We checked 8,063 pairs of funds this month. Which fund houses tend to run near-identical lineups, and which specific fund pairs are worth a second look if you own both.
21%
TYPICAL SAME-AMC OVERLAP
1 in 3
PAIRS SHARE A THIRD OR MORE
1 in 29
PAIRS BASICALLY THE SAME FUND
🚩 Wall of Shame: Worst Fund Pairs
These specific pairs of funds hold almost identical portfolios. Worth checking if you own both.
Sundaram Mutual Fund — ELSS Tax Saver Fund (Regular Growth) and Flexicap Fund (Regular Growth): 99.34% portfolio overlap
Quantum Mutual Fund — Value Fund (Regular Growth) and ELSS Tax Saver Fund (Regular Growth): 98.63% portfolio overlap
SBI Mutual Fund — Retirement Benefit Fund - Aggressive Hybrid Plan - Regular Plan (Growth) and Retirement Benefit Fund - Aggressive Plan - Regular Plan (Growth): 97.98% portfolio overlap
If you bought an ELSS fund just for the Section 80C tax saving, and you also hold another equity fund from the same fund house, check your holdings. Several of these pairs show you might be holding one bet split across two funds, each with its own fee and exit-load clock, not two different bets.
📈 Mover of the Month
We compare each fund house's score against last month to catch a lineup that's converging (or genuinely diverging) in real time, not just where it sits today.
Worth watching: Samco Mutual Fund — overlap score rose from 21.7% in June to 27.1% in July.
Its 11-fund lineup is too big to show as a full grid — the 5 pairs that moved the most:
Active Momentum Fund (Regular Growth) ↔ Special Opportunities Fund - Regular Plan (Growth)
67.4%↑ from 21.3%
Multi Cap Fund - Regular Plan (Growth) ↔ Special Opportunities Fund - Regular Plan (Growth)
50.5%↑ from 18.9%
ELSS Tax Saver Fund (Regular Growth) ↔ Flexi Cap Fund (Regular Growth)
25.9%↓ from 56.3%
ELSS Tax Saver Fund (Regular Growth) ↔ Mid Cap Fund (Regular Plan)
43.8%↑ from 14.2%
ELSS Tax Saver Fund (Regular Growth) ↔ Multi Asset Allocation Fund - Regular Plan (Growth)
40.4%↑ from 14.2%
Active Momentum Fund (Regular Growth) ↔ Special Opportunities Fund - Regular Plan (Growth) rose from 21.28% to 67.42% in one month — that's the pair to watch, not the fund house's overall score.
Biggest mover: Jio BlackRock Mutual Fund — overlap score fell from 50.1% in June to 45.9% in July.
Its whole 4-fund lineup, compared pair by pair:
CHART
Jio BlackRock Mutual Fund — pairwise overlap
Each cell: overlap % between that pair of funds, vs. last month
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)
JioBlackRock Flexi Cap Fund (Direct Growth) ↔ JioBlackRock Large Cap Fund (Direct Growth) is the one pair still climbing (71.4% → 73.79%). Likely worth checking if you hold both of these specifically, even though the fund house's overall score improved.
⚠ Bad Guys: Most Overlap
For each fund house, we averaged how much its own funds overlap with one another, weighted by holding size. A high score here is not a good thing — it means that fund house's different funds are, to a large extent, the same portfolio wearing different names.
CHART
Highest same-AMC overlap
Average pairwise overlap across each fund house's own equity lineup
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)
Example: Shriram Mutual Fund scores 67.4%. That means if you picked two of its equity funds at random, on average about 67% of your money would be sitting in the same stocks in both. You'd have paid for two funds but really made one bet.
✓ Good Guys: Least Overlap
These fund houses' own funds genuinely give you different things to invest in — low overlap between their own lineup. Fund houses with very few comparable funds are left out, since one pair alone can be misleading.
CHART
Lowest same-AMC overlap
Average pairwise overlap across each fund house's own equity lineup
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)
OVERLAP SCALE — WHAT THE COLORS MEAN
RANGE
MEANS
ACTION
70%+
Near-identical portfolios
Exit immediately — switch to the lower-cost option
50–70%
Effective duplicates
Consolidate — treat as duplicates, exit the weaker/costlier option
30–50%
Moderate overlap
Review — stop adding new capital, pick one to direct future SIPs
< 30%
Distinct funds
Keep both
Same scale used throughout Punji, on the app and here. See the full guide for how it applies to cross-AMC, same-category comparisons.
Source: monthly portfolio disclosures filed by every AMFI-registered mutual fund, via Punji Research's data pipeline. Educational content, not investment advice or a recommendation to buy, hold, or sell any fund. This is a snapshot — fund holdings change every month.
