FinEdge · Tools & Calculators
Mutual Fund Overlap Calculator: Understand Your Portfolio Better
See the structure behind your fund names — which funds hold the same companies, where your money concentrates, and what each fund actually adds.
Upload a CAS or portfolio statement for the full FinEdge Portfolio Health Check, or select two or more funds for a quick comparison. Free, with no sign-in.
- What it discovers
- Duplication, concentration, fragmentation and the distinct role of each fund.
- How you check
- Upload a statement — read in this browser, never uploaded — or pick funds by name.
- What you understand
- What deserves attention, the evidence behind it, and the next decision to take.
Real example · one investorNot your result
More funds. Not necessarily more diversification.
See how the size of each holding and the companies behind it help explain the portfolio’s structure.
14
equity & hybrid funds
85.6%
of their value in just 5
Largest 5 fundsOther 9
Several funds too small to shape results
Equity funds and eligible hybrids · other imported schemes stay in your inventory, outside stock overlap.
Start with your CAS or portfolio statement
Excel (.xlsx/.xls), CSV or digital-text PDF/CAS. No scans or screenshots.
Your original file is read in this browser and never uploaded. No AI reads your document. Fund identifiers are sent to look up scheme identities and disclosed holdings. When you run the Health Check, de-identified fund-level figures (no names, folio details or original file) are sent to FinEdge to prepare the analysis.
How to use
- 1. Add your investments
Open Excel (.xlsx/.xls), CSV or a digital-text PDF/CAS, or select at least two equity funds or eligible hybrids.
- 2. Check the inventory
Identified schemes stay in your inventory, including debt and gold. Resolve only uncertain identities or values that affect the comparison.
- 3. Read the diagnosis, then the evidence
With current values for your eligible funds, the Health Check ranks what deserves attention. Fund pairs, company and sector exposure and allocations sit underneath.
Why don’t more funds automatically mean more diversification?
Diversification comes from owning different underlying companies, sectors and strategies — not from holding more fund names. Two funds with different labels can own largely the same stocks, so a tenth fund may add repetition and complexity rather than protection. What matters is what sits inside each fund, which is exactly what this calculator reads from disclosed holdings.
A focused set of funds, each held for a clear and enduring role, is often a sound base. There is no universally correct number of mutual funds, and shared holdings are not automatically a fault — different funds may legitimately own the same company while serving distinct objectives. Overlap alone never decides whether a fund belongs in your portfolio.
What the figures mean
Pairwise overlap adds the lower disclosed weight of each company both funds hold. It does not depend on your investment amounts.
Shared stock exposure uses current fund values. Its denominator is identified company shares in the analysed funds, not debt, gold, cash or unresolved holdings. Pairwise percentages are never added together. When shared holdings matter, and when they don’t, is explained in our overlap guide.
Duplication, concentration, fragmentation and overdiversification
Duplication is funds repeating the same companies. Concentration is a large combined exposure to one company through several funds. Over-diversification is holding more schemes than a coherent design needs, so extra funds mostly repeat the same market. Fragmentation is a spread of small positions that barely shape the result. They are different and can occur together. How many funds an intended portfolio needs, and what role each plays, is a portfolio construction question.
The diagnosis covers equity funds and eligible hybrids with current values, scaled to portfolio size; other fund types are stated, not judged. Selected funds get a comparison, not a whole-portfolio verdict. It is not an assessment of your goals or a buy, sell or switch recommendation — any change belongs in a portfolio review with your Investment Manager.
What can this calculator establish — and what still needs your context?
What it can establish
- Which of your funds hold the same underlying companies, and to what extent, from each fund’s stated disclosure date.
- Your combined exposure to individual companies and sectors across funds, when reliable current values exist.
- Evidence of duplication, concentration, fragmentation and possible overdiversification in the portfolio’s structure.
- What each fund contributes that the others do not.
What it cannot decide
- Whether a fund suits your goals, time horizon or risk — the calculator never sees them.
- Whether to redeem, switch or consolidate: overlap alone is never that instruction.
- Anything about funds whose holdings are unavailable — they are named as gaps, never treated as zero overlap.
- Live market positions: disclosures are periodic, and each fund’s date is shown with the results.
The calculator makes the next decision clearer; it does not replace a complete investment review. The natural use of a finding is a constructive portfolio-review conversation about your goals and the role of each fund.
Sample Portfolio Health Check · an actual portfolio, personal details removed
What this investor’s Health Check found
Elevated risk of overdiversification, with signs of fragmentation
₹40.78 L across 14 equity and hybrid funds, from a ₹68.90 L statement. ₹28.11 L in gold, arbitrage and other non-equity funds was set aside.
1.Elevated risk of overdiversification
14 distinct equity and hybrid schemes for ₹40.8 lakh of current value. Most of the money sits in a few of them — the largest 5 hold 85.6% — while several others are too small to make much difference.
For ₹40.8 lakh, 14 schemes is clearly more than a focused design needs. Each fund already holds many companies, so additional schemes add repetition more than protection and blur the role of each holding. Companies held by more than one fund are a holdings fact, not money wasted.
Worth deciding next
Review which funds carry a distinct, lasting role and which duplicate one another. A FinEdge Investment Manager can take you through this against your goals.
2.Several funds too small to shape results
Your eight smallest funds together account for 7.5% of the analysed equity and hybrid portfolio. Individually, they represent between 0.2% and 2.4% each.
