Strong gold core with targeted semiconductor tilt and globally diversified equity satellite holdings

Report created on May 3, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

5/5
Highly Diversified
Less diversification More diversification

Positions

This portfolio is dominated by a single position: almost 57% is in a physical gold ETC, with the rest spread across global equity ETFs, a small high-yield bond ETF, and several dividend and sector funds. So structurally it looks like a “core” in gold with equity “satellites” around it. This mix creates a very different pattern from a standard all‑stock portfolio, because gold often behaves independently of shares. The balanced risk score of 4/7 reflects this blend of defensive metal exposure with growth‑oriented equities. Overall, the structure combines a strong thematic tilt in one asset (gold) with a fairly diversified set of smaller positions elsewhere, which is why the diversification score is high despite the large single holding.

Growth Info

Since early 2022, a hypothetical €1,000 in this portfolio grew to about €2,283, a compound annual growth rate (CAGR) of 33.29%. CAGR is the “average speed” of growth per year, smoothing out ups and downs. Over the same period, both the US market and the broader global market grew much less quickly, so this portfolio strongly outpaced them. At the same time, its largest peak‑to‑trough fall, or max drawdown, was -12.72%, noticeably smaller than the benchmarks’ deeper drops. That mix of high return and moderate drawdown is rare, and has likely been helped by strong performance in gold and semiconductors. Still, past performance only shows what worked in this window; it cannot guarantee similar results going forward.

Projection Info

The forward projection uses a Monte Carlo simulation, which is like running 1,000 alternate futures based on how the portfolio behaved historically. Each path mixes returns and volatility in different orders to show a range of possible outcomes. After 15 years, the median scenario turns €1,000 into about €2,066, or around 5.49% annualised across all simulations. The “likely range” from about €1,543 to €2,812 illustrates that results can vary meaningfully even with the same average characteristics. There is also a meaningful chance of ending near breakeven or below in the most pessimistic paths. These projections are purely statistical, and they rely on past patterns continuing, which may not fully capture future shocks, regime changes, or structural shifts in markets.

Asset classes Info

  • Other
    57%
  • Stocks
    35%
  • No data
    5%
  • Bonds
    3%

By asset class, roughly 35% is in stocks, 3% in bonds, about 57% in “Other” (driven mainly by gold), and a small slice is in the “No data” bucket where classification is unavailable. Compared with more traditional balanced portfolios that hold large chunks of bonds, this one leans on gold instead as its main non‑equity component. That creates a different type of diversification: instead of relying on bond price movements, the portfolio’s defensive behaviour depends heavily on how gold reacts to inflation, interest rates, and risk sentiment. The explicit equity share still gives growth exposure, while the modest bond allocation adds a smaller cushion. Overall, this asset‑class mix is unusual but clearly intentional, with gold playing a central stabilising and return‑driving role.

Sectors Info

  • Technology
    11%
  • Financials
    7%
  • Industrials
    4%
  • Consumer Staples
    3%
  • Consumer Discretionary
    3%
  • Telecommunications
    2%
  • Health Care
    2%
  • Basic Materials
    1%
  • Utilities
    1%
  • Energy
    1%

This breakdown covers the equity portion of your portfolio only.

Within the equity slice, technology stands out as the largest sector at about 11%, supported by focused semiconductor and information technology ETFs. Financials are next at 7%, followed by industrials and consumer sectors in the low single digits, plus smaller allocations to telecoms, health care, basic materials, utilities, and energy. Compared with broad global equity benchmarks, this is a clear overweight to tech relative to the total portfolio size, although still modest when you include the large gold position. Tech‑heavy areas, especially semiconductors, can be more volatile and sensitive to economic cycles and interest‑rate changes. Having defensives like consumer staples and utilities present alongside them helps balance sector risk within the equity bucket, even though the big gold stake remains the main risk anchor overall.

Regions Info

  • North America
    14%
  • Europe Developed
    11%
  • Japan
    8%
  • Asia Developed
    1%

This breakdown covers the equity portion of your portfolio only.

Geographically, the equity exposure is spread across North America (14%), developed Europe (11%), Japan (8%), and a small slice of other developed Asia. This looks more balanced than the typical global index, which is usually dominated by one region. The presence of dedicated Japan funds adds a clear regional tilt that is less common in standard world portfolios. Different regions often move out of sync because of local economic conditions, currencies, and policy differences, so this spread can smooth the equity ride over time. The large gold allocation sits outside these regional labels but often responds to global macro themes, adding another layer of diversification that is not tied to any single economy or currency.

