I very much agree with your 1st sentence. Looking at the asset allocations for Target Date mutual funds and ETFs, and it is not until they get to 15 years from the TD that their asset allocations have more than 10% in fixed income. For retail investors, that could simply be the cash accumulated until you can buy a round lot of a stock or ETF.

However, I would not be comfortable with your concentrated portfolio. Entire sectors of the economy are missing, and can only be held via U.S. ETFs. Even within your sectors, if I was going to buy individual stocks rather than ETFs, I would suggest rotating - buy a bank, then a telco, then a pipeline, repeat - rather than get a bunch of banks before getting into telcos.