NZAC vs FGM overlap

NZAC and FGM overlap 0.3% by weight, across 2 shared holdings.

NZACFGM

Pick 2 to 4 ETFs.

0.3%

overlap by weight, across 2 shared holdings

NZAC0.3% of the fund is in shared holdings, of 625

FGM4.5% of the fund is in shared holdings, of 40

Top shared holdings

Holding	NZAC	FGM	Overlap
Allianz SE-REGALIZF	0.20%	1.71%	0.20%
Vonovia SEVNA	0.05%	2.84%	0.05%

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: NZAC, SEC Form N-PORT, June 30, 2026; FGM, SEC Form N-PORT, June 30, 2026.

institutions report holding both, of 60 holding any

NZAC8.0% of its 13F dollars, 20.4% of its 44 holders

FGM4.2% of its 13F dollars, 36.0% of its 25 holders

Largest institutions holding both

Firm	NZAC	FGM
Morgan Stanley	$3.2M	$350K
Flow Traders U.S. LLC	$946K	$1.8M
Raymond James Financial Inc.	$1.7M	$1.0M
UBS Group AG	$862K	$67K
Osaic Holdings, Inc.	$253K	$369K
Golden State Wealth Management, LLC	$13K	$67K
Farther Finance Advisors, LLC	$30K	$20K
FMR LLC	$28K	$8K
Wells Fargo & Company	$4	$889

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: NZAC institutional holders, FGM institutional holders.

Frequently asked questions

How much do NZAC and FGM overlap?

0.3% by weight, with 2 holdings in common, using holdings for NZAC as of June 30, 2026 and FGM as of June 30, 2026. The largest shared position is ALIZF.

Do institutions hold both NZAC and FGM?

9 Form 13F filers report positions in both, out of 60 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%.