Three factor toys pretending to be a grown up diversified portfolio
Report created on May 3, 2026Risk profile
4/7
Diversification profile
3/5
Positions
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SP SPDR S&P 500 UCITS ETF USD Acc EUR
SPYL - IE000XZSV718 70.00% -
5M iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
5MVL - IE00BG0SKF03 15.00% -
CE iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
CEMR - IE00BQN1K786 15.00%
This portfolio is three ETFs in a trench coat trying to look complex. It’s basically a giant S&P 500 block (70%) with two small factor side quests in emerging markets value and European momentum (15% each). Calling this “balanced” is generous; it’s an equity hammer looking for nails. The structure screams “I like smart beta marketing slides” more than a thought-through mix of risk types. With only three moving parts, every choice matters, and here they all rhyme with “stocks go up over time hopefully.” It’s simple, which is nice, but it’s also one-dimensional: all growth engine, no real shock absorbers.
Growth
Historically, this thing has been on a heater. Turning €1,000 into €1,676 in about 2.5 years and a 22.94% CAGR is basically portfolio dopamine. That beats both the US and global markets by over 3 percentage points a year, which is not nothing. But notice the -21.3% max drawdown and the five months it took to crawl back; this is not “balanced,” it’s “hold on and don’t look.” And 90% of returns came from just 21 days — timing those would require clairvoyance, not spreadsheets. Past data is yesterday’s weather: useful to know, absolutely terrible as prophecy.
Projection
The Monte Carlo simulation — 1,000 alternate futures spun by a math-obsessed crystal ball — paints a pretty wide range. Median outcome of €2,727 from €1,000 over 15 years is solid, but the “possible” range goes from “you barely kept up with cash” at €918 to “felt cute, might quadruple” at €7,856. An 8.09% average annualized return across simulations is classic equity territory, not some magical edge. The 72.8% chance of a positive outcome just means there’s still a not-small chance the ride disappoints. This portfolio is squarely in “equity rollercoaster” mode, not “sleep-like-a-rock” mode.
Asset classes
- Stocks 100%
Asset class breakdown is easy: it’s 100% stocks, 0% everything else. This is less “balanced portfolio” and more “stocks or bust.” No bonds, no real diversifiers, no defensive ballast — just one giant bet that the equity engine never stalls at the exact moment life gets inconvenient. From an asset class perspective, the risk score of 4/7 feels like the questionnaire was being polite. A single asset class means when that one rides high, it looks genius, and when it tanks, everything sinks together. Nothing here is designed to soften the punch, just to throw it.
Sectors
- Technology 30%
- Financials 17%
- Industrials 11%
- Consumer Discretionary 9%
- Health Care 8%
- Telecommunications 8%
- Energy 4%
- Consumer Staples 4%
- Basic Materials 4%
- Utilities 3%
- Real Estate 2%
Sector-wise, the portfolio is doing the classic modern move: 30% technology and a scattering of everything else pretending to be diversification. Financials, industrials, consumer bits and pieces — they’re basically supporting actors in the tech show. With tech plus communication-heavy names riding high, the portfolio is wired to whatever mood swings hit growth stories, innovation hype, and interest rate expectations. When that theme works, it looks “smart”; when it doesn’t, it just looks like concentrated fashion. This is not a sector-neutral, broad-market vibe; it’s a tech-tilted, narrative-sensitive machine in an S&P costume.
Regions
- North America 70%
- Europe Developed 15%
- Asia Developed 7%
- Asia Emerging 5%
- Latin America 2%
- Europe Emerging 1%
Geographically, this is “America and friends” investing. About 70% in North America, 15% in Europe, and the rest sprinkled across Asia and Latin America as garnish. For a European-based investor, it’s effectively voting with its money that the US runs the show and everyone else gets supporting roles. That can work for long stretches, but it leaves the portfolio heavily hostage to US market cycles, US politics, and US valuations. The emerging markets tilt is tiny compared to the US block, so it’s more of a footnote than a genuine global balance. Global-ish, not actually global.
