Tiny-cap thrill seeker hiding inside a supposedly balanced and broadly diversified outfit
Report created on Mar 23, 2026Risk profile
4/7
Diversification profile
4/5
Positions
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IU iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
IUSN - IE00BF4RFH31 90.00% -
WE Amundi Prime All Country World UCITS ETF Acc EUR
WEBN - IE0003XJA0J9 10.00%
This “balanced” portfolio is basically one big bet wearing an index costume. You’ve got 90% rammed into a small-cap world ETF and a token 10% in a broad global fund, presumably to make it look grown-up. It’s like ordering a salad with your triple cheeseburger and claiming you eat healthy. Structurally, this isn’t diversification, it’s a theme park ride: one dominant driver, one small sidekick, and almost no real mixing of return engines. Takeaway: if one holding drives your entire fate, you don’t have a portfolio, you have a crush. Crushes are fun, but they’re also how you get your heart broken.
Growth
Performance since mid‑2024 is… fine but loud. CAGR of 11.74% looks decent, but the US market benchmark smoked it on growth with far less drama: ~19.93% CAGR and only about a -5.5% drawdown versus your juicy -23.7%. The global benchmark lagged on return but was similarly bruised on drawdowns. That max drawdown is the red flag: small caps did exactly what small caps do — they overreact to everything. CAGR (compound annual growth rate) is like your average speed on a road trip; max drawdown is the worst crash. Takeaway: you’re getting paid OK, but you’re white‑knuckling the ride more than you needed to.
Projection
The Monte Carlo simulation basically says, “Future might be great, or not, but probably not a disaster.” Monte Carlo is just a fancy way of rerunning history with dice rolls: it scrambles returns to create many possible futures. Median 10‑year outcome of +301% sounds awesome, but that’s built on <2 years of data — basically judging someone’s whole personality off two first dates. The 5th percentile still being positive is optimistic, bordering on suspicious. Past data is like yesterday’s weather: helpful, not prophetic. Takeaway: the simulations hint the risk-return tradeoff might be worth it long term, but the confidence level is… aspirational at best.
Asset classes
- Stocks 99%
- Cash 1%
Asset class “diversification” is 99% stocks and a token 1% cash, which is probably just stray change under the sofa cushions. For something labeled “balanced,” this looks more like an all‑equity adrenaline junkie. No bonds, no alternatives, no meaningful ballast — just pure equity beta turned up with a small‑cap dial. That’s fine for a long horizon and strong stomach, but calling this balanced is like calling a shot of tequila “hydration.” Takeaway: if stability or shorter‑term spending needs exist, this structure is begging you to add something that doesn’t panic every time equities sneeze.
Sectors
- Industrials 19%
- Technology 14%
- Financials 14%
- Consumer Discretionary 11%
- Health Care 10%
- Basic Materials 8%
- Real Estate 8%
- Energy 5%
- Consumer Staples 4%
- Telecommunications 4%
- Utilities 3%
Sector spread actually looks decent on paper: industrials lead, then tech, financials, consumer cyclicals, healthcare, plus a respectable sprinkling of materials, real estate, energy, and so on. The roast is this: sector diversification doesn’t save you much when everything is small and sensitive. It’s like diversifying between different kinds of roller coasters — sure, they’re different, but you’re still getting tossed around. The tilt toward more economically sensitive sectors (industrials, cyclicals, financials) means you’re especially exposed when the economy gets wobbly. Takeaway: solid variety, but the sectors mostly rhyme with “things that hurt first in a downturn.”
Regions
- North America 64%
- Europe Developed 15%
- Japan 12%
- Australasia 4%
- Asia Developed 2%
- Africa/Middle East 2%
- Asia Emerging 1%
Geographically, this is “America is the main character” energy: 64% North America, with Europe, Japan, and the rest of the world playing side characters. It’s not wildly different from common global indexes, but combined with the tiny‑cap tilt it means your fate is heavily tied to smaller US and developed‑market companies. Emerging markets barely exist here — they’re that extra in the background who doesn’t get any lines. Takeaway: for someone apparently into risk (small caps), there’s surprisingly little geographic adventure. You’re taking volatility without fully using the global opportunity set.
