Deutsche Bank 13F Portfolio

The “biggest buys” list makes the quarter’s bet explicit: Deutsche Bank wants more upside in AI infrastructure and in high-earning, asset-light consumer demand. The standout move is the explosion in Booking, where they lifted the stake by 2662.4%, adding about $1.63B and turning it into a 0.49% holding.

On the tech side, the most telling add is KLA, up 777.7% with roughly $1.09B of fresh capital despite the position still sitting below cost at a -54.5% mark versus their average buy. That is a classic signal they view KLA as critical AI-era tooling rather than a short-cycle semiconductor trade.

Other high-conviction adds rhyme with that view:

• Nvidia: modest +2.3% share increase but a large $410.5M dollar add, keeping it the single largest line.
• Alphabet (both share classes): +4.0% and +5.6% in GOOGL and GOOG, adding over $744M combined, leaning into cloud and AI advertising monetization.
• Amazon: +9.2% in shares and about $707.9M more capital as e-commerce and AWS re-accelerate.
• Tesla: +18.2% in shares and $622.9M added, a clear bet on EV scale and software optionality.
• Walmart and Costco: +54.0% and +8.1% share growth respectively, deploying about $739.0M and $102.7M into big-box retailers that can flex pricing power.

Meta and consumer names like Netflix and Procter & Gamble also see healthy adds, reinforcing a preference for scalable platforms with durable demand curves rather than narrow, rate-sensitive plays.

On the sell side, the largest cuts are not in AI leaders but in older, more cyclical semiconductor exposure and mature financials. Applied Materials sees a brutal -38.4% reduction in shares, freeing roughly $1.81B, even though the position still sits up 388.5% versus their average cost.

SanDisk is cut even harder, with shares down -42.2% and about $986.0M taken off the table after a staggering 675.0% gain versus their cost basis. Intel is trimmed by -10.7% for about $414.0M, and Lam Research edges down -2.4%, suggesting they view these as the more mature parts of the chip cycle compared with KLA or Micron.

Rate- and credit-sensitive names are the other big funding source:

• UBS: -24.4% in shares, freeing about $385.3M.
• Bank of America: -10.3% in shares, releasing roughly $269.8M.
• JPMorgan: a more modest -4.8% cut and around $131.5M pulled out.

Energy and utilities also contribute some cash, with Exxon Mobil down -11.0% (about $180.9M) and Williams Companies down -7.1%. Even Eli Lilly, one of the great pharma winners, is trimmed by -4.7% for about $201.7M, hinting they see better risk-reward in under-owned health-care names like Abbott and AstraZeneca than in fully priced GLP-1 champions.

Despite the headline that tech still commands 58.49% of the disclosed book, the internal mix is changing. Technology’s weight is down from 60.09%, but that drop masks a quality and tenure upgrade from broad semis and storage into AI-stack leaders and critical equipment.

Health care nudges up from 10.14% to 10.3% as they add Johnson & Johnson, AbbVie, AstraZeneca and Abbott while slightly trimming Merck, Medtronic and Eli Lilly. This feels like a barbell between proven cash cows and laggards they expect to mean-revert.

Consumer exposure jumps meaningfully from 7.79% to 9.6%, led by Amazon, Walmart, Booking, Netflix, Costco and Procter & Gamble. This is where you see the macro call: if the consumer holds up, these platforms can compound volumes and pricing; if not, Walmart, Costco and P&G still defend margins.

Financials drop from 5.54% to 5.1% after cuts in UBS, Bank of America and JPMorgan, while energy slides from 4.09% to 3.91% on Exxon and Enbridge trims. Industrials tick up from 2.9% to 3.21% mostly via Tesla, and payments (Visa and Mastercard, labeled as real estate here) edge higher, reinforcing a preference for fee-based transaction rails over balance-sheet lenders.

Put together, Deutsche Bank AG’s 2026-Q2 positioning reads as a vote for AI-driven earnings growth plus a reasonably benign macro backdrop. They are not backing away from the winners that got them here — Nvidia, Alphabet, Amazon, Micron — but they are recycling gains from older semicap and bank holdings into AI infrastructure like KLA and into travel, retail and payments.

The aggressive build in Booking, Walmart, Costco and Tesla indicates a belief that consumer and travel demand will keep surprising to the upside, while the trims in big banks and Exxon suggest less enthusiasm for pure rate- or commodity-driven stories. At the same time, incremental adds across Johnson & Johnson, AbbVie, AstraZeneca, Abbott and Coca-Cola keep a defensive spine in the book.

If this thesis is right, the portfolio should behave like a leveraged play on AI and cloud capex, cushioned by staples and diversified pharma, with additional upside from a soft-landing consumer. If it is wrong — if growth slows or AI multiples compress — the subtle underweighting of banks, energy and low-vol utilities will hurt less than it would for a more traditional value-oriented portfolio.

The message from the 13F is clear: Deutsche Bank AG is willing to let go of some spectacular legacy winners to own the next leg of AI hardware and to participate in the reopening-and-repricing of global consumer services.