Vanguard Total Stock Market Index Admiral fund (VTSAX) became the first no-load mutual fund to have more than $2 trillion in total assets last year (Table 3). Vanguard 500 Index Admiral fund (VFIAX) is the only other mutual fund with more than $1 trillion in assets. Its total assets reached nearly $1.5 trillion in 2025.

Both mutual funds continue to benefit from their exposure to the largest technology-related stocks, including Nvidia Corp. (NVDA).

Overall, Vanguard accounts for 38 of the 50 most widely held funds. All mutual funds considered for this list must be no-load and noninstitutional. Special share classes (e.g., adviser, retirement, etc.) are also excluded. Only admiral share classes are shown for Vanguard funds that have both admiral and investor class shares.

Download the Excel spreadsheet of Table 3.

The composition of the 10 most widely held funds is unchanged for the third consecutive year. Fidelity Contrafund (FCNTX) is the largest non-Vanguard fund, with $176.4 billion in total assets. This fund is joined by seven other Fidelity funds on Table 3. Dodge & Cox and T. Rowe Price each have two funds on the list.

Strategic Advisers U.S. Total Stock fund (FSAKX), which appeared on last year’s list, was dropped because its share class is now classified as “other.” This classification can make it difficult for individual investors to easily buy shares on many platforms.