Five minds. One portfolio. Zero noise.
Five minds
A portfolio
Zero noise
Ask in plain language. Elisa puts it in circulation across the team and Cerebro answers with sources, limits and cost. And it gives a verdict, not an «it depends».
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Elisa is an artificial intelligence, not a person. Her answers are generated by an AI model.
This is general analysis and not a personalised investment recommendation. The person who invests is the one who decides. The chat may search the internet when the vault does not know the answer (a figure from today, a recent news item); those internet sources nobody has reviewed them and they may be incomplete or wrong, so check them before acting. The five profiles that sign the answers (Elisa, Jorne, Carlos Bárez, Daniel Ferrer, Inés Torres) are specialisms of one single automatic system: they are not people nor registered advisers.
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Model portfolios · Example
Three funds (Bogleheads)
Three broad, cheap index funds: developed-market equities, emerging-market equities and eurozone government bonds. It is an adaptation for euro investors of the best-known portfolio of the Bogleheads community.
The idea
Not choosing companies, countries or managers: buy the whole market with a few low-cost funds and maintain the allocation. The equity portion is split between developed and emerging markets, and bonds are the sleeve that cushions.
Where it comes from
The Bogleheads community takes its name from John C. Bogle, founder of Vanguard, who in 1976 launched one of the first index funds open to the public. He popularised the three-fund portfolio on his Taylor Larimore forum, which he documented in The Bogleheads' Guide to the Three-Fund Portfolio (2018): one total US stock market fund, one international equity fund and one total US bond market fund. Here it is replaced by its euro equivalent; the 60/40 split between equities and bonds and the weight of emerging markets are a choice made in this example, not a rule of the original.
Environments in which it struggles
- When stocks and bonds fall at the same time, as in 2022.
- When emerging markets lag for years: that sleeve drags on the portfolio relative to one made up of developed markets alone.
- With high inflation: fixed-rate bonds lose purchasing power.
- Equities from developed countries54 %
- Emerging-market equities6 %
- Eurozone public debt (all maturities)40 %
| Peso | Componente | Índice | Instrumento de referencia | ISIN | TER |
|---|---|---|---|---|---|
| 54 % | Equities from developed countries | MSCI World | iShares Core MSCI World UCITS ETF (Acc) | IE00B4L5Y983 | 0,20 % |
| 6 % | Emerging-market equities | MSCI Emerging Markets IMI | iShares Core MSCI EM IMI UCITS ETF (Acc) | IE00BKM4GZ66 | 0,18 % |
| 40 % | Eurozone public debt (all maturities) | Bloomberg Euro Treasury Bond | iShares Core € Govt Bond UCITS ETF (Dist) | IE00B4WXJJ64 | 0,07 % |
Los instrumentos son de referencia para cada índice, no una selección de producto: dicen qué fondo sigue cada índice, y la tabla no es una lista de compras.
Cómo se ha calculado y de dónde salen los datos
Rentabilidades pasadas no garantizan rentabilidades futuras.
Simulación con índices reconstruidos a partir de datos públicos (BCE, Banco Mundial, Kenneth R. French); no es la rentabilidad de ningún fondo ni ETF. Sin comisiones, impuestos ni costes de cambio.
Rebalanceo anual al cierre de diciembre, rentabilidad total y divisa euro. Cada mes, cada tramo crece con el índice del suyo; al cierre de cada diciembre la cartera vuelve a los pesos de la ficha. La ventana va de sep-2004 – ago-2026, 22 años de rentabilidad, y todo está en euros, convertidos con el tipo de cambio de fin de mes del BCE. Los índices de renta variable y de deuda son de rentabilidad total; el del oro es el precio del metal y el de materias primas es un índice spot, así que no incluyen ni el roll ni la rentabilidad del colateral de los futuros.
Las fuentes
- Kenneth R. French Data Library, Developed 3 Factors (mensual): Equities from developed countries. Kenneth R. French Data Library, © Eugene F. Fama y Kenneth R. French; se cita la fuente y no se modifica la estadística.
- Kenneth R. French Data Library, Emerging 5 Factors (mensual): Emerging-market equities. Kenneth R. French Data Library, © Eugene F. Fama y Kenneth R. French; se cita la fuente y no se modifica la estadística.
- Kenneth R. French Data Library, 6 Portfolios 2x3 (mensual): US small-cap «value». Kenneth R. French Data Library, © Eugene F. Fama y Kenneth R. French; se cita la fuente y no se modifica la estadística.
- Banco Central Europeo, ESTR (diario) y EONIA (mensual): Eurozone public debt at under one year. Banco Central Europeo, Data Portal. Reutilización gratuita, también comercial, citando la fuente y sin modificar la serie.
- Banco Central Europeo, curva de rendimientos a la par (YC, G_N_C): Eurozone public debt at 1-3 years · Eurozone public debt (all maturities) · Eurozone public debt at 7-10 years · Eurozone public debt at 15-30 years. Banco Central Europeo, Data Portal. Reutilización gratuita, también comercial, citando la fuente y sin modificar la serie.
- Banco Mundial, Pink Sheet, hoja «Monthly Prices», columna Gold: Physical gold. Banco Mundial, Pink Sheet (Commodity Markets Outlook). © Banco Mundial, CC BY 4.0.
- Banco Mundial, Pink Sheet, hoja «Monthly Indices», columna Total Index: Diversified commodities. Banco Mundial, Pink Sheet (Commodity Markets Outlook). © Banco Mundial, CC BY 4.0.
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