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Comfortable global index hug disguised as fancy factor investing experiment

Report created on Apr 22, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

4/5
Broadly Diversified
Less diversification More diversification
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Positions

This portfolio looks like someone started building a simple global index core then panic-bought three factor funds to feel clever. Forty percent in a world fund plus 30% in a US fund is basically saying “I love ACWI but I really love the S&P 500.” Then you sprinkle 30% across value, EM value, and Europe momentum like seasoning you’re not sure how to use. The structure is coherent enough, but it’s trying to be both boring core and edgy smart beta at the same time. Net result: you mostly own the same big global stocks, just through slightly different packaging with a bit of style tilt glued on.

Growth Info

Historically, this thing has been on a heater. Turning €1,000 into €1,649 in about 2.5 years with a 22.46% CAGR is not normal, it’s bull-market steroids. Beating both the US market and global market by around 3.4 percentage points a year is great, but let’s not pretend it’s skill after one short, tech-fueled run. Max drawdown of -20.64% was less brutal than the benchmarks, but still very much “heart rate up” territory. And 90% of returns coming from 21 days shows classic equity behavior: miss a handful of great days and the magic disappears. Past data here is basically a highlight reel, not a promise.

Projection Info

The Monte Carlo projection is the adult in the room telling the backtested party to calm down. A median outcome of €2,776 from €1,000 over 15 years (about 8.25% annualized) is far tamer than the recent 22% joyride. Monte Carlo is just a fancy way of saying “we ran this portfolio through 1,000 alternate timelines using its past risk/return stats.” The likely range, from barely above cash-like outcomes to “nice if it happens,” is wide enough to remind that stocks don’t owe anyone double-digit returns. The 74% chance of finishing positive is good, but that’s still a one-in-four shot at ending up disappointed.

Asset classes Info

  • Stocks
    100%

Asset allocation here is as subtle as a brick: 100% stocks, zero anything else. For a “balanced” label and a 4/7 risk score, this is basically just an equity engine with no ballast. No bonds, no cash sleeve, no diversifiers — just pure growth-or-sink mode. That’s fine if the expectation is “this will move sharply with markets,” but the branding as balanced is doing heavy PR work. When everything is stocks, volatility isn’t a bug, it’s the feature. In stormy markets, this setup behaves less like a balanced mix and more like a stock market tracker with a slightly artsy tilt.

Sectors Info

  • Technology
    28%
  • Financials
    17%
  • Industrials
    11%
  • Consumer Discretionary
    9%
  • Health Care
    8%
  • Telecommunications
    8%
  • Consumer Staples
    5%
  • Energy
    4%
  • Basic Materials
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, the portfolio is doing the classic modern equity routine: tech on top at 28%, then financials, industrials, and a long tail of “we exist too.” It’s basically a polite tech dependence — not full-on tech junkie, but definitely checking the NASDAQ’s mood every morning. With that much in technology, a good chunk of performance is riding on a small group of highly priced, very narrative-driven names. The lower allocations to defensive sectors like staples and utilities mean this isn’t exactly built as a cushion when growth stories crack. It’s a growth-leaning sector mix wearing a broadly diversified badge.

Regions Info

  • North America
    61%
  • Europe Developed
    19%
  • Asia Developed
    7%
  • Asia Emerging
    5%
  • Japan
    4%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%

Geographically, this is “US first, world second.” With 61% in North America, it’s tied pretty closely to how the US megacap circus is doing. Europe gets a respectful 19%, and the rest of the world fights over scraps in single digits. So yes, global on paper, but heavily tilted toward one economic and currency bloc. It mirrors common global indices, but that also means a lot of eggs in one macro basket: US growth, US policy, US tech cycle. The EM slice is small enough that it adds spice, not real diversification heft. It’s a world portfolio that clearly has a favorite child.

Market capitalization Info

  • Mega-cap
    47%
  • Large-cap
    38%
  • Mid-cap
    15%

Market cap breakdown screams “index comfort zone.” With 47% in mega-caps and 38% in large-caps, this thing is almost entirely dominated by giant corporations whose logos you see daily. Mid-caps at 15% are more cameo than co-star. This size tilt means the portfolio moves with the global big-cap narrative: stable-ish in normal times, but heavily exposed when crowded trades in dominant names unwind. There’s zero sign of any intentional small-cap risk-taking — this is very much “don’t rock the boat, just hug the big end of town.” Fine for predictability, but don’t expect hidden gems to suddenly carry the show.

True holdings Info

  • NVIDIA Corporation
    4.15%
    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
  • Apple Inc
    3.65%
    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
    2.63%
    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
    1.97%
    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.
    1.63%
    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
    1.63%
    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
    1.40%
    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
    1.35%
    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.
    1.22%
    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
    1.03%
    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 20.67%

The look-through is where the “I’m diversified” illusion cracks a bit. NVIDIA at 4.15%, Apple at 3.65%, Microsoft at 2.63%, Amazon, Alphabet (twice), Meta, Tesla — basically the full Magnificent Soap Opera cast. And that’s just from partial top-10 data covering under a third of the portfolio. The same mega names repeat across ACWI, S&P 500, and factor funds, quietly stacking exposure. Overlap is almost certainly higher than shown, meaning this isn’t five funds of different ideas; it’s one big global megacap bet with a few stylistic filters. When those giants sneeze, the whole portfolio catches a cold.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 40.00%
    40.0%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    31.6%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    9.8%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 10.00%
    9.6%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    8.9%

Risk contribution is the backstage pass showing who’s really driving the drama. The 40% ACWI position contributes basically 40% of risk, which is normal. The S&P 500 slice is 30% of weight but 31.62% of risk, meaning it swings a little harder than its share. Factor funds, despite 30% combined weight, only contribute about 28% of risk — they’re more supporting cast than lead actors. Top three positions driving over 81% of total risk says the quiet part: this is a three-fund show in practice. Everything else tinkers at the margin while ACWI + S&P 500 do most of the emotional damage.

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

The correlation section is just brutally honest: the S&P 500 fund and the ACWI fund move almost identically. That’s the equivalent of paying for two different playlists that both just loop the same top-40 hits. Highly correlated assets don’t help when markets crack; they just all go down together with slightly different accents. Here, the overlap means that holding both ACWI and an S&P 500 fund stacks exposure without adding much genuine diversification. It’s diversification theater: plenty of positions on the statement, much less variety in how they actually behave when things get rough.

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 risk–return chart, this portfolio is leaving performance on the table with the enthusiasm of someone tipping 20% for bad service. A Sharpe ratio of 1.28 versus 1.81 for the optimal combo (using the same ingredients) shows it’s not pulling its weight per unit of risk. Sitting 3.35 percentage points below the efficient frontier at its risk level basically says, “these ingredients could be mixed much better.” Even the minimum variance portfolio squeezes a higher Sharpe with slightly lower risk. Nothing new needs to be added — just smarter weighting would make the same holdings earn their keep more efficiently.

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) 0.28%

Costs are actually pretty reasonable here, which almost feels out of character for a slightly overengineered structure. A total TER of 0.28% for a mix of global core and spicy factor funds is not outrageous — more like mildly high compared with the absolute cheapest plain-vanilla options, but not offensive. The ACWI fund at 0.45% is doing most of the fee damage while the factor funds charge their predictable smart-beta tax. This is the classic case of paying a modest premium for complexity that doesn’t fully translate into a clearly superior structure. Fees aren’t killing it, but they’re not heroic either.

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