SHM vs CMF overlap
SHM and CMF overlap 1.8% by weight, across 24 shared holdings.
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Top shared holdings
| Holding | SHM | CMF | Overlap |
|---|---|---|---|
| E Co AWP JT PWRS-a-1EAWWTR | 0.32% | 0.33% | 0.32% |
| San Francisco PUB-a | 0.21% | 0.25% | 0.21% |
| CA Regents UNIV-CD | 0.16% | 0.22% | 0.16% |
| Regents of UNIV CA-BZ | 0.16% | 0.12% | 0.12% |
| Los Angeles DEPT-C | 0.15% | 0.12% | 0.12% |
| California St-REF-a | 0.17% | 0.09% | 0.09% |
| La Cmnty CLG-D | 0.25% | 0.09% | 0.09% |
| CA St WTR-BG | 0.08% | 0.12% | 0.08% |
| Los Angeles CA UN-QRR | 0.21% | 0.07% | 0.07% |
| Desert Sands CA UNIF SCH DIST | 0.13% | 0.06% | 0.06% |
| California St | 0.08% | 0.06% | 0.06% |
| Bay Area TOLL-F-1 | 0.14% | 0.05% | 0.05% |
| UN San DIST FING-a | 0.20% | 0.05% | 0.05% |
| Los Angeles-E-REF | 0.05% | 0.06% | 0.05% |
| Los Angeles Cmnty CLG | 0.30% | 0.04% | 0.04% |
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: SHM, SEC Form N-PORT, June 30, 2026; CMF, SEC Form N-PORT, May 31, 2026.
Largest institutions holding both
| Firm | SHM | CMF |
|---|---|---|
| Bank of America Corp. | $1.0B | $113.9M |
| Wealthfront Advisers LLC | $364K | $419.4M |
| Goldman Sachs Group Inc. | $259.2M | $3.1M |
| Wells Fargo & Company | $167.8M | $38.4M |
| Morgan Stanley | $94.5M | $111.6M |
| Envestnet Asset Management Inc. | $114.6M | $64.5M |
| Northwestern Mutual Wealth Management Co | $150.8M | $12.2M |
| LPL Financial LLC | $56.1M | $75.6M |
| Mercer Global Advisors Inc. | $67.9M | $36.0M |
| FMR LLC | $1.5M | $100.4M |
| PNC Financial Services Group, Inc. | $79.1M | $352K |
| Bailard, Inc. | $324K | $69.9M |
| United Capital Financial Advisors, LLC | $65.1M | $1.3M |
| BlackRock, Inc. | $8.7M | $49.9M |
| JPMorgan Chase & Co | $17.3M | $39.8M |
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: SHM institutional holders, CMF institutional holders.
Frequently asked questions
How much do SHM and CMF overlap?
1.8% by weight, with 24 holdings in common, using holdings for SHM as of June 30, 2026 and CMF as of May 31, 2026. The largest shared position is EAWWTR.
Do institutions hold both SHM and CMF?
133 Form 13F filers report positions in both, out of 617 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%.