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Factor-obsessed equity junkie portfolio hiding a basic market tracker under a pile of smart beta glitter

Report created on Apr 22, 2026

Risk 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.

Positions

This portfolio looks like it was built by someone who loves factors but still can’t quit vanilla index funds. Half the money just hugs broad global and US markets, while the other half runs off into value and momentum side quests. It’s basically a core-and-satellite structure, except the satellites are all different flavours of the same equity universe. The result is less “five independent ideas” and more “three ways to own the same big global stocks plus a side serving of EM and Europe factors.” It functions, but structurally it’s a bit like paying for both a tasting menu and the à la carte version of the same dishes.

Growth Info

Performance-wise, this thing has been on a heater. A €1,000 starting pot turning into €1,693 in under three years with a 23.78% CAGR is objectively spicy, beating both US and global benchmarks by over 4% a year. Max drawdown at -20.27% isn’t exactly gentle, but it did better on downside than the benchmarks too. That said, this is all one weird post-2023 window. CAGR (compound annual growth rate) is just the smoothed road-trip speed; it doesn’t say the road will stay this smooth. Also, getting 90% of returns in just 23 days screams “do not try timing this” — blink and you miss the magic.

Projection Info

The Monte Carlo projection basically says: “Looks decent, but don’t get cocky.” Monte Carlo is just a fancy way of simulating lots of possible futures by shaking historical returns and volatility like dice. Median outcome of €2,747 after 15 years on €1,000 invested is fine, but not remotely close to the backward-looking 23% annual party you just saw. The range is wide: roughly €1,836–€4,240 in the middle, and from “you just about broke even” €973 to “lottery-feeling” €7,592 in the 5–95% band. Translation: the portfolio is built for real risk, not a savings account, and the future won’t look like the recent sugar high.

Asset classes Info

  • Stocks
    100%

Asset class “diversification” here is very simple: 100% stocks, 0% anything else. The diversification score calling this “Broadly Diversified” is doing some heroic work; it really means “you own a lot of different stocks” rather than “you diversified the actual types of things you hold.” Being all-equity is like only owning a sports car: great when the road is dry and empty, less fun in a snowstorm. It maximizes exposure to growth and volatility while ignoring the stabilizing role other asset types can play. Not wrong by design, but let’s not pretend this is some multi-asset masterpiece.

Sectors Info

  • Technology
    28%
  • Financials
    18%
  • Industrials
    11%
  • Consumer Discretionary
    9%
  • Health Care
    8%
  • Telecommunications
    7%
  • Basic Materials
    5%
  • Energy
    5%
  • Consumer Staples
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, the portfolio loudly says “I love tech and I’m not afraid of it.” Technology at 28% is a clear tilt, with financials second at 18% and the rest trailing behind. This isn’t outrageously off from a typical global equity index, but it’s enough that when tech catches a cold, this portfolio will be sneezing hard. Defensive areas like utilities, staples, and real estate are glorified background extras, not real characters. It’s a growth-leaning sector mix dressed up with a few cyclical friends, not a balanced cast that would calmly grind through every phase of the economic cycle.

Regions Info

  • North America
    55%
  • Europe Developed
    19%
  • Asia Developed
    11%
  • Asia Emerging
    7%
  • Japan
    4%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%

Geographically, the portfolio is basically “US first, everyone else can queue.” With 55% in North America and only 19% in developed Europe plus slivers elsewhere, the map is heavily skewed toward the usual big market. There is at least some effort to sprinkle in Asia developed, emerging Asia, and even tiny slices of Latin America and Africa/Middle East. But in practice, when the US market decides to sulk, this portfolio is going to catch most of the mood. It’s global in name and in tickers, but the actual weightings say “the world is mostly America with guest appearances from others.”

