Strong global equity portfolio with factor tilts and a pronounced technology and semiconductor emphasis

Report created on May 27, 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 a pure equity mix built entirely from five ETFs, with no bonds or cash layer. Three positions, each at 25%, anchor it in broad global stocks with explicit momentum and value factor tilts, while a 15% allocation to semiconductors and 10% to Swiss equities add more focused exposures. This structure means the portfolio leans on diversified global building blocks but deliberately adds a growth‑oriented, cyclical sleeve through the semiconductor ETF. Being 100% in stocks makes the portfolio more sensitive to equity market cycles, without the stabilising effect of bonds. The overall design blends broad exposure with a couple of clear tilts, which shapes both risk and return behaviour.

Growth Info

Over the period from March 2024 to May 2026, CHF1,000 grew to about CHF1,654, implying a compound annual growth rate (CAGR) of 26.63%. CAGR is like average speed on a long trip, smoothing out bumps along the way. This return clearly outpaced both the US market and the global market by roughly 10 percentage points per year. The portfolio’s maximum drawdown of -20% was slightly milder than the global benchmark but still meaningful, taking around four months to recover. A notable point is that 90% of returns came from just 18 days, which underlines how a small number of strong days can drive long‑term results. Past performance, of course, does not guarantee similar outcomes ahead.

Projection Info

The Monte Carlo simulation projects many possible future paths for CHF1,000 over 15 years, based on historical behaviour and randomness. It suggests a median outcome around CHF2,812, with a central “likely” band between roughly CHF1,781 and CHF4,305. Monte Carlo is like running 1,000 different weather forecasts and seeing the range of temperatures, not just one prediction. In this case, about 73% of simulated paths end with a positive return, and the average annualised return across all paths is around 8.14%. The wide possible range, from roughly breaking even to strong growth, highlights the inherent uncertainty in markets and the fact that simulations are scenarios, not promises.

Asset classes Info

  • Stocks
    100%

Asset‑class allocation is simple here: 100% in stocks and 0% in bonds, cash, or alternatives. That’s different from many “balanced” allocations, which usually mix equities with bonds to dampen volatility. A pure equity structure tends to offer higher long‑term growth potential but also deeper and more frequent swings in value along the way. Because everything is in one asset class, diversification comes from within equities rather than across broad categories. This means that during global equity downturns, the whole portfolio will likely move in the same general direction, without an automatic cushion from safer assets like government bonds. For someone analysing risk, the absence of defensive asset classes is a defining feature.

Sectors Info

  • Technology
    35%
  • Financials
    17%
  • Industrials
    14%
  • Health Care
    10%
  • Telecommunications
    5%
  • Consumer Discretionary
    5%
  • Basic Materials
    4%
  • Consumer Staples
    4%
  • Energy
    3%
  • Utilities
    2%
  • Real Estate
    1%

Sector exposure is notably tilted toward technology, which makes up about 35% of the portfolio, with meaningful but smaller allocations to financials, industrials, and health care. The dedicated semiconductor ETF strongly amplifies the technology share versus many broad global indices, which usually have a lower tech weight. Tech‑heavy portfolios often benefit in periods of innovation and low or falling interest rates but can be more volatile when growth expectations cool or rates rise. The rest of the sectors are present in relatively modest proportions, providing some balance but not dominating the profile. This sector mix creates a meaningful tilt toward growth‑sensitive and cyclical areas, while still maintaining exposure to more defensive segments like health care and consumer staples.

Regions Info

  • North America
    44%
  • Europe Developed
    38%
  • Japan
    13%
  • Asia Developed
    3%
  • Australasia
    2%
  • Africa/Middle East
    1%

Geographically, the portfolio is broadly diversified across developed markets, with around 44% in North America, 38% in developed Europe, and notable exposure to Japan at 13%. Asia‑Pacific and other regions make up the small remainder. Compared with typical global equity benchmarks, this mix appears less US‑dominated and more weighted toward Switzerland and other European markets, partly via the Swiss SPI ETF and the ex‑USA fund. This geographic balance can reduce dependence on a single country’s economic cycle or regulatory environment. At the same time, it means the portfolio will not fully mirror US‑centric performance, which has been a strong driver of global returns in recent years. Currency exposure is diversified as well, across USD, CHF, EUR, and other developed‑market currencies.

Market capitalization Info

  • Mega-cap
    47%
  • Large-cap
    41%
  • Mid-cap
    11%

The market‑capitalisation profile shows a strong emphasis on the largest companies: roughly 47% in mega‑caps and 41% in large‑caps, with only 11% in mid‑caps and effectively no small‑caps. Mega‑ and large‑cap stocks are typically more established businesses, often with better liquidity and more analyst coverage, which can reduce some company‑specific risks. However, this can also mean less exposure to smaller, potentially higher‑growth but more volatile firms. Relative to a strictly market‑cap‑weighted global index, this allocation is broadly aligned and not extreme, which supports a familiar, benchmark‑like behaviour on size. The main differentiators of the portfolio’s risk/return profile therefore come more from sector and factor tilts than from size segmentation.

