CIK: 0001694217
Total reported value
$112.7B
Reporting period: 2026-03-31 · Number of holdings: 2354
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main disclosed 2354 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $112.7B and a quarterly turnover rate of 41.2%.
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DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main's disclosed holdings carry a Herfindahl concentration index of 0.019 — mathematically equivalent to about 52 equally-sized positions, well below its 2354 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.22), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-13.6% -$2.3B
Trim ABBV
-87.8% -$1.8B
Add ARM
+361.1% $1.3B
Add TTE
+34.0% $1.1B
Trim NOW
-91.7% -$1.1B
Trim MMM
-96.8% -$965.4M
DZ BANK is hunting alpha through aggressive factor rotation, trimming mega-cap tech (MSFT, AMZN) and high-flying software (NOW) while building fresh positions in semiconductor IP (ARM) and big pharma (AZN). This is a momentum-chasing repositioning, not a defensive play—they are leaning into the AI and obesity drug narratives with conviction, betting on trend continuation rather than calling a top.
The flows are pricing in a sustained risk-on regime: heavy IT (32.5%), healthcare (12.6%), industrials (11.2%), and financials (10.2%) with minimal utilities or staples. DZ BANK is implicitly betting that economic growth and AI capex will outrun inflation and rate fears. The opposing thesis is that sticky inflation forces a hawkish pivot, compressing the equity risk premium and reversing momentum into these crowded growth sectors.
Momentum factor crowding is the clearest vulnerability—the straight-100 momentum_contrarian score reveals a portfolio that is fully long the consensus trend. Combined with slight sector overexposure to IT, the unwinding of AI enthusiasm could trigger a synchronized de-rating in the exact names they just rotated into (ARM, AZN), while the thin weights across 975 holdings fail to provide any real portfolio ballast.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 200 holdings (of 2354 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 8.00% | -0.41% | -0.89% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.97% | — | +8.26% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.91% | -1.84% | -13.61% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.17% | -0.74% | -12.48% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.12% | -0.24% | -1.62% | |
| 6 | AZN | AstraZeneca PLC | Stock-Healthcare | 2.23% | +2.23% | NEW | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.19% | -0.42% | -8.55% | |
| 8 | TTE | Totalenergies Se | Stock-Other | 2.07% | +1.01% | +34.04% | |
| 9 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.97% | -0.57% | -17.17% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.96% | +0.33% | +35.21% | |
| 11 | WMT | Walmart INC | Stock-Consumer Staples | 1.71% | — | -8.53% | |
| 12 | WELL | Welltower INC | Stock-Real Estate | 1.54% | — | -4.92% | |
| 13 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.53% | — | +7.56% | |
| 14 | BAC | Bank Of America CORP | Stock-Financials | 1.43% | -0.43% | -15.43% | |
| 15 | AMAT | Applied Materials INC | Stock-Tech | 1.38% | +0.48% | +12.18% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.34% | +0.83% | +117.46% | |
| 17 | ARM | Arm Holdings Plc-adr | Stock-Tech | 1.32% | +1.12% | +361.06% | |
| 18 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.27% | -0.50% | -17.46% | |
| 19 | STX | Seagate Technology Holdings plc | Stock-Tech | 1.26% | — | -33.16% | |
| 20 | PH | Parker Hannifin CORP | Stock-Industrials | 1.25% | — | -10.08% | |
| 21 | AXP | American Express Co | Stock-Financials | 1.18% | -0.48% | -15.44% | |
| 22 | CRH | CRH plc | Stock-Materials | 1.10% | -0.29% | -8.52% | |
| 23 | PWR | Quanta Services INC | Stock-Industrials | 1.07% | +0.32% | +7.17% | |
