Factor-flavored equity buffet trying to be clever while still worshipping the S&P 500
Report created on Apr 23, 2026Risk profile
4/7
Diversification profile
4/5
Positions
-
SP SPDR S&P 500 UCITS ETF USD Acc EUR
SPYL - IE000XZSV718 45.00% -
CE iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
CEMR - IE00BQN1K786 20.00% -
IS iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
IS3S - IE00BD45HH35 20.00% -
5M iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
5MVL - IE00BG0SKF03 15.00%
This portfolio looks like someone tried to be smart with factors but got scared and hugged the S&P 500 anyway. Nearly half is a plain vanilla US large-cap index, and the rest is sliced into three factor funds that mostly chase value or momentum across regions. It’s basically “core S&P with a personality crisis” — is it passive, factor-tilted, or global value? Structurally it’s neat and tidy with just four funds, but the concept is muddled: broad beta plus factor sprinkles that are big enough to matter yet not clearly anchored to a coherent idea. The result is diversification on paper, but philosophically it feels like a half-committed experiment.
Growth
Historically, this thing has absolutely flown: CAGR of 24.19% versus roughly 19% for both US and global markets. €1,000 turning into €1,707 over about two and a half years is the kind of chart that makes people think they’re geniuses. The max drawdown of -19.71% was actually gentler than both benchmarks, which is cute, but we’re talking about a very short, very strong period. Past performance here is like a highlight reel of a hot streak, not a full career. The roast: this portfolio is grading itself off one lucky exam and acting like that’s its permanent IQ.
Projection
The Monte Carlo projection drags the ego back to earth. Simulations say €1,000 most likely ends near €2,839 after 15 years, with a wide “could be fine, could be meh” range: €1,806 to €4,262 in the middle band, and anything from €929 to €8,218 at the extremes. Monte Carlo is basically running thousands of alternate timelines to see how often this mix survives market mood swings. The 74.3% chance of a positive return is decent but hardly heroic. Translation: future outcomes look way duller than the recent sugar high, which is exactly how reality tends to treat pretty backtests.
Asset classes
- Stocks 100%
Asset classes: 100% stocks, no chaser. For a portfolio labeled “balanced” and holding a 4/7 risk score, this is more “all gas, no brakes” than truly balanced. There’s zero ballast here — no bonds, no cash sleeve, no anything-that-doesn’t-tank-when-equities-do. That’s fine if the goal is pure growth, but slapping a middle-of-the-road risk label on an all-equity portfolio is like calling hot sauce “mild” because it isn’t literally on fire. The portfolio lives and dies entirely by equity markets; there’s no internal shock absorber when things get ugly.
Sectors
- Technology 28%
- Financials 19%
- Industrials 12%
- Health Care 8%
- Consumer Discretionary 8%
- Telecommunications 7%
- Basic Materials 4%
- Energy 4%
- Consumer Staples 4%
- Utilities 4%
- Real Estate 2%
Sector-wise, this portfolio is trying to cosplay as diversified while quietly mainlining tech and financials. Technology sits at 28%, clearly the star of the show, with financials at 19% and industrials at 12%. Everything else gets table scraps in the single digits. For something that leans on value and momentum factors, the tech-heavy tilt shows that even “smart beta” can’t resist the shiny names driving recent returns. When nearly half the portfolio is clustered in just two economically sensitive areas, the label might say “broad,” but the behavior in a shock will feel a lot more concentrated.
Regions
- North America 54%
- Europe Developed 26%
- Asia Developed 8%
- Asia Emerging 5%
- Japan 4%
- Latin America 2%
- Africa/Middle East 1%
- Europe Emerging 1%
Geographically, this is “mostly America with some European guilt.” North America at 54% and Europe Developed at 26% dominate, leaving the rest of the world fighting for crumbs. Asia Developed and Emerging combined barely crack double digits, and Latin America, Africa/Middle East, and Europe Emerging are rounding errors. The portfolio acts like global markets are a polite suggestion and the US plus Western Europe are the only serious options. It’s not outrageously skewed, but it definitely reflects a worldview where the economic future mostly speaks English or German and everything else is cast as a side character.
Market capitalization
- Mega-cap 44%
- Large-cap 40%
- Mid-cap 15%
Market cap distribution is basically “big kids’ table only”: 44% mega-cap, 40% large-cap, and just 15% mid-cap. Small caps are missing in action. This is a classic comfort-zone tilt — owning the giants that dominate indexes and headlines. It’s stable in the sense that you’re holding household names, but it also means the portfolio is heavily tied to whatever mood swings hit global titans. There’s no real exposure to the scrappier, more idiosyncratic parts of the market. In practice, this mix will move very much in step with mainstream equity indexes, just with a factor accent.
