Finding some of the same stocks in several mutual funds is not uncommon. There are more mutual funds than there are tradable stocks. If you are going to look at large cap funds, for instance, you will find many of the same stocks. You don't want to hold more than one fund in each asset class.

Select from:

Large blend or growth
Large Value (Equity index, Capital appreciation, mid cap value, Lg value)
International - not global because of overlap
Sm value - higher extected return premium. Sm growth, no. Higher risk, no premium.
REIT
BONDS 

Paul