DEUTSCHE BANK A G DB
NAMEN AKT · Common Stock · CUSIP D18190898
- SectorFinancials
- IndustryState Commercial Banks
- HeadquartersNew York, NY
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($33.7m this quarter). Holder counts are more reliable. Shares outstanding: 1.9bn as of 2025-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $38.44. Options: 19 managers hold calls ($313.6m notional), 26 hold puts ($870.7m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 226 |
| Q4 2022 | 227 |
| Q1 2023 | 248 |
| Q2 2023 | 250 |
| Q3 2023 | 248 |
| Q4 2023 | 271 |
| Q1 2024 | 270 |
| Q2 2024 | 295 |
| Q3 2024 | 299 |
| Q4 2024 | 318 |
| Q1 2025 | 355 |
| Q2 2025 | 421 |
| Q3 2025 | 433 |
| Q4 2025 | 494 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 133 | 107 |
| Q2 2024 | 173 | 100 |
| Q3 2024 | 144 | 124 |
| Q4 2024 | 166 | 100 |
| Q1 2025 | 205 | 118 |
| Q2 2025 | 259 | 132 |
| Q3 2025 | 241 | 199 |
| Q4 2025 | 262 | 170 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $465.0m | $1.1bn | 2.28 |
| Q2 2025 | $598.1m | $1.1bn | 1.84 |
| Q3 2025 | $780.6m | $1.6bn | 2.00 |
| Q4 2025 | $313.6m | $870.7m | 2.78 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +7.7m |
| MARSHALL WACE, LLP | Added | +5.3m |
| Amundi | Added | +4.3m |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | New | +4.1m |
| Caisse de depot et placement du Quebec | Added | +2.1m |
| CITIGROUP INC | Added | +2.0m |
| UBS Group AG | Added | +1.3m |
| ACADIAN ASSET MANAGEMENT LLC | Added | +1.1m |
| VANGUARD GROUP INC | Added | +1.1m |
| Fisher Asset Management, LLC | Added | +966.7k |
Biggest sellers
| DEUTSCHE BANK AG\ | Reduced | -29.2m |
| GQG Partners LLC | Sold out | -20.1m |
| JPMORGAN CHASE & CO | Reduced | -16.2m |
| Capital International Investors | Reduced | -16.0m |
| ENTRUST GLOBAL PARTNERS L L C | Reduced | -14.7m |
| VIKING GLOBAL INVESTORS LP | Sold out | -6.1m |
| Capital World Investors | Reduced | -4.4m |
| CAUSEWAY CAPITAL MANAGEMENT LLC | Reduced | -3.4m |
| DekaBank Deutsche Girozentrale | Reduced | -2.3m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -2.0m |
Biggest calls
| UBS Group AG | Reduced | $109.0m2.8m shares |
| SIH Partners, LLLP | Reduced | $103.8m2.7m shares |
| GOLDMAN SACHS GROUP INC | Reduced | $28.8m746.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $22.6m585.1k shares |
| CITADEL ADVISORS LLC | Reduced | $12.1m314.1k shares |
| PEAK6 LLC | Added | $6.6m171.4k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $5.8m149.5k shares |
| JANE STREET GROUP, LLC | Reduced | $4.9m127.6k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $4.3m121.8k shares |
| CITIGROUP INC | Reduced | $3.4m88.4k shares |
Biggest puts
| SIH Partners, LLLP | Added | $358.1m9.3m shares |
| GOLDMAN SACHS GROUP INC | Reduced | $163.8m4.2m shares |
| UBS Group AG | Reduced | $97.3m2.5m shares |
| Qube Research & Technologies Ltd | Reduced | $35.6m915.5k shares |
| CITIGROUP INC | Added | $34.6m890.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $32.9m853.1k shares |
| Optiver Holding B.V. | Reduced | $27.1m703.4k shares |
| JPMORGAN CHASE & CO | Reduced | $27.0m699.1k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $13.2m341.5k shares |
| Groupe la Francaise | Unchanged | $12.4m375.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.04% of their portfolio | 80.1m $3.1bn | Added +1.1m |
| Capital International Investors 0.41% of their portfolio | 66.5m $2.6bn | Reduced -16.0m |
| DEUTSCHE BANK AG\ 0.71% of their portfolio | 56.8m $2.2bn | Reduced -29.2m |
| Amundi 0.56% of their portfolio | 53.9m $2.1bn | Added +4.3m |
| UBS Group AG 0.24% of their portfolio | 31.3m $1.2bn | Added +1.3m |
| Fisher Asset Management, LLC 0.36% of their portfolio | 27.4m $1.1bn | Added +966.7k |
| ACADIAN ASSET MANAGEMENT LLC 1.27% of their portfolio | 19.9m $772.9m | Added +1.1m |
| DekaBank Deutsche Girozentrale 1.22% of their portfolio | 17.8m $704.4m | Reduced -2.3m |
| GOLDMAN SACHS GROUP INC 0.09% of their portfolio | 16.7m $645.0m | Reduced -736.2k |