Market capitalization Info

  • Mega-cap
    15%
  • Large-cap
    13%
  • Mid-cap
    5%
  • Small-cap
    1%

This breakdown covers the equity portion of your portfolio only.

Looking at company size, or market capitalization, the portfolio leans mainly into large and mega‑cap stocks, with 15% in mega‑caps and 13% in large‑caps, while mid‑caps and small‑caps together make up only about 6%. Mega‑caps are the very largest companies in the market; they tend to be more established, widely followed, and often more liquid. That can help with stability and trading, especially in stressed markets. The relatively small exposure to smaller companies means less sensitivity to the sometimes sharper swings and local growth stories they offer. Many broad global indices also lean to mega‑caps, so this structure aligns fairly closely with mainstream benchmarks, which is generally a positive sign from a diversification and implementation standpoint.

True holdings Info

  • NVIDIA Corporation
    1.23%
    Part of fund(s):
    • SPDR® MSCI World UCITS ETF EUR
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
    • iShares MSCI Global Semiconductors UCITS ETF USD Acc
    • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc
  • Apple Inc
    0.77%
    Part of fund(s):
    • SPDR® MSCI World UCITS ETF EUR
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
    • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc
  • Broadcom Inc
    0.60%
    Part of fund(s):
    • SPDR® MSCI World UCITS ETF EUR
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
    • iShares MSCI Global Semiconductors UCITS ETF USD Acc
    • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc
  • Advantest Corp.
    0.52%
    Part of fund(s):
    • Xtrackers Nikkei 225 UCITS ETF 2D EUR Hedged
    • db x-trackers JPX-Nikkei 400 UCITS DR 3C
  • Microsoft Corporation
    0.52%
    Part of fund(s):
    • SPDR® MSCI World UCITS ETF EUR
    • iShares Core MSCI World UCITS ETF USD (Acc) EUR
    • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc
  • Fast Retailing Co. Ltd.
    0.40%
    Part of fund(s):
    • Xtrackers Nikkei 225 UCITS ETF 2D EUR Hedged
  • ASML Holding N.V.
    0.40%
    Part of fund(s):
    • iShares MSCI Global Semiconductors UCITS ETF USD Acc
    • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc
  • Tokyo Electron Limited
    0.38%
    Part of fund(s):
    • Xtrackers Nikkei 225 UCITS ETF 2D EUR Hedged
    • db x-trackers JPX-Nikkei 400 UCITS DR 3C
  • Allianz SE VNA O.N.
    0.35%
    Part of fund(s):
    • Amundi Index Solutions - Amundi DivDAX I UCITS ETF EUR Distributing
    • VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF
    • iShares Core DAX® UCITS ETF (DE) EUR (Dist)
  • Taiwan Semiconductor Manufacturing Co. Ltd.
    0.29%
    Part of fund(s):
    • iShares MSCI Global Semiconductors UCITS ETF USD Acc
  • Top 10 total 5.46%

This breakdown covers the equity portion of your portfolio only.

The look‑through data covers only the top‑10 holdings of each ETF, so it captures about 15.5% of the portfolio and understates total overlap. Within that slice, a few names repeat across multiple funds, especially in semiconductors and big tech: NVIDIA, Apple, Microsoft, Broadcom, ASML, and TSMC all show up. This means some exposures are larger than they appear when just looking at each ETF weight separately, because the same company is held through several vehicles. Hidden concentration like this is common in portfolios combining broad global funds with sector ETFs. It can boost returns when those popular companies do well, but it also means a handful of large stocks play an outsized role in driving the equity portion’s ups and downs.

Risk contribution Info

  • iShares Physical Gold ETC EUR
    Weight: 56.99%
    66.6%
  • HSBC NASDAQ Global Semiconductor UCITS ETF USD
    Weight: 5.32%
    7.5%
  • iShares MSCI Global Semiconductors UCITS ETF USD Acc
    Weight: 3.95%
    5.5%
  • Xtrackers Nikkei 225 UCITS ETF 2D EUR Hedged
    Weight: 4.21%
    3.8%
  • iShares Core MSCI World UCITS ETF USD (Acc) EUR
    Weight: 4.76%
    3.2%
  • Top 5 risk contribution 86.5%

Risk contribution shows how much each holding adds to total portfolio volatility, not just how big its weight is. The gold ETC is 56.99% by weight but contributes 66.60% of overall risk, so it dominates the portfolio’s behaviour like a loud instrument in an orchestra. The two semiconductor ETFs, together about 9.3% of the portfolio, add nearly 13% of risk, reflecting their higher volatility. In contrast, global equity funds like the MSCI World ETF have lower risk contribution relative to their weights, acting more like background stabilisers. The top three positions alone account for almost 80% of total risk, so while the number of holdings is high, the true risk centre of the portfolio is very concentrated in gold plus a narrow slice of tech.