Market capitalization
- Mega-cap 49%
- Large-cap 35%
- Mid-cap 15%
- Small-cap 1%
Market cap exposure is leaning hard into the giants: 49% mega-cap, 35% large-cap, then some crumbs in mid and a token 1% in small caps. So this isn’t “the market”; it’s “the biggest celebrities of the market plus a few extras.” Big names tend to be more stable than tiny ones, but they also embed a lot of consensus views — everyone already knows these stories. When the mega-cap darlings wobble, this portfolio doesn’t politely sidestep; it goes where they go. The mid and small-cap slice is too small to truly change the character from “blue-chip popularity contest.”
True holdings
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NV NVIDIA Corporation 5.29%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
AA Apple Inc 4.65%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
MS Microsoft Corporation 3.43%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
AM Amazon.com Inc 2.54%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
GO Alphabet Inc Class A 2.09%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
AV Broadcom Inc 1.83%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
GO Alphabet Inc Class C 1.67%
Part of fund(s):- SPDR S&P 500 UCITS ETF USD Acc EUR
-
ME Meta Platforms Inc. 1.56%
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
-
TS Tesla Inc 1.30%
Part of fund(s):- LS 1x Tesla Tracker ETP Securities GBP
- SPDR S&P 500 UCITS ETF USD Acc EUR
- Top 10 total 25.92%
The look-through holdings reveal the real puppet masters: NVIDIA, Apple, Microsoft, Amazon, Alphabet (both share classes), Broadcom, Meta, TSMC, and Tesla. The usual mega-cap tech royalty is doing most of the heavy lifting. These names appear across the ETFs, meaning the portfolio is more concentrated than the three-fund setup pretends. It’s basically a fan club for the Magnificent Whatever-Number-We’re-On-Now. While the coverage only includes ETF top 10s, so overlap is understated, even this partial view shows the same names showing up repeatedly. This isn’t three independent funds — it’s one story told three slightly different ways.
Risk contribution
-
SPDR S&P 500 UCITS ETF USD Acc EUR
Weight: 70.00% 72.6% -
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
Weight: 15.00% 13.9% -
iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
Weight: 15.00% 13.5%
Risk contribution pulls back the curtain: the S&P 500 ETF is 70% of the weight but 72.61% of the risk. The other two funds, at 15% each, barely nudge past their share of total volatility. In other words, the “diversifiers” are mostly décor; this is an S&P 500-centric risk engine with two side dishes. When one position drives nearly three-quarters of the risk, it owns the portfolio’s mood swings. The top three holdings contributing 100% of total risk is mathematically obvious here, but still stark: there’s no hidden safety net, just three levers controlling the whole ride.
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 gently points out that this portfolio is leaving performance on the table. At a Sharpe ratio of 1.27, it’s well below both the max-Sharpe portfolio (1.77) and even the minimum variance version (1.59), all using the same ingredients. The portfolio sits around 13.86% risk, but could, in theory, earn more return at that risk or similar return with less. Being 2.74 percentage points below the frontier at current risk is like driving a car that can go faster and use less fuel, but choosing the worst of both worlds just because the seat feels familiar.
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%
- SPDR S&P 500 UCITS ETF USD Acc EUR 0.03%
- Weighted costs total (per year) 0.12%
Costs are the one area where this portfolio doesn’t self-sabotage. A blended TER of 0.12% is impressively low, especially given the two factor ETFs that usually come with marketing-tax pricing. The S&P 500 ETF at 0.03% is doing God’s work on the fee front, while the 0.40% EM value and 0.25% Europe momentum drag things up a bit but not disastrously. You’re not bleeding out through fees here — if anything, the efficiency is ahead of the overall design. Fees are under control; the main question is whether the fancy factor toppings are earning their keep at all.
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