USSG vs PFM overlap
USSG and PFM overlap 37.8% by weight, across 113 shared holdings.
Pick 2 to 4 ETFs.
These funds report on different dates (USSG: May 29, 2026, PFM: 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 | USSG | PFM | Overlap |
|---|---|---|---|
| Microsoft Corp.MSFT | 9.30% | 4.06% | 4.06% |
| ELI Lilly & CoLLY | 2.60% | 3.92% | 2.60% |
| VISA Inc.-Class aV | 1.61% | 2.20% | 1.61% |
| Johnson&JohnsonJNJ | 1.59% | 2.24% | 1.59% |
| Costco WholesaleCOST | 1.24% | 1.53% | 1.24% |
| Caterpillar Inc.CAT | 1.19% | 1.36% | 1.19% |
| Mastercard Inc.-aMA | 1.18% | 1.82% | 1.18% |
| LAM ResearchLRCX | 1.16% | 1.33% | 1.16% |
| Procter & GamblePG | 0.97% | 1.22% | 0.97% |
| Home Depot Inc.HD | 0.92% | 1.20% | 0.92% |
| Coca-Cola Co/theKO | 0.89% | 1.37% | 0.89% |
| Merck & CoMRK | 0.86% | 1.17% | 0.86% |
| IBMIBM | 0.82% | 0.76% | 0.76% |
| Morgan StanleyMS | 0.72% | 1.20% | 0.72% |
| Linde PLCLIN | 0.67% | 0.80% | 0.67% |
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: USSG, SEC Form N-PORT, May 29, 2026; PFM, SEC Form N-PORT, July 31, 2026.
Largest institutions holding both
| Firm | USSG | PFM |
|---|---|---|
| LPL Financial LLC | $2.7M | $100.4M |
| Raymond James Financial Inc. | $533K | $50.5M |
| FMR LLC | $43.7M | $1.3M |
| Bank of America Corp. | $22.4M | $15.0M |
| Morgan Stanley | $2.5M | $34.7M |
| Modern Wealth Management, LLC | $2.4M | $25.9M |
| Wells Fargo & Company | $3.0M | $12.5M |
| Royal Bank of Canada | $390K | $10.7M |
| Envestnet Asset Management Inc. | $10.2M | $668K |
| Cetera Investment Advisers | $3.3M | $4.7M |
| Cambridge Investment Research Advisors, Inc. | $916K | $6.1M |
| Commonwealth Equity Services, LLC | $2.4M | $4.2M |
| Fifth Third Bancorp | $6.0M | $30K |
| Goldman Sachs Group Inc. | $5.1M | $648K |
| Baird Financial Group, Inc. | $601K | $4.8M |
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: USSG institutional holders, PFM institutional holders.
Frequently asked questions
How much do USSG and PFM overlap?
37.8% by weight, with 113 holdings in common, using holdings for USSG as of May 29, 2026 and PFM as of July 31, 2026. The largest shared position is MSFT.
Do institutions hold both USSG and PFM?
32 Form 13F filers report positions in both, out of 198 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%.