NBSM vs CZA overlap

NBSM and CZA overlap 3.8% by weight, across 8 shared holdings.

NBSMCZA

Pick 2 to 4 ETFs.

3.8%

overlap by weight, across 8 shared holdings

NBSM14.2% of the fund is in shared holdings, of 73

CZA3.8% of the fund is in shared holdings, of 100

These funds report on different dates (NBSM: May 31, 2026, CZA: July 31, 2026), so market moves and index changes between those dates lower the number. Funds tracking the same index can read well below their true overlap.

Top shared holdings

Holding	NBSM	CZA	Overlap
Lincoln ElectricLECO	1.16%	0.71%	0.71%
Crane CoCR	1.59%	0.59%	0.59%
Watts Water TE-aWTS	1.56%	0.52%	0.52%
Valmont INDSVMI	2.66%	0.45%	0.45%
Houlihan Lokey IHLI	1.17%	0.44%	0.44%
Aptargroup Inc.ATR	2.08%	0.40%	0.40%
Armstrong WorldAWI	1.61%	0.36%	0.36%
Kirby Corp.KEX	2.38%	0.35%	0.35%

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: NBSM, SEC Form N-PORT, May 31, 2026; CZA, SEC Form N-PORT, July 31, 2026.

institutions report holding both, of 69 holding any

NBSM46.5% of its 13F dollars, 52.2% of its 23 holders

CZA46.7% of its 13F dollars, 20.7% of its 58 holders

Largest institutions holding both

Firm	NBSM	CZA
LPL Financial LLC	$7.8M	$12.8M
Morgan Stanley	$1.5M	$12.7M
Cambridge Investment Research Advisors, Inc.	$8.2M	$2.9M
Raymond James Financial Inc.	$6.5M	$2.9M
Bank of America Corp.	$5.7M	$516K
Jones Financial Companies LLLP	$3.1M	$952K
Susquehanna International Group, LLP	$398K	$1.7M
Royal Bank of Canada	$724K	$682K
Citadel Advisors LLC	$355K	$729K
Osaic Holdings, Inc.	$89K	$349K
UBS Group AG	$43K	$37K
Harbour Investments, Inc.	$2K	$31K

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: NBSM institutional holders, CZA institutional holders.

Frequently asked questions

How much do NBSM and CZA overlap?

3.8% by weight, with 8 holdings in common, using holdings for NBSM as of May 31, 2026 and CZA as of July 31, 2026. The largest shared position is LECO.

Do institutions hold both NBSM and CZA?

12 Form 13F filers report positions in both, out of 69 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%.