Concentrated global equity portfolio with strong technology tilt and high recent growth but full stock exposure

Report created on May 23, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

3/5
Moderately Diversified
Less diversification More diversification

Positions

This portfolio is very straightforward: it holds three equity ETFs and nothing else. About two thirds sit in a global all‑world fund, one fifth in a broad US market fund, and the remaining slice in an emerging markets value ETF. That means most of the risk and return are driven by global stocks, with an extra emphasis on the US and on cheaper emerging market companies. A simple structure like this is easy to understand and track over time. The main implication is that the portfolio rises and falls with global stock markets, without the stabilising role that bonds or cash would usually play.

Growth Info

From November 2023 to May 2026, €1,000 in this portfolio grew to about €1,749. That translates to a compound annual growth rate (CAGR) of 24.37%, compared with roughly 21.9% for the US market and 20.9% for the global market. CAGR is the “average speed” per year, smoothing out the bumps. The portfolio’s worst peak‑to‑trough drop was about ‑21%, similar to the global benchmark. So it has delivered higher returns with drawdowns in line with broad markets. As always, this period is short and unusually strong; past performance over a few years doesn’t guarantee anything about the next decade.

Projection Info

The Monte Carlo projection looks at many randomised futures based on historical patterns, giving a range of possible outcomes. Starting from €1,000 over 15 years, the median scenario ends around €2,714, with most simulations falling between roughly €1,800 and €4,500. Monte Carlo is like running 1,000 alternate timelines using past volatility and returns as a guide. The model shows about a three‑in‑four chance of a positive outcome, with an average annualised return of 8.41%. These are not predictions, just statistics based on history. Markets can behave very differently in the future, especially over long periods.

Asset classes Info

  • Stocks
    100%

All of this portfolio is in stocks, with 0% in bonds, cash, or alternatives. That means the asset‑class diversification is simple: full exposure to equity risk and equity return. Equities historically have offered higher long‑term growth than bonds or cash, but with larger and more frequent swings in value. Balanced benchmarks usually hold a mix of stocks and bonds, so this portfolio is more growth‑oriented than its “balanced” label suggests. In practice, this structure will likely perform strongly in long bull markets, but may see sharper drawdowns when global equities fall, because there is no structural buffer from other asset classes.

Sectors Info

  • Technology
    32%
  • Financials
    15%
  • Consumer Discretionary
    10%
  • Industrials
    9%
  • Telecommunications
    9%
  • Health Care
    7%
  • Energy
    5%
  • Consumer Staples
    4%
  • Basic Materials
    4%
  • Utilities
    2%
  • Real Estate
    2%

Sector exposure is clearly tilted: about 32% in technology, followed by financials at 15%, then consumer, industrial, telecom, health and smaller slices elsewhere. Compared with a typical global equity benchmark, technology looks overweight, while more defensive areas like utilities and consumer staples are relatively small. Sector tilts matter because different parts of the economy react differently to interest rates, inflation, and growth cycles. A tech‑heavy portfolio can benefit strongly in innovation‑driven rallies, but may be more sensitive when rates rise or when markets rotate towards cheaper, slower‑growing areas. The broad spread across the remaining sectors still provides meaningful diversification.

Regions Info

  • North America
    63%
  • Asia Developed
    12%
  • Europe Developed
    9%
  • Asia Emerging
    8%
  • Japan
    3%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%
  • Europe Emerging
    1%

Geographically, around 63% of the portfolio is in North America, with the rest spread across developed and emerging regions. There are meaningful slices in developed Asia and Europe, plus smaller exposure to Latin America, Africa/Middle East, and emerging Europe. This pattern is broadly in line with global equity indices, which are naturally US‑heavy because the US market is so large. The alignment with global weights is a positive sign for diversification, as it spreads economic and political risk across many countries and currencies. Still, returns will be heavily influenced by US market performance, given its dominant share.

