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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
Krane Shares Trust 43,708 20.5% 285 50.5%
CITY NATIONAL ROCHDALE FUNDS 42,486 3.4% 666 20.4%
Innovator ETFs Trust 40,976 21.7% 700 19.9%
NEW COVENANT FUNDS 40,516 6.6% 588 81.6%
ALPS ETF Trust 39,340 8.0% 1,048 22.5%
MATTHEWS INTERNATIONAL FUNDS 39,192 12.5% 26 30.8%
QUANTITATIVE MASTER SERIES LLC 38,981 5.3% 16 25.0%
Harbor ETF Trust 38,163 4.0% 620 14.4%
Tidal ETF Trust 37,931 12.4% 1,001 18.5%
RBB Fund Trust 37,914 6.9% 230 1.3%
OPTIMUM FUND TRUST 37,248 7.7% 503 19.1%
NEOS ETF Trust 37,100 4.0% 1,262 23.1%
HOTCHKIS & WILEY FUNDS /DE/ 36,520 6.0% 528 21.8%
Listed Funds Trust 36,144 4.0% 1,325 17.3%
Amplify ETF Trust 35,817 28.6% 857 33.4%
PRAXIS FUNDS 34,879 18.3% 544 60.5%
Grandeur Peak Global Trust 34,243 4.4% 36 33.3%
Investment Managers Series Trust II 33,886 4.6% 1,117 6.8%
Securian Funds Trust 33,787 5.6% 882 22.2%
ETF Opportunities Trust 33,669 2.4% 1,275 2.8%
Waddell & Reed 33,529 8.7% 1,008 34.6%
Tidal Trust III 33,488 1.5% 1,033 2.7%
E Trade Trust 33,452 9.0% 253 27.7%
BRIDGEWAY FUNDS INC 32,556 25.9% 334 69.2%
Blackstone Alternative Investment Funds 31,962 13.2% 312 50.0%
MUTUAL FUND SERIES TRUST 30,999 14.4% 770 23.2%
1290 Funds 30,940 8.4% 938 12.4%
EXCHANGE TRADED CONCEPTS TRUST 30,619 9.9% 951 27.9%
Exchange Listed Funds Trust 29,385 4.4% 879 10.6%
GLENMEDE FUND INC 28,716 6.0% 961 67.6%
Investment Managers Series Trust 28,531 4.7% 361 11.4%
Cohen & Steers 27,286 8.7% 109 15.6%
FRANKLIN FUND ALLOCATOR SERIES 24,017 9.9% 477 30.0%
SEI Exchange Traded Funds 23,618 7.7% 334 28.4%
Dunham Funds 23,184 8.7% 270 21.9%
CYBER HORNET TRUST 23,064 2.3% 488 19.9%
Managed Portfolio Series 22,601 6.7% 644 21.6%
UNIFIED SERIES TRUST 22,189 16.5% 291 31.6%
New Age Alpha Variable Funds Trust 22,096 4.7% 566 6.9%
NYLIM VP FUNDS TRUST 20,969 5.0% 508 7.1%
RBC FUNDS TRUST 20,584 16.3% 117 20.5%
ONEFUND Trust 20,495 35.3% 783 54.8%
New Age Alpha Funds Trust 19,060 4.7% 507 6.1%
Ultimus Managers Trust 18,987 6.6% 496 16.5%
Artisan 18,827 4.7% 406 10.6%
BAILLIE GIFFORD FUNDS 18,128 3.7% 139 33.1%
Manning & Napier 17,709 7.3% 638 48.1%
Nushares ETF Trust 16,434 5.5% 542 24.0%
Humankind Benefit Corp 16,404 23.3% 268 76.9%
Perpetual Americas Funds Trust 16,247 20.7% 185 36.2%
PFM Multi-Manager Series Trust 15,871 9.1% 164 23.8%
Tidal Trust II 15,155 2.5% 399 2.8%
PRAXIS MUTUAL FUNDS 14,235 16.4% 288 68.8%
Series Portfolios Trust 13,556 2.0% 514 14.0%
SYNTAX ETF TRUST 11,689 4.8% 252 24.2%
Boltwood Capital Management 10,994 0.0% 51 0.0%
Cardano Risk Management B.V. 10,622 26.4% 285 64.2%
Principal Exchange-Traded Funds 9,653 8.3% 272 42.6%
Warren Street Wealth Advisors, LLC 9,598 0.6% 0 n/a
DOMINI INVESTMENT TRUST 9,312 47.5% 164 65.9%
CARILLON SERIES TRUST 8,646 6.1% 96 7.3%
Exchange Place Advisors Trust 8,440 38.4% 198 54.5%
FIRST EAGLE FUNDS 8,375 4.0% 104 2.9%
Members Trust Co 8,364 0.3% 0 n/a
Keel Point, LLC 8,304 7.6% 115 6.1%
Tax-Managed International Equity Portfolio 8,293 18.6% 0 n/a
Tema ETF Trust 8,191 0.8% 139 5.0%
Themes ETF Trust 8,157 9.4% 113 10.6%
Ivy Variable Insurance Portfolios 8,070 9.4% 399 42.6%
WASATCH FUNDS TRUST 7,893 3.5% 7 14.3%
FINANCIAL INVESTORS TRUST 7,524 11.4% 141 29.1%
Advisors' Inner Circle Fund II 7,281 10.0% 114 32.5%
Cambria ETF Trust 7,262 0.5% 30 0.0%
CAPTRUST FINANCIAL ADVISORS 7,247 12.2% 0 n/a
Two Roads Shared Trust 7,224 2.3% 102 20.6%
Rhumbline 7,021 12.6% 0 n/a
NORTHERN LIGHTS FUND TRUST III 6,871 15.5% 115 26.1%
Desjardins Global Asset Management Inc. 6,833 60.7% 0 n/a
Family Firm, Inc. 6,372 0.2% 10 100.0%
APG Asset Management US Inc. 5,841 43.2% 0 n/a
Zacks Trust 5,292 0.0% 62 0.0%
HOWLAND CAPITAL MANAGEMENT LLC 5,245 0.5% 41 85.4%
TD ASSET MANAGEMENT INC 4,791 12.7% 0 n/a
Corient Private Wealth LP 2,828 6.8% 0 n/a
CORNERSTONE TOTAL RETURN FUND INC 2,810 0.9% 186 2.7%
Corient Private Wealth LLC 2,782 9.6% 0 n/a
TimesSquare Capital Management, LLC 2,780 7.1% 11 36.4%
Dorsey Wright & Associates 1,729 5.7% 0 n/a
CARY STREET PARTNERS FINANCIAL LLC 1,439 0.0% 0 n/a
TEALWOOD ASSET MANAGEMENT INC 999 1.8% 29 0.0%
EDGAR LOMAX CO/VA 708 2.4% 56 41.1%
Cambridge Financial Group, Inc. 466 31.8% 13 23.1%
ZEVIN ASSET MANAGEMENT LLC 420 0.0% 60 100.0%
MIDDLETON & CO INC/MA 387 0.3% 0 n/a
Bank OZK 354 0.0% 0 n/a
Ameritas Investment Partners, Inc. 346 10.7% 0 n/a
Windle Wealth, LLC 42 7.1% 0 n/a
Evergreen Wealth Management, LLC 11 0.0% 0 n/a

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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.