ANCFX vs IWD: 27% overlap
American Funds Fundamental Investors A and iShares Russell 1000 Value ETF share 26.7% 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and IWD hold 139 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in IWD | Δ |
|---|---|---|---|
| MSFT | 4.5% | 3.9% | 0.6% |
| AMZN | 2.8% | 5.7% | 2.9% |
| AAPL | 1.5% | 5.9% | 4.4% |
| PM | 4.0% | 0.8% | 3.2% |
| UNH | 0.8% | 1.1% | 0.3% |
| META | 2.3% | 0.7% | 1.6% |
| RTX | 0.6% | 0.8% | 0.2% |
| JPM | 0.5% | 2.6% | 2.1% |
| WELL | 0.8% | 0.5% | 0.4% |
| UNP | 0.6% | 0.5% | 0.2% |
Where ANCFX and IWD 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 | IWD | Δ |
|---|---|---|---|
| Financials | 8.1% | 19.6% | −11.4pp |
| Information Technology | 27.8% | 18.0% | +9.8pp |
| Unclassified | 9.3% | 0.0% | +9.3pp |
| Health Care | 6.2% | 12.7% | −6.5pp |
| Communication Services | 9.0% | 3.3% | +5.6pp |
| Energy | 2.3% | 6.1% | −3.8pp |
| Consumer Staples | 9.4% | 7.4% | +2.0pp |
| Real Estate | 1.8% | 3.7% | −1.9pp |
Δ is ANCFX minus IWD, 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
50.9% of ANCFX by weight, held in no part of IWD.
46.7% of IWD 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 | IWD | |
|---|---|---|
| Top 10 holdings | 34.1% | 27.8% |
| Positions held | 233 | 872 |
| Cost per $10,000 held, per year | $61 | $19 |
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 IWD overlap?
ANCFX and IWD overlap 26.7% by portfolio weight — moderate overlap. They share 139 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, IWD as of 2026-07-23).
How is the overlap between ANCFX and IWD 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 IWD 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 IWD?
That depends on your goals — we state facts, not advice. At 26.7% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that IWD doesn't?
ANCFX holds 233 positions and IWD holds 872; 93 of ANCFX's positions don't appear in IWD at all, and they are 50.9% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, IWD as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.