Vanguard is a mutual company though, where all of the investors are owners. They&#x27;re competing against for-profit investment agencies.<p>&quot;Vanguard is the only investor-owned mutual fund complex in America. We are known for many things—including our low fees, our commitment to high-quality client service, and our indexing expertise—but I would say the single most defining characteristic about Vanguard is our ownership structure. The Vanguard® funds own The Vanguard Group, which in effect means that the investors in our funds own Vanguard. Unlike other fund firms, we don&#x27;t have stockholders or a parent company to please. Our mutual ownership structure enables us to focus clearly on the interests of our investors, without the potential conflicts of interest that can occur at other firms.&quot;<p><a href="https:&#x2F;&#x2F;www.bogleheads.org&#x2F;forum&#x2F;viewtopic.php?t=16305" rel="nofollow">https:&#x2F;&#x2F;www.bogleheads.org&#x2F;forum&#x2F;viewtopic.php?t=16305</a>