
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
Strengthen the competitiveness of the German economy
The German economy is faltering and there is a growing debate about the appropriate policy response, but we remain confident that the country can address its structural challenges.
Sep. 15, 2023

CIO Special report
Land resources: Conservation and regeneration
Our planet provides an abundance of land-based resources that we use to meet our needs, but just five key demand areas - cement, aluminium, steel, plastics, and food - account for around 37% of global CO2 emissions.
Aug. 22, 2023

Future Fundamentals podcast
Measuring sustainability
Deutsche Bank Private Bank’s ESG CIO Markus Müller and Anna Katharina Mayer, Club of Rome member and FindingSustainia co-founder, look at the complex issues around measuring sustainability – in other words, how we assess the real impact of corporate, government and individual actions on the natural world around us.
Aug. 21, 2023

CIO Special report
China: Looking beyond the near-term challenges
The Chinese government has left no doubt that it is serious about addressing the country's sluggish growth with targeted support measures, but recent economic data confirm the near-term challenges.
Aug. 11, 2023

CIO Special report
Corporate bonds in the U.S. and Eurozone – risks and opportunities
The ratings for investment-grade corporate bonds in the U.S. and the Eurozone have developed positively recently - despite difficult economic conditions.
Aug. 11, 2023

CIO Nature Series
Rainforests: the Earth’s green lung
Rainforests provide invaluable ecosystem services supporting climate management, biodiversity, and rural livelihoods—but they are also fragile. In this publication, we focus on four key concerns: deforestation, climate change, poaching and illegal trade, and mining and oil extraction
Aug. 02, 2023

CIO Special report
Global Banks: Complex challenges and compelling opportunities
In the medium term we continue to favour European banks over their U.S. peers, but note that investors willing to look beyond the short-term headwinds may find interesting opportunities in the U.S.
Aug. 01, 2023

CIO Special report
Japanese equities remain on the up
Japanese equities have been among the top performers this year, with the TOPIX posting a striking 20.9% return in JPY terms since the beginning of the year, and the Nikkei 225 climbing to a 33-year high. This new CIO Special on Japan looks at the factors that may have contributed to this success and future developments in the country.
Jul. 24, 2023

CIO Special report
The great decoupling? Rethinking sustainable globalisation
Produced in collaboration with DB Research, our new report identifies key challenges for globalisation and examines whether we are seeing the “great decoupling” of supply chains and other economic links.
Jul. 13, 2023

Future Fundamentals podcast
Sustainable value chains
Deutsche Bank Private Bank's ESG CIO Markus Müller and Deutsche Bank Research’s Marion Laboure look at value chains in the global economy – and why there are increasing concerns about their sustainability.
Jul. 13, 2023

CIO Special report
Spain: economic and political challenges ahead
In this publication, we review the economic and political uncertainty facing Spain, update our growth forecasts for the country and detail the investment implications for different Spanish assets going forward.
Jul. 07, 2023

CIO Special report
Infrastructure: supporting a sustainable future
This CIO Special on one of our long-term investment themes looks at possible future developments in the infrastructure sector, based on the four key themes of resilience, sustainability, innovation and inclusivity.
Jul. 04, 2023

CIO Special report
T-Bill Torrent: what next after the U.S. debt ceiling deal?
In this publication, we outline the possible next steps for investors as the U.S. Treasury looks to replenish its Treasury General Account (TGA) with a surge in supply.
Jun. 12, 2023

CIO Special report
The Ocean: an essential pillar of planetary life
In this publication, we take a close look at the environmental benefits we gain from the marine environment, the definition of a Sustainable Blue Economy, development areas and problems and how we can help finance sustainable maritime nature-based projects.
Jun. 08, 2023

CIO Special report
U.S. Debt Ceiling: Taking it to the limit
The recurring negotiations around the U.S. debt limit, commonly called the debt ceiling, have developed into one of the more uncomfortable aspects of political life.
May. 19, 2023

CIO Special report
High nominal yields, high inflation: the case for systematic hedging
A changing investment environment has prompted many investors to question their approach to asset allocation and risk management.
May. 15, 2023

CIO Special report
Land – A key Life Pillar
In our latest publication, we take a deep look at the importance of biodiversity, particularly from an investor's perspective.
Apr. 18, 2023

CIO Special report
Energy Transition: the quest for emissions-free energy
Our CIO Special report looks at a central challenge for the world today: how we produce and use energy in a more sustainable way.
Apr. 12, 2023

CIO Special report
So far, so good: BoE policy under the sign of growth resilience
Although the Bank of England (BoE) raised its key rate in March and is now forecasting UK GDP growth in Q2 instead of contraction, it has stated that the monitoring of financial and credit conditions will be paramount going forward.
Apr. 06, 2023

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 Nature Series
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
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