No. of Recommendations: 3
There's no point in owning 2 funds, one S&P and 1 Small Cap, when you can simply buy the Total Stock Market Index fund, pushing the investment size over $10,000 and avoiding those fees.

Yes, there IS a point. If you own the Total Stock Market Index fund, roughly 80% of the capitalization will be made up of the S&P 500 (i.e. large caps). The remaining 20% would be divided up among the midcaps and small caps.

By owning 2 or more funds, you are able to more precisely control the weighting of large caps, mid caps, and small caps. If he wants to have a heavier weighting towards small caps, then he will want to invest in more than 1 fund.
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