The Vanguard Group
Passive Institutional Holder (4.4%)
The Vanguard Group carries an RS Index score of 70 out of 100 — Mixed Signal. Mixed-signal scores reflect partial alignment between stated identity and verifiable reality. Some conduct is documented as claimed; other aspects carry notable gaps.
Background
Vanguard holds approximately 1.6 million XPOF shares (4.4%) as of December 31, 2025, as part of its passive index mandates. Like BlackRock, Vanguard's position is non-discretionary — the holding is a function of XPOF's presence in small-cap indices, not a judgment about the company's conduct. Vanguard rarely votes against management except on defined ESG policies. Coalition note: their passive presence directly enabled insider liquidity for the $275M in executive stock sales since the IPO.
RS Index Analysis
RS = ((O + C + I) / 30) × 100 = 70.0Vanguard holds approximately 1.6M XPOF shares (4.4%) as non-discretionary passive index positions. Like BlackRock, Vanguard is required to hold every qualifying company in its index mandates — its position is not an endorsement of XPO management.
Vanguard is the most consistent investor in the ecosystem in the Consistency dimension — its investment behavior is perfectly mechanical and replicable across decades and thousands of index holdings. Its voting record (generally following ISS guidelines) is documented and consistent. Highest Consistency score in the matrix.
Vanguard rarely votes against management without explicit ISS guidance, and its position in XPOF could only be removed if XPOF were delisted or removed from applicable indices. Lower immediacy than activist or insider positions.
System Builder — Vanguard's non-discretionary index mandate is the purest form of System Builder: its capital flows systematically to every qualifying company regardless of documented accountability issues. This is not a moral failure — it is the documented operating reality of index investing. System Builder captures the structural role without assigning individual deliberate intent.
RS Index — Audit Glitches
1 documentedNon-discretionary mandate with proxy deference: Vanguard casts no documented opposition votes on XPO executive compensation or governance resolutions during the 2022–2025 proxy period, following ISS guidelines. Source: SEC N-PX proxy voting records.
This entity holds or held significant ownership, equity, or control over Xponential Fitness Inc. The coalition tracks private equity and institutional investors as part of the full accountability network — financial actors whose decisions directly shaped the franchise model that harmed thousands of owners.
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