§ 13F · FUND PROFILE
Deutsche Bank AG.
Deutsche Bank AG is a major German multinational investment bank known for its extensive derivatives trading and market-making activities. With positions across over 12,500 securities and significant holdings in technology stocks like NVIDIA and Microsoft, the bank operates as a dealer bank providing liquidity and trading services to institutional clients.
AUM · $245706.8T (13F)Positions · 12532Turnover · 93% · Q4Filed · Feb 11, 2026
CONCENTRATION
15%
Top 10 holdings
NEW BUYS
+317
+$10341.3T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → OTHER
-1pp · +2pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 11, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORPORATION | 51.43M | $9591.4T | 3.1% | — |
| 2 | MSFT | MICROSOFT CORP | 16.34M | $7903.8T | 2.6% | +464% |
| 3 | AAPL | APPLE INC | 25.86M | $7029.0T | 2.3% | +466% |
| 4 | GOOGL | ALPHABET INC | 12.23M | $3828.3T | 1.2% | — |
| 5 | GOOGL | ALPHABET INC | 11.67M | $3652.5T | 1.2% | — |
| 6 | AMZN | AMAZON COM INC | 14.38M | $3318.1T | 1.1% | — |
| 7 | MSFT | MICROSOFT CORP | 5.91M | $2856.3T | 0.9% | +456% |
| 8 | GOOG | ALPHABET INC | 8.18M | $2567.5T | 0.8% | — |
| 9 | NVDA | NVIDIA CORPORATION | 13.67M | $2548.7T | 0.8% | — |
| 10 | TSLA | TESLA INC | 5.64M | $2536.7T | 0.8% | — |
§ 02 · SECTOR ALLOCATION
Where the money is
Other50.5% (+2pp)
Technology16.4% (−1pp)
Semiconductors11.1% (±0)
Media8.6% (±0)
Financial Services6.7% (±0)
Retail5.2% (±0)
§ 03 · THE DEUTSCHE SIGNAL
AC read
Deutsche Bank's latest 13F filing reveals the trading patterns typical of a major dealer bank operating at institutional scale. With assets under management reaching $245.7 trillion across 12,532 positions, the German bank demonstrates the massive scope of its market-making and derivatives operations. The portfolio shows extreme diversification with a Herfindahl-Hirschman Index of just 0.004, indicating highly dispersed holdings that reflect its role as a liquidity provider rather than a traditional asset manager making concentrated investment bets.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q4 2025
Busy quarter
+317 buys · −0 exits · 12801 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed