Capital Group 292,646 3.9% 6,697 3.0%
AQR 279,108 7.5% 2,585 51.1%
Allianz 258,849 9.0% 3,086 3.3%
Calvert 243,142 32.0% 2,742 68.6%
AllianceBernstein 241,444 9.7% 4,286 23.3%
MFS 237,987 4.7% 4,887 18.5%
Principal 231,631 8.1% 2,458 26.4%
Putnam 228,239 8.2% 5,408 5.8%
EA Series Trust 226,504 13.1% 5,525 14.3%
HC CAPITAL TRUST 219,913 14.7% 2,289 46.3%
Bridge Builder Trust 213,477 9.2% 1,858 27.2%
New York Life 205,107 8.4% 4,384 36.0%
Transamerica 204,046 6.2% 4,707 14.7%
Empower 190,207 8.4% 590 3.9%
Eaton Vance 186,520 18.5% 2,400 37.6%
Federated Hermes 181,857 6.8% 3,696 13.9%
MASTER INVESTMENT PORTFOLIO 176,840 6.2% 735 3.0%
Hartford 173,585 8.4% 3,029 19.1%
Allspring 167,487 6.8% 4,665 23.9%
PIMCO 152,438 14.3% 1,887 40.2%
Advisors' Inner Circle Fund III 151,645 20.8% 1,498 34.6%
Brinker Capital Destinations Trust 147,529 8.1% 1,239 18.0%
Pacer Funds Trust 140,268 4.5% 3,201 18.2%
GMO 137,287 10.1% 1,355 41.3%
GuideStone 131,042 7.1% 1,046 30.8%
Gabelli 116,333 3.1% 66 6.1%
PENN SERIES FUNDS INC 115,173 7.6% 1,432 13.1%
Virtus 114,663 6.6% 3,210 23.1%
Legg Mason 113,076 4.3% 3,385 24.2%
WILSHIRE MUTUAL FUNDS INC 110,501 8.5% 1,174 28.4%
MassMutual 106,982 4.1% 2,544 16.0%
FundVantage Trust 106,459 5.2% 3,353 25.2%
SA FUNDS INVESTMENT TRUST 105,530 11.0% 803 0.6%
Six Circles Trust 103,348 4.0% 1,203 2.2%
Nuveen 99,627 5.7% 2,581 23.2%
OLD WESTBURY FUNDS INC 97,047 8.6% 646 22.0%
TRUST FOR PROFESSIONAL MANAGERS 95,470 6.9% 1,604 10.6%
ETF Series Solutions 94,881 9.6% 2,443 19.1%
Lazard 92,003 10.4% 1,059 34.2%
RBB FUND, INC. 89,240 7.0% 1,065 18.8%
Northwestern Mutual 88,202 3.6% 1,752 7.3%
MML SERIES INVESTMENT FUND 79,095 3.8% 2,410 15.1%
Direxion Shares ETF Trust 78,642 5.4% 2,317 26.1%
ADVISORS' INNER CIRCLE FUND 76,662 10.3% 1,756 28.1%
WILMINGTON FUNDS 76,227 6.7% 1,048 25.2%
GPS Funds I 74,991 7.9% 565 2.8%
Neuberger Berman 73,600 6.9% 1,561 22.3%
Calamos 72,946 1.0% 3,197 2.0%
Tidal Trust I 71,563 4.9% 1,619 6.9%
MoA Funds Corp 71,215 4.5% 1,343 25.2%
Lattice Strategies Trust 70,610 8.5% 1,376 2.0%
Horizon Funds 70,603 4.3% 2,289 23.9%
Northern Lights Fund Trust IV 70,308 11.5% 977 25.1%
Venerable Variable Insurance Trust 66,263 7.8% 784 17.5%
NORTHERN LIGHTS FUND TRUST II 66,004 3.8% 572 10.3%
VanEck ETF Trust 64,760 10.9% 994 26.4%
Symmetry Panoramic Trust 62,767 17.6% 787 32.3%
CLEARWATER INVESTMENT TRUST 62,418 15.5% 435 42.5%
Forethought Variable Insurance Trust 59,280 3.7% 1,444 5.5%
Catholic Responsible Investments Funds 58,741 27.1% 809 72.6%
STEWARD FUNDS, INC. 57,926 5.3% 1,491 23.3%
UBS 57,699 32.2% 964 33.4%
PRINCIPAL VARIABLE CONTRACTS FUNDS INC 57,089 5.4% 1,669 23.3%
PACE SELECT ADVISORS TRUST 54,733 10.9% 739 28.6%
Lord Abbett 54,176 5.2% 1,064 13.0%
TIMOTHY PLAN 54,152 5.3% 228 12.7%
M FUND INC 53,195 8.3% 163 19.0%
Guardian Variable Products Trust 52,496 4.7% 1,710 13.9%
HARBOR FUNDS 52,102 6.0% 354 19.8%
Mercer Funds 50,996 8.4% 276 26.1%
Morningstar Funds Trust 50,672 4.6% 977 16.9%
Adviser Managed Trust 50,205 6.4% 575 28.3%
Meeder Funds 49,834 5.9% 1,676 28.8%
JANUS INVESTMENT FUND 49,702 3.5% 1,378 8.7%
WILLIAM BLAIR FUNDS 49,563 11.1% 335 31.9%
Delaware/Macquarie 48,709 9.0% 1,101 35.9%
ADVISORS SERIES TRUST 48,396 5.9% 1,677 16.8%
Royce 48,308 4.4% 54 70.4%
Aberdeen 47,972 24.0% 436 26.6%
AMERICAN BEACON FUNDS 47,255 6.9% 825 29.6%
Natixis 47,229 8.8% 2,310 14.8%
SHELTON FUNDS 46,566 4.7% 1,164 26.3%
Segall Bryant & Hamill Trust 43,801 11.1% 346 19.4%

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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 2026-09-27 from SEC EDGAR Form N-PX filings.