Exactly.

Let's look at one single Vanguard Fund - VTSAX

As of September 30, 2021 VTSAX held 3,065,028 shares. (That's the quickest number I could find. Lazy googling.) VTSAX is an index fund, so it holds its shares by market cap weight passively, on autopilot based on something called the CRSP index.


Based on today's stock price, those shares are worth about $71million. The total market cap of save is $2.4billion, so that means that one Vanguard index fund owns about 3% of the company.