Concentrated value tilted equity portfolio with strong European focus and efficient risk return tradeoff
Report created on Mar 30, 2026Risk profile
- Secure Speculative
The risk profile, derived from past market volatility, reflects the level of risk the portfolio is exposed to. This assessment helps align your investments with your financial goals and comfort with market fluctuations.
Diversification profile
- Focused Diversified
The diversification assessment evaluates the spread of investments across asset classes, regions, and sectors. This ensures a balanced mix, reducing risk and maximizing returns by not concentrating in any single area.
What type of investor this portfolio is suitable for
Growth Investors
This setup fits an investor who is comfortable with aggression and concentration, seeking strong long-term growth rather than steady income. A person like this usually has a long time horizon, can tolerate seeing their portfolio fall sharply without panicking, and is willing to accept sector and regional bets if they align with their convictions. They tend to prefer simplicity with a few focused positions over holding dozens of small slices. Short-term volatility doesn’t bother them much as long as the long-term story makes sense. Overall, this is more suited to a growth-oriented, hands-on personality than to someone who prioritizes capital preservation or stable cash flows.
Positions
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0R ASR Nederland N.V.
0RHS 45.00% -
SA Banco de Sabadell S.A
SAB - ES0113860A34 25.00% -
VW Vanguard FTSE All-World UCITS ETF USD Accumulation
VWCE - IE00BK5BQT80 20.00% -
SA Banco Santander S.A.
SAN - ES0113900J37 10.00%
The portfolio is highly concentrated: three single stocks make up 80% of the value, with a single global equity ETF at 20%. All holdings are equities, so there is zero ballast from bonds or cash. This kind of structure behaves very differently from a broad “set and forget” index mix because outcomes depend heavily on just a few companies. When a small number of names drive most results, gains and losses can be sharp. The main takeaway is that this setup is closer to a focused stock-picking approach than a diversified fund portfolio, so conviction and tolerance for large swings need to be high.
Growth
Historically, performance has been excellent: €1,000 grew to about €2,882, with a 17.31% CAGR (compound annual growth rate, like an average yearly speed). That beats both the US and global market benchmarks by a healthy margin over the period. The tradeoff is a deep max drawdown of around -47%, meaning the portfolio almost halved at one point, compared with roughly -34% for the benchmarks. This pattern—higher long-term return but bigger temporary drops—is typical for concentrated equity bets. The key point is that the past track record is strong but came with serious volatility, and there’s no guarantee that future results will match this history.
Asset classes
- Stocks 100%
Asset allocation is simple: 100% equities, no bonds, no cash, no alternatives. This is a textbook growth-style stance, maximizing exposure to market upside but leaving the portfolio fully exposed during downturns. Compared with more traditional mixes that might hold 20–40% in defensive assets, this is clearly on the higher-risk side. The upside is that equities tend to offer the best long-term return potential; the downside is that drawdowns can be deep and emotionally challenging. The educational takeaway is that when everything is in stocks, short-term stability is sacrificed in favor of long-term growth, so the time horizon and ability to stay invested through turbulence are crucial.
Sectors
- No data 45%
- Financials 38%
- Technology 5%
- Industrials 2%
- Consumer Discretionary 2%
- Health Care 2%
- Telecommunications 2%
- Consumer Staples 1%
- Basic Materials 1%
- Energy 1%
- Utilities 1%
Sector-wise, the portfolio leans heavily into financials, driven by the large weights in banking and insurance stocks. The rest of the exposure, coming mostly through the global ETF, is sprinkled across many sectors, including technology, industrials, and health care, but each in relatively small amounts. Compared with a broad global equity benchmark, this setup is far more tilted toward financial companies and less balanced across sectors. Financials can be sensitive to interest rates, regulation, and economic cycles, so returns may be more cyclical. The practical implication is that the portfolio may do especially well when financials are in favor, but it can underperform if that sector suffers.
Regions
- Europe Developed 83%
- North America 13%
- Japan 1%
- Asia Developed 1%
- Asia Emerging 1%
Geographically, there is a decisive tilt toward developed Europe, with limited exposure to North America and only small allocations to Asia and Japan. Relative to a typical global index where North America dominates, this is a notable regional bet. European markets can behave differently from US or Asian markets, especially around monetary policy, currency moves, and regional political events. While the global ETF introduces some worldwide diversification, the big direct positions ensure that European developments will be the primary driver. The key takeaway is that regional risk is concentrated, so outcomes will be closely tied to how European equities—and particularly financials there—perform over time.
Market capitalization
- Mid-cap 48%
- Large-cap 42%
- Mega-cap 10%
By market capitalization, the portfolio mixes mid-cap, large-cap, and mega-cap stocks, with a slight skew toward mid-caps. Mid-cap companies often sit between the stability of giants and the growth potential of smaller firms, sometimes offering a good balance but usually with more volatility than mega caps. Compared with a standard global index that is heavily mega-cap dominated, this structure is more mid-cap oriented. That can increase both upside and downside in certain market environments. It’s a solid sign that risk is not purely loaded into tiny, illiquid names, but investors should still expect more pronounced moves than a pure large- and mega-cap index fund would typically show.
