Style
CoreTurnover
Orientation
Diversified activeDeutsche Bank’s active, low-turnover growth style emphasizes long-term conviction in large-cap technology leaders, with NVIDIA, Microsoft, and Apple alone representing over 13% of the portfolio. The top five holdings—all mega-cap tech names—account for nearly 18% of assets, while sector allocation tilts heavily toward Technology at 27.1%, with Healthcare and Financial Services each at 9.7%. This concentrated positioning signals strong conviction in secular growth themes, particularly AI and cloud computing, with the portfolio holding over 14,000 positions and AUM growing from $215.5B in Q1 2024 to $307.1B by Q4 2025, reflecting disciplined capital accumulation without frequent trading.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Nvidia Corporation(NVDA) | 91,954,159 | $18.4B | 5.34% |
| 2 | Apple Inc(AAPL) | 47,201,961 | $13.7B | 3.97% |
| 3 | Microsoft Corp(MSFT) | 32,564,249 | $12.1B | 3.53% |
| 4 | Alphabet Inc(GOOGL) | 30,552,576 | $10.9B | 3.17% |
Latest filing, equity positions only
| 5 |
| Amazon COM Inc(AMZN) |
| 35,278,110 |
| $8.4B |
| 2.44% |
| 6 | Alphabet Inc(GOOG) | 17,313,729 | $6.1B | 1.78% |
| 7 | Broadcom Inc(AVGO) | 14,986,674 | $5.7B | 1.64% |
| 8 | Micron Technology Inc(MU) | 4,794,836 | $5.5B | 1.61% |
| 9 | Meta Platforms Inc(META) | 9,247,543 | $5.2B | 1.51% |
| 10 | Advanced Micro Devices Inc(AMD) | 8,030,571 | $4.7B | 1.35% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 27.39% | 31.17% | +3.78% |
| Energy | 5.42% | 4.38% | -1.04% |
| Basic Materials | 3.23% | 2.56% | -0.67% |
| Healthcare | 10.64% | 10.14% | -0.5% |
| Financial Services | 10.51% | 10.07% | -0.44% |
| Utilities | 3.88% | 3.52% | -0.36% |
| Consumer Defensive | 4.4% | 4.07% | -0.33% |
| Real Estate | 3.77% | 3.56% | -0.21% |
| Industrials | 7.37% | 7.23% | -0.14% |
| Unclassified | 7.23% | 7.13% | -0.1% |
| Consumer Cyclical | 7.43% | 7.47% | +0.04% |
| Communication Services | 8.74% | 8.71% | -0.03% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Mega Cap | 43.49% | 46.28% | +2.79% |
| Large Cap | 45.7% | 43.14% | -2.56% |
| Unclassified | 7.23% | 7.13% | -0.1% |
| Mid Cap | 2.99% | 2.84% | -0.15% |
| Small Cap | 0.56% | 0.58% | +0.02% |
| Micro Cap | 0.02% | 0.03% | +0.01% |
Quarter-over-quarter position changes