Concentrated developed market equity portfolio with strong large cap tilt and efficient risk balance

Report created on Apr 5, 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

The portfolio is simple and very equity-focused: 60% in a global developed markets ETF, 30% in a US large-cap ETF, and 10% in gold mining stocks. That means 100% is in stocks, with no bonds or cash buffers built into the mix. This kind of structure matters because it dictates how much the portfolio will swing when markets move. A concentrated, all‑equity setup like this can grow well over long periods, but it also means living with larger ups and downs along the way, especially during sharp market sell‑offs or periods of rising interest rates.

Growth Info

From early 2020 to April 2026, €1,000 grew to about €2,096, which is a compound annual growth rate (CAGR) of 12.61%. CAGR is like average speed on a road trip, smoothing out the bumps along the way. This beat both the US market (12.24% CAGR) and the global market (10.24% CAGR). The worst drop, or max drawdown, was about -32.7% during the COVID crash, similar to the benchmarks. That shows solid upside capture with no extra historical downside. Still, past returns cover a short, unusually strong period for equities, so they shouldn’t be treated as a guaranteed template for the future.

Projection Info

The Monte Carlo projection uses many random paths based on historical data to estimate where €1,000 might land after 15 years. It’s like replaying market history with slight variations to see a distribution of possible outcomes. The median result of about €2,802 suggests decent expected growth, and roughly 86% of simulations end positive. But the range is wide: from around €1,056 at the low end (p5) to almost €7,961 at the high end (p95). That spread shows the real uncertainty of markets. These simulations are useful for framing expectations, but they still rely on the past, which can change in unpredictable ways.

Asset classes Info

  • Stocks
    100%

All of the portfolio is in stocks, with 0% in bonds, cash, or alternative asset classes outside the gold mining equities. That makes the allocation very growth‑oriented. Equities historically deliver higher returns than bonds over long periods, but they’re also much more volatile and can experience deep drawdowns. A balanced investor category often includes some stabilizing assets that cushion downturns, so this setup is on the aggressive side for that label. For someone comfortable riding through large swings and focusing on long‑term growth, an all‑equity allocation can be fine, but it demands emotional and financial resilience.

Sectors Info

  • Technology
    26%
  • Financials
    13%
  • Basic Materials
    13%
  • Industrials
    10%
  • Health Care
    9%
  • Consumer Discretionary
    9%
  • Telecommunications
    8%
  • Consumer Staples
    5%
  • Energy
    4%
  • Utilities
    2%
  • Real Estate
    2%

Sector exposure is reasonably spread out but with some clear tilts. Technology is the largest slice at 26%, followed by financials and basic materials at 13% each, then industrials, health care, and consumer sectors in mid‑single to low‑double digits. The gold miners ETF boosts basic materials exposure above what broad benchmarks usually show. A strong tech tilt often helps during growth‑driven markets but can be more sensitive to interest rate hikes. The materials tilt introduces sensitivity to commodity cycles. This mix offers variety, but the combination of tech and materials may create bigger swings than a more defensive‑leaning sector balance.

Regions Info

  • North America
    82%
  • Europe Developed
    10%
  • Japan
    3%
  • Australasia
    2%
  • Africa/Middle East
    1%
  • Asia Emerging
    1%
  • Asia Developed
    1%

Geographically, the portfolio is heavily concentrated in North America at 82%, with just 10% in developed Europe and small slices in Japan, Australasia, and various other regions. Global benchmarks also lean strongly toward North America, but typically at a slightly lower level, so this is an extra US‑centric tilt. That has worked very well in recent years, as US markets and mega‑cap US companies have outperformed many others. The trade‑off is that economic, policy, or currency shocks in that single region would have an outsized impact. More balanced global exposure can sometimes smooth country‑specific risks over time.

Market capitalization Info

  • Mega-cap
    46%
  • Large-cap
    35%
  • Mid-cap
    18%
  • Small-cap
    1%

The market cap breakdown is dominated by mega‑caps at 46% and large‑caps at 35%, with mid‑caps at 18% and only 1% in small‑caps. Mega‑caps are the very largest companies in the market, and they tend to be more stable and widely followed, but their size can limit explosive growth versus smaller firms. This large‑cap tilt helps align performance closely with major indices and usually reduces idiosyncratic risk from individual smaller companies. On the flip side, there’s relatively little exposure to the small‑cap segment, which historically can offer higher long‑term returns but also more volatility and deeper drawdowns.

