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Factor salad with index dressing that somehow works but wastes a lot of potential

Report created on May 3, 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 diversified at first glance, then reveals itself as “S&P 500 plus ACWI plus factor side quests.” Half the money is in two very similar broad-market funds, so diversification points are partly an illusion. The remaining half is scattered across value and momentum factor funds like someone binge-watched a smart beta webinar and got overexcited. Structurally, it’s not chaotic, just inefficient: lots of overlap, not much intentional structure. It behaves like a global equity fund with a mild factor twist, not a carefully engineered mix. In practice, this means complexity without a matching jump in sophistication — extra moving parts mostly to end up near a vanilla global equity stance.

Growth Info

Historically, this thing has been on a heater: €1,000 turning into €1,701 in under three years is not shy. A 23.67% CAGR versus ~19% for both US and global benchmarks is the kind of outperformance that makes people suddenly think they’re geniuses. Max drawdown at -20.36% was actually a bit kinder than the benchmarks, so it didn’t just win by taking stupid risks. But this is a short, unusually strong period, turbocharged by a tech-heavy world and friendly conditions. Past data is yesterday’s weather: pleasant to remember, terrible to rely on for long‑term climate forecasts.

Projection Info

The Monte Carlo projection basically says, “Calm down, that recent performance is not your new normal.” Simulations put the median 15‑year outcome at €2,673 — a decent 7.85% annualized, but a far cry from that 23% party you just saw. Monte Carlo is just a fancy dice roll based on historical behavior: it scrambles returns thousands of times to see how things might play out. The possible range from about €897 to €7,417 screams “anything can happen.” The 71.4% chance of a positive outcome is solid, but there’s still meaningful room for disappointment if markets decide to be moody.

Asset classes Info

  • Stocks
    100%

On asset classes, this portfolio is a one-trick pony: 100% in stocks. No bonds, no cash proxy, no diversifiers — just pure equity rollercoaster. For something labeled “balanced,” this is more “moderately caffeinated adrenaline junkie.” Asset allocation is where you normally soften the blow of bad years; here, the only shock absorber is hoping global equities don’t all misbehave at the same time. It will ride the full equity cycle: great in booms, sulky in crashes, nothing in between to blunt the experience. If risk score 4/7 had a personality, it might protest this all‑equity reality.

Sectors Info

  • Technology
    30%
  • Financials
    17%
  • Industrials
    11%
  • Consumer Discretionary
    9%
  • Health Care
    8%
  • Telecommunications
    7%
  • Energy
    5%
  • Basic Materials
    5%
  • Consumer Staples
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, tech is clearly the teacher’s pet at 30%. Financials, industrials, and consumer names trail along respectably, but make no mistake: the growth engine is very silicon-flavored. This is more or less what broad global equity looks like today, but the factor overlays don’t meaningfully escape the dominant tech gravity. When tech sneezes, this portfolio is catching the cold. The rest of the sector lineup looks sensible on paper, yet none of them is strong enough to counterbalance a serious tech tantrum. It’s dressed up as diversified, but the tech sway is what’s really calling the shots.

Regions Info

  • North America
    55%
  • Europe Developed
    17%
  • Asia Developed
    12%
  • Asia Emerging
    8%
  • Japan
    3%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%

Geographically, this is still very much “US first, everything else gets a cameo.” North America at 55% is doing the heavy lifting, with Europe and developed Asia sharing the supporting‑actor award. Emerging markets get a polite 8% nod plus small scraps elsewhere, which is funny given there’s a dedicated EM value ETF sitting at 20% weight — that just shows how small EM still is in the global pie. It’s not “America or bust,” but it’s definitely “America, with subtitles.” Global-ish, yes. Truly balanced between regions? Not even close. It’s basically betting the world still dances to the US tune.

Market capitalization Info

  • Mega-cap
    48%
  • Large-cap
    37%
  • Mid-cap
    14%

Market cap exposure screams “index hugger with a slight tilt.” Nearly half in mega-caps, another 37% in large caps, with mid-caps tossed in as seasoning at 14%. There’s no real small-cap spice here; this is the blue-chip comfort zone with a faint nod to slightly smaller companies. That means stability relative to tiny, wild names, but also a dependence on the biggest incumbents to keep carrying the story. When mega-caps lead, this looks brilliant; when leadership rotates toward smaller firms, this structure risks feeling a bit slow and heavy. It’s the equity equivalent of always playing the headliners.

True holdings Info

  • NVIDIA Corporation
    3.68%
    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
    3.24%
    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.
    2.52%
    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
  • Microsoft Corporation
    2.34%
    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
  • Amazon.com Inc
    1.75%
    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 A
    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
  • Broadcom Inc
    1.25%
    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
    1.19%
    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.
    1.08%
    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
  • SK Hynix Inc
    1.00%
    Part of fund(s):
    • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
  • Top 10 total 19.50%

The look-through holdings reveal what the portfolio really worships: the usual mega-cap tech royalty. NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta — they’re all here, just hiding in multiple wrappers. NVIDIA alone at 3.68% and Apple at 3.24% via overlapping funds show that “diversification” is partially just buying the same celebrities in different costumes. And that’s with only top‑10 ETF holdings covered; true overlap is definitely higher. This kind of stacking means the portfolio’s fate is tightly hitched to a small club of gigantic companies, no matter how many different ETF labels appear on the statement.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    30.8%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 30.00%
    29.7%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 20.00%
    20.9%
  • 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%
    9.0%

Risk contribution is surprisingly tidy: weights and risk are almost one-to-one, with the top three positions driving about 81% of total risk. That sounds scary, but it mostly reflects that three funds make up 80% of the actual allocation — nothing mysterious, just math being boring. Still, it means the S&P 500 ETF, ACWI ETF, and EM Value fund are the true puppeteers of volatility. The smaller factor satellites aren’t moving the needle much; they’re more decorative than decisive. If anything interesting or weird happens to this portfolio, odds are it starts in one of those three big blocks.

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 story is basically “copy-paste with a twist.” The S&P 500 ETF and the ACWI ETF move almost identically — which is not shocking since the US is a giant slice of global markets. Owning both isn’t diversification; it’s more like buying two nearly identical pizzas and feeling proud you didn’t order a third. Correlation just measures how similarly things move; when it’s high, everything parties and crashes together. In stress events, these two funds are emotionally synchronized, so holding both mostly adds redundancy rather than true risk spreading.

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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The efficient frontier chart politely exposes the inefficiency: the current mix sits about 2.5 percentage points below what could be achieved with the same ingredients. Sharpe ratio at 1.35 versus 1.81 for the optimal combo says the risk/return trade-off is leaving value on the table. That means just reshuffling weights — not adding anything new — could either boost returns for similar risk or cut risk for similar returns. Right now, it’s like owning the right toolkit but insisting on using the wrong wrench for every job. Functional, yes. Optimized, absolutely not.

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%
  • 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) 0.18%

Costs are the one place this portfolio behaves like it knows what it’s doing. A 0.18% total TER is refreshingly sane, driven by a dirt-cheap S&P 500 ETF and reasonably priced factor funds. You’re not lighting money on fire for the privilege of hugging global indexes with a few style tilts. It’s not rock-bottom absolute cheapest — those factor ETFs drag the average up a bit — but it’s well within “I can sleep at night” territory. Fees here are more like a modest service charge than a wealth tax, which makes the inefficiencies elsewhere even more annoying.

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