Semiconductor tilt within a global equity core creates a focused and growth oriented stock portfolio
Report created on May 9, 2026Risk profile
5/7
Diversification profile
3/5
Positions
-
SW SPDR® MSCI World UCITS ETF
SWRD - IE00BFY0GT14 70.00% -
SM VanEck Semiconductor UCITS ETF
SMH - IE00BMC38736 30.00%
This portfolio is simple and very focused: 70% sits in a global equity ETF tracking developed markets, and 30% is in a dedicated semiconductor ETF. So everything is in stocks, with one broad “core” holding and one concentrated “satellite” on top. This kind of barbell structure matters because the core tends to move with the wider market, while the satellite can swing more with one specific industry. Here, almost a third of the money is intentionally tilted toward a fast‑moving area. That creates clear growth potential but also means the portfolio’s behaviour is strongly tied to how that industry performs over time.
Growth
Over the period shown, €1,000 grew to about €2,904, which is a compound annual growth rate (CAGR) of 21.7%. CAGR is like your average speed on a long road trip, smoothing out all the bumps along the way. This result comfortably beats both the US market and global market references, which grew at 15.7% and 13.4% a year. The flip side is a max drawdown of about –32%, deeper than the benchmarks. Drawdown measures the biggest peak‑to‑trough fall, showing what “pain” was needed to get that higher return. Strong upside and sharper temporary falls have both been part of this ride.
Projection
The Monte Carlo projection uses past returns and volatility to simulate many possible future paths for €1,000 over 15 years. Think of it as running 1,000 “what if” scenarios, each slightly different, to see a range of outcomes instead of a single forecast. The median result lands around €2,918, with a wide possible range from roughly flat to several multiples of the starting amount. The model shows positive outcomes in about three‑quarters of simulations and an average annualised return of 8.3%. This highlights that, even with an equity‑heavy, growth‑oriented portfolio, future results can vary a lot. Any projection like this is an educated guess, not a guarantee.
Asset classes
- Stocks 100%
All of the portfolio is in stocks, with no bonds or alternatives. Asset classes are the big building blocks, like stocks, bonds, and cash, each behaving differently in good and bad times. A 100% equity allocation usually means more growth potential but also more volatility and larger temporary losses when markets fall. Compared with multi‑asset blends, this structure leans fully into market risk rather than smoothing the ride with defensive assets. The diversification score being only moderate reflects that everything depends on how global equities and the semiconductor segment behave, without other asset classes to offset stock market swings.
Sectors
- Technology 48%
- Financials 11%
- Industrials 8%
- Health Care 7%
- Consumer Discretionary 7%
- Telecommunications 6%
- Consumer Staples 4%
- Energy 3%
- Basic Materials 3%
- Utilities 2%
- Real Estate 1%
Almost half of the portfolio is in technology, driven heavily by the semiconductor ETF, while the rest spreads across financials, industrials, health care, consumer areas, telecoms, and smaller slices in energy, materials, utilities, and real estate. Sector exposure shows which parts of the economy drive returns. Here, the tilt toward technology is very clear, which can be powerful in periods when innovation‑related companies lead markets. However, tech‑heavy portfolios often feel more sensitive to interest rate changes, shifts in growth expectations, or regulatory news. The presence of other sectors adds some balance, but the main storyline remains technology‑dominated.
Regions
- North America 76%
- Europe Developed 15%
- Japan 4%
- Asia Developed 3%
- Australasia 1%
Geographically, about three‑quarters of the portfolio sits in North America, with most of the rest in developed Europe and smaller amounts in Japan, other developed Asia, and Australasia. Geography matters because different regions have their own economic cycles, currencies, and policy environments. This mix lines up fairly closely with common global equity benchmarks, which also tend to be heavily US‑tilted due to market size. That alignment is helpful because it anchors the portfolio to the global corporate landscape rather than to a single smaller region. At the same time, it means performance is strongly influenced by North American markets and currencies.
Market capitalization
- Mega-cap 50%
- Large-cap 37%
- Mid-cap 12%
Roughly half the portfolio is in mega‑cap companies, about a third in large caps, and the remainder in mid caps. Market capitalisation (or “market cap”) is basically company size measured by stock market value. Bigger firms often have more stable businesses and better access to capital, while smaller ones can be more volatile but sometimes grow faster. This portfolio leans clearly towards the largest, most established companies, which is common in index‑based strategies. That tilt can dampen some extreme swings relative to a small‑cap heavy mix, while still providing exposure to mid‑cap names that may move more sharply in both directions during changing market conditions.
