Three companies you've probably never thought about have a financial stake in almost everything in your shopping cart. BlackRock, Vanguard and State Street — known as the "Big Three" — collectively manage $29 trillion in assets and hold shares in virtually every major publicly traded company on earth.
We queried produktinfo.dk's ownership database to map exactly where the Big Three show up in the consumer goods you buy every day. The result: they hold stakes in 18 consumer companies that collectively own 1,042 brands — from Nespresso and Pampers to Cheerios and Cadbury.
Key Findings
- 18 consumer companies, 1,042 brands — the Big Three hold stakes in companies spanning food, beverages, household products, and personal care
- BlackRock is the broadest — holds stakes in all 18 companies, from 2.4% (Orkla) to 10.0% (General Mills)
- Vanguard owns the most — holds higher percentages than BlackRock in 14 of 16 companies, peaking at 12.9% of Clorox
- $29 trillion combined AUM — larger than the GDP of the US and Japan combined
- Vanguard settled for $29.5M — in early 2026, Vanguard settled the Texas antitrust case; BlackRock and State Street still face trial
The Big Three: Who Are They?
BlackRock, Inc.
The Vanguard Group
State Street Corporation
The Complete Consumer Portfolio
Here's every consumer goods company in our database where at least one of the Big Three holds a stake — and how many brands each company controls:
BlackRock: The Broadest Reach
BlackRock holds stakes in all 18 consumer goods companies in our database — the only one of the Big Three to do so. It is the world's largest asset manager with $14 trillion under management and is best known for its iShares ETF platform.
Vanguard: The Biggest Stakes
Vanguard holds stakes in 16 of the 18 companies — but where it invests, it owns more than BlackRock. Vanguard's unique mutual ownership structure means it is technically owned by the people who invest in its funds.
Vanguard's average stake across these 16 companies is 9.1%, compared to BlackRock's average of 6.7% across 18 companies. Vanguard is the quieter giant — fewer positions, but deeper ownership.
State Street: The US Specialist
State Street is the smallest of the Big Three and holds stakes in 11 companies — all American. It holds no positions in European companies (Nestlé, Unilever, Reckitt, Danone, Henkel, Orkla) in our database. Founded in 1792, it's America's oldest continuously operating bank.
Where All Three Overlap
In 11 companies, all three of the Big Three hold simultaneous stakes. Their combined ownership in these companies ranges from 15% to 29%:
For a deep-dive into what this overlap means for competition, see our analysis: The Same 3 Investors Own Stakes in 323 Competing Brands.
The Legal Reckoning
Common ownership by the Big Three is no longer just an academic debate — it's now in federal court.
The Timeline
November 2024: Texas AG Ken Paxton, backed by 11 other Republican state AGs, sues BlackRock, Vanguard and State Street for allegedly using common ownership to suppress coal production and drive up energy prices.
May 2025: The DOJ and FTC file a Statement of Interest confirming that asset managers can be held liable under the Clayton Act for anticompetitive use of common shareholdings.
August 2025: A federal judge denies the Big Three's motions to dismiss. The case proceeds to discovery.
Early 2026: Vanguard settles for $29.5 million and agrees to have its US-based businesses refrain from joining groups with "climate-focused investment or stewardship objectives." Vanguard does not admit wrongdoing.
March 2026: BlackRock and State Street continue to fight the case. AG Paxton accuses them of "ignoring state laws and engaging in anticompetitive schemes."
The Texas case focuses on coal. But the legal principle — that common ownership can violate antitrust law — applies to any industry where the Big Three hold simultaneous stakes. As our data shows, they hold stakes in 11 competing consumer goods companies simultaneously.
Methodology
Data source: produktinfo.dk ownership database, containing 3,895 companies and 316,121 brands as of March 2026. Stockholder data sourced from SEC 13F filings (via MarketScreener, TIKR, Yahoo Finance) and company shareholder reports, 2024-2026.
Method: We queried all stockholder relationships for BlackRock (owner ID 13), Vanguard Group (owner ID 26) and State Street Corporation (owner ID 20) across our consumer goods company records. Brand counts reflect all brands registered under each parent company.
Limitations: Our database covers a large but not exhaustive set of stockholder relationships. European companies (Nestlé, Henkel) have lower disclosed stakes due to different reporting requirements. Ownership percentages reflect the most recent available filing and fluctuate quarterly. Danone and Reckitt brand data is still being populated.
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