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Geography

Where in the world your money would sit if you copied the portfolio. Geography is a second lens on concentration — the companion to the sector view — and it leans a good deal further from a spread-everything global fund than most people expect.

The map

Country exposure

The portfolio by country, cash included — so every slice is a share of the whole book.

  • United StatesUnited States56%
  • $Cash16%
  • GermanyGermany10%
  • FranceFrance6%
  • NetherlandsNetherlands5%
  • United KingdomUnited Kingdom5%
  • SpainSpain1%
Listing-based: a US-listed ADR of a foreign company counts as US — it reflects where the shares trade, not where the business is headquartered. Multi-listed names are bucketed by their eToro listing.
Inside the countries

What's in each country

The holdings that make up each country, with each position's weight as a share of the total portfolio. Grouped by listing country, so a US-listed ADR of a foreign company counts as US.

United StatesUnited States

55.7%
  • BN.USBrookfield Corp8.2%
  • WIXWix.com Ltd 8.0%
  • YELPYelp Inc.7.2%
  • PYPLPayPal Holdings6.1%
  • HOGHarley-Davidson Inc5.1%
  • EFOREverforth Inc4.2%
  • MSTRStrategy Inc3.1%
  • FISVFiserv Inc2.9%
  • PFEPfizer2.2%
  • GDDYGoDaddy Inc.2.1%
  • CRTOCRITEO SA-SPON ADR1.9%
  • MARAMarathon Digital Holdings Inc.1.8%
  • UPWKUpwork Inc1.5%
  • CALMCal-Maine Foods, Inc0.8%
  • MSTR.RTHMicroStrategy Incorporated0.6%

GermanyGermany

9.8%
  • TMV.DETeamViewer AG6.8%
  • VOW3.DEVolkswagen AG2.1%
  • DOU.DEDouglas AG0.9%

FranceFrance

6.4%
  • TEP.PATeleperformance SE6.4%

NetherlandsNetherlands

5.4%
  • PRX.NVProsus NV4.4%
  • LIGHT.NVSignify NV1.1%

United KingdomUnited Kingdom

5.2%
  • IMB.LImperial Brands PLC3.9%
  • KIE.LKier Group PLC1.3%

SpainSpain

1.0%
  • TEF.MCTelefonica SA1.0%

Each figure is the holding's weight as a percentage of the total portfolio (including cash), grouped by listing country. The remaining 16% is cash. Bars are scaled to the largest single holding.

Against the world

How it compares to the MSCI World

Knowing where the money sits is only half the picture — the real question is how that differs from simply owning the whole developed world. Measured against the MSCI World, the shape is a deliberate one, not an accident of stock-picking.

Against the MSCI World, the portfolio is markedly overweight Europe (+15 pts) and a touch under index weight in the US. It holds none of the index's Japan and Asia-Pacific ex-Japan. And it keeps 16% in cash, where the index is fully invested.

This portfolioMSCI World
North America67%74%−7 pts
Europe33%18%+15 pts
Japan0%6%−6 pts
Asia-Pacific ex-Japan0%3%−3 pts
Other0%0%0 pts

And 16% in cash — the index is always fully invested, so that is an active under-investment on top of the regional tilts.

Regional weights compared on an ex-cash basis (the portfolio's invested weight renormalized to 100%, since the index holds no cash). “pts” is the active tilt in percentage points. MSCI World weights are a maintained reference from the MSCI World Index factsheet, as of Jun 2025.

Not financial advice.

This portfolio is shown for transparency, not as a recommendation. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. Always do your own research and consider seeking independent advice.