True holdings Info

  • Micron Technology Inc
    4.59%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
    • Xtrackers MSCI World Value UCITS ETF 1C EUR
  • Intel Corporation
    3.10%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
    • Xtrackers MSCI World Value UCITS ETF 1C EUR
  • Broadcom Inc
    2.55%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
  • NVIDIA Corporation
    2.45%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
  • ASML Holding N.V.
    2.29%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
    • Xtrackers MSCI World ex USA UCITS ETF 1C USD EUR
  • Advanced Micro Devices Inc
    2.20%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
  • Roche Holding AG
    1.59%
    Part of fund(s):
    • Xtrackers MSCI World ex USA UCITS ETF 1C USD EUR
    • iShares Core SPI® ETF (CH)
  • Novartis AG
    1.58%
    Part of fund(s):
    • Xtrackers MSCI World ex USA UCITS ETF 1C USD EUR
    • iShares Core SPI® ETF (CH)
  • Nestle S.A.
    1.38%
    Part of fund(s):
    • Xtrackers MSCI World ex USA UCITS ETF 1C USD EUR
    • iShares Core SPI® ETF (CH)
  • Lam Research Corp
    1.33%
    Part of fund(s):
    • VanEck Semiconductor UCITS ETF
    • Xtrackers MSCI World Momentum UCITS ETF
  • Top 10 total 23.05%

Looking through the ETFs to their top holdings, a cluster of leading semiconductor companies stands out: Micron, Intel, Broadcom, NVIDIA, ASML, AMD, and Lam Research together represent a sizeable effective exposure. These names appear primarily via the dedicated semiconductor ETF, with some overlap possibly reinforced through the global funds. There is also visible exposure to major Swiss blue chips like Roche, Novartis, and Nestlé, mainly through the SPI ETF. Because only top‑10 ETF positions are shown, actual overlap is understated, but even this partial view highlights a concentrated bet on the semiconductor industry alongside a stable Swiss large‑cap core. This creates “hidden” concentration in a handful of influential companies that can drive portfolio moves.

Risk contribution Info

  • Xtrackers MSCI World Momentum UCITS ETF
    Weight: 25.00%
    27.2%
  • VanEck Semiconductor UCITS ETF
    Weight: 15.00%
    27.2%
  • Xtrackers MSCI World Value UCITS ETF 1C EUR
    Weight: 25.00%
    20.9%
  • Xtrackers MSCI World ex USA UCITS ETF 1C USD EUR
    Weight: 25.00%
    18.7%
  • iShares Core SPI® ETF (CH)
    Weight: 10.00%
    6.0%

Risk contribution shows how much each ETF drives the portfolio’s overall ups and downs, which can differ from its weight. The semiconductor ETF is 15% of the capital but contributes about 27% of total risk, a risk/weight ratio of 1.81, indicating it punches well above its size. The momentum ETF also contributes slightly more risk than its weight, while the value, ex‑USA, and Swiss ETFs contribute less risk than their allocations. Altogether, the top three positions account for over 75% of portfolio risk. This pattern suggests that a relatively small slice of focused exposure can dominate volatility, even when broad diversified funds make up most of the capital. Understanding this gap between weight and risk is key when interpreting day‑to‑day fluctuations.

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 vs. return chart shows the current portfolio sitting below the efficient frontier by about 5.45 percentage points of return at its current risk level. The efficient frontier represents the best possible trade‑off between risk (volatility) and expected return using only these existing holdings, through different weightings. The current Sharpe ratio of 1.21, a measure of return per unit of risk above the risk‑free rate, is clearly lower than the optimal portfolio’s Sharpe of 1.72. This suggests that, historically, a different mix of the same five ETFs could have delivered a better risk/return balance. It doesn’t mean the present allocation is “bad,” but it is not making the most efficient use of the building blocks’ historical relationships.

Dividends Info

  • iShares Core SPI® ETF (CH) 2.90%
  • Weighted yield (per year) 0.29%

Dividends play a modest role in this portfolio. The overall yield is about 0.29%, which is relatively low for an all‑equity mix, even though the Swiss SPI ETF on its own has a higher yield around 2.90%. Yield is the income paid out as a percentage of the investment value, like interest on a savings account but coming from companies. Here, the design appears more focused on total return through price growth and factor tilts rather than on cash payouts. Low yield does not automatically mean lower total return, but it implies that most of the portfolio’s expected payoff comes from capital appreciation rather than steady income distributions.

Ongoing product costs Info

  • Xtrackers MSCI World Momentum UCITS ETF 0.25%
  • Xtrackers MSCI World Value UCITS ETF 1C EUR 0.25%
  • VanEck Semiconductor UCITS ETF 0.35%
  • iShares Core SPI® ETF (CH) 0.10%
  • Weighted costs total (per year) 0.19%

The average ongoing fee (TER) of around 0.19% is impressively low, especially for a portfolio using factor and thematic ETFs. TER, or Total Expense Ratio, is the annual percentage fee charged by a fund and quietly reduces returns over time, much like a small leak in a bucket. Individual ETF costs range from 0.10% for the SPI core fund to 0.35% for the semiconductor ETF, which is typical for a more specialised product. Overall, this cost level compares favourably with many actively managed funds and even with some index offerings. Keeping fees low helps more of the portfolio’s gross returns stay in the investor’s pocket, which is particularly powerful over long horizons.

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