AIVSX vs SMH: 16% overlap
American Funds Investment Company of America A and VanEck Semiconductor ETF share 15.6% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
AIVSX and SMH hold 8 of the same securities. The ten contributing most to the overlap figure:
| Holding | in AIVSX | in SMH | Δ |
|---|---|---|---|
| NVDA | 6.5% | 19.6% | 13.1% |
| AVGO | 6.1% | 7.8% | 1.7% |
| AMAT | 1.3% | 4.6% | 3.3% |
| INTC | 0.7% | 4.3% | 3.7% |
| TSM | 0.4% | 11.8% | 11.4% |
| MU | 0.3% | 4.2% | 3.9% |
| KLAC | 0.2% | 4.7% | 4.6% |
| MRVL | 0.1% | 2.4% | 2.2% |
Where AIVSX and SMH differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | AIVSX | SMH | Δ |
|---|---|---|---|
| Information Technology | 29.2% | 92.8% | −63.6pp |
| Industrials | 11.8% | 0.0% | +11.8pp |
| Health Care | 11.2% | 0.0% | +11.2pp |
| Consumer Discretionary | 10.0% | 0.0% | +10.0pp |
| Communication Services | 9.9% | 0.0% | +9.9pp |
| Financials | 8.2% | 0.0% | +8.2pp |
| Consumer Staples | 6.4% | 0.0% | +6.4pp |
| Materials | 3.1% | 0.0% | +3.1pp |
Δ is AIVSX minus SMH, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
84.7% of AIVSX by weight, held in no part of SMH.
40.5% of SMH by weight, held in no part of AIVSX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| AIVSX | SMH | |
|---|---|---|
| Top 10 holdings | 39.5% | 72.2% |
| Positions held | 168 | 26 |
| Cost per $10,000 held, per year | $58 | $35 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do AIVSX and SMH overlap?
AIVSX and SMH overlap 15.6% by portfolio weight — moderate overlap. They share 8 holdings. The figure comes from current issuer holdings files (AIVSX as of 2026-03-31, SMH as of 2026-03-31).
How is the overlap between AIVSX and SMH calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If AIVSX holds a stock at 6% and SMH holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both AIVSX and SMH?
That depends on your goals — we state facts, not advice. At 15.6% overlap, each fund still contributes meaningfully distinct exposure.
What does AIVSX own that SMH doesn't?
AIVSX holds 168 positions and SMH holds 26; 160 of AIVSX's positions don't appear in SMH at all, and they are 84.7% of AIVSX by weight.
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Related comparisons
Sources: issuer holdings files, AIVSX as of 2026-03-31, SMH as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.