One global fund with an EM side quest pretending to be sophisticated diversification
Report created on Apr 23, 2026Risk profile
4/7
Diversification profile
4/5
Positions
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SP SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
SPYY - IE00B44Z5B48 85.00% -
5M iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
5MVL - IE00BG0SKF03 15.00%
This “portfolio” is basically a single global equity fund with a 15% emerging-market value garnish stuck on the side. Structurally, it’s the IKEA flat-pack of portfolios: two pieces, no moving parts, assembly time five minutes. The main fund already owns the entire world, so the extra EM value slice is basically shouting one small opinion into a very large, very loud crowd. The result is simple, but also a bit pointless-looking: a big default world bet and a tiny attempt at cleverness that barely moves the needle. It’s clean and easy to understand, but anyone calling this construction “designed” is being generous.
Growth
Historically, this thing has done the obvious: it mostly rode the global market and called it a day. Turning €1,000 into €2,474 with a 13.06% CAGR is solid, but nothing that’ll get a statue built. It slightly beat the global market but lagged the US, which is what happens when the world is dragged by US mega-cap rockets and the portfolio holds a broader mix plus some EM value ballast. The -33% max drawdown was basically identical to the benchmarks, so there’s no hidden shock absorber here. It’s a vanilla equity roller coaster, not a custom-tuned ride.
Projection
The Monte Carlo projection is basically a weather forecast that says, “Expect seasons.” Simulations put the median 15‑year outcome at about €2,750, which is like turning strong historical returns into a more realistic, slightly sobered-up future. The possible range from roughly €965 to €7,466 screams “anything can happen,” which is exactly what markets do. With a 73% chance of ending positive, it’s not a disaster magnet, but it’s also not magic. The model just says: full‑equity portfolios swing hard, and long-term outcomes depend a lot on when the storms hit, not just averages.
Asset classes
- Stocks 100%
Asset-class “diversification” here is just a polite way of saying “100% stocks and absolutely nothing else.” No bonds, no cash buffer, no alternatives, just pure equity caffeine. For something labeled “balanced risk,” this is more “I skipped breakfast and went straight to espresso.” When the market is kind, that concentration pays off in growth. When it isn’t, there’s nothing in here to cushion the drop. It’s a textbook reminder that “balanced” is a marketing word unless you actually see multiple asset classes sharing the workload instead of one asset class doing all the drama.
Sectors
- Technology 28%
- Financials 17%
- Industrials 10%
- Consumer Discretionary 10%
- Telecommunications 8%
- Health Care 8%
- Energy 5%
- Basic Materials 5%
- Consumer Staples 5%
- Utilities 3%
- Real Estate 2%
Sector spread looks okay on paper, but under the hood this is clearly tech-led with 28% in that bucket. So while the label says “global equity,” the engine says “don’t upset the chip and software gods.” Financials and industrials get respectable cameos, but they’re supporting actors, not leads. This kind of tilt means the portfolio’s mood swings will heavily follow whatever tech sentiment decides to do that year. It’s not dangerously lopsided, but it’s definitely leaning toward “innovation narrative” rather than a boring, perfectly even sector buffet that snoozes through fads.
Regions
- North America 57%
- Europe Developed 12%
- Asia Developed 12%
- Asia Emerging 9%
- Japan 4%
- Latin America 3%
- Africa/Middle East 2%
- Australasia 1%
- Europe Emerging 1%
Geographically, this portfolio is basically: “The world exists, but the US is the main character.” With 57% in North America, it talks a big global game while mostly following the American plotline, then sprinkles some Europe and Asia around to look cosmopolitan. Emerging regions get single-digit scraps, so that 15% EM value ETF is fighting upstream against a very developed-markets-heavy current. The setup is standard for world indexes: comfortable, familiar, and heavily dependent on how one economic bloc behaves. The global diversification is real, but the accent is undeniably North American.
Market capitalization
- Mega-cap 51%
- Large-cap 35%
- Mid-cap 14%
Market cap exposure is pure establishment: 51% mega-cap and 35% large-cap. This is basically the financial version of only listening to stadium bands and pretending that counts as “music discovery.” Mid-caps get a tiny 14% slice, and anything smaller might as well not exist. The benefit is that mega and large names tend to be more liquid and less chaotic than tiny stocks, but it also means the portfolio’s fate is welded to whatever a few corporate giants decide to do. It’s a size profile that favors stability over under-the-radar upside (and downside) drama.
True holdings
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NV NVIDIA Corporation 4.01%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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AA Apple Inc 3.52%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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23 Taiwan Semiconductor Manufacturing Co. Ltd. 2.83%
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
-
MS Microsoft Corporation 2.46%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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AM Amazon.com Inc 1.88%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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GO Alphabet Inc Class A 1.57%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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GO Alphabet Inc Class C 1.34%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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AV Broadcom Inc 1.31%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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ME Meta Platforms Inc. 1.18%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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TS Tesla Inc 0.99%
Part of fund(s):- LS 1x Tesla Tracker ETP Securities GBP
- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
- Top 10 total 21.09%
Look-through holdings reveal the usual suspects running the show: Nvidia, Apple, TSMC, Microsoft, Amazon, Alphabet, Meta, Tesla — basically the tech Avengers plus friends. The overlap is strong enough that calling this “diversified” is a bit generous at the company level. Different ETFs, same celebrities on stage. Because only top‑10s are shown, real overlap is almost certainly higher, not lower. So while the portfolio owns thousands of names in theory, the actual driving force is a small club of mega-caps that appear everywhere like they’ve negotiated main-character rights in your returns.
Risk contribution
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SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
Weight: 85.00% 85.1% -
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
Weight: 15.00% 14.9%
Risk contribution here is hilariously literal: the 85% global ETF contributes 85.12% of the risk, the 15% EM value ETF contributes 14.88%. That’s as close to “risk math for children” as it gets. No stealthy sleeper position punching above its weight, no tiny wild-card fund wrecking volatility — just each fund doing exactly what its size suggests. The upside is simplicity; the downside is zero nuance. If the big fund catches a cold, the entire portfolio sneezes. The EM slice doesn’t meaningfully change the temperament; it’s just a small seasoning on the same risk stew.
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, this portfolio somehow manages to be… actually efficient. The current Sharpe ratio of 0.6 sits right on or near the curve, with the “optimal” and minimum-variance portfolios offering only tiny tweaks in risk and return. The efficient frontier is just the nerdy way of saying, “Given these ingredients, here’s the best risk/return recipe,” and this mix is already close enough that reweighting wouldn’t materially save it from itself. So while the design is basic and unimaginative, at least the math says it’s not wasting risk. Accidental competence is still competence.
Ongoing product costs
- iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.12%
- Weighted costs total (per year) 0.16%
Costs are almost annoyingly reasonable. A total TER of 0.16% for global coverage plus an EM value tilt is basically “you didn’t get ripped off.” The EM fund at 0.40% is a bit chunky relative to the core holding, but it’s only 15% of the mix, so the overall drag stays mild. This isn’t a cheapness world record, but it’s comfortably in the “you read at least one blog post before clicking buy” zone. Fees aren’t the problem here; if performance disappoints, it won’t be because the portfolio bled out on costs.
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