Market capitalization Info

  • Mega-cap
    52%
  • Large-cap
    33%
  • Mid-cap
    14%

By company size, the portfolio leans strongly towards mega‑caps (52%) and large‑caps (33%), with a smaller portion in mid‑caps (14%) and very little in smaller firms. This mirrors the structure of major indices, where the biggest companies take the largest weights. Large and mega‑cap stocks tend to be more established and liquid, often with more diversified revenues, which can sometimes make them more resilient than very small companies. The limited small‑cap exposure means less sensitivity to the “size” effect, where smaller firms can be more volatile but sometimes deliver higher long‑term returns. Overall, the market‑cap mix is mainstream and broadly aligned with global benchmarks.

True holdings Info

  • NVIDIA Corporation
    4.75%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Apple Inc
    3.90%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Microsoft Corporation
    2.86%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Taiwan Semiconductor Manufacturing Co. Ltd.
    2.72%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
  • Amazon.com Inc
    2.49%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Alphabet Inc Class A
    2.17%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Broadcom Inc
    1.87%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Alphabet Inc Class C
    1.80%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Meta Platforms Inc.
    1.31%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • SK Hynix Inc
    1.07%
    Part of fund(s):
    • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
  • Top 10 total 24.94%

Looking through the ETFs, a handful of big names show up prominently: NVIDIA, Apple, Microsoft, TSMC, Amazon, Alphabet, Broadcom, Meta and others. Because only ETF top‑10 holdings are used, overlap is likely understated, but even so, several of these companies appear across multiple funds. This creates a hidden concentration in a small group of global giants, especially in technology and communication‑related businesses. When these firms do well, the portfolio can outperform broader markets. But if they all suffer at the same time, the impact on the portfolio can be larger than the ETF list alone might suggest, because the same companies are effectively held several times over.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 65.00%
    64.0%
  • State Street SPDR S&P 500 UCITS ETF (Acc)
    Weight: 20.00%
    20.7%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 15.00%
    15.3%

Risk contribution shows how much each holding drives the portfolio’s ups and downs, which can differ from simple weights. Here, the all‑world ETF at 65% weight contributes about 64% of risk, the US ETF at 20% weight contributes about 21% of risk, and the emerging markets value ETF at 15% weight contributes around 15% of risk. The risk/weight ratios are all near 1.0, meaning each holding’s volatility is broadly in line with its size. There are no small positions dominating the risk profile, and the three funds together account for essentially 100% of total risk. That makes the risk structure easy to understand and relatively proportional.

Redundant positions Info

  • State Street SPDR S&P 500 UCITS ETF (Acc)
    SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    High correlation

The data shows that the S&P 500 ETF and the global ACWI ETF are highly correlated — they move almost identically much of the time. Correlation measures how often assets move together; a score near 1 means they usually rise and fall in tandem. Because global indices are heavily weighted to US stocks, strong correlation between a US fund and a global fund is expected. This limits diversification between those two positions during major market moves. The emerging markets value ETF is likely somewhat less correlated, adding some differentiation, but overall the portfolio’s behaviour will be very similar to a global equity index, especially in broad sell‑offs.

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.

Click on the colored dots to explore allocations.

On the risk vs. return chart, the current portfolio sits about 1 percentage point below the efficient frontier at its risk level. The efficient frontier represents the best expected return for each level of volatility using only the existing holdings in different proportions. The optimal mix has a higher Sharpe ratio of 1.89 versus the current 1.37, meaning better risk‑adjusted returns are theoretically possible by reweighting. The minimum variance portfolio, which aims for the lowest risk, still has a slightly better Sharpe than the current mix. This suggests the structure is broadly sound but not yet making the most of what these three funds could deliver in combination.

Ongoing product costs Info

  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
  • State Street SPDR S&P 500 UCITS ETF (Acc) 0.03%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.12%
  • Weighted costs total (per year) 0.14%

The overall cost picture is strong. The portfolio’s weighted ongoing charge (TER) is about 0.14% per year, with especially low costs in the S&P 500 ETF and a slightly higher fee in the specialist emerging markets value fund. TER, or Total Expense Ratio, is like an annual membership fee charged by the funds, quietly deducted from returns. Keeping this low helps more of the portfolio’s growth stay in your pocket over time. Compared with many active funds and even some pricier ETFs, these costs are impressively low, providing a solid foundation for long‑term compounding without a heavy fee drag.

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