I'm looking for some feedback on the following situation: I've held Deka Global Champions for about 5 years, along with other Deka positions. It performed extremely well until roughly a year ago (the AI/tech euphoria wave was very kind to it). I've also been making withdrawals to fund other projects. The position now sits at around €920,000 and has been bleeding 500-1K+ almost daily over the past months, with the current Middle East situation accelerating it.
The fund is essentially a Magnificent Seven concentration bet dressed up as a "global champions" fund. I understand now that I was long US big tech, not a diversified global portfolio.
I'm a German tax resident, capital can move internationally, and I have some access to SEA financial networks (though I'm excluding direct SEA investment for now due to insufficient local knowledge and legal risk).
My plan is to liquidate the Deka position; I've left \~92K unpledged to other projects, I'd like to reploy it with high volatility tolerance, but rather low permanent loss tolerance.
We're thinking a blended approach across three philosophies:
1. genuinely diversified global equities (ex-US tilted to reduce Trump policy risk), some bonds for ballast, real assets
2. overweight energy/commodities given the current oil shock, non-US developed markets (Japan, Korea, parts of Europe), gold as a structural position
3. dividend equity funds, investment grade bonds, REITs
People in my network (many from India/SEA) are recommending gold heavily. We know it nearly doubled, then crashed \~21% from its peak. JP Morgan is apparently calling $6,300/oz by end of 2026. The thesis would be structural (dollar depreciation, central bank accumulation) rather than a trade.
We're thinking 10-15% allocation, via XETRA-GOLD rather than physical (mobility/liquidity reasons). Now here are my questions:
1. Does the liquidate-and-redeploy decision make sense, or are we falling into sunk cost thinking in reverse (eager to exit a position that might recover)?
2. Is the gold thesis sound at current prices, or are we buying someone else's exit?
3. Which non-US developed markets are genuinely attractive right now vs. just "not the US"?
4. What are we missing entirely?
Thanks in advance. Genuinely want the pushback, not validation.