About this episode

The episode features an interview with Shelly Antoniewicz discussing the current state and future of the investing landscape, particularly focusing on the fund industry.

In this episode, we are joined by Shelly Antoniewicz, Chief Economist at the Investment Company Institute (ICI), for a data-rich exploration of the modern fund industry. Shelly walks us through the staggering scale of global regulated funds, how ETFs and mutual funds shape capital allocation, and why the rise of indexing may not be as disruptive as critics fear. We discuss the growth of ETFs versus mutual funds, increasing concentration among large fund sponsors, and how financial advisors are reshaping portfolios around low-cost investment products. Shelly also explains why fund fees keep falling, how 401(k) plans have democratized investing for middle-class households, and why investor choice remains central to healthy capital markets. Along the way, we unpack active ETFs, intraday liquidity, interval funds, private credit exposure, and the evolving role of retail investors in financial markets. Key Points From This Episode: (0:00:00) Introducing Shelly Antoniewicz and the role of the Investment Company Institute. (0:01:14) The Investment Company Fact Book and why it has become a foundational resource for fund industry data. (0:03:31) Regulated funds globally now account for…

People in this episode

Hosts: Benjamin Felix, Cameron Passmore, Dan Bortolotti

Guest: Shelly Antoniewicz

Topics covered

• fund industry
• ETFs
• mutual funds
• capital allocation
• indexing
• financial advisors
• investor choice

Mentioned in this episode

Organizations: Investment Company Institute, ICI

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