Fragmentation is different from overdiversification: it is about holdings too small to make a difference to the outcome, so they add tracking and decisions without adding much. Only you can say whether each allocation was made for a purpose.
Worth deciding next
For each small holding, decide whether it deserves a meaningful allocation or no place at all.
A reading of structure only: the Health Check does not see goals or risk appetite, and overlap between funds is a holdings fact, not a fault in itself.
The evidence behind it
- Funds analysed
- 14
- Largest 5 funds hold
- 85.6%
- Most overlapping pair
- 47.3%
- Current value of analysed funds
- ₹40.78 L
Fund weights use the current value of the analysed equity and hybrid funds. Pair overlap compares disclosed stock weights, not the share of money duplicated. Historical invested cost is separate from current value.
How the money is spread across the 14 funds
- Invesco India Small Cap Fund Regular-Growth₹10.80 L · 26.5%
- Kotak Small Cap Fund Regular-Growth₹7.73 L · 19.0%
- Franklin India Flexi Cap Fund Regular-Growth₹6.75 L · 16.5%
- DSP Large & Mid Cap Fund Regular-Growth₹6.46 L · 15.8%
- Edelweiss Flexi Cap Fund Regular-Growth₹3.18 L · 7.8%
- Invesco India Mid Cap Fund Regular-Growth₹2.81 L · 6.9%
- DSP Value Fund Regular-Growth₹98,447 · 2.4%
- ICICI Prudential Multi Cap Fund-Growth₹97,244 · 2.4%
- HDFC Flexi Cap Fund Regular-Growth₹29,574 · 0.7%
- Motilal Oswal Large and Midcap Fund Regular-Growth₹20,942 · 0.5%
- Edelweiss Mid Cap Fund Regular-Growth₹20,267 · 0.5%
- HDFC NIFTY Next 50 Index Fund Regular-Growth₹19,290 · 0.5%
- Mirae Asset Healthcare Fund Regular-Growth₹10,493 · 0.3%
- Motilal Oswal Nifty Capital Market Index Fund Regular-Growth₹10,177 · 0.2%
Historical amount invested in these funds: ₹39.86 L — not their current value.
Set aside from stock analysis: Axis Greater China Equity FoF Regular-Growth (₹5.78 L); DSP Arbitrage Fund Regular-Growth (₹2.81 L); Edelweiss Arbitrage Fund Regular-Growth (₹1,775); Edelweiss Gold and Silver ETF FoF Regular-Growth (₹7.03 L); Franklin India Arbitrage Fund Regular-Growth (₹1.89 L); Invesco India Arbitrage Fund Regular-Growth (₹3.30 L); Motilal Oswal Gold and Silver Passive FoF Regular-Growth (₹9,284); SBI Gold Fund-Growth (₹7.19 L).
Shared companies and the most overlapping fund pairs
Largest company exposures across the portfolio
- ICICI Bank Ltd. · via 7 funds3.8%
- HDFC Bank Ltd. · via 5 funds2.8%
- Eternal Ltd (formerly Zomato Ltd) · via 7 funds2.3%
- Axis Bank Ltd. · via 6 funds2.3%
- Krishna Institute of Medical Sciences Ltd · via 4 funds1.6%
- Sai Life Sciences Ltd. · via 3 funds1.6%
- Prestige Estates Projects Ltd. · via 7 funds1.5%
- Interglobe Aviation Ltd. · via 5 funds1.4%
- Max Healthcare Institute Ltd. · via 7 funds1.4%
- State Bank of India · via 5 funds1.3%
Most overlapping fund pairs
- Franklin India Flexi Cap Fund Regular-Growth & HDFC Flexi Cap Fund Regular-Growth · 26 shared47.3%
- DSP Large & Mid Cap Fund Regular-Growth & DSP Value Fund Regular-Growth · 29 shared47.2%
- Invesco India Mid Cap Fund Regular-Growth & Invesco India Small Cap Fund Regular-Growth · 32 shared43.4%
- Edelweiss Flexi Cap Fund Regular-Growth & Franklin India Flexi Cap Fund Regular-Growth · 28 shared42.6%
- Edelweiss Flexi Cap Fund Regular-Growth & Edelweiss Mid Cap Fund Regular-Growth · 57 shared40.4%
- DSP Large & Mid Cap Fund Regular-Growth & HDFC Flexi Cap Fund Regular-Growth · 20 shared39.1%
Fund names and amounts as stated; holdings are each fund's latest disclosure (to 2026-09-30). Funds outside equity and hybrid categories are not assessed. Sample prepared 2026-10-15.
Make the next decision with context
If you want to understand a finding
What mutual fund overlap meansIf you are deciding how the portfolio should be built
Portfolio construction and diversificationIf you want your funds reviewed against your goals and risk
Mutual Fund Portfolio Review
Discuss your portfolio with an Investment Manager
Bring your findings to a FinEdge Investment Manager, who can read them against your goals, time horizon and broader portfolio — and help you decide whether any change is actually needed.
Method and supported-input review: 14 October 2026. Holdings reflect each fund’s stated disclosure date, not live market data. Your portfolio statements are read in your browser. When you run the Portfolio Health Check, de-identified fund-level figures are sent to FinEdge to prepare the analysis. Your original files, passwords and folio details remain in your browser. Fund identifiers are sent to look up scheme identities and disclosed holdings. No AI reads your document.