Redundant positions Info

  • SPDR® MSCI World UCITS ETF EUR
    iShares Core MSCI World UCITS ETF USD (Acc) EUR
    High correlation
  • HSBC NASDAQ Global Semiconductor UCITS ETF USD
    iShares MSCI Global Semiconductors UCITS ETF USD Acc
    High correlation

Correlation measures how assets move relative to each other, from +1 (almost perfectly together) to -1 (opposite directions). In this portfolio, some ETF pairs are highly correlated because they track nearly identical universes: for example, the two world equity funds move almost in lockstep, and the two semiconductor ETFs behave very similarly. That means holding both funds in each pair adds limited additional diversification; they mostly reinforce the same exposure. The main diversification power instead comes from combining these equity blocks with the large gold position and with region‑specific and sector‑specific funds. During broad market downturns, highly correlated equity holdings can fall together, so the non‑equity part becomes especially important for cushioning overall portfolio movements.

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 risk vs. return chart plots annualised volatility on the x‑axis and expected return on the y‑axis, with the efficient frontier showing the best trade‑offs possible using your current holdings. The portfolio’s Sharpe ratio—return per unit of risk—is 1.92, while the optimal mix of the same holdings reaches 2.27, and the minimum‑variance mix offers much lower risk but also lower return. Currently, the portfolio sits about 3.15 percentage points below the frontier at its risk level, meaning that, in theory, a different weighting of these exact ETFs could have delivered higher risk‑adjusted returns. This doesn’t say anything about future results, but it does highlight that the historical allocation was effective yet not mathematically “perfect” from a pure efficiency standpoint.

Dividends Info

  • iShares MSCI World Consumer Staples Sector UCITS ETF USD (Dist) 2.50%
  • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc 0.30%
  • iShares MSCI Europe Quality Dividend ESG UCITS ETF 3.30%
  • Weighted yield (per year) 0.13%

Dividend data is available for part of the portfolio and shows a wide range: some ETFs focus on quality dividends with yields around 3% or more, while the tech ESG fund yields only about 0.3%. Across all holdings, the overall reported yield is currently low, at about 0.13%. For context, dividends are cash payments that contribute to total return alongside price changes; over long periods, they can be a significant component of equity performance. Here, the focus appears to be more on total return and thematic or quality exposure than on maximising income today. Because several holdings are accumulating rather than distributing, some of the return also comes through reinvested gains rather than visible cash payouts.

Ongoing product costs Info

  • iShares MSCI World Consumer Staples Sector UCITS ETF USD (Dist) 0.25%
  • iShares MSCI World Information Technology Sector ESG UCITS ETF USD Inc 0.25%
  • Amundi Index Solutions - Amundi DivDAX I UCITS ETF EUR Distributing 0.25%
  • iShares Core MSCI World UCITS ETF USD (Acc) EUR 0.20%
  • iShares Physical Gold ETC EUR 0.12%
  • iShares MSCI Europe Quality Dividend ESG UCITS ETF 0.28%
  • iShares MSCI Global Semiconductors UCITS ETF USD Acc 0.35%
  • SPDR® MSCI World UCITS ETF EUR 0.12%
  • VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF 0.38%
  • Xtrackers Nikkei 225 UCITS ETF 2D EUR Hedged 0.09%
  • db x-trackers JPX-Nikkei 400 UCITS DR 3C 0.25%
  • Xtrackers MSCI World Financials UCITS ETF 1C EUR 0.25%
  • Xtrackers USD High Yield Corporate Bond UCITS 0.20%
  • L&G Quality Equity Dividends ESG Exclusions UK UCITS ETF 0.25%
  • Weighted costs total (per year) 0.15%

Ongoing fund charges, or TERs, sit mostly in a tight and relatively low range between 0.09% and 0.38%, with a total blended TER around 0.15%. TER (Total Expense Ratio) is like a small annual service fee the funds take from assets to cover management and operations. For a multi‑ETF portfolio with several specialised strategies, a 0.15% average cost is impressively low and compares favourably with many active or thematic solutions. Lower costs mean more of the portfolio’s gross return stays in your pocket and can compound over time. Given the broad mix of global, sector, dividend, and gold exposures, this cost level suggests the portfolio is being implemented efficiently from a fee perspective, which is a solid structural strength.

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