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Multi fund conservative portfolio with strong equity tilt and relatively high ongoing product costs

Report created on Sep 25, 2026

Risk profile Info

2/7
Conservative
Less risk More risk

Diversification profile Info

2/5
Low Diversity
Less diversification More diversification
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Positions

The portfolio is built from ten mutual funds, each at an even 10%, which makes the structure very simple on paper. Most funds are multi-asset or flexible strategies, so a lot of allocation decisions are happening inside the products rather than at the portfolio level. This means the real mix of stocks, bonds, and cash is driven by the fund managers’ choices, not by explicit weights here. An equal-weight approach avoids single-fund dominance, which helps keep any one strategy from fully driving outcomes. At the same time, using only active funds concentrates decisions into a relatively small group of managers, so performance and risk are closely tied to how those underlying strategies behave over time.

Growth Info

Over the period from early 2019 to late 2026, €1,000 grew to about €1,663, which translates to a compound annual growth rate (CAGR) of 7.11%. CAGR is like average speed on a road trip, smoothing out the bumps year by year. Compared with the US market and global equity benchmarks, the portfolio lagged meaningfully, underperforming by 10.83 and 7.84 percentage points per year. However, its worst loss from peak to trough, a max drawdown of about -21% during early 2020, was milder than the benchmarks’ roughly -34% drops, which shows a tradeoff: lower long-term return but also less severe downside in that big stress period.

Projection Info

The Monte Carlo projection uses the portfolio’s past risk and return to simulate 1,000 possible 15‑year futures. Monte Carlo is basically a “what if” engine: it shakes the historical pattern many times to see a range of outcomes rather than a single forecast. Here, the median result grows €1,000 to roughly €1,558, with a fairly wide typical band between about €1,121 and €2,156. The model’s average simulated annual return is around 3.61%, noticeably lower than the historical 7.11% CAGR, which reflects the more conservative forward assumptions. As always, these are scenarios based on the past, not promises; actual markets can behave very differently.

Asset classes Info

  • Stocks
    60%
  • Mixed
    30%
  • No data
    10%

Based on available data, around 60% of the portfolio is in stocks and 30% in “mixed” funds that combine different asset types, while 10% is in holdings where the asset breakdown is not available. This mix points to a core in equities, with multi-asset funds adding bonds, cash, or other elements to dampen volatility. Compared with broad global equity indices, the overall stock share is lower, which fits the conservative risk classification. Multi‑asset funds can adjust internally to changing conditions, so the final asset mix can shift over time without any changes at portfolio level, which may smooth the ride but also makes the underlying exposures less transparent day to day.

We don't have a breakdown of what these holdings contain, so these sections are left out: Sectors, Regions, Market capitalization.

Risk contribution Info

  • Deka-Europa Aktien Spezial CF (A)
    Weight: 10.00%
    18.0%
  • Deka-GlobalChampions CF
    Weight: 10.00%
    17.9%
  • DWS Strategic ESG Allocation Dynamic LD TR in GB
    Weight: 10.00%
    15.4%
  • Keppler-Global Value-INVEST
    Weight: 10.00%
    14.8%
  • DWS Invest Multi Asset Income LD
    Weight: 10.00%
    10.9%
  • Top 5 risk contribution 76.9%

Risk contribution shows how much each holding adds to total portfolio ups and downs, which can differ a lot from its weight. Here, every fund has a 10% allocation, but risk contribution is uneven. Three funds together account for just over half of total risk, with Deka‑Europa Aktien Spezial and Deka‑GlobalChampions each contributing around 18%. Their risk‑to‑weight ratios near 1.8 mean they punch well above their size in driving volatility. In contrast, DWS Invest Multi Asset Income has a risk‑to‑weight ratio close to 1, so it contributes risk roughly in line with its allocation. This highlights that equal weights in active equity‑heavy funds do not automatically result in equal influence on portfolio behavior.

Redundant positions Info

  • CARMIGNAC PTF PATRI EUR-AEUR
    Carmignac Portfolio Patrimoine Europe AW EUR Acc
    High correlation

The correlation view highlights at least one pair of funds — the two Carmignac Patrimoine strategies — that move almost identically. Correlation measures how often assets move together; a value close to 1 means they behave similarly most of the time. When two holdings are highly correlated, holding both adds less diversification than their separate lines suggest. In this portfolio, that means those two Carmignac positions likely respond in very similar ways to market events, effectively clustering a slice of risk in one underlying strategy. High correlations are not inherently bad, but they do reduce the shock‑absorbing effect you get when different parts of a portfolio behave differently in stressful markets.

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‑return chart compares the current mix with an “efficient frontier,” which is the best possible tradeoff between risk and expected return using the same holdings in different weights. The current portfolio has a Sharpe ratio of 0.64, while the optimal mix on this frontier reaches 1.16 at slightly higher risk but much higher expected return. Sharpe ratio is a way of measuring return per unit of risk, after subtracting a risk‑free rate. Being about 2.17 percentage points below the frontier at the same risk level means the current weights are not fully efficient. In theory, simply rebalancing among these ten funds could improve risk‑adjusted returns without adding new products.

Dividends Info

  • Keppler-Global Value-INVEST not available
  • Deka-GlobalChampions CF not available
  • DekaStruktur: 4 Chance not available
  • Deka-Europa Aktien Spezial CF (A) not available
  • DWS Strategic ESG Allocation Dynamic LD TR in GB not available
  • DWS Invest Multi Asset Income LD not available
  • Weighted yield (per year) not available

Dividend yield data is not filled in for the holdings, so the report only states that yields exist without numbers. Dividends are cash payouts from investments, often from income‑focused funds or mature companies, and they can be a meaningful part of total return over long periods. Given the inclusion of a multi‑asset income fund and several flexible strategies, it is likely that some part of overall return has come from interest and dividends rather than just price gains. However, without explicit yield percentages, it is not possible to quantify how much income the portfolio generates or how stable that income has been through different market cycles.

Ongoing product costs Info

  • Keppler-Global Value-INVEST 2.40%
  • Deka-GlobalChampions CF 1.40%
  • DekaStruktur: 4 Chance 1.60%
  • DWS CONCEPT KALDEMORGEN-LC 1.58%
  • Deka-Europa Aktien Spezial CF (A) 1.40%
  • DWS Strategic ESG Allocation Dynamic LD TR in GB 0.92%
  • CARMIGNAC PTF PATRI EUR-AEUR 1.80%
  • Carmignac Portfolio Patrimoine Europe AW EUR Acc 2.00%
  • Deka-Flex: Euro (C) 0.80%
  • DWS Invest Multi Asset Income LD 1.32%
  • Weighted costs total (per year) 1.52%

The portfolio’s total ongoing cost, measured as a weighted average Total Expense Ratio (TER), is about 1.52% per year. TER is the annual fee charged inside the funds, covering management and operating expenses. For a conservative portfolio, this level is on the higher side compared with many low‑cost index products. Costs reduce returns every year, and over long horizons the compounding effect can be significant: a 1.5% annual drag can meaningfully shrink the final portfolio value compared with a lower‑cost alternative with the same gross return. On the positive side, the cost figure is clear and stable, so the ongoing price of accessing these active strategies is at least transparent and predictable.

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