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Factor salad with index closet hiding a tech crush under a fake value label

Report created on Apr 22, 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 looks diversified at first glance and then quickly turns into a matryoshka doll of the same thing. Two big core funds each at 30% basically give broad global exposure, and then three factor funds are stacked on top like decorative seasoning that’s actually the main course. The result is 100% equity, no ballast, and a very “hope the stock market behaves” vibe for something called balanced. Structurally it’s tidy but oddly redundant: a global fund plus a US fund plus a global value fund is a long way of saying “I really, really like standard benchmarks but want them to feel clever.”

Growth Info

Historically, this thing has been on an absolute heater: €1,000 turning into €1,693 in under three years and a 23.78% CAGR is the kind of chart that makes people smug. It even beat both the US and global markets by over 4% per year, which is no small flex. The price of that flex was a -20% drawdown that took five months to crawl back from — not catastrophic, but not “balanced” either. Also, 90% of the returns came from just 23 days, which is code for “miss a few good days and the magic trick disappears.” Past data here is more victory lap than guarantee.

Projection Info

The Monte Carlo projection basically says, “Yeah, reality won’t look like the last two years.” Median outcome of €2,747 after 15 years on €1,000 with an average 8.07% annual return is far less heroic than the backtest party. The range from about €970 to €7,711 shows how wide the chaos can get — same portfolio, wildly different futures. Monte Carlo is just a big math game: it shuffles past returns to imagine thousands of timelines. It doesn’t predict anything; it just politely reminds that future returns will probably look more boring and more painful along the way than the recent hot streak.

Asset classes Info

  • Stocks
    100%

Asset class breakdown is easy here: it’s stocks, stocks, and more stocks. Calling this “balanced” is generous; it’s balanced in the way an energy drink is “part of a balanced breakfast.” There’s no bonds, no cash sleeve, no diversifying assets — just pure equity beta with some factor seasoning. That means when markets are happy, everything flies together, and when markets sulk, there’s nothing in the portfolio that’s designed to just sit there and be boring. The all‑equity choice turns every wiggle in global markets directly into portfolio drama, with no shock absorbers anywhere in sight.

Sectors Info

  • Technology
    28%
  • Financials
    18%
  • Industrials
    11%
  • Consumer Discretionary
    9%
  • Health Care
    8%
  • Telecommunications
    7%
  • Basic Materials
    5%
  • Energy
    5%
  • Consumer Staples
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector mix pretends to be grown‑up and diversified, but the numbers tell a slightly tech-addicted story. Technology at 28% is the main character, with financials and industrials trailing behind as supporting cast. For something leaning into “value” and “factor,” this still ends up heavily tied to the very growthy mega names driving the headlines. The other sectors are basically there for decoration, not dominance. If tech and its halo names collectively sneeze, this portfolio catches a cold fast. It’s diversified enough to not be a pure one-bet wonder, but the sector profile still bows to the usual market darlings.

Regions Info

  • North America
    55%
  • Europe Developed
    19%
  • Asia Developed
    11%
  • Asia Emerging
    7%
  • Japan
    4%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%

Geographically, this is “the world according to developed markets.” North America at 55% runs the show, with developed Europe and developed Asia making respectable but clearly secondary appearances. Emerging markets are sprinkled in at low single digits like someone added them for moral support, not conviction. For a portfolio that already owns an ACWI fund, layering on more developed‑market‑heavy pieces just doubles down on the usual suspects. It’s not America‑only, but it is very “US plus friends who don’t move the needle much.” Real global diversification is more evenly messy; this is neat, clean, and very benchmark‑hugging.

Market capitalization Info

  • Mega-cap
    47%
  • Large-cap
    37%
  • Mid-cap
    14%

Market cap exposure screams “index kid with a mild contrarian phase.” With 47% in mega‑caps and 37% in large‑caps, almost the entire portfolio rides on giant companies whose names are already on billboards and smartphones. Mid‑caps get a 14% participation trophy, and anything smaller barely makes the cut. For a setup pushing “factors” like value and EM, the size bias is still very big‑stock‑centric. That means performance depends a lot on how the global corporate behemoths behave. If the giants stumble while smaller names do well, this portfolio is watching the party through the window instead of being in the room.

True holdings Info

  • NVIDIA Corporation
    3.68%
    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
    3.24%
    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
    2.34%
    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.
    2.31%
    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
    1.75%
    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
    1.45%
    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
    1.25%
    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
    1.19%
    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
  • Meta Platforms Inc.
    1.08%
    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
    0.91%
    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 19.20%

The look‑through holdings are basically the Magnificent Seven fan club with a slightly guilty conscience. NVIDIA, Apple, Microsoft, TSMC, Amazon, Alphabet (twice), Meta, and Tesla all show up via ETFs, even while the portfolio waves around words like value and emerging. That’s classic overlap: the same crowd appears across multiple funds, compounding exposure while pretending to be diversification. And remember, this is only from ETF top‑10s — the real overlap is probably worse. So underneath the factor labels, this is still heavily wired into the same mega‑cap growth engine everyone else owns, just wrapped in more complex packaging.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 30.00%
    30.9%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 30.00%
    29.8%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 18.00%
    18.6%
  • iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Acc)
    Weight: 12.00%
    11.7%
  • iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) EUR
    Weight: 10.00%
    9.0%

Risk contribution is refreshingly boring and quietly telling. The top three positions — S&P 500, ACWI, and EM value — are 78% of the weight and about 79% of the risk, so no tiny wild card secretly steering the ship. The SPY and ACWI chunks basically share the volatility spotlight, which is what happens when huge, broad funds dominate. The only mild twist is the world value ETF taking less risk than its weight, acting slightly more defensive. Overall, this is not a story of hidden grenades; it’s a story of big, obvious bets being exactly as loud as they look.

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

Correlation-wise, the S&P 500 and ACWI funds move almost step‑for‑step, which is about as surprising as finding out cola and cola‑zero are similar. Holding both at 30% each is less “smart diversification” and more “same movie, different subtitles.” When things go well for global stocks, both will cheer; when things go badly, both will sulk together. High correlation basically means no meaningful offset in a crash — these two are going to jump off the same cliff at roughly the same time. It looks like choice on paper but behaves like one big blended market bet in real life.

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 chart, this portfolio is politely told, “Nice job, but you left points on the table.” With a Sharpe ratio of 1.35 sitting 2.31 percentage points below the frontier, it’s literally not making the best of the tools it already owns. The max‑Sharpe version using the same holdings scores 1.81, and even the minimum‑variance mix has better risk‑adjusted returns. Translation: the ingredients are fine, but the recipe is meh. Without changing a single fund, just reweighting could give either more return for the same risk or less drama for similar returns — this is optimization laziness, not structural doom.

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) 0.18%

Costs are where this portfolio accidentally makes a very adult decision. A blended TER of 0.18% is impressively reasonable considering there are three niche-ish factor funds in the mix. The S&P 500 ETF at 0.03% is basically free, and even the priciest EM tilt at 0.40% isn’t daylight robbery in its category. You’re not getting bargain‑bin pricing, but you’re also nowhere near “why am I paying this” territory. Fees here are like buying store‑brand groceries with one or two fancy items — overall sensible, with just enough flair to keep it interesting without torching returns.

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