Overlap check
Two funds with different names can own largely the same companies. Add the funds you hold, or are thinking of holding, and this measures how much of each pair is the same — read through to the shares underneath, not guessed from the categories.
At least two. Up to twenty.
Overlap here is the weighted figure: for every company two funds both hold, the smaller of the two weights is counted, and those are added up. Two funds that both own the same twenty companies but in very different sizes overlap less than two that own them in the same sizes — which is the distinction that matters and the one a plain count of shared names misses.
Each pair is read on a date both funds have published. Comparing one fund’s newest portfolio against another’s older one would count a month of ordinary trading as a difference between the two funds, and would assert something about a portfolio the second fund has not disclosed. Whole fund houses file a month apart, so this is not a rare case.
It is a fact, not a verdict. High overlap is not automatically wrong — two funds running the same strategy well is a reasonable thing to own — but it does mean the second one is doing less for spreading risk than its name suggests. What to do about that is a judgement this page does not make.
Holdings are disclosed monthly and published up to ten days after the month ends, so the newest figure here is always some weeks behind what the funds hold today.