Portfolio Allocation Advice – Long-Term Investing (29yo, Europe)

Hi everyone, I’m 29 years old, living in Europe, and looking for feedback on my current financial situation and long-term investment strategy. # Current Assets **Real Estate** * Rental property valued at \~€850k (fully paid) * Primary residence valued at \~€900k (50% paid / 50% mortgage) **Equity from employer (vesting monthly over next 12 months)** * Stocks: \~€75k * Options: \~€100k **Cash** * €50k emergency fund in a bank deposit earning \~2% # Monthly Investments I can save €2.5k–3k per month from my salary + what I unvest every month from the company stock, which I plan to invest long-term (10–20 years), starting now. I plan to re-evaluate allocations every two years (mainly for rebalancing, not market timing). # Planned Allocation * 25% – All-World UCITS ETF * 25% – Amundi Core STOXX Europe 600 * 15% – iShares Core MSCI EM IMI UCITS ETF * 10% – Vanguard S&P 500 ETF * 10% – iShares Physical Gold ETC * 15% – Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) I’m aware there is some overlap between ETFs; this is intentional to tilt towards Europe and emerging markets while keeping a global core. My goal is long-term growth and capital appreciation over a 10–20 year horizon, as I don’t have short-term liquidity needs. I plan to keep both properties and maintain a €50k emergency cash buffer at all times to cover unexpected events. Given this context, I’m interested in feedback on whether you would choose a different percentage allocation and whether you would add or replace any instruments (for example bonds or individual stocks). Thanks in advance for your feedback!