ANCFX vs VBIAX: 2% overlap
American Funds Fundamental Investors A and Vanguard Balanced Index Admiral share 1.8% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and VBIAX hold 17 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in VBIAX | Δ |
|---|---|---|---|
| LLY | 1.0% | 0.7% | 0.2% |
| TMO | 0.4% | 0.2% | 0.2% |
| APH | 0.1% | 0.1% | 0.0% |
| MCK | 0.1% | 0.1% | 0.0% |
| CMCSA | 0.1% | 0.1% | 0.0% |
| WDC | 0.5% | 0.1% | 0.5% |
| CEG | 0.4% | 0.1% | 0.3% |
| MRSH | 0.4% | 0.1% | 0.3% |
| MMM | 0.1% | 0.1% | 0.1% |
| NET | 0.3% | 0.1% | 0.2% |
Where ANCFX and VBIAX 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 | VBIAX | Δ |
|---|---|---|---|
| Unclassified | 9.3% | 55.1% | −45.8pp |
| Information Technology | 27.8% | 1.0% | +26.9pp |
| Treasuries | 0.0% | 19.1% | −19.1pp |
| Industrials | 12.0% | 0.7% | +11.3pp |
| Consumer Staples | 9.4% | 0.2% | +9.2pp |
| Communication Services | 9.0% | 0.5% | +8.4pp |
| Consumer Discretionary | 8.9% | 0.5% | +8.4pp |
| MBS Pass-Through | 0.0% | 8.1% | −8.1pp |
Δ is ANCFX minus VBIAX, 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
94.1% of ANCFX by weight, held in no part of VBIAX.
99.0% of VBIAX 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 | VBIAX | |
|---|---|---|
| Top 10 holdings | 34.1% | 45.2% |
| Positions held | 233 | 5,119 |
| Cost per $10,000 held, per year | $61 | $7 |
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 VBIAX overlap?
ANCFX and VBIAX overlap 1.8% by portfolio weight — largely distinct portfolios. They share 17 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, VBIAX as of 2026-03-31).
How is the overlap between ANCFX and VBIAX 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 VBIAX 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 VBIAX?
That depends on your goals — we state facts, not advice. At 1.8% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that VBIAX doesn't?
ANCFX holds 233 positions and VBIAX holds 5,119; 215 of ANCFX's positions don't appear in VBIAX at all, and they are 94.1% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, VBIAX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.