Portfolios & methodology
Four clients. Four definitions of success.
Four fictional Luxembourg-based mandates, formally launched on 1 September 2026. Each portfolio starts with a client objective, then connects every asset class and security to a specific job.
How to read the models
Allocation is the result. Purpose comes first.
Open any portfolio below to see its investment thesis, exact securities and the reason each holding was selected. Weights describe the launch policy; future scorecards will separate market performance from allocation decisions and cash flows.
01
Capital Preservation
€8 millionA 68-year-old retired business owner needs the portfolio to fund €240,000 of annual, inflation-adjusted family spending without forcing sales of growth assets during a market fall. Stability matters, but so do purchasing power and a meaningful inheritance.
ObjectiveFund retirement spending, limit severe losses and preserve purchasing power.
Horizon15 years
Risk budget≈ 10% drawdown comfort
25% Liquidity & cash-like50% Bonds25% Global equities
Read the investment thesis and holdings+
Investment thesis
The portfolio begins with a large liquidity reserve so several years of spending do not depend on market conditions. Short and broader bonds diversify the defensive sleeve across maturities, while EUR-hedged global bonds add geographic and issuer breadth without making foreign exchange the dominant risk. A measured global-equity allocation supplies the long-term growth needed to defend purchasing power.
Asset classWeightSecurity and role
Liquidity20%Cash and diversified deposits
Near-term withdrawals and protection from forced selling.
Cash-like5%XEON · Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C
ISIN LU0290358497Liquid exposure to prevailing euro overnight rates; not treated as an insured deposit.
Short bonds20%DBXP · Xtrackers Eurozone Government Bond 1–3 UCITS ETF 1C
ISIN LU0290356871High-quality euro sovereign exposure with limited sensitivity to rate changes.
Euro bonds10%XGLE · Xtrackers Eurozone Government Bond UCITS ETF 1C
ISIN LU0290355717Broader euro-government duration and diversification across the curve.
Global bonds20%EUNA · iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)
ISIN IE00BDBRDM35Global investment-grade diversification with currency risk hedged toward the euro.
Global equities25%VWCE · Vanguard FTSE All-World UCITS ETF (USD) Accumulating
ISIN IE00BK5BQT80Worldwide equity growth to support purchasing power and the legacy objective.
02
Early-Career Growth
€2,000 at launchA young professional is beginning a finance career in Luxembourg with €2,000 to invest and plans to contribute regularly. With no planned withdrawals and decades ahead, the model favours broad diversification, low complexity and habits that can survive changing markets.
ObjectiveBuild diversified long-term capital through a simple, repeatable contribution plan.
Horizon20+ years
Risk budget≈ 25% drawdown comfort
5% Cash15% Global bonds80% Global equities
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Investment thesis
At this portfolio size, simplicity is an advantage. One global equity ETF provides the main growth engine; a smaller EUR-hedged bond allocation moderates volatility and creates a rebalancing asset; and a small cash balance keeps the account operational. Regular contributions matter more than tactical forecasts or adding narrow themes.
Implementation note. A pre-existing legacy technology-stock position is monitored separately and is not part of this model allocation.
Asset classWeightSecurity and role
Liquidity5%Cash
Small operating reserve for contributions, fees and rebalancing.
Global bonds15%EUNA · iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)
ISIN IE00BDBRDM35A diversified, defensive counterweight to an equity-heavy portfolio.
Global equities80%VWCE · Vanguard FTSE All-World UCITS ETF (USD) Accumulating
ISIN IE00BK5BQT80Broad developed- and emerging-market exposure in one accumulating fund.
03
Balanced Entrepreneur
€25 millionA 45-year-old founder has sold a successful company after years in which one business dominated the family balance sheet. Up to €3 million may be needed within three years for a new venture; the remaining €22 million should compound without recreating the concentration risk of the old company.
ObjectiveSeparate entrepreneurial liquidity from long-term diversified capital.
Horizon15+ years
Risk budget≈ 22% drawdown comfort
€3m Venture reserve€22m Strategic portfolio36% Strategic bonds60% Strategic equity-risk
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Investment thesis
The central decision is structural: money reserved for the next venture must not depend on equity or property markets when it is needed. That capital is therefore separated from the strategic portfolio. The strategic pool combines a substantial bond anchor with globally diversified equities and small infrastructure and listed-property sleeves, replacing single-business concentration with several independent return drivers.
