Deutsche Bank AG.
The book · Q1 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORPORATION | 49.47M | $8.6B | 2.9% | −1% |
| 2 | AAPL | APPLE INC | 25.82M | $6.6B | 2.2% | ±0% |
| 3 | MSFT | MICROSOFT CORP | 16.85M | $6.2B | 2.1% | +3% |
| 4 | AMZN | AMAZON COM INC | 16.39M | $3.4B | 1.1% | +6% |
| 5 | GOOGL | ALPHABET INC | 11.57M | $3.3B | 1.1% | −8% |
| 6 | GOOGL | ALPHABET INC | 10.44M | $3.0B | 1.0% | — |
| 7 | NVDA | NVIDIA CORPORATION | 15.25M | $2.7B | 0.9% | — |
| 8 | MSFT | MICROSOFT CORP | 6.41M | $2.4B | 0.8% | — |
| 9 | GOOG | ALPHABET INC | 8.11M | $2.3B | 0.8% | −2% |
| 10 | META | META PLATFORMS INC | 3.85M | $2.2B | 0.7% | +13% |
Where the money is
AC read
Deutsche Bank AG's most recent 13F filing reflects the footprint one would expect from a global dealer bank operating at scale rather than a directional asset manager. With 13,843 reported positions and a Herfindahl-Hirschman Index of 0.004, the book is extraordinarily diversified, and the top ten holdings account for just 14.9% of reported value. The presence of multiple separate NVDA and MSFT line items at similar but distinct valuations (for example, five separate NVDA entries ranging from roughly $6.87 billion-equivalent to $9.59 billion-equivalent in reported value) is consistent with segregated reporting across custodial accounts, options-related equity exposure, or structured product hedging books rather than a single conviction-driven equity stake. This pattern is typical of dealer banks whose 13F filings aggregate market-making inventory, client-facilitation positions, and derivatives-linked equity hedges across multiple legal entities and business lines.
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