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Factor salad portfolio trying to be clever while mostly just hugging the global index

Report created on May 11, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

4/5
Broadly Diversified
Less diversification More diversification

Positions

This portfolio is basically a world index with commitment issues. Half of it hugs broad global and US markets, while the other half sprinkles in factor ETFs like decorative parsley: EM value, Europe momentum, and global value. It looks fancy, but structurally it’s just layering tweaks on top of a standard equity core. The result is a “balanced investor” label slapped on something that is 100% stocks and not remotely shy about risk. In practical terms, this is more “equity junkie with a spreadsheet” than cautious mixer. It’s coherent enough, but pretending this is sophisticated diversification is a bit generous.

Growth Info

The historical performance is frankly ridiculous: €1,000 turning into €1,739 in under three years, with a 24.56% CAGR. That’s turbo-charged compared with both the US and global markets, which this portfolio beat by nearly 4 percentage points annually. The price for the fun was a -20.48% max drawdown, which is very normal for pure equities but not exactly “balanced investor” vibes. Also, the fact that 90% of returns came from just 25 days screams “miss a few big up days and the magic disappears.” Past data like this is more victory lap than reliable roadmap.

Projection Info

The Monte Carlo projection brings this thing back down to earth. Simulations peg the median outcome at €2,774 after 15 years from €1,000, which is a perfectly decent 8.26% annualized return, but nowhere near the recent joyride. Monte Carlo is just a fancy way of saying “we shook the historical numbers in a blender 1,000 times and saw what spilled out.” The spread from €1,030 to €8,452 (p5–p95) basically says: anything from barely above water to “this went great” is on the table. It’s helpful context, but still just yesterday’s weather forecast stretched into the future.

Asset classes Info

  • Stocks
    100%

Asset classes here are as simple — and aggressive — as it gets: 100% stocks, 0% anything else. No bonds, no cash buffer, no defensive assets. For something labelled “balanced,” this is more like all-in on one horse and hoping it keeps running. Asset classes are the basic food groups of a portfolio; this one lives entirely on equity caffeine. That’s fine if the intent is pure growth, but calling it broadly diversified glosses over the fact that when stocks get punched, everything in here gets punched together. It’s diversified within one asset class, not across them.

Sectors Info

  • Technology
    31%
  • Financials
    17%
  • Industrials
    11%
  • Consumer Discretionary
    9%
  • Telecommunications
    8%
  • Health Care
    8%
  • Energy
    5%
  • Basic Materials
    4%
  • Consumer Staples
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, this portfolio is openly tech-smitten: 31% in technology, with financials and industrials trailing way behind. That top-heavy tilt means the portfolio’s mood swings are closely tied to a handful of big, flashy growth names and their ecosystem. Compared with a plain vanilla global index, this leans more into the “tech plus friends” side of the economy rather than a steady, boring mix. When tech leads, this setup looks genius; when tech sulks, everything suddenly feels fragile. Calling the sector spread “balanced” is like calling a diet balanced because it has three types of dessert.

Regions Info

  • North America
    58%
  • Europe Developed
    18%
  • Asia Developed
    10%
  • Asia Emerging
    6%
  • Japan
    4%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%
  • Australasia
    1%

Geographically, it’s basically “US first, everyone else gets the leftovers.” About 58% in North America and only 18% in developed Europe, with the rest sprinkled thinly over Asia, Japan, and a token slice of emerging markets. For a European-based investor, that’s a pretty strong home-country snub and a big vote of confidence in the US. The global spread exists, so it’s not embarrassingly provincial, but the portfolio clearly thinks the rest of the world is just supporting cast. It’s closer to a global wrapper on a US core than a genuinely balanced world footprint.

Market capitalization Info

  • Mega-cap
    49%
  • Large-cap
    36%
  • Mid-cap
    14%
  • Small-cap
    1%

Market cap exposure is unapologetically top-heavy: 49% mega-cap, 36% large-cap, and barely a rounding error in small caps at 1%. This is essentially a fan club for the global corporate giants with a tiny side bet on anything smaller. That’s typical of cap-weighted ETFs, but it does mean the portfolio’s fate is welded to a relatively small number of mega companies. When they do well, returns look smooth and heroic; when they stumble, there’s nowhere to hide. The supposed breadth of thousands of stocks feels less impressive when half the portfolio rides on the Goliaths.

True holdings Info

  • NVIDIA Corporation
    3.92%
    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
    3.44%
    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
    2.48%
    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.
    2.07%
    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
    1.86%
    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
    1.54%
    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
    1.33%
    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
    1.27%
    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.
    1.15%
    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
    0.97%
    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 20.04%

The look-through holdings show exactly who’s really in charge here: NVIDIA, Apple, Microsoft, TSMC, Amazon, Alphabet, Meta, Tesla. This is a Greatest Hits compilation of modern mega-cap darlings, appearing across multiple ETFs and stacking exposure. Even with only 29% coverage from top-10s, NVIDIA alone clocks in near 4%, which is loud for an “indirect” holding. Overlap is clearly doing some sneaky concentration work in the background. On paper, this is a multi-fund, diversified build; under the hood, it’s heavily tied to the same crowded trades everyone else is obsessed with.

Risk contribution Info

  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 35.00%
    34.8%
  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    31.2%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 15.00%
    15.3%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 10.00%
    9.7%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.0%

Risk contribution is refreshingly boring: the big holdings drive roughly their fair share of risk. ACWI at 35% weight contributes 34.84% of risk, S&P 500 at 30% weight contributes 31.17%, and EM value at 15% weight contributes 15.30%. No tiny wild child ETF secretly owning the volatility spotlight. Still, top three positions are responsible for over 81% of total risk, so diversification is doing less than the fund list suggests. This is a core-and-satellite structure where the core basically runs the show and the satellites are more cosmetic than game-changing from a risk perspective.

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 politely points out the obvious: the S&P 500 ETF and the ACWI ETF move almost identically. So a big chunk of the portfolio is two flavors of the same thing: one is “US stocks,” the other is “global stocks that are mostly US anyway.” Highly correlated holdings are like owning multiple umbrellas that all break in the same kind of storm — you feel equipped until it actually rains. The overlap isn’t catastrophic, but it does mean the number of line items exaggerates the variety of real risk drivers in the portfolio.

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 efficient frontier absolutely drags this portfolio. With a Sharpe ratio of 1.41 versus 1.96 for the optimal mix, it’s leaving a lot of risk-adjusted return on the table using the exact same ingredients. The frontier shows the best possible return per unit of volatility you could get just by shuffling the existing weights, and this setup sits 3.35 percentage points below that line at its risk level. Translation: this is like building a decent meal from good groceries but ignoring the recipe entirely. The minimum variance option even beats it on Sharpe with roughly the same return and lower risk.

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) 0.17%

Costs are the one area where this portfolio doesn’t embarrass itself. A total TER of 0.17% is almost annoyingly reasonable, especially given the factor ETFs sprinkled in. You’re basically paying pocket change for the privilege of slightly overcomplicating a global equity allocation. The plain S&P 500 at 0.03% is doing some heavy lifting in keeping the blended fees down. It’s not rock-bottom “single cheap index fund” territory, but it’s definitely not a wallet-drainer. Fees are under control — which makes the suboptimal risk/return profile even more of a “good tools, slightly sloppy build” situation.

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