ANCFX vs XLV: 5% overlap
American Funds Fundamental Investors A and Health Care Select Sector SPDR Fund share 5.5% 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 4 months apart — ANCFX as of 2026-03-31, the rest through 2026-07-23. 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and XLV hold 17 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in XLV | Δ |
|---|---|---|---|
| LLY | 1.0% | 16.1% | 15.1% |
| AMGN | 0.9% | 3.4% | 2.6% |
| UNH | 0.8% | 6.6% | 5.8% |
| ABT | 0.4% | 3.0% | 2.6% |
| CVS | 0.4% | 2.3% | 1.9% |
| TMO | 0.4% | 3.6% | 3.3% |
| VRTX | 0.3% | 2.1% | 1.7% |
| DHR | 0.2% | 2.1% | 1.8% |
| ABBV | 0.2% | 7.8% | 7.6% |
| MTD | 0.2% | 0.5% | 0.3% |
Where ANCFX and XLV 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 | XLV | Δ |
|---|---|---|---|
| Health Care | 6.2% | 99.7% | −93.5pp |
| Information Technology | 27.8% | 0.0% | +27.8pp |
| Industrials | 12.0% | 0.0% | +12.0pp |
| Consumer Staples | 9.4% | 0.0% | +9.4pp |
| Unclassified | 9.3% | 0.0% | +9.3pp |
| Communication Services | 9.0% | 0.0% | +9.0pp |
| Consumer Discretionary | 8.9% | 0.0% | +8.9pp |
| Financials | 8.1% | 0.0% | +8.1pp |
Δ is ANCFX minus XLV, 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
93.7% of ANCFX by weight, held in no part of XLV.
44.7% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 34.1% | 62.0% |
| Positions held | 233 | 62 |
| Cost per $10,000 held, per year | $61 | $8 |
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 XLV overlap?
ANCFX and XLV overlap 5.5% by portfolio weight — largely distinct portfolios. They share 17 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, XLV as of 2026-07-23).
How is the overlap between ANCFX and XLV 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 XLV 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 XLV?
That depends on your goals — we state facts, not advice. At 5.5% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that XLV doesn't?
ANCFX holds 233 positions and XLV holds 62; 215 of ANCFX's positions don't appear in XLV at all, and they are 93.7% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.