DWS
The latest research and outlooks in the ProAllocate library
- Thematics
10 Themes - #7: Building resilient portfolios in an AI world
DWS's Henning Potstada argues that AI-driven market concentration creates hidden risks from valuation, financing costs and shifting beneficiaries. He recommends diversifying across independent economic drivers and geographies rather than merely holding more securities.
- Pensions
10 Themes - #4: Can pension reform change how Germans invest?
DWS's Rene Penzler argues German pension reforms, including the Altersvorsorgedepot and a proposed funded pension pillar, could shift household savings from deposits into equities, boosting capital markets and growth.
- Thematics
10 Themes - #6: From AI adoption to investment returns
DWS argues AI investment is shifting from infrastructure buildout toward agentic AI monetization, with chipmakers currently capturing high margins while hyperscalers face rising capital intensity. DWS's Benjardin Gaertner says lasting tech leadership will depend on turning AI demand into trusted products and durable cash returns.
- Equities
10 Themes - #5: New Europe can hold its own
DWS argues Europe's equity market has structurally shifted toward higher-margin "New Europe" sectors—industrials, banks, semiconductors and utilities—now 40% of the Stoxx 600, offering AI-adoption exposure and diversification from US index concentration. DWS's Benjardin Gärtner expects earnings growth to return to double digits in 2026-27 after years of stagnation.
- Emerging Markets
10 Themes - #2: EM: Still the engines of global growth
DWS's Ivy Ng argues emerging markets' rising share of global GDP, critical minerals and AI capabilities will drive future growth and the energy transition, but investors must select countries and sectors rather than relying on broad exposure.
- Thematics
10 Themes - #10: Space: The next infrastructure layer
DWS's Sebastian Werner argues falling launch costs and reusable rockets are turning space into an infrastructure layer akin to railroads or the internet, creating investable opportunities beyond rocket makers. He says commercial viability of advanced applications like orbital data centers remains uncertain and likely decades away.
- Fixed Income
10 Themes - #3: The end of cheap money
DWS's Christian Scherrmann and George Catrambone argue that under new Fed Chair Kevin Warsh, reliable rate cuts may end, with fiscal deficits and term premiums keeping yields structurally higher. They conclude that whether higher yields reflect growth or deficits will determine market resilience and fixed-income opportunities.
- Thematics
10 Themes - #7: Building resilient portfolios in an AI world
DWS's Henning Potstada warns that AI-driven market concentration creates portfolio risk, with the top decile of US stocks now 78% of market value. He argues true diversification requires exposure to varied economic drivers beyond AI, not just more holdings.
- Macro
10 Themes - #1: Europe & America: The tensions that bind
DWS argues that Trump's America First policies, like Brexit before them, may ultimately strengthen rather than sever transatlantic ties by exposing the economic costs of disengagement. The firm contends current frictions could prompt a more balanced, resilient alliance rather than a lasting rupture.