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Factor salad portfolio mixing clever ideas with copy paste world trackers and hidden tech worship

Report created on Apr 23, 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 smart then got bored and kept adding flavours. There’s a world tracker, a US tracker, and then three factor funds all piled on top, like putting three different sauces on the same plate of pasta. The result is 100% equity, five funds, and a lot of overlap pretending to be sophistication. Structurally it’s “balanced” only because a questionnaire said so, not because the holdings are. The high-level idea is fine — broad core plus factor tilts — but the execution is muddled. It behaves much more like a single aggressive global equity fund with a couple of style levers bolted on for decoration.

Growth Info

Historically this thing has been on a heater: 23.69% CAGR versus ~19% for both US and global markets, turning €1,000 into €1,690 in under three years. CAGR — compound annual growth rate — is basically your average speed over a bumpy road trip. Here, the speed has been fast, but that -19.85% max drawdown shows the potholes are real. Recovery in four months is solid, but 90% of gains coming from just 23 days screams “don’t miss the party or you miss everything.” Past data is yesterday’s weather: nice to brag about, useless for guarantees. This portfolio has surfed a very friendly wave, not rewritten market physics.

Projection Info

The Monte Carlo projection throws this portfolio into 1,000 alternate futures and sees what happens if markets roll differently. Median outcome is €2,817 from €1,000 in 15 years, with a pretty wide “could be fine, could be awkward” range from around €988 to €8,103. That’s the simulation way of saying: equities are generous long term and rude short term. The average simulated return of 8.29% is much less heroic than the recent 23% party, which is reality gently lowering its voice. Monte Carlo is a fancy dice roll using past volatility — helpful, but still based on yesterday’s chaos, not tomorrow’s surprises or regime changes.

Asset classes Info

  • Stocks
    100%

Asset classes section is easy: this is 100% stocks, zero bonds, zero anything else. For something labelled “Balanced,” it’s more like an all-in equity junkie wearing a sensible-sounding name tag. In asset-class terms, there’s no shock absorber, no ballast, no “break glass in case of emergency” bucket — just one big risk engine. That’s fine if the design brief is “ride the equity rollercoaster,” less convincing if “balanced” was supposed to mean mixing different behaviours. When everything you own is on the same asset-class boat, you don’t diversify the storm, you just change which cabin you drown in.

Sectors Info

  • Technology
    27%
  • Financials
    19%
  • Industrials
    12%
  • Consumer Discretionary
    8%
  • Health Care
    8%
  • Telecommunications
    7%
  • Basic Materials
    5%
  • Energy
    5%
  • Consumer Staples
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, this portfolio says it loves diversification, then dumps 27% into technology and another chunky slice into financials. It’s basically a world index with a mild tech crush: not ridiculous, but definitely leaning into the part of the market that’s had the recent glory. The rest — industrials, healthcare, telecoms, etc. — exist more as supporting cast than equals. Sector exposure matters because different parts of the economy break at different times; here, if high-growth, high-expectation names catch a cold, this portfolio gets the flu. It’s not a single-sector bet, but let’s not pretend it’s sector-agnostic either.

Regions Info

  • North America
    52%
  • Europe Developed
    24%
  • Asia Developed
    9%
  • Asia Emerging
    6%
  • Japan
    5%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%

Geographically, this is “the world, but mainly the US.” About 52% in North America, with Europe Developed at 24% and the rest sprinkled thinly across Asia, Japan, and a token appearance from everywhere else. For a European client, this is very much investing with an American accent. To be fair, that roughly mirrors global market weights, so it’s not crazy — just very conventional. The problem is that conventional global equity is still dominated by one region and one currency regime. So when the US market sneezes, this portfolio will almost certainly reach for tissues too, no matter how pretty the country breakdown chart looks.

Market capitalization Info

  • Mega-cap
    46%
  • Large-cap
    39%
  • Mid-cap
    14%

Market cap exposure is basically a love letter to giants: 46% mega-cap, 39% large-cap, and a polite 14% nod to mid-caps. Small caps are off the guest list entirely. That means this portfolio is handcuffed to whatever the mega companies decide to do — the very same names dominating every headline and every index. Large caps are usually more stable than tiny firms, but they also move more as a block when the market panics. There’s no real “idiosyncratic” engine here; it’s scale all the way down. If the top of the market is expensive or crowded, this portfolio doesn’t really have another gear to switch into.

True holdings Info

  • NVIDIA Corporation
    3.30%
    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
    2.90%
    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
    2.09%
    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.
    2.00%
    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
  • Amazon.com Inc
    1.57%
    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
    1.30%
    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
    1.12%
    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
    1.07%
    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.
    0.97%
    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
  • Micron Technology Inc
    0.82%
    Part of fund(s):
    • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
  • Top 10 total 17.15%

The look-through holdings scream “index closet” more than “carefully curated factor art.” NVIDIA, Apple, Microsoft, TSMC, Amazon, Alphabet, Broadcom, Meta, Micron — the usual suspects are everywhere, just accessed through different wrappers. Concentration is understated because only ETF top-10s are visible, but even from that narrow window you can see the same tech mega-caps showing up like they own the place. This is overlap 101: multiple ETFs, same celebrities. It creates hidden concentration, where what looks like five diversified funds is actually one giant tribute band to the global tech megacap complex with some regional and style filters layered on.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 30.00%
    29.9%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 25.00%
    25.7%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 15.00%
    15.5%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 15.00%
    15.1%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 15.00%
    13.8%

Risk contribution is surprisingly neat: each fund pulls about its weight. The ACWI ETF is 30% weight and 29.88% risk, the S&P 500 25% and 25.72%, the factor funds each around 15% of both. That means no single position is secretly hijacking the portfolio — no 5% holding doing 25% of the drama. But the top three funds still drive over 71% of total risk, so the “fancy factor spice” at the edges isn’t reshaping the experience much. Structurally, this is a core-index portfolio with some style seasoning; the core is calling the emotional shots when volatility shows up.

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 picture is basically: your S&P 500 ETF and ACWI ETF move like twins. High correlation means they usually go up and down together, so holding both isn’t a grand diversification move, it’s more like buying the same movie in two languages. In a real crash, they’ll almost certainly sink in sync, not politely take turns. Correlation matters because what you want in a downturn is things that zig when others zag; here you’ve mostly built a chorus that all sings the same song, just with slightly different accents. The added complexity buys more line items, not dramatically different behaviour.

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 efficient frontier, this portfolio is basically the kid sitting below the curve wondering why their grades don’t match the effort. With a Sharpe of 1.36, it trails both the optimal mix (1.81) and even the minimum-variance option (1.53). Sharpe ratio is just return divided by volatility — how much pain you take per unit of gain. Being 1.88 percentage points below the frontier means even with exactly the same funds, just different weights, you could have had a smoother or more rewarding ride. This isn’t a holdings problem; it’s a “the proportions are slightly drunk” problem.

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 the one area where this portfolio doesn’t embarrass itself. A total TER around 0.28% is perfectly reasonable for a five-ETF setup, even if paying 0.45% for broad ACWI is basically choosing the slightly fancy bottled water. Fees are like a slow leak in your tyres — they don’t kill performance in a day, but they matter over years. Here, the leak is modest. The irony is that for all the extra complexity and factors, the fee level isn’t dramatically lower or higher than a simpler design would be. You’re paying fair prices for a slightly overengineered structure.

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