What Deutsche Bank Filed for Its $344bn US Equity Portfolio

Deutsche Bank's latest US equity disclosure shows a portfolio valued at roughly $344.4bn as of 30 June 2026, with the ten largest positions once again dominated by large technology names. The filing compares share counts with the first quarter and reveals both new additions and modest profit-taking.

Nvidia remained the bank's largest US listed equity holding, at about 91.95m shares and $18.4bn, or 5.34% of the portfolio, after Deutsche Bank added 2,051,501 shares. Apple was second with about 47.2m shares worth $13.66bn and 3.97% of the portfolio, followed by Microsoft at 32.56m shares and $12.15bn, or 3.53%.

The most significant percentage increases in the top ten were in Amazon (+9.19%), Meta Platforms (+6.73%) and Alphabet's Class C shares (+5.57%). By contrast, the bank reduced AMD by 2.76% and made a negligible cut of 0.16% to Microsoft.

Reading the Q2 Reshuffle: AI Concentration and Tactical Trims

A portfolio concentrated in the AI and mega-cap tech trade

The top ten positions are almost entirely mega-cap technology and semiconductor names: Nvidia, Apple, Microsoft, Alphabet in both share classes, Amazon, Broadcom, Micron, Meta and AMD. That weighting makes the portfolio highly sensitive to the same AI and cloud demand narrative driving those stocks. The additions to Nvidia and Broadcom, together with the building of Meta and Amazon, suggest the bank's equity exposure was tilted further toward businesses tied to AI infrastructure and digital advertising during the second quarter.

However, the filing does not state why the trades were made or whether they reflect Deutsche Bank's own investment decisions, client flows or index-linked activity. The share counts are a point-in-time snapshot, not a live recommendation.

The trims are more about rebalancing than a verdict

The AMD reduction of 227,779 shares is visible but leaves AMD only 2.76% smaller as a position, not an exit. Microsoft's 50,875 share trim is barely material for a $12.15bn position. Taken together, the decreases are consistent with light profit-taking and position management in names that had already performed strongly, rather than a clear negative signal.

Where the filing's limits matter

Quarterly US equity disclosures reflect a long-only view and omit short positions, non-US assets, derivatives and cash. The roughly $344.4bn total mentioned in the source should therefore not be read as Deutsche Bank's total asset base or a complete picture of its market exposure. Price moves after 30 June are also not reflected in the reported values.

What Investors Can Use From the Filing

For investors, the value of the filing lies less in copying the holdings and more in observing how a large institutional portfolio has positioned around the US technology sector.

  • Watch the largest changes rather than the headlines. Amazon (+9.19%), Meta (+6.73%) and Alphabet Class C (+5.57%) were the biggest top-ten increases in share count during Q2; AMD (-2.76%) was the clearest reduction.
  • Treat the share counts as a 30 June snapshot. Values in the filing use June 30 prices and will already have shifted with market moves since then.
  • Use the next quarterly disclosure to test persistence. A third-quarter report based on 30 September positions would normally become public around mid-November 2026; that will show whether the Q2 additions in Nvidia, Amazon and Meta were continued or reversed.