| Legal & General Group Plc 0.13% of their portfolio | 14.7m $570.3m | Added +332.0k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.50% of their portfolio | 14.6m $564.6m | Added +334.0k |
| CAUSEWAY CAPITAL MANAGEMENT LLC 7.59% of their portfolio | 14.2m $551.7m | Reduced -3.4m |
| NORGES BANK 0.06% of their portfolio | 13.7m $532.4m | Not comparable |
| FMR LLC 0.02% of their portfolio | 12.5m $487.1m | Added +499.1k |
| ENTRUST GLOBAL PARTNERS L L C 69.46% of their portfolio | 12.1m $342.4m | Reduced -14.7m |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 11.7m $451.2m | Reduced -665.9k |
| FRANKLIN RESOURCES INC 0.08% of their portfolio | 8.9m $343.7m | Reduced -1.0m |
| AQR CAPITAL MANAGEMENT LLC 0.16% of their portfolio | 8.0m $309.5m | Added +7.7m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 7.3m $281.2m | Reduced -16.2m |
| JANUS HENDERSON GROUP PLC 0.12% of their portfolio | 6.9m $271.0m | Reduced -1.7m |
| CREDIT AGRICOLE S A 0.64% of their portfolio | 6.0m $231.2m | Reduced -707.0k |
| CITIGROUP INC 0.16% of their portfolio | 6.0m $231.8m | Added +2.0m |
| Liontrust Investment Partners LLP 3.29% of their portfolio | 5.7m $221.7m | Added +439.1k |
| MARSHALL WACE, LLP 0.21% of their portfolio | 5.5m $214.4m | Added +5.3m |
| MORGAN STANLEY 0.01% of their portfolio | 4.7m $181.0m | Added +146.7k |
| Invesco Ltd. 0.02% of their portfolio | 4.3m $165.4m | Added +843.2k |
| Caisse de depot et placement du Quebec 0.27% of their portfolio | 4.1m $160.5m | Added +2.1m |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.16% of their portfolio | 4.1m $135.5m | New |
| Banco Santander, S.A. 1.17% of their portfolio | 4.1m $156.9m | Added +184.2k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.38% of their portfolio | 3.8m $148.7m | Reduced -393.4k |
| Artemis Investment Management LLP 1.72% of their portfolio | 3.7m $142.3m | Added +745.4k |
| Nuveen, LLC 0.04% of their portfolio | 3.5m $136.2m | Reduced -59.3k |
| COMMERZBANK AKTIENGESELLSCHAFT /FI 2.56% of their portfolio | 3.3m $125.7m | Added +133.2k |
| APPALOOSA LP 1.77% of their portfolio | 3.1m $121.5m | Reduced -640.0k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 3.1m $121.2m | Reduced -19.0k |
| Russell Investments Group, Ltd. 0.13% of their portfolio | 3.1m $121.4m | Reduced -165.5k |
| Capital International, Inc./CA/ 0.95% of their portfolio | 3.1m $120.3m | Reduced -2.0m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.07% of their portfolio | 2.9m $111.5m | Added +867.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.09% of their portfolio | 2.8m $108.1m | Added +72.8k |
| Allianz Asset Management GmbH 0.11% of their portfolio | 2.5m $95.7m | Added +360.9k |
| AVIVA PLC 0.14% of their portfolio | 2.1m $81.3m | Added +68.6k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.1m $80.3m | Added +5.6k |
| BlackRock, Inc. 0.00% of their portfolio | 2.0m $76.7m | Reduced -18.8k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 1.8m $71.3m | Reduced -58.8k |
| JANE STREET GROUP, LLC 0.08% of their portfolio | 1.8m $70.1m | Reduced -435.5k |
| Korea Investment CORP 0.14% of their portfolio | 1.8m $70.6m | Reduced -698.4k |
| LAZARD ASSET MANAGEMENT LLC 0.11% of their portfolio | 1.7m $67.5m | Added +367.9k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.14% of their portfolio | 1.6m $63.5m | Added +16.6k |
| Pictet Asset Management Holding SA 0.06% of their portfolio | 1.6m $61.4m | Added +204.7k |
| CAPITAL INTERNATIONAL SARL 0.97% of their portfolio | 1.6m $60.6m | Reduced -5.0k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 1.5m $57.5m | Added +281.6k |
| Public Sector Pension Investment Board 0.19% of their portfolio | 1.4m $55.6m | Reduced -166.6k |
| Groupe la Francaise 0.73% of their portfolio | 1.3m $50.2m | Added +508.3k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.68% of their portfolio | 1.2m $47.8m | Added +6.5k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.14% of their portfolio | 1.2m $46.1m | Added +22.0k |
