Deutsche Bank

New 13F: Q3 2026

Deutsche Bank filed its 13F for the quarter ended Sep 30, 2026 on Nov 6, 2026: $162.8B in AI and semiconductor stocks; $10.8B bought and $3.8B sold against its previous quarter, at the quarter's prices.

• added to Microsoft (MSFT): +$1.1B at the quarter's price
• trimmed Meta Platforms (META): -$791.8M at the quarter's price
• added to AMD (AMD): +$747.5M at the quarter's price
• added to Synopsys (SNPS): +$520.3M at the quarter's price
• added to Micron (MU): +$480.2M at the quarter's price
• added to KLA (KLAC): +$475.1M at the quarter's price
• trimmed Seagate (STX): -$472.6M at the quarter's price
• added to CrowdStrike (CRWD): +$464.3M at the quarter's price
• added to Salesforce (CRM): +$384.4M at the quarter's price
• added to Lam Research (LRCX): +$382.5M at the quarter's price

Deutsche Bank declares $149.6B in 219 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 43.4% of its $344.4B 13F portfolio. Largest positions: NVIDIA (0.38% of the company) and Alphabet (0.39% of the company). Over time: $149.6B in 219 of these companies for Q2 2026, against $33.8B in 163 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $5.4B and sold $9.0B of these stocks, at the quarter's prices: a net sale of $3.6B; 6 new positions.

Performance of its AI picks

The AI-stock portfolio Deutsche Bank declared for Q2 2026 (Form 13F), held unchanged, returned +4.3% in Q3 2026 (SMH -7.1%), ranked 776 of 1,785 active managers. Over the last 12 months, quarter after quarter: +34.3% (SMH +87.2%), ranked 392 of 1,360 active managers. Over three years, quarter after quarter: +153.2% (SMH +325.8%), ranked 306 of 784 active managers. Over five years, quarter after quarter: +159.2% (SMH +389.8%), ranked 263 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $18.4B, 92.0M shares, 0.38% of the company, 5.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $17.0B, 47.9M shares, 0.39% of the company, 4.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $13.7B, 47.2M shares, 0.32% of the company, 4.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $12.1B, 32.6M shares, 0.44% of the company, 3.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $8.4B, 35.3M shares, 0.33% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $5.7B, 15.0M shares, 0.31% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $5.5B, 4.8M shares, 0.42% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $5.2B, 9.2M shares, 0.36% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $4.7B, 8.0M shares, 0.49% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $3.5B, 24.8M shares, 0.47% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $2.9B, 4.0M shares, 0.50% of the company, 0.84% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Cisco (CSCO): $2.0B, 17.0M shares, 0.43% of the company, 0.58% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Lam Research (LRCX): $1.9B, 4.4M shares, 0.35% of the company, 0.55% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. NextEra Energy (NEE): $1.6B, 18.2M shares, 0.87% of the company, 0.46% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Arista Networks (ANET): $1.6B, 9.4M shares, 0.74% of the company, 0.46% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $56.7B, 38% of its AI holdings, 6 companies
• Chips & compute: $38.8B, 26% of its AI holdings, 37 companies
• Power, electrical & cooling: $12.9B, 9% of its AI holdings, 47 companies
• AI software: $10.2B, 7% of its AI holdings, 31 companies
• Memory & storage: $9.5B, 6% of its AI holdings, 7 companies
• Equipment & test: $7.1B, 5% of its AI holdings, 28 companies
• Interconnect: $5.4B, 4% of its AI holdings, 10 companies
• Neoclouds & data centers: $4.6B, 3% of its AI holdings, 29 companies
• Servers & systems: $2.8B, 2% of its AI holdings, 12 companies
• Optics: $1.6B, 1% of its AI holdings, 12 companies

Biggest changes this quarter

• trimmed Applied Materials (AMAT): -$1.8B at the quarter's price
• trimmed Sandisk (SNDK): -$986.0M at the quarter's price
• added to Alphabet (GOOGL): +$745.1M at the quarter's price
• added to Amazon (AMZN): +$707.9M at the quarter's price
• trimmed Dell (DELL): -$706.9M at the quarter's price
• trimmed Corning (GLW): -$668.9M at the quarter's price
• trimmed Intel (INTC): -$414.0M at the quarter's price
• added to NVIDIA (NVDA): +$410.5M at the quarter's price
• trimmed Fortinet (FTNT): -$408.8M at the quarter's price
• trimmed Exelon (EXC): -$348.9M at the quarter's price

Other holders of this size

• WELLS FARGO & COMPANY/MN: $146.9B in 226 of these companies
• ROYAL BANK OF CANADA: $161.0B in 226 of these companies
• Fisher Asset Management, LLC: $129.7B in 113 of these companies
• Dimensional: $161.4B in 205 of these companies
• ALLIANCEBERNSTEIN L.P.: $124.2B in 214 of these companies
• Ameriprise Financial, Inc.: $172.4B in 211 of these companies
• Barclays: $115.8B in 224 of these companies
• Franklin Templeton: $188.6B in 202 of these companies

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