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A global value flirtation hiding a huge tech crush wrapped in one big equity-only bet

Report created on May 3, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

4/5
Broadly Diversified
Less diversification More diversification
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Positions

This portfolio is four ETFs in a trench coat pretending to be complex. Half the money sits in a global “own-everything” fund, then 20% is piled into a US fund that largely overlaps with it, and the remaining 30% is split between two value-factor funds that nibble around the edges. It’s like ordering the combo platter and then adding side dishes that are mostly the same food. Structurally, it’s simple but oddly redundant: big core, two small factor sprinkles, and a bonus helping of US large caps you already had. The supposed diversification story is mostly marketing; under the hood it’s one big global equity bet with slight seasoning.

Growth Info

Historically, this thing has been on a heater. Turning €1,000 into €1,675 in about 2.5 years is fast-lane stuff, with a 22.88% CAGR beating both US and global markets by a few percentage points. CAGR is just the “average speed” of growth, and this portfolio has been speeding. The -20.79% max drawdown is spicy but not insane, especially since it recovered in five months. But those 23 days that created 90% of returns are a reminder: most of the magic showed up on a tiny number of days. Past data is yesterday’s weather — impressive storm, sure, but not a climate forecast.

Projection Info

The Monte Carlo projection basically says, “Could be great, could be meh, could be awkward.” Monte Carlo is just a fancy way of rolling the dice on thousands of different future paths using past volatility and returns as a rough guide. Median outcome of €2,864 from €1,000 over 15 years is decent, but the range from about €1,018 to €7,531 is hilariously wide. That’s the catch: equity-only portfolios are drama queens — lots of upside in simulations, but a non-trivial chance of crawling across the finish line. Simulations recycle history; they can’t see the next crisis, only remix the last ones.

Asset classes Info

  • Stocks
    100%

Asset-class “diversification” here is basically: stocks, stocks, and more stocks. A 100% equity allocation is not balanced; it’s just equity with branding. There’s zero buffer from anything that behaves differently when markets get punched in the face. No bonds, no cash sleeve, no real diversifier — just a single risk engine turned up to medium-high. For a portfolio labeled “balanced,” this is like a restaurant menu with only spicy dishes being called “mild options.” The payoff is strong growth potential, but every downturn dumps the whole portfolio into the same roller coaster, no separate ride available.

Sectors Info

  • Technology
    31%
  • Financials
    16%
  • Consumer Discretionary
    10%
  • Industrials
    9%
  • Telecommunications
    8%
  • Health Care
    8%
  • Energy
    5%
  • Consumer Staples
    5%
  • Basic Materials
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, this portfolio is loudly pretending to be “value-aware” while quietly hoarding tech. With 31% in technology, it’s effectively a growth junkie wearing a value T-shirt. Financials at 16% and a reasonable spread across other sectors do stop this from becoming a full-blown single-theme obsession, but let’s not pretend this is sector-agnostic. When tech sneezes, this portfolio catches a cold, even if the value sleeves try to act tough. The mix is basically: tech leads the party, financials play the responsible friend, and everything else is there so the allocation pie chart doesn’t look embarrassing.

Regions Info

  • North America
    60%
  • Europe Developed
    12%
  • Asia Developed
    10%
  • Asia Emerging
    7%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%
  • Europe Emerging
    1%

Geographically, this is a love letter to North America with some polite nods to the rest of the planet. About 60% in North America screams “US and neighbors first,” with Europe, Asia developed, and Japan getting the supporting-actor treatment. Emerging regions barely register beyond token allocations. The label says “ACWI” and “World,” but the reality is Western-heavy with a mild sprinkle of everywhere else. This kind of bias means the portfolio dances mostly to one region’s economic and policy music. When that region is booming, it looks smart; when it’s not, the “global” label suddenly feels pretty generous.

Market capitalization Info

  • Mega-cap
    46%
  • Large-cap
    38%
  • Mid-cap
    15%

By market cap, this portfolio is basically the VIP lounge of global stocks: 46% mega-cap, 38% large-cap, and a token 15% mid-cap. Small caps might as well not exist. The message is clear: only the biggest names are allowed to drive. That makes the ride smoother than a small-cap circus, but it also means the portfolio depends heavily on a relatively small club of mega companies to do the heavy lifting. It’s stability-through-size, but also concentration-through-size. When giants stumble, they all fall together, and mid-caps are too small here to meaningfully change the storyline.

True holdings Info

  • NVIDIA Corporation
    3.87%
    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
    3.40%
    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
    2.43%
    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.
    2.30%
    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
    1.83%
    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
    1.52%
    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
    1.30%
    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
    1.27%
    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.
    1.14%
    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
    0.96%
    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 20.00%

The look-through holdings are a greatest-hits playlist of global megacaps: NVIDIA, Apple, Microsoft, TSMC, Amazon, Alphabet (twice), Meta, Tesla, Broadcom. The overlap is obvious — the same names keep popping up across multiple ETFs, especially the global and US funds. This isn’t diversification; it’s owning the same stars in slightly different wrappers. And remember, this is only based on ETF top-10s, so the real duplication is almost certainly worse. The portfolio pretends to own thousands of companies, but in practice a handful of mega tech and platform names are quietly steering the ship from multiple seats.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 50.00%
    50.0%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 20.00%
    21.0%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 15.00%
    15.4%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 15.00%
    13.6%

Risk contribution is where the illusion of diversification really dies. The 50% ACWI position delivers roughly 50% of the risk — fair enough. But add the 20% S&P 500 fund contributing about 21% of risk, and the EM value ETF at 15% weight/15.4% risk, and suddenly the top three holdings are doing 86% of the total risk lifting. Risk contribution shows who’s actually shaking the portfolio, not just who looks big on paper. Here, almost all the excitement and pain come from a few broad funds that behave similarly, so the risk story is “one engine, three slightly different paint jobs.”

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 between the S&P 500 ETF and the ACWI ETF being “almost identical” is the least surprising plot twist here. Correlation just measures how often things move together, and these two are basically synchronized swimmers. So that 20% in the S&P 500 isn’t a new idea; it’s just doubling down on what ACWI already holds. In a crash, they won’t politely take turns falling — they’ll dive together. High correlation isn’t automatically bad, but here it exposes the myth that the extra ETF is adding meaningful differentiation. It’s mostly redundancy packaged as choice.

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.

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On the efficient frontier, this portfolio is leaving performance on the table with style. The Sharpe ratio — return per unit of risk — is 1.31, while an optimal mix of the same holdings could hit 1.83 at slightly higher risk or 1.55 at similar risk. Being 3.05 percentage points below the frontier means this setup is objectively inefficient: same ingredients, worse recipe. The curve literally says, “You could have gotten more bang for this level of risk using only what you already own.” It’s not a disaster, but it’s definitely the “C+ effort with A-grade tools” version of portfolio construction.

Ongoing product costs Info

  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
  • 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) 0.17%

Costs are the rare part of this portfolio that don’t need a facepalm. A total TER around 0.17% is impressively low for a setup using factor funds and global coverage. The SPDR S&P 500 ETF at 0.03% is basically free, and even the pricier value ETFs are within reason. It’s like you accidentally walked into the discount aisle and actually stayed there. The mild roast: you’re paying low fees to own overlapping funds that don’t fully earn their complexity. So yes, the price tag is solid — the question is whether the structure deserves this much credit for being cheap.

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