| MOORE CAPITAL MANAGEMENT, LP 0.93% of their portfolio | 1.2m $45.8m | Added +546.0k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 1.2m $44.5m | Added +192.3k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 1.1m $43.6m | Reduced -43.2k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.1m $43.0m | Added +29.6k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 1.1m $41.4m | Added +46.2k |
| INTECH INVESTMENT MANAGEMENT LLC 0.34% of their portfolio | 981.0k $38.1m | Reduced -286.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 857.5k $33.1m | Reduced -83.2k |
| Point72 Asset Management, L.P. 0.05% of their portfolio | 800.6k $30.9m | New |
| CAPITAL INTERNATIONAL LTD /CA/ 1.09% of their portfolio | 791.4k $30.8m | Reduced -52.8k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.07% of their portfolio | 767.5k $29.8m | New |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 745.2k $28.7m | Added +7.2k |
| Lansforsakringar Fondforvaltning AB (publ) 0.14% of their portfolio | 739.0k $28.7m | Added +171 |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.29% of their portfolio | 715.6k $27.8m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 664.9k $25.6m | Reduced -98.8k |
| TD Asset Management Inc 0.02% of their portfolio | 661.4k $25.7m | Reduced -3.0k |
| Capital Group Private Client Services, Inc. 0.41% of their portfolio | 660.1k $25.7m | Reduced -64.6k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 648.6k $25.0m | Reduced -72.9k |
| Compagnie Lombard Odier SCmA 0.27% of their portfolio | 629.3k $24.5m | Added +59.9k |
| Zurich Insurance Group Ltd/FI 0.16% of their portfolio | 590.9k $23.0m | Added +99.7k |
| Quantinno Capital Management LP 0.05% of their portfolio | 590.4k $22.8m | Added +102.0k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.12% of their portfolio | 575.0k $22.2m | Reduced -12.9k |
| Martin Investment Management, LLC 5.67% of their portfolio | 526.0k $20.3m | New |
| LANDESBANK BADEN-WUERTTEMBERG 3.57% of their portfolio | 499.6k $19.5m | First filing |
| Intesa Sanpaolo S.p.A. 1.25% of their portfolio | 499.0k $19.4m | First filing |
| Philadelphia Financial Management of San Francisco, LLC 3.48% of their portfolio | 436.3k $16.8m | Added +20.3k |
| ASR Vermogensbeheer N.V. 0.20% of their portfolio | 431.9k $16.8m | Added +1.2k |
| FORSTA AP-FONDEN 0.00% of their portfolio | 428.0k $0 | Added +53.2k |
| Generali Asset Management SPA SGR 0.27% of their portfolio | 401.0k $13.3m | Reduced -7.7k |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.03% of their portfolio | 372.5k $14.4m | Reduced -15.5k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 364.8k $14.2m | Reduced -2.0m |
| Westend Capital Management, LLC 3.90% of their portfolio | 360.7k $13.9m | Added +5.0k |
| NATIXIS ADVISORS, LLC 0.02% of their portfolio | 359.7k $13.9m | Reduced -71.8k |
| Mediolanum International Funds Ltd 0.14% of their portfolio | 350.4k $13.6m | Added +77.0k |
| Vontobel Holding Ltd. 0.04% of their portfolio | 347.7k $13.5m | Reduced -32.5k |
| Baader Bank Aktiengesellschaft 1.12% of their portfolio | 346.3k $13.5m | Added +12.1k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 342.6k $13.3m | Reduced -169.9k |
| THIRD AVENUE MANAGEMENT LLC 2.36% of their portfolio | 337.2k $13.0m | New |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.05% of their portfolio | 332.0k $12.9m | Added +131.1k |
| NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio | 328.0k $12.7m | Reduced -278 |
| PRUDENTIAL PLC 0.10% of their portfolio | 326.3k $12.7m | Added +5.4k |
| ASSETMARK, INC 0.03% of their portfolio | 323.4k $12.5m | Added +27.6k |
| TUDOR INVESTMENT CORP ET AL 0.07% of their portfolio | 314.0k $12.1m | Reduced -31.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 311.3k $12.0m | Added +35.3k |
| SIH Partners, LLLP 0.66% of their portfolio | 295.3k $11.4m | Added +86.1k |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 294.2k $11.4m | Added +118.2k |