Deutsche Bank AG.
The book · Q2 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q2 |
|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORPORATION | 52.47M | $10.5B | 3.0% | +2% |
| 2 | AAPL | APPLE INC | 27.03M | $7.8B | 2.3% | +1% |
| 3 | MSFT | MICROSOFT CORP | 16.68M | $6.2B | 1.8% | ±0% |
| 4 | AMZN | AMAZON COM INC | 19.52M | $4.7B | 1.4% | +9% |
| 5 | GOOGL | ALPHABET INC | 12.15M | $4.3B | 1.3% | +4% |
| 6 | GOOGL | ALPHABET INC | 10.72M | $3.8B | 1.1% | — |
| 7 | MU | MICRON TECHNOLOGY INC | 3.29M | $3.8B | 1.1% | +3% |
| 8 | GOOG | ALPHABET INC | 9.14M | $3.2B | 0.9% | +6% |
| 9 | TSLA | TESLA INC | 7.22M | $3.0B | 0.9% | +18% |
| 10 | NVDA | NVIDIA CORPORATION | 14.56M | $2.9B | 0.8% | — |
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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