Value tilts everywhere but somehow still hugging the benchmark like a slightly confused index fund
Report created on Apr 22, 2026Risk profile
4/7
Diversification profile
4/5
Positions
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SP SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
SPYY - IE00B44Z5B48 50.00% -
IS iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
IS3S - IE00BD45HH35 35.00% -
5M iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
5MVL - IE00BG0SKF03 15.00%
This portfolio is the investing equivalent of wearing two different “value” jackets over an index t‑shirt. Half the money just buys the whole global market, then the rest piles into value-factor funds for both developed and emerging markets. It’s not messy, but it is slightly redundant: one big “own everything” fund, then two more that try to outsmart that same “everything.” Structurally it’s simple — three funds, no filler — but philosophically it can’t decide if it wants to be boringly diversified or cleverly factor-tilted. The result looks more like mild style seasoning on top of a plain global stew than some bold, differentiated strategy.
Growth
Historically, this thing has grown €1,000 into €2,413, which is solid, but the US market quietly lapped it with a higher CAGR of 15.32% versus 12.68%. Even the global market squeaked ahead. So the big value tilt didn’t really earn its keep; it just made the ride slightly different, not better. Max drawdown was basically the same gut-punch as the benchmarks, dropping around a third in 2020 and needing 10 months to crawl back. In other words, classic equity rollercoaster: full downside participation, only slightly discounted upside compared with just owning broad markets.
Projection
The Monte Carlo projection says the future could range from “meh” to “nice surprise” with a side order of “please don’t check daily.” Monte Carlo is basically running thousands of alternate timelines to see where €1,000 might land; here the median outcome is €2,733 after 15 years, with a 74% chance of ending above zero. The downside scenarios still show you walking away roughly flat in the worst 5–10% of paths. It’s important to remember this is math reacting to past volatility, not a crystal ball — more like rerunning old weather patterns than inventing new climate.
Asset classes
- Stocks 100%
Asset-class “diversification” here is easy to summarize: it doesn’t exist. This is 100% stocks, no bonds, no cash buffer, no alternatives, just pure equity all the time. For something labeled “balanced,” it’s basically caffeine in portfolio form. That means when markets party, this participates fully, but when markets sulk, there’s nowhere to hide inside this setup. Equity-only portfolios can work fine, but they shouldn’t pretend to be something else. The risk score of 4/7 is honest; the asset mix is less “balanced investor” and more “one asset class and vibes.”
Sectors
- Technology 29%
- Financials 16%
- Industrials 10%
- Consumer Discretionary 9%
- Health Care 8%
- Telecommunications 8%
- Energy 5%
- Basic Materials 5%
- Consumer Staples 4%
- Utilities 3%
- Real Estate 2%
Sector-wise, this portfolio has an obvious tech crush at 29%, with financials dragging along in second at 16%. For a value-tilted setup, it hasn’t exactly walked away from the big glamorous names — NVIDIA, Apple, Microsoft, Amazon, Alphabet and friends are still camped in the top exposures. So the “value” branding is more marketing than makeover; underneath, it’s largely the same global tech-led story, just wearing slightly cheaper multiples. The rest of the sectors get token representation, but nothing that meaningfully changes the story: this will still live or die on the fortunes of big tech and big finance.
Regions
- North America 49%
- Europe Developed 18%
- Asia Developed 11%
- Japan 10%
- Asia Emerging 7%
- Latin America 2%
- Africa/Middle East 1%
- Australasia 1%
- Europe Emerging 1%
Geographically, this portfolio screams “global” but still has a very familiar accent: 49% in North America, with Europe and Japan playing supporting roles. Emerging markets scrape together low double digits across Asia, Latin America, and a sprinkling of everything else. For a European client, the home bias is refreshingly mild, but the US still dominates the narrative. The EM value ETF tries to add some edge, but at 15% of the portfolio, it’s more garnish than main course. Overall, it’s a world portfolio that still behaves a lot like “US plus guests.”
Market capitalization
- Large-cap 43%
- Mega-cap 41%
- Mid-cap 16%
On size, this portfolio clearly shops in the premium aisle: 41% mega-cap and 43% large-cap, with mid-caps thrown in like a sympathy invite at 16%. There’s zero small-cap flavor here. That means the portfolio is essentially outsourcing its fate to the global corporate giants, especially the well-known household names. On the plus side, mega-caps tend to be more resilient than tiny hopefuls. On the downside, it makes the portfolio feel like a slightly tweaked clone of every generic world index product out there, just with a bit more value seasoning and less size diversification.
True holdings
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NV NVIDIA Corporation 2.36%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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23 Taiwan Semiconductor Manufacturing Co. Ltd. 2.30%
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
-
AA Apple Inc 2.07%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
-
MU Micron Technology Inc 1.91%
Part of fund(s):- iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
-
MS Microsoft Corporation 1.45%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
-
CS Cisco Systems Inc 1.23%
Part of fund(s):- iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
-
AM Amazon.com Inc 1.11%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
-
IN Intel Corporation 0.97%
Part of fund(s):- iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
-
GO Alphabet Inc Class A 0.92%
Part of fund(s):- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
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VZ Verizon Communications Inc 0.83%
Part of fund(s):- iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
- Top 10 total 15.15%
Look-through holdings show the usual suspects running the show: NVIDIA, TSMC, Apple, Microsoft, Amazon, Alphabet, and assorted big-tech and big-chip names crowd the top slots. All of them are only held via ETFs, which means the concentration is hidden behind multiple wrappers rather than obviously declared. With only 24% coverage from ETF top-10 holdings, the overlap is almost certainly understated, so this is just the visible tip of the duplication iceberg. The portfolio pretends to be diversified, but under the hood it’s strongly dependent on a short list of giants popping up everywhere.
Risk contribution
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SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
Weight: 50.00% 49.6% -
iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
Weight: 35.00% 35.4% -
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
Weight: 15.00% 15.0%
Risk contribution is almost boringly proportional: each ETF contributes to risk almost exactly in line with its weight. No hidden wild child, no tiny position secretly driving all the drama. All three funds together account for 100% of the risk, which is obvious but still slightly funny given the “balanced” label elsewhere. This structure means the portfolio’s ups and downs are exactly what they look like on the surface — a blended average of three very similar global equity exposures, not some crazy levered bet hiding in the background. It’s dull here, but in a genuinely healthy way.
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 efficient frontier, the portfolio actually behaves like it did its homework: current Sharpe ratio 0.59 sits very close to the max-Sharpe and min-variance options. Translation: with these three funds, the current mix is basically as good as it gets for the chosen risk level. The optimization chart is politely saying, “You’re not leaving much on the table here,” which is both impressive and slightly anticlimactic. There’s no huge free lunch hiding in a different weighting; it’s just a reasonably efficient trio of equity funds doing a decent job on a risk-return basis.
Ongoing product costs
- iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
- 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 0.12%
- Weighted costs total (per year) 0.22%
Costs are almost suspiciously reasonable: a blended TER of 0.22% for global equity plus fancy factor tilts is downright sensible. The flagship ACWI ETF is especially cheap at 0.12%, dragging the average down like a frugal friend splitting the bill. The value-factor funds are pricier, but not outrageously so for what they claim to do. Overall, this is not a portfolio that’s lighting money on fire in fees. If anything, the biggest criticism is that you’re paying for clever tilts that haven’t clearly beaten the boring benchmarks — the price is fair, the payoff debatable.
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