Global equity core with a focused semiconductor and Japan tilt and strong recent performance

Report created on May 10, 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 built as a global equity core with a couple of targeted tilts on top. Around two thirds sits in a broad world stock ETF, which provides exposure to many countries and sectors in a single holding. The remaining third is split across a semiconductor ETF, a Japan ETF, and a smaller allocation to Italian equities. Structurally, this is a straightforward “core and satellite” setup, where one diversified fund does most of the heavy lifting and smaller positions add specific themes. That simplicity makes it easier to understand what is driving results and how concentrated the risk really is. It also means overall behaviour will still closely follow global stock markets despite the added tilts.

Growth Info

Over the period from late 2020 to May 2026, €1,000 in this portfolio grew to about €2,722. That works out to a Compound Annual Growth Rate (CAGR) of 20.06%, which is how much it grew per year on average, similar to an average speed over a long trip. This has outpaced both the US market and a global equity benchmark by a noticeable margin. The worst peak‑to‑trough loss, or max drawdown, was about -22.7%, roughly in line with broad markets. The portfolio also needed only 36 particularly strong days to generate 90% of its total return, showing how missing a few big up days could have made the history look very different.

Projection Info

The Monte Carlo simulation looks at many possible future paths by shaking up returns based on past behaviour. Think of it as rolling the dice 1,000 times using the portfolio’s historical swings as a guide, then seeing where a €1,000 investment ends after 15 years. The median outcome lands around €2,670, with a wide but mostly positive range of potential values. The average simulated annual return is 7.88%, much lower than the recent historical CAGR, illustrating how projections are deliberately more conservative. Importantly, these paths are not forecasts but what‑if exercises; they assume the future behaves statistically like the past, which is never guaranteed, especially for concentrated themes like semiconductors.

Asset classes Info

  • Stocks
    100%

All of the capital is invested in stocks, with no allocation to bonds, cash‑like instruments, or alternative assets. That makes the asset class picture very clean but also means the portfolio will fully experience equity market ups and downs. In multi‑asset portfolios, having bonds or cash can dampen drawdowns, much like a shock absorber on a bike. Here, the “ride” is unfiltered equity risk. This is consistent with the risk classification as balanced‑to‑growth rather than conservative, but it does mean volatility is driven entirely by how global and thematic equities behave rather than being cushioned by more stable asset classes.

Sectors Info

  • Technology
    39%
  • Financials
    15%
  • Industrials
    10%
  • Consumer Discretionary
    8%
  • Health Care
    6%
  • Telecommunications
    6%
  • Consumer Staples
    4%
  • Energy
    4%
  • Basic Materials
    3%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, technology stands out at about 39% of the equity exposure, well above what’s typically seen in broad global indices. Financials, industrials, and consumer sectors are all present but with smaller weights, creating a long tail of more modest exposures. A strong tech tilt often comes with higher sensitivity to changes in interest rates, innovation cycles, and sentiment about growth companies. This is especially true when semiconductors are a theme, as that industry tends to see sharper booms and busts than more defensive areas like utilities or consumer staples. The concentration here helps explain both the strong recent performance and the potential for more pronounced swings.

Regions Info

  • North America
    58%
  • Europe Developed
    16%
  • Japan
    14%
  • Asia Developed
    6%
  • Asia Emerging
    3%
  • Australasia
    1%
  • Africa/Middle East
    1%
  • Latin America
    1%

Geographically, about 58% of the portfolio is in North America, with meaningful slices in developed Europe and Japan, plus smaller allocations across other regions. This is somewhat aligned with global equity market weights, where North America also dominates, so the regional mix is familiar compared to common world indices. The dedicated Japan ETF and Italian exposure give a bit more prominence to those markets than a pure global cap‑weighted fund would. Regional diversification helps spread exposure across different economies, currencies, and regulatory regimes. However, with equity markets increasingly interconnected, shocks in major regions can still ripple through the whole portfolio quickly.

