ANCFX vs SMH: 14% overlap
American Funds Fundamental Investors A and VanEck Semiconductor ETF share 14.4% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and SMH hold 7 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in SMH | Δ |
|---|---|---|---|
| AVGO | 5.9% | 7.8% | 1.9% |
| NVDA | 3.6% | 19.6% | 16.0% |
| MU | 2.1% | 4.2% | 2.1% |
| KLAC | 1.2% | 4.7% | 3.5% |
| TSM | 1.1% | 11.8% | 10.7% |
| INTC | 0.2% | 4.3% | 4.1% |
| AMAT | 0.2% | 4.6% | 4.4% |
Where ANCFX and SMH 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 | SMH | Δ |
|---|---|---|---|
| Information Technology | 27.8% | 92.8% | −65.0pp |
| Industrials | 12.0% | 0.0% | +12.0pp |
| Consumer Staples | 9.4% | 0.0% | +9.4pp |
| Communication Services | 9.0% | 0.0% | +9.0pp |
| Consumer Discretionary | 8.9% | 0.0% | +8.9pp |
| Financials | 8.1% | 0.0% | +8.1pp |
| Health Care | 6.2% | 0.0% | +6.2pp |
| Energy | 2.3% | 0.0% | +2.3pp |
Δ is ANCFX minus SMH, 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
84.7% of ANCFX by weight, held in no part of SMH.
42.8% of SMH 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 | SMH | |
|---|---|---|
| Top 10 holdings | 34.1% | 72.2% |
| Positions held | 233 | 26 |
| 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 SMH overlap?
ANCFX and SMH overlap 14.4% by portfolio weight — largely distinct portfolios. They share 7 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, SMH as of 2026-03-31).
How is the overlap between ANCFX and SMH 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 SMH 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 SMH?
That depends on your goals — we state facts, not advice. At 14.4% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that SMH doesn't?
ANCFX holds 233 positions and SMH holds 26; 225 of ANCFX's positions don't appear in SMH at all, and they are 84.7% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, SMH as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.