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Sneaky closet indexer with a tech crush pretending to be diversified and leaving free efficiency on the table

Report created on May 16, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

3/5
Moderately Diversified
Less diversification More diversification

Positions

This portfolio is basically one big global index with a side of “I like value factors” taped on top. Sixty percent in an ACWI ETF, another 20% in the S&P 500, and then two small value-factor satellites is like ordering the all‑you‑can‑eat buffet and adding two side salads for personality. Structurally, it’s simple but also a bit redundant: the S&P 500 is already stuffed inside ACWI, and the World Value fund overlaps that too. So the design screams closet indexer with a mild factor hobby, rather than some grand master plan. It works, but it’s more copy‑paste than crafted.

Growth Info

Historically, this thing has been on a heater: €1,000 to €1,717 in under three years is not exactly underachieving. A 23.68% CAGR versus ~21–21.6% for the US and global benchmarks puts it ahead, helped by the recent love affair with megacap tech and risk assets in general. Max drawdown of -21.08% is firmly “equity rollercoaster” territory, but not worse than the benchmarks. The catch: this is a very short, very friendly period. CAGR — the “average speed” of the ride — looks fantastic because you basically showed up during a good weather window. Past data here is more lucky snapshot than timeless truth.

Projection Info

The Monte Carlo projection throws this portfolio into 1,000 alternate futures and asks, “How ugly or pretty can this get?” Median outcome of €2,638 from €1,000 over 15 years at ~7.94% annualized is far less glamorous than the backward‑looking performance, which is reality rudely tapping the brakes. The wide range — from barely above break‑even around €1,037 at the pessimistic end to €7,284 at the top — just says “equities are chaotic, don’t get cocky.” Simulations are like weather models: good for ranges, useless for exact predictions. The main message: it’s an equity portfolio, so big wins and big sulks are both absolutely on the menu.

Asset classes Info

  • Stocks
    100%

Asset class “diversification” here is easy: there isn’t any. It’s 100% stocks, 0% everything else. That’s not inherently bad, but calling this “balanced” is generous; it’s balanced in the same way an all‑espresso diet is “balanced caffeine.” No bonds, no real assets, no cash buffer in the structure — just pure equity beta dressed up with some factor tilt. This means the portfolio lives and dies with global equity markets; when they’re up, it’s great, when they’re down, everything hurts at once. The asset mix is brutally straightforward: if you want stability from this structure, it certainly didn’t volunteer.

Sectors Info

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

Sector-wise, this portfolio is quietly running a tech‑centric storyline: 32% in technology, with the next biggest bucket — financials — less than half that. Then you’ve got the usual supporting cast of industrials, consumer names, telecom, health care, and tiny slivers of utilities and real estate just to say they exist. So despite the “value” ETFs, the overall shape is still growth‑heavy, driven by the tech behemoths dominating global indexes. When a third of the portfolio leans on one sector, it’s like building a house mostly out of glass: looks great in the sun, but one good storm and everything suddenly feels fragile.

Regions Info

  • North America
    65%
  • Europe Developed
    11%
  • Asia Developed
    9%
  • Asia Emerging
    6%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%

Geographically, this portfolio is wearing a giant “USA or bust” T‑shirt: 65% in North America, with Europe limping in at 11% and the rest scattered thinly across Asia, Japan, and emerging bits. For something built out of global and ACWI‑style funds, it’s more “world according to Wall Street” than genuinely broad. The rest-of-world slices are tiny enough that they’re more seasoning than substance. This is what happens when you outsource the map to market‑cap weighting: the largest market ends up running the show, and everyone else is allowed a politely small chair at the table.