Market capitalization Info

  • Mega-cap
    47%
  • Large-cap
    37%
  • Mid-cap
    14%

The market cap profile screams “index addict”: 47% mega-cap and 37% large-cap means over four-fifths of the money is riding on giant companies. Mid-caps at 14% are just tagging along. This is standard for market-cap-weighted funds, but it does mean the portfolio lives and dies by whatever the mega-caps decide to do. If a few household names sneeze, the whole thing gets sick. There’s very little exposure to smaller, scrappier businesses that might behave differently. It’s comfortable, liquid, and very benchmark-y, but not exactly imaginative in how it spreads size risk.

True holdings Info

  • NVIDIA Corporation
    3.68%
    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
  • Apple Inc
    3.24%
    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
    2.34%
    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.
    2.31%
    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
    1.75%
    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
  • Alphabet Inc Class A
    1.45%
    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
  • Broadcom Inc
    1.25%
    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
  • Alphabet Inc Class C
    1.19%
    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
  • Meta Platforms Inc.
    1.08%
    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
  • Tesla Inc
    0.91%
    Part of fund(s):
    • LS 1x Tesla Tracker ETP Securities GBP
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Top 10 total 19.20%

The look-through holdings are basically a greatest-hits list of the same megacaps on repeat. NVIDIA, Apple, Microsoft, TSMC, Amazon, Alphabet (twice!), Meta, Tesla — all showing up across multiple ETFs. With only top-10 ETF data, overlap is almost certainly understated, so the real concentration in these names is higher than it looks. This is the classic hidden duplication problem: it feels like five different funds, but under the hood you’re just layering the same stars multiple times. It works wonderfully while these giants lead, but it also means the portfolio is far less diversified than the number of line items suggests.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    30.9%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 30.00%
    29.8%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 18.00%
    18.6%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 12.00%
    11.7%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.0%

Risk contribution is quite evenly spread, almost boringly so, which is a compliment. Risk contribution shows which holdings actually drive the portfolio’s ups and downs, not just their percentage weight. The S&P 500 and ACWI each sit at 30% weight and contribute roughly 30% of risk, while EM Value and Europe Momentum pull their weight similarly. The World Value ETF is slightly underpowered on risk at 10% weight and 8.98% risk, but nothing dramatic. Top three positions providing about 79% of risk basically tells you the satellites aren’t as edgy as they look; the core indices are still running the show.

Redundant positions Info

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

The correlation picture politely says: you bought two funds that move almost the same. The S&P 500 and MSCI ACWI ETFs are highly correlated — not shocking, since ACWI is a big chunk US anyway. Correlation just means they rise and fall together, so owning both doesn’t magically diversify away market shocks. It’s like having two nearly identical playlists with slightly different track orders: technically different, practically the same vibe. In a big global equity selloff, these two are going to dance in sync, which limits how much insulation the portfolio gets from holding both.

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, this portfolio is leaving free money on the table. The efficient frontier — the curve that shows the best return for each risk level using the same ingredients — sits above where the portfolio currently lives. With a Sharpe ratio of 1.35 versus 1.81 for the optimal mix, the current setup is basically an inefficient compromise between caution and ambition. Being 2.31 percentage points below the frontier at the same risk level means the weights are slightly muddled. The annoying part: the math says better risk-adjusted returns were possible just by reweighting what’s already here, no new toys required.

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%
  • SPDR S&P 500 UCITS ETF USD Acc EUR 0.03%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.12%
  • Weighted costs total (per year) 0.18%

Costs are the one area where this portfolio quietly nails it. A total TER of 0.18% for a factor-heavy, multi-ETF setup is impressively sane. The S&P 500 at 0.03% and ACWI at 0.12% are cheap workhorses; the factor funds are pricier in the 0.25–0.40% range, but nothing outrageous for that style. It’s basically a low-cost index core with some moderately priced factor spice. You’re not lighting money on fire for the privilege of owning buzzword ETFs, which is rarer than it should be. Fees are under control — either that was deliberate or you got very lucky with your ETF menu choices.

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