Market capitalization Info

  • Mega-cap
    46%
  • Large-cap
    39%
  • Mid-cap
    14%

By market capitalization, the portfolio leans heavily toward mega‑cap and large‑cap companies, which together make up around 85% of exposure. Mid‑caps are present but modest. Larger companies tend to be more established, diversified businesses with deeper liquidity, which can provide somewhat more stability than very small, speculative stocks. At the same time, mega‑caps can dominate index behaviour, so when a few global giants do particularly well or poorly, they can shape overall returns. This size profile is quite typical for ETF‑based global portfolios and aligns closely with how major equity indices are constructed, giving a familiar large‑company bias.

True holdings Info

  • NVIDIA Corporation
    4.89%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Vanguard FTSE All-World UCITS ETF USD Accumulation
  • Broadcom Inc
    2.94%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Vanguard FTSE All-World UCITS ETF USD Accumulation
  • Apple Inc
    2.61%
    Part of fund(s):
    • Vanguard FTSE All-World UCITS ETF USD Accumulation
  • Taiwan Semiconductor Manufacturing
    2.02%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
  • ASML Holding NV ADR
    2.02%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
  • Microsoft Corporation
    1.96%
    Part of fund(s):
    • Vanguard FTSE All-World UCITS ETF USD Accumulation
  • Micron Technology Inc
    1.66%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
  • Advanced Micro Devices Inc
    1.60%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
  • Amazon.com Inc
    1.42%
    Part of fund(s):
    • Vanguard FTSE All-World UCITS ETF USD Accumulation
  • Applied Materials Inc
    1.29%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
  • Top 10 total 22.40%

Looking through the ETFs to their top holdings, several big names appear across multiple funds, especially in technology and semiconductors. NVIDIA, Broadcom, Apple, Microsoft, and Taiwan Semiconductor all show up with meaningful combined weights, even though none are held directly. This kind of overlap creates “hidden” concentration: different ETFs may feel diversified but can still lean on the same underlying companies. Only the top‑10 ETF positions are captured here, so total overlap is likely understated. Understanding these common holdings helps explain why portfolio performance and risk may be heavily influenced by the fortunes of a relatively small group of global tech leaders.

Risk contribution Info

  • Vanguard FTSE All-World UCITS ETF USD Accumulation
    Weight: 65.00%
    53.8%
  • VanEck Semiconductor UCITS ETF
    Weight: 20.00%
    35.0%
  • Xtrackers - MSCI Japan UCITS ETF
    Weight: 10.00%
    7.1%
  • iShares FTSE MIB UCITS
    Weight: 5.00%
    4.0%

Risk contribution shows how much each holding adds to overall volatility, which can differ from its weight. Here, the global All‑World ETF is 65% of the portfolio but contributes about 54% of total risk. The semiconductor ETF is only 20% by weight yet drives roughly 35% of risk, meaning it punches well above its size in terms of ups and downs. Japan and Italy together make up 15% of the weight but less than 12% of risk. The top three holdings account for about 96% of total risk, underlining that this is effectively a four‑position portfolio where the semiconductor sleeve is the main risk amplifier.

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 analysis compares this portfolio’s risk and return to the best possible combinations of the same holdings. The current mix has a Sharpe ratio of 1.01, which measures return per unit of risk after adjusting for a risk‑free rate. The optimal historical mix of these ETFs shows a higher Sharpe of 1.3, with slightly higher volatility but much higher return, while the minimum‑variance mix offers lower risk with a marginally better Sharpe than the current setup. Being about 2.6 percentage points below the frontier at its risk level suggests that, historically, different weightings of the same four ETFs could have offered a more efficient trade‑off without adding new products.

Ongoing product costs Info

  • iShares FTSE MIB UCITS 0.33%
  • VanEck Semiconductor UCITS ETF 0.35%
  • Vanguard FTSE All-World UCITS ETF USD Accumulation 0.19%
  • Xtrackers - MSCI Japan UCITS ETF 0.12%
  • Weighted costs total (per year) 0.22%

The portfolio’s ongoing costs, measured by Total Expense Ratio (TER), average around 0.22% per year across the four ETFs. That’s solidly in low‑cost territory compared with many actively managed funds, where fees are often multiple times higher. Lower costs mean less return is lost to fees each year, which can compound into a noticeable difference over long periods. The cheapest fund here is the Japan ETF, while the semiconductor and Italian ETFs are slightly more expensive, which is common for more specialised or regional products. Overall, the fee structure is efficient and aligns well with cost‑conscious, index‑based investing best practices.

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