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This portfolio is factor-obsessed yet oddly redundant and pays premium prices to reinvent global equity exposure

Report created on May 1, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

4/5
Broadly Diversified
Less diversification More diversification

Positions

Structurally this thing is five funds in a trench coat pretending to be a sophisticated strategy. Four factor-flavoured funds plus a plain S&P 500 and a global ACWI tracker is basically “global equities… and then global equities again with sprinkles.” The 20/20/20/20/20 split looks neat on a slide but screams “I diversified by counting to five.” In practice, the ACWI and S&P funds are swallowing a big chunk of what the factor ETFs already own, so the apparent complexity mostly adds layers of overlap, not genuinely different behaviour. It’s an equity salad where half the ingredients are just lettuce in different bowls.

Growth Info

Historically the portfolio has absolutely flown: €1,000 turning into €1,730 in about 2.5 years and a 24.64% CAGR is turbo-charged territory. Beating both the US and global markets by roughly 5 percentage points a year is the kind of outperformance people write smug blog posts about. The max drawdown of -19.09% was sharp but not apocalyptic, especially compared to deeper drops in the benchmarks. Just don’t confuse “recently lucky” with “structurally superior.” CAGR is like your average speed on a downhill road; it looks great until the terrain changes. Past data is yesterday’s weather: useful, but not a promise the sun loves this portfolio.

Projection Info

The Monte Carlo projection basically says: “Nice run so far, but reality may be a lot more boring.” Simulation here throws the portfolio through 1,000 alternate futures and gets a median €2,718 after 15 years from €1,000, which is a decent-but-not-heroic 8.11% annualised. The range is wide: from “almost flat” at €957 in bad cases to “lottery winner vibes” at nearly €7,875 in the top scenarios. That 73.2% chance of ending positive means there’s still a chunky one-in-four shot of being underwater or barely ahead after a decade and a half. The message: this isn’t a cheat code, it’s just stocks doing stock things with some factor seasoning.

Asset classes Info

  • Stocks
    100%

Asset class breakdown is as subtle as a brick: 100% in stocks, zero in anything else. For a “balanced” risk label with a 4/7 score, this is more “balanced in theory, equity rocket in practice.” All the diversification magic is forced to happen inside one asset class, which is like trying to build a diversified diet out of nothing but different flavours of pizza. When markets are friendly, this feels clever; when they’re not, everything here is sitting on the same roller coaster track. The upside party and downside hangover both arrive fully amplified, with no dull, boring assets hanging around to soften either side.

Sectors Info

  • Technology
    28%
  • Financials
    19%
  • Industrials
    13%
  • Consumer Discretionary
    8%
  • Health Care
    8%
  • Telecommunications
    6%
  • Basic Materials
    5%
  • Energy
    5%
  • Consumer Staples
    4%
  • Utilities
    4%
  • Real Estate
    2%

Sector-wise, the portfolio is basically a tech-led parade with a finance marching band behind it. Technology at 28% is a clear centre of gravity, even before counting all the chip-heavy names popping up in the look-through list. Financials at 19% and industrials around 13% keep it from being a pure “screens and semiconductors” bet, but the tone is still very growth-and-cyclical. Compared with a bland broad index, this is like turning the treble and bass both up: more sensitivity to hype cycles and economic mood swings. When tech and financials sync up, this thing will either glide or crater in a very coordinated fashion.

Regions Info

  • North America
    43%
  • Europe Developed
    28%
  • Asia Developed
    11%
  • Asia Emerging
    8%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%

Geographically, this is a textbook case of “global” really meaning “America first, Europe second, everyone else if there’s room.” About 43% in North America and 28% in developed Europe means over 70% is sitting in the same familiar rich-world neighbourhood. Asia emerging limps in at 8%, with the rest of the world getting crumbs in the low single digits. It’s not disaster-level home bias, but it’s definitely comfort-zone investing wearing a passport. When the big developed markets shine, this looks smart; when leadership rotates elsewhere, the portfolio politely shrugs and misses most of the party.

