Diversified/Tilted Portfolio using Vanguard index funds

[Perplexity]

This seems to come up a lot so I'm going to post what I do. My goal is to have a global portfolio, all index funds, with a few tilts: value over growth, small over large, and emerging over developed.

I use 7 funds (all Vanguard):

REIT Index Fund (VGSIX)
Small-Cap Value Index Fund (VISVX)
Small-Cap Growth Index Fund (VISGX)
Value Index Fund (VIVAX)
Growth Index Fund (VIGRX)
Developed Markets Index Fund (VDMIX)
Emerging Markets Stock Index Fund (VEIEX)

A couple things to note:

Vanguard's value/growth index funds are constructed in such a way that holding $1 of each is equivalent to holding $2 of the corresponding untilted fund. That is, no stocks are left out because they are in the middle between value and growth. You're not missing out on anything by holding only the value and growth.

Their large-cap and small-cap funds complement each other in a similar way. The Large-Cap index fund (and the Value Index Fund and Growth Index Fund that I use) are based on the MSCI Prime 750 Index. The Small Cap index fund (and the value/growth versions) are based on the MSCI Small Cap 1750 Index. There is no gap between the Prime 750 and the Small Cap 1750.

So using the 6 stock funds, you get pretty thorough coverage, but can still add some tilts quite easily.

My allocations:

95% stock / 5% real estate

Within stock: 66.7% US and 33.3% foreign. I'm thinking about bumping foreign up to 40%.

Within US: double weight (relative to market cap) on small cap. The market cap weights are about 86% in Prime 750 and 14% in Small-Cap 1750, so I do 72% large (which includes mid) and 28% small.

Within US/large and US/small: I do 60/40 value/growth in both. Some people think the value effect is stronger for small caps, which would suggest overweighting value more in small cap.

Within foreign: 50%/50% developed/emerging. This is a very large overweight on emerging (market cap ratio is about 85/15).

Multiplying through and rounding, this yields:

5% - REIT Index Fund (VGSIX)
10.6% - Small-Cap Value Index Fund (VISVX)
7.1% - Small-Cap Growth Index Fund (VISGX)
27.4% - Value Index Fund (VIVAX)
18.2% - Growth Index Fund (VIGRX)
15.8% - Developed Markets Index Fund (VDMIX)
15.8% - Emerging Markets Stock Index Fund (VEIEX)