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Confident index hugger with secret factor obsessions and a serious case of S&P 500 déjà vu

Report created on Apr 7, 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 looks like it couldn’t decide between “simple global index” and “fancy factor nerd,” so it bought both and called it a day. Half the money is basically broad market (S&P 500 plus ACWI), and the other half is plastered with momentum and value factor funds like decorative stickers. The result is a kind-of-core, kind-of-satellite structure where the satellites are just more large-cap equities wearing different marketing costumes. The structure isn’t terrible, but it’s not exactly intentional artistry either. The general takeaway: it behaves like an equity-heavy global portfolio with a slight personality disorder, not some ultra-sophisticated custom build.

Growth Info

CAGR first: 20.25% versus roughly 17% for both the US and global benchmarks. That’s a very strong win, so credit where it’s due. But this is a baby timeframe (around 2.5 years), which in market terms is like judging someone’s life skills from their weekend. Max drawdown around -19.9% is slightly gentler than the benchmarks, so you managed to look smart without getting punished more—so far. Also, 90% of returns came from just 20 days, which screams “don’t try timing this.” Past data is yesterday’s weather: useful for packing a jacket, not for planning a 15-year expedition.

Projection Info

The Monte Carlo simulation basically rolls the market dice 1,000 times and shows where your €1,000 might land after 15 years. Median outcome of about €2,679, with a “likely” band from roughly €1,819 to €4,257, screams: “Nice odds, but not guaranteed glory.” The scary bit: the 5th percentile outcome is roughly flat to slightly down after 15 years, proving that even diversified equity portfolios can disappoint for entire decades. An 8.18% average annual return across simulations is solid, but it’s just math based on past behaviour. Not prophecy. Markets don’t care what the simulation says.

Asset classes Info

  • Stocks
    100%

Asset allocation here is incredibly nuanced and sophisticated: 100% stocks, 0% everything else. That’s like calling a diet “balanced” because it includes different flavours of pizza. For growth, pure equity is fine if the time horizon is long and nerves are made of steel. But calling this “balanced” is generous; it’s equity-only with a slightly polite risk score slapped on. The upside is simplicity and lower complexity risk. The downside is that when equities have a bad decade, there is nowhere to hide. No bonds, no cash buffer, just you and the volatility rollercoaster.

Sectors Info

  • Technology
    25%
  • Financials
    19%
  • Industrials
    13%
  • Health Care
    8%
  • Consumer Discretionary
    8%
  • Telecommunications
    7%
  • Basic Materials
    4%
  • Consumer Staples
    4%
  • Energy
    4%
  • Utilities
    4%
  • Real Estate
    2%

Sector-wise, this thing is a tech-flavoured all-you-can-eat buffet. About a quarter in technology, then a chunky tilt to financials and cyclicals, while defensives like staples and utilities get table scraps. It’s basically betting more on the parts of the economy that swing hardest when sentiment shifts, not on the boring, dependable stuff. That can make returns look fantastic in good times, but it also makes the portfolio emotionally expensive in bad ones. The lesson: a sector spread that looks “diversified” on paper can still be very pro-growth and pro-drama when markets wobble.

Regions Info

  • North America
    54%
  • Europe Developed
    27%
  • Asia Developed
    6%
  • Asia Emerging
    5%
  • Japan
    4%
  • Latin America
    2%
  • Africa/Middle East
    1%

Geographically, this is “US first, Europe as a consolation prize, everyone else can share the leftovers.” Over half in North America, 27% in developed Europe, and the rest scattered thinly across the rest of the world. It’s basically a polite way of saying, “I’ve heard there are other continents, but have you seen the S&P 500?” This home-away-from-home bias is common, but it means fortunes are heavily tied to US corporate dominance continuing. If other regions have their decade in the sun, this setup will participate—but as a slightly underenthusiastic guest, not a front-row fan.

Market capitalization Info

  • Mega-cap
    47%
  • Large-cap
    38%
  • Mid-cap
    14%

Market cap exposure screams “I like the winners everyone already knows.” Almost half is in mega-caps, another big chunk in large-caps, with mid-caps thrown in as a token gesture. There’s essentially zero real exposure to the scrappy small players, which means less idiosyncratic risk but also fewer lottery-ticket style growth stories. This is fine if the goal is stability within equities, but let’s not pretend it’s edgy. You’re riding the big, established names that move with the index. It’s safe-ish for an equity portfolio, but about as original as ordering margherita pizza.

True holdings Info

  • NVIDIA Corporation
    3.52%
    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
    3.19%
    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
  • Microsoft Corporation
    2.33%
    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
    1.66%
    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.
    1.51%
    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
  • Alphabet Inc Class A
    1.48%
    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
    1.21%
    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
    1.21%
    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.
    1.15%
    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
  • Banco Santander S.A.
    1.01%
    Part of fund(s):
    • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
  • Top 10 total 18.26%

Under the hood, this is another episode of “The Magnificent Seven Show.” Nvidia, Apple, Microsoft, Amazon, Alphabet, Meta, Broadcom… all showing up via multiple ETFs, despite no direct stock picks. That “3.5% in Nvidia” isn’t just one fund’s choice; it’s the natural outcome of stacking broad-market trackers that all worship the same mega-caps. And remember, this overlap is based only on ETF top-10 holdings, so the real duplication is likely worse. Hidden concentration like this means you think you own hundreds of companies, but a handful of tech names are quietly steering the ship.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    31.5%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 30.00%
    29.9%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 20.00%
    19.9%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    9.7%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.0%

Risk contribution is about who actually causes the mood swings, not who looks big on the pie chart. Here, the top three positions—S&P 500, ACWI, and Europe momentum—are about 80% of the total risk. So despite all the fancy labels, a few broad funds are doing almost all the emotional heavy lifting. At least the risk roughly tracks the weights, so nothing is secretly going berserk underneath. Still, trimming or reweighting these top positions would change the portfolio’s behaviour way more than messing with the smaller ones. The small factor funds? They’re background noise compared to the big core.

Redundant positions Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    High correlation

You’ve managed to own two funds that move almost identically: S&P 500 and ACWI. That’s like buying two different brands of cola and being surprised they both taste like sugar and regret. High correlation means when one tanked, the other nodded and followed. It doesn’t kill the portfolio, but it does dilute the point of holding “different” funds if they just copy each other’s homework. Correlation isn’t evil; it just means your safety net is more like a trampoline tied to the same anchor point. When that anchor drops, everything bounces together—downwards.

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 says this portfolio is leaving free money on the table. Same holdings, better mix could push you from a Sharpe ratio of 1.16 to 1.64 at only slightly higher risk, or to 1.41 with similar return but lower risk. Being 2.94 percentage points below the frontier at your risk level is like driving a sports car in second gear on the motorway: it moves, but it’s not exactly optimal. The message: the ingredients are fine; the recipe is sloppy. A smarter reweighting of what you already own could give you a smoother or punchier ride.

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%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.45%
  • Weighted costs total (per year) 0.26%

Total TER of about 0.26% is refreshingly sane. You’re not being robbed blind, which, in fund-land, is already a small victory. Some of the factor funds are a bit pricier, but overall costs are in “quietly acceptable” territory. You did slightly pay up for marketing words like “momentum” and “value,” but not in a catastrophic way. It’s like paying a modest cover charge to get into a club that’s mostly playing the same hits as the free bar next door. Could be cheaper in theory, but this is not where the problems live.

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