ANCFX vs QQQ: 32% overlap
American Funds Fundamental Investors A and Invesco QQQ Trust share 32.2% 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 QQQ hold 37 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in QQQ | Δ |
|---|---|---|---|
| MSFT | 4.5% | 4.7% | 0.2% |
| NVDA | 3.6% | 8.3% | 4.7% |
| AVGO | 5.9% | 3.1% | 2.9% |
| GOOG | 3.6% | 2.9% | 0.8% |
| AMZN | 2.8% | 4.1% | 1.3% |
| META | 2.3% | 3.0% | 0.6% |
| MU | 2.1% | 5.1% | 2.9% |
| GOOGL | 1.6% | 3.0% | 1.4% |
| AAPL | 1.5% | 7.8% | 6.3% |
| KLAC | 1.2% | 1.3% | 0.1% |
Where ANCFX and QQQ 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 | QQQ | Δ |
|---|---|---|---|
| Information Technology | 27.8% | 59.1% | −31.3pp |
| Industrials | 12.0% | 3.5% | +8.5pp |
| Unclassified | 9.3% | 1.0% | +8.3pp |
| Financials | 8.1% | 0.2% | +7.9pp |
| Communication Services | 9.0% | 13.1% | −4.2pp |
| Consumer Staples | 9.4% | 6.4% | +3.0pp |
| Health Care | 6.2% | 3.6% | +2.6pp |
| Real Estate | 1.8% | 0.0% | +1.8pp |
Δ is ANCFX minus QQQ, 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
61.2% of ANCFX by weight, held in no part of QQQ.
33.8% of QQQ 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 | QQQ | |
|---|---|---|
| Top 10 holdings | 34.1% | 45.9% |
| Positions held | 233 | 104 |
| Cost per $10,000 held, per year | $61 | $20 |
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 QQQ overlap?
ANCFX and QQQ overlap 32.2% by portfolio weight — moderate overlap. They share 37 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, QQQ as of 2026-07-23).
How is the overlap between ANCFX and QQQ 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 QQQ 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 QQQ?
That depends on your goals — we state facts, not advice. At 32.2% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that QQQ doesn't?
ANCFX holds 233 positions and QQQ holds 104; 195 of ANCFX's positions don't appear in QQQ at all, and they are 61.2% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, QQQ as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.