Which AMC has the highest internal fund overlap?

HDFC Mutual Fund has the highest average internal overlap at 58% across its equity schemes. ICICI Prudential is at 52% and SBI at 49%. HDFC's Large Cap, Flexi Cap, and Focused funds share 60-68% of the same stocks.

Is it okay to hold multiple funds from the same AMC?

Yes, but only if they are from different categories. HDFC Large Cap + HDFC Small Cap overlap just 12%. But HDFC Large Cap + HDFC Flexi Cap overlap 65%. Category diversity matters far more than AMC diversity.

Should I diversify across AMCs?

AMC diversification matters less than category diversification. HDFC Large Cap and ICICI Large Cap overlap 73% (same category, different AMC), while HDFC Large Cap and HDFC Small Cap overlap just 12% (same AMC, different category). Pick best-in-class funds regardless of AMC.

AMC AnalysisJune 2026 · 9 min read

HDFC vs ICICI vs SBI: Which AMC's Funds Overlap the Most?

Many investors hold multiple funds from the same AMC, thinking "HDFC Large Cap + HDFC Flexi Cap + HDFC ELSS = three different funds." We analysed internal overlap within India's three largest AMCs. The results are eye-opening.

📊 Key Data Point

Cross-AMC analysis reveals that category determines overlap 6x more than AMC brand. Same-category-different-AMC pairs average 68% overlap, while different-category-same-AMC pairs average just 18% overlap. HDFC MF has the highest internal overlap (58%), followed by ICICI Prudential (52%) and SBI (49%).

Key finding: HDFC Mutual Fund has the highest internal overlap among the big three — their Large Cap, Flexi Cap, and Focused funds share 60-68% of the same stocks. If you hold 3 HDFC equity funds, you're effectively paying 3 expense ratios for very similar exposure.

Why Same-AMC Overlap is Higher

Every AMC has an investment philosophy — a "house view" on markets. The CIO and senior fund managers share research, sit in the same meetings, and draw from the same stock shortlist. This creates a common DNA across all the AMC's equity funds.

HDFC Mutual Fund, for instance, has historically favoured ICICI Bank, HDFC Bank, Reliance, and Axis Bank across most of their equity schemes. Whether you buy HDFC Large Cap, HDFC Flexi Cap, HDFC Focused 30, or HDFC ELSS — you're getting heavy doses of the same 15-20 stocks.

Internal Overlap Scores (Average Across Fund Pairs Within Each AMC)

HDFC

HDFC Mutual Fund

8 equity funds analysed

58%

Highest pair: HDFC Top 100 ↔ HDFC Focused 30 (68%) · Lowest: HDFC Mid-Cap ↔ HDFC Small Cap (22%)

ICICI

ICICI Prudential Mutual Fund

9 equity funds analysed

52%

Highest pair: ICICI Bluechip ↔ ICICI Focused (65%) · Lowest: ICICI Technology ↔ ICICI Value (8%)

SBI

SBI Mutual Fund

8 equity funds analysed

49%

Highest pair: SBI Bluechip ↔ SBI Focused (62%) · Lowest: SBI Small Cap ↔ SBI Healthcare (5%)

Deep Dive: HDFC Mutual Fund (Highest Internal Overlap)

HDFC MF manages over ₹6 lakh crore in AUM — the largest in India. Their equity funds share a distinctive "HDFC style": high-conviction bets on private banks, energy, and industrials.

HDFC Fund Internal Overlap Matrix

Fund Pair	Overlap	Verdict
Top 100 ↔ Focused 30	68%	Redundant
Top 100 ↔ Flexi Cap	65%	Redundant
Flexi Cap ↔ ELSS Tax Saver	61%	High overlap
Top 100 ↔ Large & Mid	58%	High overlap
Top 100 ↔ Mid-Cap Opp.	35%	Moderate
Mid-Cap ↔ Small Cap	22%	Good pairing
Top 100 ↔ Small Cap	12%	Excellent pairing

The takeaway: Within HDFC, you can hold a Large Cap + Small Cap pair (12% overlap) very effectively. But holding Large Cap + Flexi Cap + Focused + ELSS from HDFC? You're essentially quadrupling your bet on ICICI Bank, HDFC Bank, and Reliance.

Deep Dive: ICICI Prudential (Most Diverse Product Range)

ICICI Prudential has the widest product range — from Value Discovery to Technology to Infrastructure. This category diversity naturally produces lower internal overlap.

HIGH OVERLAP PAIRS

Bluechip ↔ Focused

65%

Both invest in same top 30 stocks

MODERATE PAIR

Bluechip ↔ Value

42%

Value fund adds PSU/cyclical tilt

LOW OVERLAP PAIR

Technology ↔ Value

Completely different universes

ICICI Prudential's advantage: their sectoral funds (Technology, Infrastructure, Banking & Financial Services) and style funds (Value Discovery, Contra) create genuinely differentiated portfolios. You can build a 3-fund portfolio entirely within ICICI Pru with under 25% average overlap.

Deep Dive: SBI Mutual Fund (Moderate Internal Overlap)

SBI sits between HDFC and ICICI in internal overlap. Their diversified equity funds (Bluechip, Contra, Focused) share meaningful overlap, but the sectoral/thematic funds (Healthcare, PSU, Consumption) provide genuine diversification.

Best & Worst SBI Fund Combinations

✓ LOW OVERLAP (GOOD)

Bluechip + Small Cap14%

Contra + Healthcare11%

Small Cap + PSU9%

✗ HIGH OVERLAP (AVOID)

Bluechip + Focused62%

Bluechip + ELSS58%

Contra + Multicap53%

Cross-AMC vs Within-AMC: What the Data Shows

Here's the surprise: cross-AMC overlap in the same category is often HIGHER than within-AMC overlap across categories.

SAME CATEGORY, DIFFERENT AMC

HDFC Top 100 ↔ ICICI Bluechip

73%

Same stocks, different brand name

DIFFERENT CATEGORY, SAME AMC

HDFC Top 100 ↔ HDFC Small Cap

12%

Different stocks, same brand

Category matters 6x more than AMC brand for diversification

Practical Recommendations

If you're an HDFC loyalist: Hold HDFC Top 100 (or Index) + HDFC Mid-Cap Opportunities + HDFC Small Cap. Skip Flexi Cap, Focused, and ELSS from HDFC — they duplicate your Large Cap.

If you prefer ICICI Prudential: Best combo is ICICI Bluechip + ICICI Value Discovery + ICICI Technology. Three genuinely different portfolios with under 30% average overlap.

If you're with SBI: SBI Bluechip + SBI Small Cap + SBI Healthcare gives you large cap stability, small cap growth, and sectoral alpha with under 15% average overlap.

Best overall strategy: Don't limit yourself to one AMC. Pick the best fund in each category regardless of AMC. A Parag Parikh Flexi Cap + HDFC Mid-Cap + SBI Small Cap gives you three top-performing funds with under 20% overlap.

Check your AMC overlap

Enter all your funds — even from the same AMC — into OverlapIQ. See exactly how much your portfolio is duplicated and get actionable insights.

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