ANCFX vs IVW: 38% overlap
American Funds Fundamental Investors A and iShares S&P 500 Growth ETF share 37.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 4 months apart — ANCFX as of 2026-03-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and IVW hold 55 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in IVW | Δ |
|---|---|---|---|
| AVGO | 5.9% | 5.4% | 0.5% |
| MSFT | 4.5% | 8.2% | 3.7% |
| GOOG | 3.6% | 4.4% | 0.7% |
| NVDA | 3.6% | 14.7% | 11.1% |
| AMZN | 2.8% | 3.5% | 0.7% |
| META | 2.3% | 3.9% | 1.5% |
| MU | 2.1% | 3.2% | 1.1% |
| GOOGL | 1.6% | 5.4% | 3.8% |
| AAPL | 1.5% | 6.9% | 5.3% |
| LLY | 1.0% | 2.7% | 1.8% |
Where ANCFX and IVW 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 | ANCFX | IVW | Δ |
|---|---|---|---|
| Information Technology | 27.8% | 52.5% | −24.7pp |
| Unclassified | 9.3% | 0.0% | +9.3pp |
| Consumer Staples | 9.4% | 1.2% | +8.3pp |
| Communication Services | 9.0% | 14.7% | −5.8pp |
| Industrials | 12.0% | 6.6% | +5.4pp |
| Energy | 2.3% | 0.0% | +2.3pp |
| Materials | 2.2% | 0.3% | +1.9pp |
| Utilities | 2.1% | 0.4% | +1.7pp |
Δ is ANCFX minus IVW, 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
50.6% of ANCFX by weight, held in no part of IVW.
19.8% of IVW by weight, held in no part of ANCFX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| ANCFX | IVW | |
|---|---|---|
| Top 10 holdings | 34.1% | 58.2% |
| Positions held | 233 | 149 |
| Cost per $10,000 held, per year | $61 | $18 |
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 ANCFX and IVW overlap?
ANCFX and IVW overlap 37.8% by portfolio weight — moderate overlap. They share 55 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, IVW as of 2026-07-23).
How is the overlap between ANCFX and IVW calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If ANCFX holds a stock at 6% and IVW 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 ANCFX and IVW?
That depends on your goals — we state facts, not advice. At 37.8% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that IVW doesn't?
ANCFX holds 233 positions and IVW holds 149; 177 of ANCFX's positions don't appear in IVW at all, and they are 50.6% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, IVW as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.