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Factor salad portfolio that accidentally turned into a global growth rocket with a mild identity crisis

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 is basically a matryoshka doll of global equity funds: one big world ETF at 50%, then more world, more US, more Europe, and a sprinkle of EM factor products on top. It looks diversified at first glance, but most of it is just slightly tweaked versions of the same global equity theme. It’s like ordering four different burgers and calling it a varied diet because one has extra pickles. The structure leans heavily on broad beta with some factor seasoning, but there’s no clear story beyond “own the world… and then own it again with value and momentum just in case.”

Growth Info

Historically this thing has absolutely flown: 23.21% CAGR vs ~19% for both the US and global markets, turning €1,000 into €1,674 in under three years. That’s serious outperformance, not just rounding error. The max drawdown of -20.16% was actually milder than the benchmarks, so it managed to be both richer and slightly less miserable in the worst moments. Just remember: this is a short, very friendly window. Past performance is like catching a sunny weekend and assuming that’s now the climate. Fun to brag about, dangerous to extrapolate.

Projection Info

The Monte Carlo projection basically says, “Yeah, calm down.” Simulations take the historical risk/return pattern and shake it up thousands of times to see a range of plausible futures. Median outcome of €2,732 in 15 years is perfectly decent, but nowhere near the recent rocket ride. The possible range from about €1,000 to €7,700 shows that the future is generous but moody. A 72.8% chance of a positive outcome is nice, but that still leaves plenty of ways to be disappointed. Simulations are helpful reality checks, not fortune-tellers with a crystal ball.

Asset classes Info

  • Stocks
    100%

Asset classes: 100% stocks, 0% everything else. This is not “balanced”; it’s just “equity-only with good marketing.” A true asset mix usually has at least a token role for something that doesn’t nosedive every time equities have a tantrum. Here, the risk score of 4/7 with “Balanced Investors” on the label is doing a lot of PR work. In practice, this is a one-engine plane: when global stocks go down, the whole thing goes down together. There’s no alternative return driver here, just different flavors of the same asset class pretending to be variety.

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, this is a tech-forward portfolio trying to cosplay as broadly diversified. With 28% in technology and another big chunk in financials and industrials, the heavy lifting clearly comes from growthy, economically sensitive areas. Defensive sectors like utilities and staples are barely on the invite list. It’s like a party where almost everyone is either a DJ or a startup founder — fun when times are good, awkward when recession walks in. Relative to a plain-vanilla global index, the tilt to tech amplifies both excitement and drama, especially around rate moves and innovation cycles.

Regions Info

  • North America
    53%
  • Europe Developed
    20%
  • Asia Developed
    10%
  • Asia Emerging
    7%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%
  • Europe Emerging
    1%

Geographically, this is “mostly America with a side of everyone else.” Over half is in North America, with Europe and Asia picking up the scraps. For a European investor, it’s mildly ironic: home continent gets 20%, the US gets more than double. The rest of the world is just background decoration. This looks global on marketing slides but is really anchored to one giant market, one currency bloc, and one economic engine. When the US sneezes, this portfolio catches the flu. The other regions help, but they’re backup singers, not the band.

Market capitalization Info

  • Mega-cap
    48%
  • Large-cap
    37%
  • Mid-cap
    14%

The market cap spread screams “index core with training wheels”: 48% mega-cap, 37% large-cap, 14% mid-cap, and absolutely no small-cap adventure. This is the blue-chip comfort zone, where trillion-dollar companies dominate and mid-caps are allowed only supervised visits. That keeps things relatively stable compared with a small-cap-heavy setup, but it also means a big chunk of outcomes depends on a small club of global giants. If the mega-caps stall or de-rate, this portfolio doesn’t have much in the way of scrappy up-and-comers to pick up the slack.

True holdings Info

  • NVIDIA Corporation
    3.49%
    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
    3.07%
    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
  • Microsoft Corporation
    2.18%
    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
    1.65%
    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
    1.37%
    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
    1.16%
    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
  • Alphabet Inc Class C
    1.15%
    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.
    1.03%
    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
    0.86%
    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 18.26%

The look-through holdings make the overlap problem painfully obvious: NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta, Tesla — it’s the usual global-index celebrity lineup. These names show up across multiple ETFs, which means the real bets are far more concentrated than the fund list suggests. You’ve basically built a shrine to the Magnificent Anything using five different wrappers. And this is only using ETF top-10 holdings, so the true duplication is almost certainly worse. The portfolio looks like five funds on paper but behaves like a single, tech-heavy, mega-cap cluster in practice.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 50.00%
    50.0%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 15.00%
    15.6%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 15.00%
    15.5%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 10.00%
    9.9%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.1%

Risk contribution is where the illusion of choice really dies. The 50% ACWI position contributes basically 50% of total risk, meaning it calls the shots. Add the 15% S&P 500 and 15% EM value, and the top three positions deliver 81% of all portfolio volatility. That’s not a diversified orchestra; that’s a trio with some backup dancers. Risk contribution shows which holdings actually move the needle, and here the answer is: the big core funds, with the factor ETFs slightly tweaking the flavor. Everything is behaving very linearly: roughly risk equals weight, which is dull but honest.

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 section quietly confirms the redundancy: the S&P 500 ETF and the ACWI ETF move almost identically. Shocking discovery — buying a global index and then buying the US inside it again does not create variety. Highly correlated assets are like watching the same movie on two screens at once and calling it “multi-angle storytelling.” In a crash, they don’t take turns falling; they just hold hands and jump together. The portfolio might look nicely spread across multiple tickers, but under the hood the diversification benefits are way smaller than the lineup suggests.

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 efficient frontier, the portfolio is objectively leaving money on the table. With a Sharpe ratio of 1.33, it’s sitting noticeably below what could be achieved just by rearranging the same holdings, no new products required. The optimal mix on this menu would give higher expected return (28.24% vs 21.78%) for only a modest bump in risk. Even the minimum-variance portfolio manages a better Sharpe. Being 2.36 percentage points below the frontier at this risk level is like driving a sports car stuck in eco mode — capable machinery, slightly wasted setup.

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 probably the least roastable part of this whole setup. A total TER of 0.18% for a bundle of global, factor, and regional ETFs is pretty efficient. You’ve somehow avoided the “smart beta at luxury pricing” trap. That said, paying for multiple overlapping funds that all hug a similar global-equity core is still a bit like paying several streaming subscriptions to watch the same show. The fee level is fine; the structural redundancy is the real overpayment. Still, credit where it’s due — at least the leaks are small.

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