Vanguard could one day own 30 percent of the nation’s stock market, if it ever reached $20 trillion in asset ownership, writes Erin Arvedlund for the Philadelphia Inquirer.

The company has been recording massive growth for decades. Founder Jack Bogle referred to any concentration of ownership as a worrying trend and wrote that much of the stock market could eventually end up being owned by just a few passive asset managers.

Vanguard currently holds around seven percent of U.S. equities and has a group dedicated to corporate governance. However, according to Eric Balchunas of Bloomberg, at the company’s current growth pace, Vanguard’s assets could reach $20 trillion in under 20 years.

“It’s hard to see what would trip up Vanguard’s ability to grow assets,” said Jeff DeMaso, director of research at Adviser Investments.

Vanguard has recently outsourced responsibility for voting on some of its active managed funds to the portfolio managers. The decision makes sense, according to DeMaso, as those who pick the stock should be able to vote on those shares.

This means the shares are not actually owned by Vanguard, but by the investors in its funds.

Read more about Vanguard in the Philadelphia Inquirer here.

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