ANCFX vs JEPI: 22% overlap
American Funds Fundamental Investors A and JPMorgan Equity Premium Income ETF share 22.2% 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
ANCFX and JEPI hold 51 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in JEPI | Δ |
|---|---|---|---|
| NVDA | 3.6% | 1.4% | 2.2% |
| AMZN | 2.8% | 1.4% | 1.4% |
| AAPL | 1.5% | 1.4% | 0.1% |
| GOOGL | 1.6% | 1.4% | 0.2% |
| AVGO | 5.9% | 1.3% | 4.6% |
| MSFT | 4.5% | 1.3% | 3.2% |
| V | 1.2% | 1.3% | 0.1% |
| PM | 4.0% | 1.2% | 2.8% |
| META | 2.3% | 1.2% | 1.1% |
| LLY | 1.0% | 0.8% | 0.1% |
Where ANCFX and JEPI 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 | JEPI | Δ |
|---|---|---|---|
| Information Technology | 27.8% | 13.5% | +14.4pp |
| Unclassified | 9.3% | 19.6% | −10.3pp |
| Health Care | 6.2% | 11.6% | −5.4pp |
| Communication Services | 9.0% | 5.2% | +3.8pp |
| Utilities | 2.1% | 5.4% | −3.3pp |
| Industrials | 12.0% | 8.9% | +3.1pp |
| Consumer Staples | 9.4% | 7.8% | +1.6pp |
| Consumer Discretionary | 8.9% | 10.2% | −1.3pp |
Δ is ANCFX minus JEPI, 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
58.1% of ANCFX by weight, held in no part of JEPI.
56.4% of JEPI 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 | JEPI | |
|---|---|---|
| Top 10 holdings | 34.1% | 15.7% |
| Positions held | 233 | 120 |
| Cost per $10,000 held, per year | $61 | $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 ANCFX and JEPI overlap?
ANCFX and JEPI overlap 22.2% by portfolio weight — moderate overlap. They share 51 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, JEPI as of 2026-03-31).
How is the overlap between ANCFX and JEPI 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 JEPI 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 JEPI?
That depends on your goals — we state facts, not advice. At 22.2% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that JEPI doesn't?
ANCFX holds 233 positions and JEPI holds 120; 181 of ANCFX's positions don't appear in JEPI at all, and they are 58.1% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.