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Nearly global and weirdly redundant this portfolio is three funds in a trench coat

Report created on May 9, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

3/5
Moderately Diversified
Less diversification More diversification

Positions

This “balanced” portfolio is basically one big world fund wearing two smaller world-ish funds as accessories. Sixty percent in ACWI, twenty percent in S&P 500, then two 10% value-factor side quests bolted on at the end. It looks diversified at first glance, but under the hood it’s a lot of the same giant companies being bought three different ways. Structurally it’s simple, but also kind of pointless layering: the core ACWI already owns most of what the others own. That means more moving parts than necessary for surprisingly little change in the actual behaviour of the portfolio.

Growth Info

The recent performance numbers are obnoxiously good: €1,000 turning into €1,695 in about two and a half years, with a 23.3% CAGR. That’s hot-rod territory. It even beats both the US and global market CAGRs by roughly 2.5 percentage points, while suffering a slightly smaller or similar max drawdown. Before getting too impressed, this is a very short, very lucky slice of history during a tech-and-megacap rocket phase. CAGR is like average speed on a downhill ride with a tailwind — fun, but not a fair test of the bike.

Projection Info

The Monte Carlo projection is the cold shower after the performance party. Simulations spit out a median of €2,689 after 15 years from €1,000 — solid, but a lot less glamorous than the backtest. With a 72.6% chance of finishing positive, this isn’t some lottery ticket, but also not a guaranteed joyride. Monte Carlo is just a thousand “what if the future kind of rhymes with the past” scenarios. It can’t predict black swans, policy shocks, or the next weird bubble. It mostly says: expect a bumpy, moderately rewarding ride, not a repeat of the recent moonshot.

Asset classes Info

  • Stocks
    100%

Asset-class “diversification” here is a one-word story: stocks. A full 100% in equities, nothing in bonds, cash, or anything that might behave differently when markets panic. That’s fine if the goal is pure growth, but it makes the “balanced” risk label feel like marketing poetry. When everything you own is on the same roller coaster, downturns don’t get cushioned, they get amplified. Asset allocation is usually the big lever for risk control; this portfolio basically yanks that lever to the far end and snaps it off.

Sectors Info

  • Technology
    32%
  • Financials
    15%
  • Industrials
    10%
  • Consumer Discretionary
    9%
  • Telecommunications
    9%
  • Health Care
    8%
  • Energy
    5%
  • Consumer Staples
    5%
  • Basic Materials
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, this is yet another portfolio faithfully worshipping at the altar of technology: 32% in tech, then a step down to financials, industrials, and so on. It’s roughly what a broad global index looks like today, but that just means it’s fully signed up to whatever happens to a relatively small group of mega tech names. If tech sneezes, this thing catches pneumonia. The rest of the sectors are there more for decoration than balance — no sector is wildly off, but tech dominance means the portfolio’s mood is basically “how are chips and cloud doing this quarter?”

Regions Info

  • North America
    65%
  • Europe Developed
    12%
  • Asia Developed
    9%
  • Asia Emerging
    6%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%

Geographically, it’s “Global” in the same way an airport Starbucks is “local culture.” Sixty-five percent in North America tells you who’s driving. Europe, Japan, and other regions exist, but mostly as supporting cast. It broadly mirrors global market weights, which is defensible, but it also means the fate of the portfolio leans heavily on one economic and political system. The 6% in emerging Asia and token allocations to Latin America, Africa, and Australasia barely move the needle. This isn’t a geographic disaster, just a textbook case of US hegemony by default.

Market capitalization Info

  • Mega-cap
    48%
  • Large-cap
    36%
  • Mid-cap
    15%

Market cap exposure is tilted so hard to the giants it might as well come with a “no small fry allowed” sign: 48% mega-cap, 36% large-cap, and a lonely 15% in mid-caps. That’s again very index-like, but it means the portfolio is heavily hostage to a dozen monster companies. When those beasts roar, returns look great, but there’s not much participation from smaller, potentially nimbler businesses. The portfolio behaves like a popularity contest: the biggest names call the shots, while the rest are too small to matter much in day-to-day performance.

True holdings Info

  • NVIDIA Corporation
    4.34%
    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
  • Apple Inc
    3.82%
    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
    2.72%
    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
    2.05%
    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.
    1.94%
    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
    1.70%
    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
    1.45%
    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
  • Alphabet Inc Class C
    1.42%
    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.
    1.28%
    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
    1.07%
    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 21.79%

The look-through holdings are basically a tech mega-cap fan club roster: NVIDIA, Apple, Microsoft, Amazon, Alphabet (twice), Meta, Tesla, TSMC, Broadcom. And they’re appearing across multiple ETFs, so you’re layering exposure on top of exposure. Overlap is probably even worse than it looks because only ETF top-10s are counted. This is the portfolio equivalent of buying three playlists and realizing they all start with the same ten songs. Diversification at the fund label level is fine; diversification at the company level is much thinner than the marketing would suggest.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 60.00%
    60.0%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 20.00%
    21.1%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    9.9%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    8.9%

Risk contribution is almost hilariously proportional to weight here. The 60% ACWI chunk contributes 60% of risk, the 20% S&P 500 slice adds about 21%, and the value satellites together barely reach 19%. So the top three positions drive over 91% of total portfolio risk. That means all those extra tickers and factor labels are mostly theatre; the core global and US funds are doing the real emotional damage when markets move. On the upside, at least there isn’t some tiny wild holding secretly hijacking volatility — the big stuff is exactly what’s shaking the boat.

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 section might as well say “copy-paste detected.” The S&P 500 ETF and the ACWI ETF move almost identically, which isn’t shocking since ACWI is heavily US-driven. Holding both is like owning two versions of the same playlist with one or two extra tracks tacked on. In calm times, that just means redundancy; in a crash, it means both fall together like synchronized divers. Correlation isn’t evil, but if two big holdings are basically twins, they’re not really diversifying each other — they’re just echoing the same risk.

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 efficient frontier chart, this portfolio is decisively leaving money on the table. At its current risk level (13.41% volatility), the portfolio sits around 4.45 percentage points below what could be achieved just by reweighting the same holdings. The Sharpe ratio of 1.33 gets smoked by the optimal mix at 1.96 and even trails the minimum-variance combo at 1.64. Translation: this is an inefficient use of the ingredients already in the fridge. Same funds, better proportions could deliver more return for the same stress level, or less stress for similar return.

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%
  • 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) 0.15%

Costs are almost suspiciously sensible. A total TER of 0.15% for a multi-ETF, global equity setup is very hard to complain about. The core funds are cheap, and even the factor ETFs, while pricier at 0.30–0.40%, don’t drag the blended cost into silly territory. This is one of those rare cases where the fee sheet doesn’t need roasting: you’re basically flying economy for economy prices, not paying business-class money for the same cramped seat. If there’s waste here, it’s in structure and overlap, not in explicit fees.

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