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Closet indexer with a personality crisis trying to be clever with factors and training wheels

Report created on Apr 7, 2026

Risk profile

  • Secure
    Speculative

The risk profile, derived from past market volatility, reflects the level of risk the portfolio is exposed to. This assessment helps align your investments with your financial goals and comfort with market fluctuations.

Diversification profile

  • Focused
    Diversified

The diversification assessment evaluates the spread of investments across asset classes, regions, and sectors. This ensures a balanced mix, reducing risk and maximizing returns by not concentrating in any single area.

Positions

This portfolio is what happens when someone picks “global stocks” and then keeps adding more of the same thing for fun. Half the money is in two giant, overlapping funds that both just hug the global market, and then there’s a side quest into momentum and value factors like a hobby project. Structurally, it’s 100% stocks, all liquid ETFs, nothing exotic – so simple ingredients, slightly chaotic recipe. If the goal was a clean core-and-satellite, this is more like core-and-core-with-some-random-flavouring. Takeaway: either commit to a plain global tracker or actually lean into the factor tilts, but right now it’s indecisive.

Growth Info

The recent performance is frankly ridiculous in a good way: ~20.25% CAGR versus ~17% for both US and global benchmarks. CAGR (compound annual growth rate) is basically “average speed over the whole trip,” and you’ve been speeding. Max drawdown of about -20% is no joke, but it’s still less painful than the benchmarks’ >-21%. Just remember this is a cherry-picked short window in a growth‑friendly market. Past data is like yesterday’s weather: useful vibe check, zero guarantees. The real lesson is that the factor spice (momentum/value) helped in this particular environment, but expecting 20% a year long term is fantasy territory.

Projection Info

The Monte Carlo simulation – basically a thousand “what if the market went this way” dice rolls – paints a solid but not magical future. Median outcome: €1,000 becomes about €2,725 in 15 years, with a wide “possible but not insane” range from roughly €1,076 to €7,496. That 8.03% average annual return across simulations is far more believable than your recent 20% victory lap. The spread shows the key point: same portfolio, wildly different futures depending on luck and timing. Takeaway: this setup has a decent shot at rewarding patience, but it’s absolutely capable of serving you long, boring or ugly stretches.

Asset classes Info

  • Stocks
    100%

Asset allocation is extremely nuanced here: 100% stocks, 0% everything else. That’s it. For a “balanced” risk label and a 4/7 score, this is basically an all‑equity adrenaline shot dressed up as something moderate. No bonds, no cash buffer, no diversifiers – just pure market mood swings. It’s like calling a diet “balanced” because it has fries and wedges. The takeaway is simple: this is for someone who can handle big drawdowns without panic. If that stomach isn’t real, the asset mix is lying to them more than any factor tweak ever could.

Sectors Info

  • Technology
    25%
  • Financials
    19%
  • Industrials
    13%
  • Health Care
    8%
  • Consumer Discretionary
    8%
  • Telecommunications
    7%
  • Basic Materials
    4%
  • Consumer Staples
    4%
  • Energy
    4%
  • Utilities
    4%
  • Real Estate
    2%

Sector-wise, there’s a very clear tech crush: 25% in technology, well above a boringly neutral blend. Financials and industrials also get chunky roles, while the rest are sprinkled around like garnish. This is not crazy-concentrated in one theme, but the tilt is obvious: you’re betting more on growthy, economically sensitive areas than on the slow, defensive plodders. Tech addiction can be fun when markets are optimistic; less fun when sentiment flips and valuations compress. Takeaway: if you want this much tech drama, fine – just don’t pretend it’s some ultra-defensive, sleep-like-a-baby setup.

Regions Info

  • North America
    54%
  • Europe Developed
    27%
  • Asia Developed
    6%
  • Asia Emerging
    5%
  • Japan
    4%
  • Latin America
    2%
  • Africa/Middle East
    1%

Geographically, it’s “mostly America with guest appearances from everyone else.” Around 54% North America, 27% developed Europe, and then a scattering across Asia, EM, and the rest of the world. For a European investor, that’s a pretty heavy US bias but not totally unhinged given global market weights. The good news: you’re not stuck in a home-country echo chamber. The bad news: when the US sneezes, half your portfolio’s wearing shorts. Takeaway: this is global-ish, but don’t kid yourself – your portfolio speaks with an American accent and catches American market flu.