| 24 | UNP | Union Pacific CORP | Stock-Industrials | 1.07% | — | -11.56% | |
| 25 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.03% | — | +28.35% | |
| 26 | PLD | Prologis INC | Stock-Real Estate | 1.00% | — | -5.05% | |
| 27 | NET | Cloudflare INC - Class A | Stock-Tech | 0.98% | +0.71% | +237.98% | |
| 28 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.97% | — | +20.55% | |
| 29 | EW | Edwards Lifesciences CORP | Stock-Healthcare | 0.91% | +0.34% | +65.70% | |
| 30 | ANET | Arista Networks INC | Stock-Tech | 0.91% | +0.50% | +131.29% | |
| 31 | AON | Aon plc | Stock-Financials | 0.84% | — | +22.09% | |
| 32 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 0.82% | +0.42% | +59.75% | |
| 33 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 0.81% | -0.30% | -14.67% | |
| 34 | MCK | Mckesson CORP | Stock-Healthcare | 0.80% | — | +30.07% | |
| 35 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.79% | -0.74% | -23.59% | |
| 36 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.77% | -0.24% | -25.42% | |
| 37 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.76% | +0.27% | +27.03% | |
| 38 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.76% | — | -21.45% | |
| 39 | BKR | Baker Hughes Co | Stock-Energy | 0.74% | — | +9.66% | |
| 40 | PFE | Pfizer INC | Stock-Healthcare | 0.70% | +0.67% | +2132.26% | |
| 41 | HBAN | Huntington Bancshares INC | Stock-Financials | 0.69% | — | +7.14% | |
| 42 | C | Citigroup INC | Stock-Financials | 0.67% | — | +20.82% | |
| 43 | EQT | Eqt CORP | Stock-Energy | 0.64% | +0.42% | +134.74% | |
| 44 | TSLA | Tesla INC | Stock-Consumer Disc | 0.63% | — | +8.67% | |
| 45 | URI | United Rentals INC | Stock-Industrials | 0.60% | +0.50% | +556.02% | |
| 46 | AZO | Autozone INC | Stock-Consumer Disc | 0.60% | — | -9.55% | |
| 47 | AMRZ | Amrize Ltd | Stock-Materials | 0.60% | — | +24.32% | |
| 48 | MA | Mastercard INC - A | Stock-Financials | 0.58% | +0.26% | +104.68% | |
| 49 | CAT | Caterpillar INC | Stock-Industrials | 0.58% | — | +18.82% | |
| 50 | CMS | Cms Energy CORP | Stock-Utilities | 0.56% | — | +17.02% |
Performance for Q3 2026
+2%
Performance Last 4 Quarters
+18%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2354 | $112.7B | 41 | |
| 2025-12-31 | 2288 | $115.8B | 39 | |
| 2025-09-30 | 2250 | $114.2B | 62 | |
| 2025-06-30 | 2182 | $100.1B | 0 | |
| 2025-03-31 | 2249 | $89.3B | 65 | |
| 2024-12-31 | 2079 | $98.6B | 0 | |
| 2024-09-30 | 2140 | $102.0B | 36 | |
| 2024-06-30 | 2203 | $97.6B | 40 | |
| 2024-03-31 | 2198 | $93.2B | 41 | |
| 2023-12-31 | 2098 | $80.4B | 37 | |
| 2023-09-30 | 2093 | $70.4B | 36 | |
| 2023-06-30 | 2104 | $66.5B | 100 | |
| 2023-03-31 | 2127 | $60.8B | 0 | |
| 2022-12-31 | 2104 | $57.4B | 34 | |
| 2022-09-30 | 2056 | $52.9B | 100 | |
| 2022-06-30 | 2067 | $55.5B | 0 | |
| 2022-03-31 | 2032 | $66.7B | 100 | |
| 2021-12-31 | 2042 | $70.5B | 0 | |
| 2021-09-30 | 2043 | $62.7B | 100 | |
| 2021-06-30 | 1995 | $61.6B | 0 | |
| 2021-03-31 | 1905 | $54.3B | 43 | |
| 2020-12-31 | 1835 | $47.2B | 100 | |
| 2020-09-30 | 1776 | $41.7B | 0 | |
| 2020-06-30 | 1728 | $36.4B | 0 | |
| 2020-03-31 | 1713 | $29.5B | 46 | |
| 2019-12-31 | 1597 | $38.2B | 100 | |
| 2019-09-30 | 1596 | $33.6B | 0 | |
| 2019-06-30 | 1500 | $32.4B | 38 | |
| 2019-03-31 | 1475 | $30.8B | 43 | |
| 2018-12-31 | 1501 | $25.8B | 55 | |
| 2018-09-30 | 1502 | $28.1B | 100 | |
| 2018-06-30 | 1646 | $27.1B | 0 | |
| 2018-03-31 | 2179 | $25.8B | 30 | |
| 2017-12-31 | 1609 | $26.1B | 23 | |
| 2017-09-30 | 1653 | $24.1B | 26 | |
| 2017-06-30 | 1737 | $21.6B | 26 | |
| 2017-03-31 | 1783 | $22.0B | 31 | |
| 2016-12-31 | 1609 | $20.7B | 0 |
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); New buy: Gap Inc/the (GAP); Trim: Microsoft CORP (MSFT) — shares -13.61%; Trim: Abbvie INC (ABBV) — shares -87.76%; Add: Arm Holdings Plc-adr (ARM) — shares +361.06%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ARM | Arm Holdings Plc-adr | +1.1% | +361.06% | Add |
