Strong gold core with a concentrated yet efficient tilt toward global equities
Report created on Mar 23, 2026Risk profile
4/7
Diversification profile
5/5
Positions
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PP iShares Physical Gold ETC EUR
PPFB - IE00B4ND3602 85.00% -
WE Amundi Prime All Country World UCITS ETF Acc EUR
WEBN - IE0003XJA0J9 15.00%
This portfolio is dominated by a single asset: about 85% in a physical gold ETC and 15% in a broad global equity ETF. That creates a simple “barbell” structure where one holding drives most of the behavior while the other adds growth potential. This is relevant because portfolio structure affects how it reacts to big market moves, inflation, and crises. A heavy allocation to a single defensive asset can soften equity shocks but also means performance is tightly linked to that asset’s cycles. The key takeaway is that this setup is very dependent on gold’s path, with global stocks providing a smaller, but useful, long‑term growth engine.
Growth
Over the short history from mid‑2024 to early‑2026, €1,000 grew to about €1,738, a compound annual growth rate (CAGR) of 33.23%. CAGR is the “average speed” of growth per year, smoothing out ups and downs. This beat both the US market (19.72% CAGR) and global market (8.81% CAGR) over the same period. The portfolio’s maximum drawdown — its worst peak‑to‑trough loss — was about −11.69%, larger than the US market but smaller than the global market in that window. While this outperformance is impressive, it’s over a short, gold‑friendly period, so it shouldn’t be assumed as a long‑term norm.
Projection
The Monte Carlo projection uses the recent return and volatility pattern to simulate many possible 10‑year paths for €1,000. Think of it as “replaying history with random shuffles” to see a range of outcomes. Here, every one of the 1,000 simulations ended positive, with a median cumulative return around 2,279% and an average annualized return near 26.29%. That’s extremely strong, but it is based on less than two years of history, which is a very thin dataset. Short, unusually good periods can grossly overstate long‑term expectations, so these numbers should be treated as optimistic scenarios rather than realistic planning anchors.
Asset classes
- Other 85%
- Stocks 15%
From an asset‑class angle, about 85% sits in “other” — effectively gold — and 15% in stocks. Bonds, cash, and real estate are absent in any meaningful size. That’s unusual compared with more typical balanced allocations, which often spread risk across equities, bonds, and sometimes real assets. The upside is clear inflation and crisis protection from the substantial gold position, which can zig when stocks zag. The downside is reliance on only two broad return streams instead of three or four. A general takeaway: the risk score of 4/7 feels driven almost entirely by gold’s behavior rather than a more mixed blend of assets.
Sectors
- Technology 4%
- Financials 2%
- Industrials 2%
- Consumer Discretionary 1%
- Telecommunications 1%
- Health Care 1%
- Consumer Staples 1%
- Energy 1%
- Basic Materials 1%
Sector data here only applies to the equity slice, since gold is not classified by sector. Within that 15%, technology has the largest footprint, followed by financials, industrials, and a spread of smaller sector weights. Relative to common global benchmarks, this equity piece looks reasonably aligned, with a natural tilt toward tech and communication services driven by the mega‑caps. Tech‑heavy allocations can shine during innovation booms but can also be more sensitive to interest‑rate shifts and sentiment reversals. The positive signal is that, within equities, the sector mix is broadly diversified and matches global norms, which supports healthy internal diversification for that part of the portfolio.
Regions
- North America 10%
- Europe Developed 2%
- Asia Developed 1%
- Japan 1%
- Asia Emerging 1%
Geographically, the equity exposure leans primarily toward North America, with smaller slices in developed Europe, Japan, and both developed and emerging Asia. That pattern is broadly similar to many global equity indices, where the US and North America dominate market capitalization. Because gold itself is not mapped to a specific region, the portfolio’s regional risk is mainly carried by the 15% equity portion. The benefit is that this small equity sleeve is globally diversified rather than tied to a single country. The trade‑off is that regional diversification plays a smaller role overall because gold, a non‑regional asset, is the main driver of returns and risk.
Market capitalization
- Mega-cap 8%
- Large-cap 5%
- Mid-cap 2%
By market capitalization, the equity ETF focuses heavily on mega and large companies, with only a modest slice in mid‑caps. This is typical of broad “all‑world” equity funds, which weight holdings by market size. Large and mega‑cap stocks tend to be more stable businesses with better liquidity, though they’re still very capable of big price swings. The absence of sizeable small‑cap exposure means less sensitivity to the “size” effect, where smaller companies can outperform over longer horizons but with higher volatility. Overall, the market‑cap mix in the equity part is well‑aligned with global standards, which is a solid foundation for that growth‑oriented segment.
True holdings
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NV NVIDIA Corporation 0.71%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
AA Apple Inc 0.62%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
MS Microsoft Corporation 0.45%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
AM Amazon.com Inc 0.31%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
GO Alphabet Inc Class A 0.29%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
GO Alphabet Inc Class C 0.25%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
AV Broadcom Inc 0.24%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
23 Taiwan Semiconductor Manufacturing Co. Ltd. 0.23%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
ME Meta Platforms Inc. 0.22%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
-
TS Tesla Inc 0.19%
Part of fund(s):- Amundi Prime All Country World UCITS ETF Acc EUR
- LS 1x Tesla Tracker ETP Securities GBP
- Top 10 total 3.51%
Looking through the equity ETF, the top underlying exposures are the usual mega‑cap giants like NVIDIA, Apple, Microsoft, Amazon, Alphabet, and others. These appear only via the global ETF, but many of these names are repeated within that fund’s own top positions, so a small slice of the portfolio is effectively concentrated in a handful of large growth companies. Overlap is likely understated because we only see ETF top‑10 holdings, not the full list. This matters because even a modest equity allocation can behave like a concentrated bet on major global leaders, which tend to be more volatile but have historically driven a big share of market returns.
Factors
Factor exposure shows a very strong tilt to momentum, with an exposure score above 90%, and some tilt to size. Factors are like underlying “traits” — such as value, momentum, or quality — that research links to long‑term return patterns. Momentum means assets that have been winning recently still have the wind at their backs, but they can drop sharply when trends reverse. The size tilt points modestly toward smaller or mid‑sized names versus pure mega‑cap dominance. Signal coverage is limited, so readings are approximate, but the key message is: when markets are trending strongly, this portfolio may ride those trends aggressively, while reversals could feel sharper.
Risk contribution
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iShares Physical Gold ETC EUR
Weight: 85.00% 96.5% -
Amundi Prime All Country World UCITS ETF Acc EUR
Weight: 15.00% 3.5%
Risk contribution highlights how much each position drives overall ups and downs, which can differ a lot from simple weights. Here, the gold ETC is 85% of the portfolio but contributes roughly 96.5% of the total risk, giving it a risk‑to‑weight ratio above 1. In contrast, the equity ETF is 15% by weight yet only about 3.5% of risk, with a much lower ratio. This means almost all volatility and drawdown potential comes from gold. If the intent is a gold‑centric portfolio, that alignment makes sense. If a more balanced risk profile is desired, shifting weight between gold and equities is the main lever.
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 risk‑return chart, the portfolio sits directly on the efficient frontier, meaning its current mix of gold and global equities is already using these two ingredients very efficiently. The Sharpe ratio — return per unit of risk — is strong at about 1.81, and the highest‑Sharpe mix is only slightly different. There is a same‑risk optimized allocation that would nudge expected return higher (to around 36.9%) at somewhat higher volatility. Because the portfolio is on the frontier, any improvements would come from gently reweighting gold versus stocks, not adding new products. This confirms the structure is lean, focused, and efficiently tuned given its building blocks.
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