ANCFX vs SCHD: 5% overlap
American Funds Fundamental Investors A and Schwab U.S. Dividend Equity ETF share 4.6% 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 2 months apart — ANCFX as of 2026-03-31, the rest through 2026-05-31. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and SCHD hold 17 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in SCHD | Δ |
|---|---|---|---|
| AMGN | 0.9% | 3.5% | 2.6% |
| UNH | 0.8% | 5.1% | 4.3% |
| PAYX | 0.5% | 0.8% | 0.3% |
| COP | 0.5% | 3.5% | 3.0% |
| ABT | 0.4% | 3.0% | 2.5% |
| OKE | 0.3% | 1.3% | 1.0% |
| EOG | 0.3% | 1.8% | 1.5% |
| BMY | 0.2% | 2.9% | 2.8% |
| MTN | 0.1% | 0.1% | 0.0% |
| WSO | 0.1% | 0.3% | 0.2% |
Where ANCFX and SCHD 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 | SCHD | Δ |
|---|---|---|---|
| Information Technology | 27.8% | 12.9% | +14.9pp |
| Energy | 2.3% | 14.6% | −12.3pp |
| Health Care | 6.2% | 18.3% | −12.1pp |
| Consumer Staples | 9.4% | 18.4% | −9.0pp |
| Unclassified | 9.3% | 2.9% | +6.4pp |
| Communication Services | 9.0% | 6.0% | +2.9pp |
| Materials | 2.2% | 0.1% | +2.1pp |
| Consumer Discretionary | 8.9% | 6.8% | +2.1pp |
Δ is ANCFX minus SCHD, 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
94.5% of ANCFX by weight, held in no part of SCHD.
61.5% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 34.1% | 43.6% |
| Positions held | 233 | 101 |
| Cost per $10,000 held, per year | $61 | $6 |
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 SCHD overlap?
ANCFX and SCHD overlap 4.6% by portfolio weight — largely distinct portfolios. They share 17 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, SCHD as of 2026-05-31).
How is the overlap between ANCFX and SCHD 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 SCHD 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 SCHD?
That depends on your goals — we state facts, not advice. At 4.6% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that SCHD doesn't?
ANCFX holds 233 positions and SCHD holds 101; 215 of ANCFX's positions don't appear in SCHD at all, and they are 94.5% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.