Market capitalization
- Small-cap 43%
- Mid-cap 33%
- Micro-cap 11%
- Large-cap 6%
- Mega-cap 5%
Market‑cap profile is where the chaos lives: 43% small, 33% mid, 11% micro. Only about 11% in big+mega combined. This is like building a football team mostly out of promising juniors and a couple of pros to make it look legal. When things go well, this can sprint; when things go badly, the kids get flattened first. Micro caps especially are the drama queens of public markets — illiquid, jumpy, and heavily sentiment‑driven. Takeaway: this is a conscious or accidental bet on the “little guys” outperforming. If the big, boring giants lead, you’re watching the party from outside the window.
True holdings
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SN Sandisk Corp 0.76%
Part of fund(s):- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
-
NV NVIDIA Corporation 0.47%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
AA Apple Inc 0.41%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
MS Microsoft Corporation 0.30%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
FT TechnipFMC PLC 0.23%
Part of fund(s):- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
-
RG Royal Gold Inc 0.22%
Part of fund(s):- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
-
XP XPO Logistics Inc 0.21%
Part of fund(s):- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
-
AM Amazon.com Inc 0.21%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
WW Woodward Inc 0.20%
Part of fund(s):- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
-
AT Allegheny Technologies Incorporated 0.19%
Part of fund(s):- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
- Top 10 total 3.21%
Look‑through coverage is hilariously low: barely 5% of ETF holdings by top‑10, so we’re peeking through the keyhole and judging the whole party. Still, even from that tiny slice, you see the usual celebrity megacaps — NVIDIA, Apple, Microsoft, Amazon — sneaking into what’s supposed to be a small‑cap show via the all‑world ETF. There’s not much visible overlap yet, but that’s only because the data stops at the top‑10. In reality, you almost certainly hold many companies multiple times across funds. Takeaway: don’t be fooled by the small‑cap label; you’ve still got some big names photo‑bombing in the background, just with less transparency than you’d like.
Factors
Factor profile screams two words: size and momentum. Factor exposure is like the ingredient list behind your portfolio’s flavor; here, it says “small and fast‑moving” dominate. Size exposure at 78.5% and momentum at 65% basically means you love underdogs that have recently been running hot. That’s like buying only scrappy up‑and‑comers because they’ve had a good few rounds — fun until the cycle flips. What’s missing is any clear tilt to calmer traits like quality, low volatility, or yield, so there’s not much of a safety net. Takeaway: flooring the gas (momentum + small size) with no clear quality brake is great — right up until it’s not.
Risk contribution
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iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR
Weight: 90.00% 91.9% -
Amundi Prime All Country World UCITS ETF Acc EUR
Weight: 10.00% 8.1%
Risk contribution tells you which holdings actually move the needle, not just which look big on paper. Here, the 90% small‑cap ETF contributes ~92% of total risk. Translation: that single fund is hogging the volatility spotlight. The 10% global ETF is basically a slightly calmer passenger. Risk‑to‑weight of 1.02 vs 0.81 is subtle but clear: the big position is slightly rowdier than its size, the small one slightly tamer. Takeaway: if almost all your risk comes from one source, you don’t have a risk‑managed setup; you have a high‑conviction bet. Trimming or pairing it with genuinely different stuff would reduce surprise punch‑ups.
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 risk‑return plot, the portfolio actually sits on the efficient frontier, which is mildly infuriating because it means the chaos is at least mathematically efficient. The efficient frontier is just the curve of best possible returns for each risk level given your current ingredients. Your Sharpe ratio (return per unit of risk) is 0.59; the optimal mix of the same two funds gets to 0.65 with slightly lower risk, and a same‑risk tweak could nudge expected return up to 12.0%. Takeaway: you’re not wasting potential massively, but a small reweight could squeeze out a bit more return or slightly smoother ride without adding anything new.
Ongoing product costs
- iShares MSCI World Small Cap UCITS ETF USD (Acc) EUR 0.35%
- Weighted costs total (per year) 0.32%
Costs are the one area where this thing behaves like a responsible adult. A total TER around 0.32–0.35% is perfectly respectable for what you’re doing. You’re not bleeding out through fees; you’re bleeding, if at all, through volatility and factor choices. Think of TER (total expense ratio) as the cover charge to the investing club — here it’s low, so if your night goes badly, it’s not because the door price was a rip‑off. Takeaway: you at least haven’t set your portfolio on fire with fees. Fees are under control — you must have clicked the right ETFs on purpose or by happy accident.
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