Reference Portfolio · Updated
Global ETFs
ETF exposure at the index level — one broad core, deliberate country satellites, regime-gated momentum.
Thesis
Global ETFs owns the market at the index level. The design follows our ETF return-skew work: long-run equity returns concentrate in a small share of names, so an ETF sleeve's job is to hold a few broad wrappers that capture the index move — not a drawer of overlapping regional and thematic slices. The core is one fund, VEU, the all-world ex-US wrapper the book is benchmarked against.
Around that core sit deliberate exceptions. Korea and Taiwan are held as the two legs of the North-Asia AI build-out; India is a laggard line where mean reversion outside tech is possible. US technology is owned at the index level — XLK, the Nasdaq-100 via QQQM, and the mega-cap concentrates QTOP and TOPT — without single-name or subsector bets. A momentum sleeve (SPMO) stays in the book for as long as the regime reads bull market, not longer. Gold, bitcoin and a Latin America line carry on as diversifiers.
Rotation and sizing are informed by Temperature readings, breadth and divergence work, and DXY trajectory — the same internal tools the rest of the Closelook stack runs on. The full reasoning behind each change appears in the Daily Pulse, Weekly Signal or Newsletter, entry by entry.
Structure
- Equities15
- Cash1
15 equity positions . Benchmark: FTSE All-World ex-US (VEU).
Top Holdings
16 total positions — top 10 by weight shown. Barchart snapshot from Aug 12, 2026.
Related
Closelook C+ Portfolio
Real-time access for founding subscribers
Free readers see this end-of-day snapshot of the top positions. Founding subscribers also get every position with cost basis and per-position P&L, the full trade log in real time as moves happen, and the long-form weekly commentary that explains every change.
- Every position with cost basis, market value, and unrealized P&L
- Real-time trade log (free readers see weekly digest)
- Long-form commentary with the rationale behind every move
- Push notifications when positions open, close, or resize
Methodology & disclaimer
Global ETFs is a reference portfolio — it reflects how Thomas Look, author and publisher of Closelook, implements the analytical theses discussed on this site. Position data is updated daily from end-of-day broker exports (Barchart). Benchmark prices come from EODHD.
Reference portfolio, educational purpose only. ETF-based non-US rotation.
Reference portfolio, not investment advice. Past performance is not indicative of future results. Closelook Venture GmbH is a publishing company and does not manage client capital.