Market capitalization Info

  • Mega-cap
    49%
  • Large-cap
    35%
  • Mid-cap
    15%
  • Small-cap
    1%

Market cap exposure is basically a fan club for giants: 49% mega‑caps, 35% large‑caps, 15% mid‑caps, and a token 1% in small‑caps that might as well be an accounting error. This is classic cap‑weighted behavior: the bigger a company is, the more it dominates the portfolio whether or not it still deserves that influence. So the portfolio is heavily tied to whatever mood the global behemoths wake up in. Mid and small‑caps are too small here to move the needle, which means there’s little exposure to the scrappy growth or recovery stories that often sit outside the mega‑cap bubble.

True holdings Info

  • NVIDIA Corporation
    4.45%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Apple Inc
    3.75%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Microsoft Corporation
    2.71%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Amazon.com Inc
    2.25%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Taiwan Semiconductor Manufacturing Co. Ltd.
    2.09%
    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
    1.93%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Broadcom Inc
    1.66%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Alphabet Inc Class C
    1.61%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Meta Platforms Inc.
    1.26%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Tesla Inc
    1.03%
    Part of fund(s):
    • LS 1x Tesla Tracker ETP Securities GBP
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • State Street SPDR S&P 500 UCITS ETF (Acc)
  • Top 10 total 22.73%

Look‑through holdings show the usual suspects hogging the spotlight: NVIDIA, Apple, Microsoft, Amazon, TSMC, Alphabet (twice), Broadcom, Meta, Tesla. The top ten underlying positions alone already eat a chunky slice, and that’s with only partial coverage of the ETFs. This is the classic hidden overlap problem: ACWI plus S&P 500 plus world factor funds just stack the same mega‑caps repeatedly. On paper, it looks like four funds; under the hood, it’s the same tech‑driven celebrity lineup wearing different ETF costumes. Diversification by fund name here is mostly an illusion — it’s one crowded stage with the same headliners.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 60.00%
    59.9%
  • State Street SPDR S&P 500 UCITS ETF (Acc)
    Weight: 20.00%
    21.0%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    10.1%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.0%

Risk contribution is brutally honest here: the 60% ACWI position delivers about 60% of total risk, the 20% S&P position slightly overpunches at 21%, and the two 10% factor funds together barely scrape the remaining slice. Top three holdings driving over 90% of total risk is basically saying the portfolio’s volatility is a three‑fund show, with the value satellites just riding along. Risk contribution shows who’s actually steering the emotional rollercoaster, and it’s not the funds with “smart” in their marketing. This is an index‑core portfolio where risk is concentrated exactly where you’d expect — in the big, boring‑looking core.

Redundant positions Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    State Street SPDR S&P 500 UCITS ETF (Acc)
    High correlation

The correlation note calling out ACWI and the S&P 500 as “almost identical movers” is the most unsurprising plot twist here. Of course they move the same — one is a global index heavily dominated by the US, the other is literally the US. Holding both is like owning two versions of the same song, one live and one studio, and being shocked they sound similar. High correlation means when one stumbles, the other doesn’t heroically save the day; they just fall together. It gives psychological comfort (more tickers!) without much actual diversification firepower when markets break.

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 chart, this portfolio is basically leaving free lunch on the table. A Sharpe ratio of 1.35 vs 1.96 for the optimal mix — using the same holdings — means it’s taking risk but not squeezing as much return out of it as it could. The efficient frontier is the curve showing the best possible trade‑off; sitting 3.98 percentage points below it at your risk level is the investing version of driving with the handbrake half on. Even the minimum‑variance mix has a better Sharpe. The ingredients are fine; the recipe is just lazily thrown together.

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%
  • State Street SPDR S&P 500 UCITS ETF (Acc) 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 where this portfolio quietly shines without trying too hard. A total TER of 0.15% is actually impressively low given the extra factor ETFs thrown in for personality. ACWI and S&P are dirt cheap, and even the pricier factor funds aren’t blowing up the average. It’s like you accidentally wandered into the budget aisle and picked correctly. Still, paying extra basis points for factor tilts that barely move overall risk or character is a bit like adding expensive toppings to a pizza you mostly don’t taste. Cost control: solid. Cost efficiency relative to actual differentiation: debatable.

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