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Quietly overconfident global tracker with a value kink and a secret mega cap tech crush

Report created on May 7, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

3/5
Moderately Diversified
Less diversification More diversification
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Positions

Structurally this portfolio is a matryoshka doll of broad-market ETFs with a little value-factor cosplay on the side. Sixty percent in an ACWI tracker, another 20% in an S&P 500 fund that largely overlaps it, and then 20% in value-factor satellites is basically “world index… but make it slightly fussier.” For something labeled “balanced,” it’s 100% equity and very much not emotionally balanced when markets wobble. The setup screams, “I wanted simple, then got bored and added smart beta.” Net result: complexity creep without a truly distinct identity, just a slightly value-tinted global equity blob pretending to be more original than it is.

Growth Info

Historically this thing has ripped: €1,000 became €1,641 in about 2.5 years, with a punchy 21.87% CAGR. CAGR — Compound Annual Growth Rate — is basically your average speed over a very lucky road trip, and this road was mostly downhill with a tailwind. It even beat both the US and global markets by around 2 percentage points a year, which is rare air. But it still suffered a -21% max drawdown and needed five months to crawl back. Translation: performance has been great, but in a hot market where broad equities did well anyway — this isn’t proof of genius, just proof of riding the right wave.

Projection Info

The Monte Carlo projection politely reminds that markets don’t care about backtests. Monte Carlo just runs lots of “what if” futures using past-like volatility and returns, then spits out a range of outcomes. Median result of €2,790 from €1,000 in 15 years is solid, but that p5 scenario of €951 is basically 15 years of going nowhere. And the p95 fantasy €7,876 is the “markets only go up” daydream. It’s all based on yesterday’s weather, helpful but not prophetic. The spread mainly says this: an all-equity portfolio can make you feel like a genius or an idiot, and both are statistically plausible.

Asset classes Info

  • Stocks
    100%

Asset class “diversification” here is just: stocks. All of them. All the time. Calling a 100% equity mix “balanced” is like calling a sports car on summer tires “all-weather” because the heater works. There’s no ballast, no stabilizer, nothing that behaves differently when stocks collectively decide gravity still exists. In good times, this looks elegant and efficient; in real bear markets, it behaves like a single bet on global growth. The diversification score of 3/5 is generous — it’s diversified within one asset class, but from a broader perspective, it’s basically mono-asset and unapologetic about it.

Sectors Info

  • Technology
    32%
  • Financials
    15%
  • Industrials
    10%
  • Consumer Discretionary
    9%
  • Telecommunications
    9%
  • Health Care
    8%
  • Energy
    5%
  • Consumer Staples
    5%
  • Basic Materials
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, this portfolio is pretending to be broad while clearly worshipping the tech gods. With 32% in technology and another chunk in tech-adjacent consumer and communications names, it’s a global fund dressed up as a future-of-everything trade. Financials and industrials are along for the ride, but they’re background characters in the mega-cap tech soap opera. This is what happens when you track cap-weighted global indexes in a world where a handful of platforms dominate. It’s diversified enough to not be a pure theme fund, yet concentrated enough that “what big tech does” heavily colors the mood of the entire portfolio.

Regions Info

  • North America
    65%
  • Europe Developed
    12%
  • Asia Developed
    9%
  • Asia Emerging
    6%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%

Geographically, this is “America or bust with some décor from the rest of the world.” About 65% in North America means US market vibes dominate everything, while Europe, Japan, and emerging markets are basically side quests. For something branded as global, it’s very much an honorary US portfolio that occasionally remembers other continents exist. That’s not unusual for cap-weighted indexes, but it does mean political, regulatory, and currency risk are all heavily tied to one major region. When US large caps sneeze, this portfolio catches the flu, and the small emerging slice isn’t big enough to do much about it.

Market capitalization Info

  • Mega-cap
    48%
  • Large-cap
    36%
  • Mid-cap
    15%

The market cap breakdown screams “index purist who trusts the giants.” With 48% in mega caps and 36% in large caps, this thing is essentially a love letter to the top end of the market. Mid caps get a politely tiny 15%, and anything smaller is basically invisible. That’s wonderfully stable until the market decides the giants are overpriced and starts rotating into smaller names. Then the portfolio moves like an overfed tanker, not a nimble boat. It tracks the mainstream narrative very faithfully: when the household names win, this looks genius; when they stall, everything feels oddly sluggish.

True holdings Info

  • NVIDIA Corporation
    4.34%
    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
    3.82%
    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
    2.72%
    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
    2.05%
    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.
    1.94%
    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
    1.70%
    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
    1.45%
    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
    1.42%
    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.
    1.28%
    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
    1.07%
    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 21.79%

The look-through holdings are a parade of the usual suspects: NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta, Tesla… the whole Magnificent You-Know-How-Many gang. Even with only 26% coverage from ETF top-10s, you already have over 4% in NVIDIA and nearly 4% in Apple. These names appear in multiple ETFs, stacking hidden concentration like a Jenga tower of the same few stocks. The overlap is likely worse than it looks because everything beyond top-10s is invisible here. On paper, it’s a diversified ETF lineup; under the hood, it’s a surprisingly focused bet on a handful of tech giants doing the heavy lifting.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 60.00%
    60.1%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 20.00%
    21.2%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    9.8%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    8.9%

Risk contribution reveals who’s actually driving the drama, and it’s almost perfectly proportional: the big ACWI core weighs 60% and contributes 60% of risk; S&P’s 20% weight delivers 21% of the shakes. Top three positions carry over 91% of the total volatility story. That means the two broad market cores basically decide the mood every day, while the value-factor sidecars are just making background noise. This isn’t inherently bad, just honest: the satellites are more for style points than for shifting the actual risk profile in a meaningful way. The portfolio’s fate is welded to its main index trackers.

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 chart is brutally simple: the S&P 500 ETF and the ACWI ETF move almost identically. Correlation is just “how often things move together” — and these two are clearly in the same group chat. So that 20% S&P slice is mostly doubling down on what the ACWI already owns, not adding much in terms of different behavior. In a crash, they’ll both dive in almost perfect sync, like synchronized swimmers forgetting to come up for air. From a risk perspective, this pair is basically one big bet in two slightly different wrappers.

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.

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On the efficient frontier, this portfolio is clearly leaving money on the table. The efficient frontier is the nerdy curve showing the best return for each risk level using the current ingredients. Your actual mix lands 4.18 percentage points below that curve at the same risk — like running a marathon with one shoe untied. Sharpe ratio of 1.24 versus 1.83 for the optimal mix means you’re not being paid as well as you could for the volatility you’re enduring, even without adding new funds. The math says the holdings are fine; the proportions are just a bit lazy and suboptimal.

Ongoing product costs Info

  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
  • 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) 0.15%

Costs are almost suspiciously reasonable. A blended TER of 0.15% for global exposure plus factor flavor is basically “you did not get ripped off, congrats.” The broad SPDR and iShares cores are cheap; only the value-factor ETFs creep up into less pretty territory, and even those are just mildly pricey, not daylight robbery. It’s like flying economy but accidentally getting an exit row — not luxurious, but better than you paid for. The only real joke here is paying anything extra to hold an S&P 500 ETF on top of an ACWI ETF that already contains most of it.

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