Deutsche Bank’s $307.09B Q4 2025 Build: A Relentless Mega-Cap Engine Led by NVDA and MSFT

Deutsche Bank AG closed Q4 2025 with $307.09B in canonical 13F assets, and the pacing is the key signal: after a mild early-2025 dip, assets climbed for three straight quarters while top exposure stayed distributed across multiple mega-cap leaders.

TL;DR

• Scale: canonical 13F AUM is $307.09B with 500 positions.
• Top holding: NVDA at $16.87B (5.96%).
• Core stack: MSFT, AAPL, GOOGL, and AMZN form the upper tier.
• Concentration: top-5 is about 21.8%; top-10 is 29.9%.
• Trend: AUM rises from $215.43B (’24 Q1) to $307.09B (’25 Q4).
• Breadth: history holdings count climbs to 14,050 by Q4 2025.
• Interpretation: this is a large, growth-led, multi-name engine rather than a single-theme concentration trade.

Filing Snapshot: Q4 2025

Filer: DEUTSCHE BANK AG. Canonical AUM is $307.09B, holdings value sum is $283.22B, and WhaleScore is 67.75. The distribution profile indicates significant technology participation without collapsing risk into one dominant line.

Growth Tilt, Controlled Concentration

Top exposures across NVDA, MSFT, AAPL, GOOGL, and AMZN show a clear mega-cap growth tilt. But unlike highly concentrated books, the weight ladder declines progressively, which helps reduce single-position fragility.

As with other very large filers, interpretation should prioritize sizing and concentration behavior over row-level status labels.

2025 Acceleration Was Broad-Based

The series moves from $252.35B in ’25 Q1 to $271.58B, then $298.44B, and finally $307.09B in ’25 Q4. The simultaneous increase in holdings breadth to 14,050 suggests scaling through broad exposure buildout, not a narrow tactical surge.

What to Monitor in 2026

If top-5 concentration stays near the low-20% range while AUM remains above $300B, Deutsche Bank likely keeps this diversified growth posture. A sharp jump in top-line weights would signal a more aggressive risk regime shift.

For cross-filer context, see Marshall Wace’s concentrated IVV anchor and Northwestern Mutual’s ETF-core framework.

Q&A

What is Deutsche Bank AG’s 13F AUM in Q4 2025?

The canonical 13F AUM is $307.09B for quarter 2025Q4.

Which holdings are largest in Deutsche Bank’s Q4 filing?

The top disclosed holdings include NVDA, MSFT, and AAPL.

How concentrated is Deutsche Bank’s top book?

Top-5 concentration is about 21.8% and top-10 is about 29.9%.

Did AUM growth accelerate through 2025?

Yes. After Q1 2025, AUM increased for three consecutive quarters to finish at $307.09B.

How should readers handle “NEW position” labels for this filer?

Those labels can be artifacts in large-filer extracts, so the more dependable signal is the portfolio’s concentration and cross-quarter allocation trend.