Market capitalization Info

  • Mega-cap
    47%
  • Large-cap
    38%
  • Mid-cap
    14%

Market cap exposure screams “I like the grown-ups.” Around 47% mega-cap, 38% large-cap, and only 14% mid-cap. So you’re basically outsourcing your future to the biggest, already‑famous companies. That keeps blow‑ups lower but also leans into the consensus trade: you own what everyone else owns, at prices everyone else agreed to. It’s the stock-market equivalent of shopping only in the flagship stores. Takeaway: stability is fine, but if the giants underperform smaller names in a cycle, this portfolio is going to feel slow and heavy rather than exciting and nimble.

True holdings Info

  • NVIDIA Corporation
    3.52%
    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
    3.19%
    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
    2.33%
    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
  • Amazon.com Inc
    1.66%
    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.
    1.51%
    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
  • Alphabet Inc Class A
    1.48%
    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
  • Alphabet Inc Class C
    1.21%
    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
    1.21%
    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
  • Banco Santander S.A.
    1.01%
    Part of fund(s):
    • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
  • Top 10 total 18.26%

Look-through holdings scream “I say diversified but I dream in tech megacaps.” NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta – it’s basically the usual suspects reunion tour. These names show up via multiple ETFs, so the 3–3.5% exposures you see are likely understated because you’re only seeing ETF top‑10s. Overlap is like ordering three “different” burgers from three restaurants and then realising they all use the same sauce. Takeaway: if those giants sneeze, this portfolio catches a cold. Hidden concentration in the same global superstars means diversification is less real than it looks on the surface.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    31.5%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 30.00%
    29.9%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 20.00%
    19.9%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    9.7%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.0%

Risk contribution is pretty even, but that’s also the problem: everything’s pulling you in the same direction. Your top three positions (S&P 500, ACWI, and Europe Momentum) are about 80% of total risk. Risk contribution shows who’s actually shaking the portfolio, not just who’s taking up space. Here, the two big vanilla index funds and the momentum ETF are doing most of the emotional damage. That symmetry looks tidy, but it also means no real diversifier is stepping in when things get rough. Takeaway: trimming or reshuffling those giants could tune the ride without changing the ingredients dramatically.

Redundant positions Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    High correlation

You’ve managed to own two funds that basically move like clones: S&P 500 and ACWI are highly correlated. Correlation is just “do these things go up and down together?” and in this case the answer is “yes, almost like they’re on the same group chat.” So a big chunk of the portfolio is pretending to be diversified while actually just echoing US/global large caps. In a big crash, they will likely fall hand‑in‑hand. Takeaway: holding multiple highly correlated funds is like buying two umbrellas for the same storm – not wrong, just not as protective as it looks.

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 is side‑eying this portfolio hard. At your current risk level (~13.33% volatility), the frontier says you could be earning about 2.94 percentage points more per year just by rearranging what you already hold. Sharpe ratio (return per unit of risk) is 1.16, while the optimal mix of the same ETFs would hit 1.64. That’s like driving a car stuck in eco mode when sport mode is free and already installed. Takeaway: the ingredients are fine, but the recipe is inefficient – smarter weights alone could give you a noticeably better risk/return deal.

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%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.45%
  • Weighted costs total (per year) 0.26%

Costs are surprisingly sane: a total TER around 0.26% for a bunch of factor and global ETFs is not embarrassing at all. You’ve even snuck in a 0.45% ACWI fund, which is a bit rich, but the overall blend keeps it contained. TER (total expense ratio) is the silent tax every year, like your portfolio’s gym membership fee. Here, you’re not lighting money on fire, but you are paying slightly more than the cheapest possible for some fairly generic exposure. Takeaway: fees are under control – though you’re still paying “nice restaurant” prices for what is partly fast food.

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