Implementation note. Percentages below refer to the €22 million strategic portfolio. The €3 million venture reserve remains a separate cash account until funding dates are defined; it can later become a maturity-matched ladder.
Asset classWeightSecurity and role
Venture reserve€3mSeparate EUR cash reserve
Potential venture funding within three years; excluded from strategic risk-taking.
Strategic cash4%Cash
Portfolio liquidity, fees and rebalancing capacity.
Short bonds4%DBXP · Xtrackers Eurozone Government Bond 1–3 UCITS ETF 1C
ISIN LU0290356871Low-duration euro sovereign ballast.
Global bonds32%EUNA · iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)
ISIN IE00BDBRDM35Diversified investment-grade bond exposure with an explicit EUR hedge.
Global equities50%VWCE · Vanguard FTSE All-World UCITS ETF (USD) Accumulating
ISIN IE00BK5BQT80The strategic portfolio's principal long-term growth engine.
Infrastructure5%CBUX · iShares Global Infrastructure UCITS ETF USD (Acc)
ISIN IE000CK5G8J7Listed exposure to essential physical assets and different economic sensitivities.
Listed property5%DPYA · iShares Developed Markets Property Yield UCITS ETF USD (Acc)
ISIN IE00BFM6T921Diversifies equity exposure through developed-market listed real estate.
04
Multi-Generational Family Stewardship
€40 millionA founder and spouse oversee a family pool intended to support two adult children, future grandchildren and a measured philanthropic programme. The mandate combines liquidity, growth and legacy objectives with governance that prepares the next generation to participate responsibly.
ObjectiveSustain real family wealth across generations with controlled liquidity and governance.
HorizonPerpetual / 25+ years
Risk budget≈ 30% drawdown comfort
10% Cash30% Bonds60% Listed equity-riskPrivate programme · future
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Investment thesis
The launch portfolio is deliberately liquid. Cash and high-quality bonds create capacity for family needs, rebalancing and future private-market capital calls, while global equities, infrastructure and listed property provide long-horizon growth. The proposed private-market programme will be implemented gradually through real commitments and manager due diligence. It will only be recorded as invested once capital has actually been called.
Implementation note. The holdings below are the liquid transition portfolio. Four private-market model positions currently have zero value and are tracked through a separate commitment register. Philanthropy is a family objective, not an asset class.
Asset classWeightSecurity and role
Liquidity10%Cash
Family liquidity, rebalancing capacity and future capital calls.
Short bonds10%DBXP · Xtrackers Eurozone Government Bond 1–3 UCITS ETF 1C
ISIN LU0290356871High-quality short-duration euro sovereign reserve.
Global bonds20%EUNA · iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)
ISIN IE00BDBRDM35Broad liquid bond diversification with currency exposure hedged toward EUR.
Global equities50%VWCE · Vanguard FTSE All-World UCITS ETF (USD) Accumulating
ISIN IE00BK5BQT80Global compounding engine for a multi-generational horizon.
Infrastructure5%CBUX · iShares Global Infrastructure UCITS ETF USD (Acc)
ISIN IE000CK5G8J7Listed infrastructure exposure while the private programme remains undeployed.
Listed property5%DPYA · iShares Developed Markets Property Yield UCITS ETF USD (Acc)
ISIN IE00BFM6T921Liquid developed-market real-estate exposure.
Private equity12% targetP4 Private Equity: Model Programme
Zero value · not currently investedLong-term institutional target; record only genuine capital calls and valuations.
Private credit5% targetP4 Private Credit: Model Programme
Zero value · not currently investedFuture private-credit programme subject to manager selection and commitment pacing.
Private real estate8% targetP4 Real Estate: Model Programme
Zero value · not currently investedFuture directly valued real-estate programme implemented over several vintages.
Private infrastructure5% targetP4 Infrastructure: Model Programme
Zero value · not currently investedFuture long-duration infrastructure exposure; commitment only after due diligence.