Market capitalization Info

  • Mega-cap
    46%
  • Large-cap
    40%
  • Mid-cap
    13%

Market cap tilt is firmly in “giants rule everything” territory: 46% mega-cap, 40% large-cap, and a token 13% mid-cap as garnish. This is essentially a fan club for the world’s biggest companies with a small side quest in anything smaller. It’s safe-feeling because big names are familiar, but it also chains the portfolio’s fate to whatever the mega-caps are doing. When the giants wobble, there isn’t much ballast from nimbler smaller names to change the script. Size exposure here is more “index default with a mild mid-cap nod” than any deliberate attempt to diversify across company scale.

True holdings Info

  • NVIDIA Corporation
    2.45%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Taiwan Semiconductor Manufacturing Co. Ltd.
    2.36%
    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
  • Apple Inc
    2.16%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Microsoft Corporation
    1.56%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Amazon.com Inc
    1.17%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Micron Technology Inc
    1.09%
    Part of fund(s):
    • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
  • SK Hynix Inc
    1.00%
    Part of fund(s):
    • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
  • Banco Santander S.A.
    0.97%
    Part of fund(s):
    • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
  • Alphabet Inc Class A
    0.97%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • ASML Holding N.V.
    0.91%
    Part of fund(s):
    • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
  • Top 10 total 14.64%

The look-through snapshot is like peeking under the hood and spotting the same engine three times. Nvidia, TSMC, Apple, Microsoft, Amazon, Alphabet, ASML… it’s the usual global equity celebrity cast, just invited via multiple ETFs. Nvidia alone at 2.45% and TSMC at 2.36% are not crazy on their own, but remember that only the top 10 holdings of each ETF are visible. Overlap is absolutely higher under the surface. This means the portfolio is more concentrated in a handful of mega-cap darlings than the neat 20% slices suggest. It’s not a disaster, but it is a masterclass in accidental doubling up.

Risk contribution Info

  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 20.00%
    21.4%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 20.00%
    20.7%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 20.00%
    19.7%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 20.00%
    19.5%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 20.00%
    18.6%

Risk contribution shows who’s actually shaking the ride, and the answer is: pretty much everyone equally, with a slight tilt to the spicier stuff. The EM value ETF carries 21.43% of risk on a 20% weight, and Europe momentum is similar at 20.74% — both punching just above their size. S&P 500 and ACWI behave like steady middle children, contributing almost exactly in line with weight. The top three funds combine to drive about 62% of total risk, so the portfolio isn’t secretly dominated by one rogue position. Still, the supposedly “smart” factor slices are doing most of the heavy lifting when volatility shows up.

Redundant positions Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    High correlation

Correlation-wise, the red flag is that S&P 500 and ACWI move almost identically — because of course they do. They’re both broad global funds heavily dominated by US mega-caps, so pairing them is like buying two copies of the same album with slightly different cover art. Correlation just measures how assets dance together: 1.0 means they move in lockstep, 0 means they do their own thing. Here, that near-twin behaviour means these two funds add far less diversification than their separate tickers suggest. Visually it looks like variety; in a crash, they’re just holding hands on the way down.

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–return chart, the portfolio is sitting politely below the efficient frontier, like someone who showed up early but picked the worst seat. Sharpe ratio of 1.42 versus 1.81 for the optimal mix says the current blend is leaving a lot of risk-adjusted return on the table, even though the holdings themselves could do better with different weights. Being 1.15 percentage points below the frontier at this risk level is the definition of “trying hard but not smart.” The minimum variance version even achieves lower risk with a better Sharpe. In short, the ingredients are fine; the recipe is just a bit lazy.

Ongoing product costs Info

  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc) 0.25%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR 0.30%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.45%
  • Weighted costs total (per year) 0.28%

Costs are the one area where this portfolio avoids embarrassing itself. A total TER of 0.28% is reasonably tidy for a multi-ETF, factor-heavy setup. You’re not getting bargain-basement pricing, but at least you’re not paying hedge-fund money for index-like exposure. That said, mixing a 0.45% global fund with cheaper, overlapping exposures is like paying premium for sparkling water when you already bought a soda stream. Fees won’t sink this ship, but there is some quiet leak of efficiency that looks more like habit than necessity. At least this part doesn’t need a full roast, just a raised eyebrow.

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