
Investment themes
Our key investment themes are designed to have long-term relevance and to identify continuing investment opportunities. Browse the latest reports published by our global Chief Investment Office (CIO).
Our latest reports

CIO Special report
Big Tech: Regulation remains an important factor
In our CIO Special, we look at the regulatory picture in jurisdictions around the world and consider the investment outlook.
Mar. 09, 2023

CIO Special report
India: Why it will be a USD 7 trillion economy by 2030
In our latest CIO Special – India: Why it will be a USD 7 trillion economy by 2030 – we look at the structural shifts taking place currently in India which are setting the stage for it to become the fourth largest economy in the world by the end of this decade.
Mar. 02, 2023

CIO Special report
U.S. small cap outperformance may continue
In our latest CIO Special we look at why U.S. small cap equities within the S&P 600 have recently outperformed the S&P 500 and the outlook for both indices
Feb. 23, 2023

CIO Special report
A promising start for EM equities and a look ahead
In our CIO Special, we look at the performance by emerging market (EM) equities that has become more optimistic about the potential boost from China's Covid reopening.
Feb. 20, 2023

CIO Special report
Semiconductor sector: semi-recovered?
After supply chain problems, geopolitical tensions, the aftermath of the global pandemic, a worsening interest rate outlook and surging inflation made 2022 a difficult year for semis investors, the sector is now on the road to recovery.
Feb. 17, 2023

CIO Special report
German economy facing challenges
Our latest CIO Special highlights the structural issues facing the German economy in the aftermath of the Covid and energy crises.
Feb. 09, 2023

CIO Special report
China generating tailwinds for commodity currencies
Our latest CIO Special highlights the significance of China’s swift decision to end its zero-Covid policy and implement economic stimulus measures for countries around the globe that are major exporters of commodities.
Feb. 07, 2023

CIO Special report
EM corporate bonds benefit from China reopening
We look at the sub asset class of USD denominated Emerging Markets corporate bonds which stand out as one of the key beneficiaries of positive newsflow out of China as economic activity looks set to resume in the Asian economy.
Jan. 25, 2023

CIO Special report
Mangroves: why they need protection
Mangroves are highly important for biodiversity and play a crucial role as nature-based solutions to mitigate the effects of climate change, even though they make up less than 1% of all tropical forests worldwide.
Jan. 24, 2023

CIO Special report
Eurozone approaching inflation peak
Our new CIO Special discusses developments in Eurozone inflation, the ECB’s monetary policy intentions and the outlook for sovereign bonds.
Jan. 23, 2023

CIO Special report
S&P fourth quarter earnings season: a slippery slope
Aggregate corporate earnings in the S&P 500 may have shrunk by 2.2% in Q4 2022 due to declining margins.
Jan. 18, 2023

CIO Special report
Future European infrastructure: investing in change and resilience
Sustainability and security considerations, enhanced policy support and technological development are making European infrastructure an investment focus.
Dec. 15, 2022

CIO Special report
Spain 2023: a bumpy road ahead
The Spanish economy is expected to close 2022 with growth of close to 4.6%. However, this figure hides a gradual slowdown in economic activity since summer.
Nov. 29, 2022

CIO Special report
Peak inflation and beyond
Some measures of inflation may be at, or near, their peak but this is by no means the end of the story. In our new special report, we draw some broad conclusions.
Nov. 24, 2022

CIO Special report
U.S. and European real estate: taking a closer look
The real estate sector faces a difficult global economic environment as central banks continue to tighten monetary policy. We consider the varying circumstances and outlooks for different sectors and regions.
Nov. 10, 2022

CIO Special report
United Kingdom – Keep Calm and Carry On?
Recent UK political uncertainty and a misjudged budget bill in September has put the focus on the country’s economic outlook. The Autumn Statement, to be delivered on November 17, will be the key calendar item to watch as tax rises and spendings cuts are expected in order to balance the books.
Nov. 07, 2022

Future Fundamentals podcast
Sovereign carbon credits
Claire Coustar of Deutsche Bank’s Investment Bank joins Markus Müller, Chief Investment Officer ESG & Global Head Chief Investment Office at Deutsche Bank's Private Bank, to discuss the recent evolution of the sovereign carbon credits market and how it will help us value and protect natural assets.
Nov. 03, 2022

CIO Special report
Cities under threat: real estate investment and climate change
Cities both exacerbate climate change and suffer from its consequences – e.g. through flooding, or excess heat, or changing patterns of disease. Getting them to work better must be a key environmental and social priority.
Nov. 01, 2022

CIO Special report
U.S. Election: Midterm Matters
On November 8, votes will be cast to decide the 118th U.S. Congress. Regardless of the outcome, there will be challenges for the U.S. economy in the immediate future and implications for investors.
Oct. 25, 2022

CIO Special report
Commodities, the energy transition and ESG portfolios
Energy price volatility has had an obvious impact on ESG portfolios this year, but we also need to consider the longer-term dynamics around energy and commodity markets.
Oct. 19, 2022
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