True holdings Info

  • NVIDIA Corporation
    5.23%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Apple Inc
    4.73%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Microsoft Corporation
    3.44%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Amazon.com Inc
    2.47%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Alphabet Inc Class A
    2.20%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Alphabet Inc Class C
    1.81%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Broadcom Inc
    1.78%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Meta Platforms Inc.
    1.71%
    Part of fund(s):
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Tesla Inc
    1.38%
    Part of fund(s):
    • LS 1x Tesla Tracker ETP Securities GBP
    • Vanguard S&P 500 UCITS Acc
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
  • Agnico Eagle Mines Limited
    1.09%
    Part of fund(s):
    • iShares Gold Producers UCITS ETF USD (Acc)
  • Top 10 total 25.84%

Looking through the ETFs, the largest underlying exposures are familiar mega-cap names: NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta, and Tesla. Many of these appear in both the global and US funds, creating hidden overlap even though the ETF list looks diversified. This clustering in the same giants means a lot of the portfolio’s fate is tied to how a small group of big companies performs. The gold producers ETF adds a different set of names like Agnico Eagle Mines, but the overall picture is still dominated by a handful of large, growth‑oriented firms at the top.

Risk contribution Info

  • iShares Core MSCI World UCITS ETF USD (Acc) EUR
    Weight: 60.00%
    59.8%
  • Vanguard S&P 500 UCITS Acc
    Weight: 30.00%
    30.9%
  • iShares Gold Producers UCITS ETF USD (Acc)
    Weight: 10.00%
    9.3%

Risk contribution measures how much each holding drives overall volatility, which can differ from its weight. Here, the three ETFs contribute to risk almost exactly in line with their allocations: the global ETF at ~60%, the S&P 500 ETF at ~31%, and gold producers at ~9%. That’s a very clean, intuitive structure, with no small holding quietly dominating the portfolio’s ups and downs. It also means that changes to the main equity funds’ weights will visibly shift overall risk. Adjusting allocations slightly between these three would be a straightforward way to fine‑tune volatility without dealing with hidden risk hot‑spots.

Redundant positions Info

  • Vanguard S&P 500 UCITS Acc
    iShares Core MSCI World UCITS ETF USD (Acc) EUR
    High correlation

The global developed markets ETF and the S&P 500 ETF move almost identically, as shown by their very high correlation. Correlation measures how often and how strongly assets move together: highly correlated assets tend to go up and down at the same time. In this case, holding both funds doesn’t add much diversification; it mostly reinforces the same underlying exposure, especially to US large‑caps. This isn’t inherently bad, but it means that during a global equity sell‑off, both major positions are likely to fall together. Diversification benefits would mainly come from adding assets that behave differently across market cycles.

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 risk‑return chart shows the current portfolio has a Sharpe ratio of 0.68, while the optimal mix of the same holdings could reach about 0.89, and the minimum‑risk mix still offers a higher Sharpe around 0.75. The Sharpe ratio measures risk‑adjusted return, comparing extra return to volatility. Being near the efficient frontier means the current allocation is already using these three ETFs well, without obvious inefficiencies. There is room to tweak weights to either slightly improve risk‑adjusted returns or to lower volatility for similar expected returns, but the existing setup is broadly efficient and not far from the best achievable combination.

Ongoing product costs Info

  • iShares Core MSCI World UCITS ETF USD (Acc) EUR 0.20%
  • iShares Gold Producers UCITS ETF USD (Acc) 0.55%
  • Vanguard S&P 500 UCITS Acc 0.07%
  • Weighted costs total (per year) 0.20%

The weighted ongoing cost (TER) of around 0.20% per year is impressively low, especially given the diversified global and sector exposure. Low costs are crucial because they come off returns every single year, like a small headwind on performance. Over a decade or two, even a 0.3–0.5 percentage point difference can compound into a meaningful amount of money. The use of broadly diversified, low‑fee index ETFs is a strong positive here and aligns well with best practices for long‑term investing, keeping more of the portfolio’s gross return in the investor’s pocket rather than going to providers.

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