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The investment banks which barely survived the financial crises are back on their feet. In 2010, the total fees charged by the industry increased by almost 6% to $49.1 billion. Not only the US companies, but also European companies started making decent profits. Deutsche Bank (NYSE:DB) was the fifth most profitable company in stock equities and bond underwriting. Last year, the company earned $2.69 billion in advisory fees. According to Zacks research, this year, earnings are expected to grow by 43%, and long-term consensus earnings growth is 15.6%. With 1,362 billion Euro (~$1,906 billion) in current assets, Deutsche Bank is one of the largest institutional investors in the stock market. The investment titan offers several mutual funds and private wealth management services through DWS Investments (the retail mutual funds business). While Deutsche Bank is a European company, based in Frankfurt, Germany, its US operations require the investment giant to file 13F holdings report. According to the latest 13F holdings report, Deutsche Bank's largest equity holdings are as follows:

Stock

Sector

Value

YTD Return

Profit/Loss

Deutsche Bank (DB)

Financial

$1,690.74

9.72%

$164.34

Apple (NASDAQ:AAPL)

Technology

$1,501.67

2.51%

$37.69

Exxon Mobil (NYSE:XOM)

Basic Materials

$1,434.40

11.15%

$159.94

Spdr S&P 500 (NYSEARCA:SPY)

Financial

$1,322.71

1.60%

$21.16

Microsoft (NASDAQ:MSFT)

Technology

$1,255.38

-10.63%

-$133.45

JPMorgan Chase (NYSE:JPM)

Financial

$953.17

7.95%

$75.78

Pfizer (NYSE:PFE)

Healthcare

$874.08

16.45%

$143.79

Ishares MSCI E.M. (NYSEARCA:EEM)

Financial

$868.42

-5.06%

-$43.94

Bank of America (NYSE:BAC)

Financial

$857.69

5.33%

$45.71

Simon Property (NYSE:SPG)

Financial

$821.36

5.21%

$42.79

Schlumberger (NYSE:SLB)

Basic Materials

$787.94

3.19%

$25.14

Conocophillips (NYSE:COP)

Basic Materials

$770.79

11.63%

$89.64

Hewlett-Packard (NYSE:HPQ)

Technology

$695.45

-1.67%

-$11.61

EMC (NYSE:EMC)

Technology

$689.47

11.92%

$82.18

Chevron (NYSE:CVX)

Basic Materials

$653.11

13.50%

$88.17

General Electric (NYSE:GE)

Conglomerates

$635.57

6.00%

$38.13

Qualcomm (NASDAQ:QCOM)

Technology

$630.37

4.82%

$30.38

AT&T (NYSE:T)

Technology

$619.45

-3.52%

-$21.80

Intel (NASDAQ:INTC)

Technology

$611.89

-4.41%

-$26.98

Cisco (NASDAQ:CSCO)

Technology

$558.67

-15.27%

-$85.31

Pepsico (NYSE:PEP)

Consumer G.

$557.72

-2.45%

-$13.66

Philip Morris (NYSE:PM)

Consumer G.

$554.27

5.45%

$30.21

UBS, AG (NYSE:UBS)

Financial

$536.80

9.35%

$50.19

Google (NASDAQ:GOOG)

Technology

$532.90

-5.54%

-$29.52

Corning (NYSE:GLW)

Technology

$527.90

7.62%

$40.23

IBM (NYSE:IBM)

Technology

$525.28

6.64%

$34.88

Oracle (NYSE:ORCL)

Technology

$504.61

-1.57%

-$7.92

Johnson & Johnson (NYSE:JNJ)

Healthcare

$499.35

-4.45%

-$22.22

Procter & Gamble (NYSE:PG)

Consumer G.

$474.57

-5.10%

-$24.20

United Tech. (NYSE:UTX)

Conglomerates

$471.19

2.34%

$11.03

Metlife (NYSE:MET)

Financial

$455.65

-0.95%

-$4.33

Wells Fargo (NYSE:WFC)

Financial

$436.02

2.88%

$12.56

Anadarko (NYSE:APC)

Basic Materials

$414.31

1.56%

$6.46

Mcdonald's (NYSE:MCD)

Services

$409.03

-4.14%

-$16.93

Altria (NYSE:MO)

Consumer G.

$405.08

2.23%

$9.03

Citigroup (NYSE:C)

Financial

$404.87

-4.86%

-$19.68

Ishares MSCI Brazil (NYSEARCA:EWZ)

Financial

$390.59

-5.30%

-$20.70

Merck & Co. (NYSE:MRK)

Healthcare

$387.19

-10.42%

-$40.35

Freeport-McMoran (NYSE:FCX)

Basic Materials

$264.30

-13.41%

-$35.44

Potash (NYSE:POT)

Basic Materials

$175.93

5.70%

$10.03

Total / Average

$27,159.90

2.55%

$691.40

Deutsche Bank's equity portfolio has substantial differences with US-based investment banks. JPMorgan (JPM), Goldman Sachs (NYSE:GS), and Morgan Stanley (NYSE:MS) hold SPY as one their largest holdings. Interestingly, Deutsche Bank's top equity holding is its own shares. Since January, Deutsche Bank share prices shares soared up by 9.72%, which means $164 million of profits.

The year-to-date performance of the Deutsche Banks' portfolio is much better than that of Morgan Stanley. Even, David Tepper's Appaloosa Management could not catch up with Deutsche Bank. The value-weighted average yield of the portfolio is 2.55%. Deutsche Bank's portfolio managers were even able to beat S&P 500 return [1.6%] by almost 1%. The sectoral breakdown of the top 40 holdings can be visualized as such:

DB's investment managers prefer to invest in Financial and Technology stocks. Apple is the largest technology holding followed by Microsoft. Since January, Apple shares increased by 2.51%, whereas Microsoft shareholders experienced a significant capital loss of 10.63%, costing DB, an extra $133.5 million. The best performer in the portfolio was Pfizer, whose shares gained a stunning 16.45% in 2011. Pfizer holdings rewarded Deutsche Banks' portfolio with an extra capital gain of $143.79 million. The following graph shows the year-to-date profit/loss performance:

Basic materials performed the best, followed by the financial stocks. Exxon [11.15%], ConocoPhillips [11.63%], and Chevron [13.50%] offered fantastic capital gains in the amount of $159.94, $89.64, and $88.17, respectively. Deutsche Bank is also stubbornly bullish about emerging markets. Holders of Ishares MSCI emerging market ETF (EEM) made incredible profits in 2010. However, the year-to-date performance was -5.06% which means a capital loss of $43.94 million for Deutsche Bank. If you are a contrarian investor willing to invest abroad, EEM can be a good starting point. With a relatively low expense ratio of 0.69%, EEM gives us an opportunity to invest in China, Brazil, South Korea, Taiwan, Russia, and Turkey. If 0.69% is too much for you, you can make direct investment by purchasing the top equities: Petrobras (NYSE:PBR), Vale (Vale), America Movil (NYSE:AMX), Banco Itau (NYSE:ITUB), and Taiwan Semiconductor (NYSE:TSM) are among the top stocks in the EEM fund.

Source: Deutsche Bank's Favorite Holdings: A Brief Analysis