IWL vs DFSU overlap
IWL and DFSU overlap 60.6% by weight, across 156 shared holdings.
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Top shared holdings
| Holding | IWL | DFSU | Overlap |
|---|---|---|---|
| Nvidia Corp.NVDA | 8.40% | 6.46% | 6.46% |
| Apple Inc.AAPL | 7.53% | 6.31% | 6.31% |
| Amazon.COM Inc.AMZN | 4.16% | 3.32% | 3.32% |
| Microsoft Corp.MSFT | 4.99% | 3.14% | 3.14% |
| Alphabet Inc.-aGOOGL | 3.75% | 2.40% | 2.40% |
| Broadcom Inc.AVGO | 3.16% | 2.27% | 2.27% |
| META Platforms-aMETA | 2.23% | 3.09% | 2.23% |
| Alphabet Inc.-CGOOG | 3.02% | 1.96% | 1.96% |
| JPMorgan ChaseJPM | 1.57% | 1.62% | 1.57% |
| ELI Lilly & CoLLY | 1.72% | 1.41% | 1.41% |
| Johnson&JohnsonJNJ | 1.10% | 0.98% | 0.98% |
| VISA Inc.-Class aV | 1.02% | 0.88% | 0.88% |
| Tesla Inc.TSLA | 2.21% | 0.71% | 0.71% |
| Mastercard Inc.-aMA | 0.75% | 0.71% | 0.71% |
| Abbvie Inc.ABBV | 0.80% | 0.69% | 0.69% |
Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: IWL, SEC Form N-PORT, June 30, 2026; DFSU, SEC Form N-PORT, July 31, 2026.
Largest institutions holding both
| Firm | IWL | DFSU |
|---|---|---|
| Morgan Stanley | $125.1M | $135K |
| Focus Partners Wealth | $1.4M | $100.7M |
| LPL Financial LLC | $66.5M | $8.6M |
| Cambridge Investment Research Advisors, Inc. | $46.9M | $1.4M |
| Heck Capital Advisors, LLC | $37.8M | $491K |
| JPMorgan Chase & Co | $34.3M | $2.1M |
| Commonwealth Equity Services, LLC | $26.2M | $4.7M |
| Royal Bank of Canada | $25.5M | $2.2M |
| Focus Partners Advisor Solutions, LLC | $6.5M | $19.4M |
| Mercer Global Advisors Inc. | $2.9M | $21.5M |
| Wealth Enhancement Advisory Services, LLC | $1.4M | $19.7M |
| Osaic Holdings, Inc. | $16.1M | $3.1M |
| Composition Wealth, LLC | $11.1M | $7.4M |
| UBS Group AG | $14.0M | $25K |
| HighTower Advisors, LLC | $12.4M | $1.3M |
This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.
Who owns them: IWL institutional holders, DFSU institutional holders.
Frequently asked questions
How much do IWL and DFSU overlap?
60.6% by weight, with 156 holdings in common, using holdings for IWL as of June 30, 2026 and DFSU as of July 31, 2026. The largest shared position is NVDA.
Do institutions hold both IWL and DFSU?
44 Form 13F filers report positions in both, out of 469 that report either one.
How is overlap by weight worked out?
For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.