ANCFX vs VBR: 4% overlap
American Funds Fundamental Investors A and Vanguard Small-Cap Value ETF share 3.9% 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 3 months apart — ANCFX as of 2026-03-31, the rest through 2026-06-30. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and VBR hold 29 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in VBR | Δ |
|---|---|---|---|
| ATO | 0.4% | 0.6% | 0.2% |
| PFGC | 0.6% | 0.4% | 0.2% |
| BG | 0.4% | 0.4% | 0.0% |
| RNR | 0.3% | 0.3% | 0.0% |
| JAZZ | 0.3% | 0.3% | 0.0% |
| ITT | 0.5% | 0.2% | 0.3% |
| IP | 0.2% | 0.2% | 0.0% |
| OMF | 0.2% | 0.2% | 0.0% |
| LYB | 0.3% | 0.1% | 0.1% |
| ALGN | 0.1% | 0.2% | 0.1% |
Where ANCFX and VBR 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 | VBR | Δ |
|---|---|---|---|
| Information Technology | 27.8% | 9.4% | +18.4pp |
| Financials | 8.1% | 18.3% | −10.2pp |
| Unclassified | 9.3% | 0.5% | +8.8pp |
| Real Estate | 1.8% | 9.8% | −8.0pp |
| Industrials | 12.0% | 18.8% | −6.8pp |
| Communication Services | 9.0% | 2.4% | +6.5pp |
| Consumer Staples | 9.4% | 4.1% | +5.3pp |
| Materials | 2.2% | 7.2% | −5.0pp |
Δ is ANCFX minus VBR, 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 VBR.
93.0% of VBR 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 | VBR | |
|---|---|---|
| Top 10 holdings | 34.1% | 6.2% |
| Positions held | 233 | 839 |
| Cost per $10,000 held, per year | $61 | $5 |
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 VBR overlap?
ANCFX and VBR overlap 3.9% by portfolio weight — largely distinct portfolios. They share 29 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, VBR as of 2026-06-30).
How is the overlap between ANCFX and VBR 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 VBR 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 VBR?
That depends on your goals — we state facts, not advice. At 3.9% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that VBR doesn't?
ANCFX holds 233 positions and VBR holds 839; 203 of ANCFX's positions don't appear in VBR 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, VBR as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.