True holdings
-
NV NVIDIA Corporation 3.40%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
AA Apple Inc 2.99%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
MS Microsoft Corporation 2.21%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
AM Amazon.com Inc 1.63%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
23 Taiwan Semiconductor Manufacturing Co. Ltd. 1.55%
Part of fund(s):- iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
-
GO Alphabet Inc Class A 1.34%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
AV Broadcom Inc 1.18%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
MU Micron Technology Inc 1.09%
Part of fund(s):- iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
-
GO Alphabet Inc Class C 1.08%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
ME Meta Platforms Inc. 1.00%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
- Top 10 total 17.46%
Look-through holdings show the usual suspects hogging the spotlight: NVIDIA, Apple, Microsoft, Amazon, TSMC, Alphabet, Broadcom, Micron, Meta. In other words, the supposed “smart factor” set ends up hiding a familiar mega-cap tech parade. NVIDIA alone at 3.4% and Apple at 2.99% show that overlap is quietly stacking exposure to the same darlings across funds. And that’s with only about a third of total holdings visible from top-10 data, so real concentration is almost certainly higher. The portfolio is pretending to be differentiated while secretly running the same celebrity cast as every vanilla global equity ETF.
Risk contribution
-
SPDR S&P 500 UCITS ETF USD Acc EUR
Weight: 45.00% 46.2% -
iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
Weight: 20.00% 20.2% -
iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
Weight: 20.00% 18.4% -
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
Weight: 15.00% 15.2%
Risk contribution says the S&P 500 position is the unofficial boss: 45% weight, 46.21% of total risk — it drives almost half the drama. The three factor funds behave more politely, each contributing roughly in line with their weights. Top three holdings together account for 84.85% of portfolio risk, meaning most of the emotional roller coaster comes from a very small lineup. This is what happens in concentrated, all-equity structures: the big core position calls the shots, and the rest mostly tweak the flavor. On paper it’s diversified across funds; in reality, risk is dominated by one broad index.
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.
The efficient frontier chart is quietly roasting this portfolio’s efficiency. With a Sharpe ratio of 1.39, it sits below what’s achievable using the exact same ingredients: the optimal mix gets to 1.81, and even the minimum-variance version hits 1.61. Being 1.71 percentage points below the frontier at this risk level means it’s leaving return on the table for the amount of volatility taken. Translation: the recipe is decent, but the proportions are sloppy. Just reweighting these four funds differently could improve the risk/return tradeoff without adding anything new, which makes the current setup look more lazy than thoughtfully constructed.
Ongoing product costs
- 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%
- Weighted costs total (per year) 0.17%
Costs are actually one of the least dumb parts of this setup. With a total TER of 0.17%, the portfolio isn’t bleeding to death via fees, especially considering three of the four funds are factor products with higher sticker prices. It’s like managing to fly business-lite on an economy budget. Still, that 0.40% TER on the EM value slice is the divo of the group — high-maintenance for just 15% of the mix. Overall, though, fees are not the villain here. If anything, they’re suspiciously reasonable for such a “clever” factor-heavy construction.
What next?
Create your own report?
Join our community!
The information provided on this platform is for informational purposes only and should not be considered as financial or investment advice. Insightfolio does not provide investment advice, personalized recommendations, or guidance regarding the purchase, holding, or sale of financial assets. The tools and content are intended for educational purposes only and are not tailored to individual circumstances, financial needs, or objectives.
Insightfolio assumes no liability for the accuracy, completeness, or reliability of the information presented. Users are solely responsible for verifying the information and making independent decisions based on their own research and careful consideration. Use of the platform should not replace consultation with qualified financial professionals.
Investments involve risks. Users should be aware that the value of investments may fluctuate and that past performance is not an indicator of future results. Investment decisions should be based on personal financial goals, risk tolerance, and independent evaluation of relevant information.
Insightfolio does not endorse or guarantee the suitability of any particular financial product, security, or strategy. Any projections, forecasts, or hypothetical scenarios presented on the platform are for illustrative purposes only and are not guarantees of future outcomes.
By accessing the services, information, or content offered by Insightfolio, users acknowledge and agree to these terms of the disclaimer. If you do not agree to these terms, please do not use our platform.
Instrument logos provided by Elbstream.
Help us improve Insightfolio
Your feedback makes a difference! Share your thoughts in our quick survey. Take the survey