True holdings
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NV NVIDIA Corporation 6.03%
Part of fund(s):- SPDR® MSCI World UCITS ETF
- VanEck Semiconductor UCITS ETF
-
AV Broadcom Inc 4.03%
Part of fund(s):- SPDR® MSCI World UCITS ETF
- VanEck Semiconductor UCITS ETF
-
AA Apple Inc 3.22%
Part of fund(s):- SPDR® MSCI World UCITS ETF
-
MU Micron Technology Inc 3.13%
Part of fund(s):- VanEck Semiconductor UCITS ETF
-
AM Advanced Micro Devices Inc 2.98%
Part of fund(s):- VanEck Semiconductor UCITS ETF
-
TS Taiwan Semiconductor Manufacturing 2.65%
Part of fund(s):- VanEck Semiconductor UCITS ETF
-
IN Intel Corporation 2.46%
Part of fund(s):- VanEck Semiconductor UCITS ETF
-
AS ASML Holding NV ADR 2.34%
Part of fund(s):- VanEck Semiconductor UCITS ETF
-
MS Microsoft Corporation 2.28%
Part of fund(s):- SPDR® MSCI World UCITS ETF
-
LR Lam Research Corp 1.68%
Part of fund(s):- VanEck Semiconductor UCITS ETF
- Top 10 total 30.81%
Looking through into the ETFs’ top holdings, the largest underlying exposures include NVIDIA, Broadcom, Apple, Micron, AMD, TSMC, Intel, ASML, Microsoft, and Lam Research. Several of these names appear via both the global ETF and the semiconductor ETF, creating overlap that increases hidden concentration. For example, a company like NVIDIA can show up in the broad global fund and again in the semiconductor fund, pushing its combined exposure above what a single ETF would imply. Because only top‑10 positions are visible, actual overlap is likely higher. This means the portfolio’s fortunes are meaningfully linked to a small group of big technology and chip‑related companies.
Factors
Factor exposures are estimated using statistical models based on historical data and measure systematic (market-relative) tilts, not absolute portfolio characteristics. Results may vary depending on the analysis period, data availability, and currency of the underlying assets.
On the factor side, size exposure is very low at 4%, and yield exposure is also very low at 10%, while low volatility is around neutral. Factors are like investing “ingredients” such as value, size, or yield that research has linked to long‑term return patterns. A very low size score means a strong tilt away from smaller companies and towards large and mega‑caps. Similarly, a very low yield score shows a tilt away from high‑dividend stocks and towards companies that typically reinvest earnings for growth. Together, these point to a growth‑oriented profile driven by big, often more expensive companies rather than smaller, higher‑yielding ones.
Risk contribution
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SPDR® MSCI World UCITS ETF
Weight: 70.00% 53.1% -
VanEck Semiconductor UCITS ETF
Weight: 30.00% 46.9%
Risk contribution explains how much each holding drives the portfolio’s total ups and downs, which can differ from simple weights. Here, the global ETF is 70% of the money but contributes about 53% of the risk, while the semiconductor ETF is only 30% of the capital yet contributes almost 47% of the risk. That higher risk‑per‑weight ratio shows the semiconductor slice is significantly more volatile than the broad market fund. In practice, when markets move sharply, this 30% position can punch above its weight, amplifying both good and bad days. All portfolio risk is concentrated in just these two holdings, making the structure very transparent.
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 shows the current mix sitting on or very close to the frontier, with a Sharpe ratio of 0.83. The Sharpe ratio compares return to risk, a bit like judging a car by both speed and safety rather than speed alone. The optimal portfolio here would have a higher Sharpe by taking even more risk and return using the same two funds in different weights, while the minimum‑variance mix lowers risk and expected return but keeps a similar risk‑adjusted profile. Because the current allocation already lies near the frontier, it’s using these two holdings efficiently for the chosen risk level.
Ongoing product costs
- VanEck Semiconductor UCITS ETF 0.35%
- SPDR® MSCI World UCITS ETF 0.12%
- Weighted costs total (per year) 0.19%
The weighted ongoing costs (TER) of around 0.19% per year are very low for a specialised yet simple two‑ETF structure. TER, or Total Expense Ratio, is like an annual service fee taken inside the fund before returns reach you. Keeping this figure small is powerful over time, because lower friction means more of any gains stay in the portfolio each year and can compound. For a fully equity portfolio with a thematic tilt, these costs are impressively lean and broadly in line with cost‑conscious, index‑style approaches. The fee structure is a clear strength and supports the growth‑oriented objective without dragging heavily on performance.
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