Depends how you define significant risk, I think. I’d assume you’re not defining significant risk by being all stocks, right?
I haven’t looked into Large Cap Value (which looks like what the second holding is) but my gut feeling is that it’s probably not a very high-performing segment, and I was never sold on Small Cap or EMs. The Quality fund smashes all of the other funds, and makes a lot of sense to me conceptually, @Julianek’s excellent post here converted me.
My point is, you are diversified, but also concentrated in some Factors/Geographies. Way I see risk is classic: less diversification of any kind (Factor, geography, other)=more risk. I went 99% on the Quality fund because due to the nature of the 3A where the money is locked I decided to take more risk than my liquid holdings which are far more agnostic.