| 2 | TTE | Totalenergies Se | +1% | +34.04% | Add |
| 3 | JNJ | Johnson & Johnson | +0.8% | +117.46% | Add |
| 4 | NET | Cloudflare INC - Class A | +0.7% | +237.98% | Add |
| 5 | PFE | Pfizer INC | +0.7% | +2132.26% | Add |
| 6 | URI | United Rentals INC | +0.5% | +556.02% | Add |
| 7 | ANET | Arista Networks INC | +0.5% | +131.29% | Add |
| 8 | AMAT | Applied Materials INC | +0.5% | +12.18% | Add |
| 9 | EQT | Eqt CORP | +0.4% | +134.74% | Add |
| 10 | FTAI | FTAI Aviation Ltd. | +0.4% | +59.75% | Add |
| 11 | WM | Waste Management INC | +0.4% | +406.20% | Add |
| 12 | SW | Smurfit Westrock Plc | +0.4% | +1255.58% | Add |
| 13 | APH | Amphenol Corp-cl A | +0.3% | +715.04% | Add |
| 14 | EW | Edwards Lifesciences CORP | +0.3% | +65.70% | Add |
| 15 | META | Meta Platforms Inc-class A | +0.3% | +35.21% | Add |
| 16 | PWR | Quanta Services INC | +0.3% | +7.17% | Add |
| 17 | STLA | Stellantis N.V. | +0.3% | +37006.07% | Add |
| 18 | LITE | Lumentum Holdings INC | +0.3% | +13881.58% | Add |
| 19 | AEM | Agnico Eagle Mines LTD | +0.3% | +27.03% | Add |
| 20 | MA | Mastercard INC - A | +0.3% | +104.68% | Add |
| 21 | GOOGL | Alphabet Inc-cl A | -0.2% | -1.62% | Trim |
| 22 | SHW | Sherwin-williams Co/the | -0.2% | -25.42% | Trim |
| 23 | DB | Deutsche Bank Aktiengesellschaft | -0.3% | -35.61% | Trim |
| 24 | LIN | Linde plc | -0.3% | -52.59% | Trim |
| 25 | PANW | Palo Alto Networks INC | -0.3% | -40.16% | Trim |
| 26 | AMD | Advanced Micro Devices | -0.3% | -68.02% | Trim |
| 27 | CRH | CRH plc | -0.3% | -8.52% | Trim |
| 28 | SPOT | Spotify Technology S.A. | -0.3% | -14.67% | Trim |
| 29 | SHOP | Shopify INC - Class A | -0.3% | -86.91% | Trim |
| 30 | BLK | Blackrock INC | -0.3% | -55.14% | Trim |
| 31 | TPR | Tapestry INC | -0.3% | -99.52% | Trim |
| 32 | CVS | Cvs Health CORP | -0.3% | -48.61% | Trim |
| 33 | SPGI | S&p Global INC | -0.4% | -94.42% | Trim |
| 34 | NKE | Nike INC -cl B | -0.4% | -94.17% | Trim |
| 35 | NVDA | Nvidia CORP | -0.4% | -0.89% | Trim |
| 36 | AVGO | Broadcom INC | -0.4% | -8.55% | Trim |
| 37 | BAC | Bank Of America CORP | -0.4% | -15.43% | Trim |
| 38 | AXP | American Express Co | -0.5% | -15.44% | Trim |
| 39 | TMO | Thermo Fisher Scientific INC | -0.5% | -17.46% | Trim |
| 40 | DIS | Walt Disney Co/the | -0.5% | -90.67% | Trim |
| 41 | JPM | Jpmorgan Chase & Co | -0.6% | -17.17% | Trim |
| 42 | BKNG | Booking Holdings INC | -0.6% | -74.82% | Trim |
| 43 | AMZN | Amazon.com INC | -0.7% | -12.48% | Trim |
| 44 | BSX | Boston Scientific CORP | -0.7% | -23.59% | Trim |
| 45 | MMM | 3m Co | -0.8% | -96.80% | Trim |
| 46 | NOW | Servicenow INC | -1% | -91.67% | Trim |
| 47 | ABBV | Abbvie INC | -1.6% | -87.76% | Trim |
| 48 | MSFT | Microsoft CORP | -1.8% | -13.61% | Trim |
| 49 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 50 | GAP | Gap Inc/the | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-16 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2023-06-30 | 2024-05-17 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2023-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2023-03-31 | 2024-05-17 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-12-31 | 2024-05-17 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-16 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-06-17 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-06-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-03-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2026-05-04 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-03-12 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2019-09-30 | 2026-05-04 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2019-04-15 | Amendment | View on EDGAR |
| 2018-06-30 | 2019-04-15 | Amendment | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
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