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While large funds represent a significant percentage of global fund industry assets, their market share does not appear to be growing. Globally, there are just 5,000 funds in the blockbuster category with assets in excess of €1bn. More and more funds enter this category as the market grows, but as the chart opposite shows the top-100 funds’ share of total industry assets has remained relatively flat since 2010, with the ‘winner takes all’ phenomenon least pronounced in Europe. That is not to say concentration levels will remain static. Asset managers are facing an unprecedented period of change, driven by technological developments, margin pressure and macro-economic shifts. Larger managers are arguably in a better position to react and attract assets as they have the economies of scale to keep costs low, invest in research and innovate. However, big is not always better. The industry is awash with examples of products that grew so large that performance eventually suffered. In Broadridge interviews with fund selectors, there are plenty of fund selectors that shun large blockbusters instead seeking out smaller players that focus on their core strengths.