True holdings
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NV NVIDIA Corporation 0.84%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
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AA Apple Inc 0.78%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
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MS Microsoft Corporation 0.59%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
-
AM Amazon.com Inc 0.41%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
-
GO Alphabet Inc Class A 0.37%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
-
23 Taiwan Semiconductor Manufacturing Co. Ltd. 0.32%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
-
AV Broadcom Inc 0.30%
Part of fund(s):- Vanguard FTSE All-World UCITS ETF USD Accumulation
- Top 10 total 83.61%
Looking through the ETF, the real drivers are still the three direct stocks; the global fund only adds small slices of big names like NVIDIA, Apple, and Microsoft. There’s no meaningful overlap where the same stock appears in size both directly and via the ETF, so hidden concentration is limited. However, overlap analysis is incomplete because only top-10 ETF holdings are visible, so smaller repeated positions may be missed. Overall, risk concentration is very transparent: most of the fate rests on the Dutch insurer and the two Spanish banks, while the ETF provides a modest global diversification layer around that core.
Factors
Factor exposures are estimated using statistical models based on historical data and measure systematic (market-relative) tilts, not absolute portfolio characteristics. Results may vary depending on the analysis period, data availability, and currency of the underlying assets.
Factor exposure is strongly tilted toward value, with high scores in size, quality, and yield. Factors are like the underlying “ingredients” that explain why investments behave the way they do—value focuses on cheaper stocks, quality on robust fundamentals, yield on income. A very high value tilt means the portfolio owns companies trading at lower valuations versus the market, which can outperform over the long run but may lag during growth or hype-driven phases. The solid quality and yield tilts suggest the holdings are not just cheap but also reasonably profitable and income-generating. This combination fits a classic “high-conviction value” style, with the understanding that factor cycles can be long and uneven.
Risk contribution
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ASR Nederland N.V.
Weight: 45.00% 40.7% -
Banco de Sabadell S.A
Weight: 25.00% 39.3% -
Banco Santander S.A.
Weight: 10.00% 11.7% -
Vanguard FTSE All-World UCITS ETF USD Accumulation
Weight: 20.00% 8.3%
Risk contribution shows how much each holding drives the portfolio’s ups and downs, which can differ from simple weights. Here, the top three stocks, at 80% weight, contribute about 92% of overall risk, with one bank adding far more risk than its size alone suggests. The global ETF, though a sizable 20% of the portfolio, only contributes around 8% of the total risk, acting as a stabilizer. This gap means that day-to-day performance will mostly reflect what happens to the individual stocks, especially the banks. If a smoother ride is desired, one general approach is to trim positions with outsized risk contributions and reallocate toward more diversified holdings.
Risk vs. return
This chart shows the Efficient Frontier, calculated using your current assets with different allocation combinations. It highlights the best balance between risk and return based on historical data. "Efficient" portfolios maximize returns for a given risk or minimize risk for a given return. Portfolios below the curve are less efficient. This is informational and not a recommendation to buy or sell any assets.
Sharpe ratios in this chart use the active CMA risk-free rate of 2.00% annualized.
Click on the colored dots to explore allocations.
On the risk–return chart, the portfolio sits very close to the efficient frontier, with a Sharpe ratio of 0.74 versus 0.81 for the optimal mix. The Sharpe ratio compares excess return to volatility, like judging how much reward you’re getting per unit of stress. Being near the frontier means that, given the current ingredients, the weighting is already quite efficient at this risk level. The “optimal” portfolio would take slightly less risk for only a small drop in expected return. The main takeaway: the risk/return balance is well tuned for a high-risk equity stance, and any further fine-tuning would be about preference rather than fixing obvious inefficiencies.
Dividends
- Banco Santander S.A. 2.40%
- Weighted yield (per year) 0.24%
The indicated portfolio yield is low overall, with only one major holding showing a modest dividend rate and the rest not contributing much visible income. That suggests the primary focus is on capital growth rather than regular cash payouts. For growth-oriented investors who reinvest any dividends, this is not inherently a problem—total return (price change plus dividends) is what really matters. However, for those who might want predictable income in the future, the current setup may not be ideal. The key takeaway is that this structure suits someone comfortable generating cash needs by selling shares occasionally, rather than relying on dividends as a main income source.
Ongoing product costs
- Vanguard FTSE All-World UCITS ETF USD Accumulation 0.19%
- Weighted costs total (per year) 0.04%
Costs are impressively low, with the global ETF charging a very competitive ongoing fee and the overall portfolio TER around 0.04%. Low total expense ratios (TERs) matter because fees come off returns every year, like a small leak in a bucket. Over long periods, even fractions of a percent can add up to big differences in final wealth. By using a low-cost global ETF and individual stocks that don’t charge ongoing management fees, this structure keeps that leak tiny. This is a real strength and aligns well with best practices; keeping costs down leaves more of the portfolio’s returns working on the investor’s behalf over time.
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