ANCFX vs SWPPX: 41% overlap
American Funds Fundamental Investors A and Schwab S&P 500 Index share 41.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 30 days apart — ANCFX as of 2026-03-31, the rest through 2026-04-30. 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and SWPPX hold 137 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in SWPPX | Δ |
|---|---|---|---|
| MSFT | 4.5% | 4.9% | 0.4% |
| NVDA | 3.6% | 7.8% | 4.2% |
| AVGO | 5.9% | 3.2% | 2.7% |
| GOOG | 3.6% | 2.9% | 0.8% |
| AMZN | 2.8% | 4.2% | 1.4% |
| META | 2.3% | 2.2% | 0.2% |
| GOOGL | 1.6% | 3.6% | 2.0% |
| AAPL | 1.5% | 6.4% | 4.9% |
| LLY | 1.0% | 1.2% | 0.2% |
| MU | 2.1% | 0.9% | 1.2% |
Where ANCFX and SWPPX 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 | SWPPX | Δ |
|---|---|---|---|
| Unclassified | 9.3% | 2.8% | +6.5pp |
| Information Technology | 27.8% | 34.2% | −6.4pp |
| Consumer Staples | 9.4% | 4.9% | +4.5pp |
| Industrials | 12.0% | 8.1% | +3.9pp |
| Financials | 8.1% | 11.5% | −3.4pp |
| Health Care | 6.2% | 8.3% | −2.1pp |
| Communication Services | 9.0% | 11.0% | −2.0pp |
| Energy | 2.3% | 3.4% | −1.1pp |
Δ is ANCFX minus SWPPX, 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
33.0% of ANCFX by weight, held in no part of SWPPX.
32.2% of SWPPX 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 | SWPPX | |
|---|---|---|
| Top 10 holdings | 34.1% | 38.3% |
| Positions held | 233 | 503 |
| Cost per $10,000 held, per year | $61 | $2 |
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 SWPPX overlap?
ANCFX and SWPPX overlap 41.0% by portfolio weight — moderate overlap. They share 137 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, SWPPX as of 2026-04-30).
How is the overlap between ANCFX and SWPPX 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 SWPPX 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 SWPPX?
That depends on your goals — we state facts, not advice. At 41.0% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that SWPPX doesn't?
ANCFX holds 233 positions and SWPPX holds 503; 95 of ANCFX's positions don't appear in SWPPX at all, and they are 33.0% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, SWPPX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.