Who owns the German DAX?
The Ownership Structure of the German DAX 30 in 2020
– A joint study of IHS Markit and DIRK
Eighth Edition – June 2021®. IHS
Confidential.
© 2021 IHS Markit© 2021All Rights
Markit®Reserved.
. All Rights Reserved.

2

Contents
Page
Methodology

3

Summary

5

Price and Trading Volume History

7

Shareholder Structure of the DAX 30 constituents

8

Shareholder Structure by Region

9

Shareholder Structure by Investment styles

10

Top 15 DAX Investors

11

Top 15 Buyers & Sellers

12

Top 20 DAX Investors at a Group Level

13

Focus: Voting Behaviour of the Top Investors in the DAX

14

Focus: ESG Sensitivity of the Top Investors in the DAX

15

Focus: Investor Group BlackRock, Inc.

16

Focus: Top 10 Sovereign Wealth Funds in the DAX

17

Focus: Top 25 Investment Funds and Managers of the DAX

18

Focus: Top Roadshow Destinations in the DAX

19

Focus: Trading Venues of German Shares

20

Author Profiles

21®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

3

Methodology• In 2020, IHS Markit and DIRK - German Investor Relations Association, analysed the changes within the shareholder structure of the 30 listed DAX companies
during the course of 12 months. In particular, the institutional free float of the DAX 30 issuers was considered. Subsequently, trend analyses of institutional investors
and benchmarking data will also be included in the study.
• The data was collected and prepared by IHS Markit from public and proprietary data, with all data used in this study being anonymised and aggregated. This is toensure the confidentiality and preserve the sensitive nature of the information used in this study. Since the Shareholder Rights Directive II (SRD II) was only
introduced towards the end of 2020, its impact on data granularity has been somewhat limited in this study. The full effect will therefore be visible in the next study.

• The horizon is set to 48 months between December 2017 and 2020, with a record date of the 31 December each period. The results this year include the impact of
the global COVID-19 pandemic on the ownership structure of the DAX. The study’s focus is the annual perspective and the change between 2019 and 2020. Priority
will be given to the relative changes from the previous year, as this study showed an increase in transparency and improvement in data quality. The informationcollected was analysed with regard to the shares held by institutional investors and prepared according to the following parameters:➢ Distribution of free float and strategic shareholdings, the latter being analysed according to investor classifications➢ Geographical distribution of shareholdings (regions, cities).
➢ Distribution by investment style of institutional investors.

➢ Influence of the institutional investors on the DAX: consideration of the largest investors as well as the largest buyers and sellers including the ESG sensitivity
and voting behaviour of the largest investors.
➢ Shareholdings by investor group, whereby the overall share of a particular group of investors is shown globally. In this sense, BlackRock, Inc. is a separate
focus due of its importance to the DAX.
➢ Investments and the influence of sovereign wealth funds were also prominent.
➢ Distribution of invested funds and mandates, which have the greatest influence on the capital invested in the DAX.

®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

4

Methodology – continued• An analysis of trading venues for German equities is also included to reflect the growing importance of alternative platforms.
• The respective investments of the institutional investors are presented in US dollars for better comparability, based on the number of shares held at the respective
reporting date, the share price at the respective reporting date and the currency conversion rate at the respective reporting date. As a result of currency and shareprice fluctuations as well as due date-related deviations, there is a fluctuation range in value-based changes which IHS Markit has largely eliminated. Nevertheless,the value comparison is technically not completely possible due to the different release periods.
• In 2020, Delivery Hero SE and Deutsche Wohnen SE replaced Deutsche Lufthansa AG and Wirecard AG in the DAX 30.

®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

5

Summary• North America once again supported the DAX. Buying in the region came from both active and passive portfolios. The opposite was true for Europe andGermany where large outflows were recorded. The majority of the outflows were driven by the selloff in the early part of 2020. Institutional investors recovered
slightly but over the course of the year there has been no complete recovery. We expect to see a complete recovery throughout 2021.

• Institutional investors continue to increase their DAX exposure in 2020. Institutional investors grew by nearly one percentage point (pp), now holding above
62.0% of the DAX’s total market capitalization. Similar to the previous year North American investors continue to rank first amongst the institutional holders andincreased their holdings by roughly 1.7pp. On the domestic front, German investors continued their divestment from the previous year whilst UK & Ireland investors
increased their investment in the DAX mostly through actively managed funds, despite the ongoing Brexit negotiations.
• Retail investors remain an important investor group of the DAX, making up roughly 17.0% of the total market capitalisation despite a small reduction in holdingsof 0.1pp. Retail holdings primarily increased within the first half of 2020 and decreased throughout the second half due to increased investment by institutional
investors.
• German investors continue their divestment from the DAX through both passively and actively managed funds which fell by 1.0pp and 0.6pp, respectively andnow make up 13.3% of the DAX’s shareholder base. This is the fifth consecutive year of reduced German ownership since 2016. DWS Investment was the biggest
domestic seller, followed by BlackRock Asset Management (Deutschland) where both decreased their percentage share by 0.5pp and 0.3pp, respectively.
• North American investment continued to grow and now accounts for 37.6% of the regional DAX holdings. Similar to the previous year(s) the region continued toincrease its exposure to the DAX and accounts for the largest passive and ETF portfolios. This passive sentiment was mainly driven by Vanguard (+0.4pp), Geode(+0.2pp) and Northern Trust Investments (+0.2pp). North American institutions also bought into the DAX via active funds including The Capital Group (+0.6pp), MFS
and Wellington (both +0.2pp). Several active funds and stock pickers entered the index during the second half of 2020.
• The mega trend ESG becomes significantly more important and investors put an even higher focus on the implementation of ESG factors into their investment
decision and strategy. Across the top 100 DAX shareholders the percentage of investors with a high ESG sensitivity doubles in 2020 and now account for almost half
the money invested in the index. This development shows that ESG integration into investment decisions is not just a temporary trend.

®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

6

Summary – continued• Investors from Continental European (excl. Germany) reduced their ownership by 1.9pp of which most of the selling was attributable to France (-1.7pp)
followed by Switzerland and Italy (both -0.2pp). French fund manager Amundi Asset Management decreased holdings by 1.2pp which made it the biggest seller forthe period. In Switzerland Pictet AM saw its DAX investment decline by 0.3pp, while Italian exposure to the index was negatively influenced by Anima divesting
German large caps (-0.1pp).
• BlackRock continues to be the largest investor in the DAX, despite reducing their holdings by 0.4pp. The group exhibited a reduction in its index funds, goingagainst the overall trend of inflows by North American ETFs observed in this study, and a slight increase in its actively managed funds.
• Norges Bank remains a top holder within the DAX. The institution has, however, only exhibited a subtle bullish sentiment to the DAX since the previous period
but nonetheless remains the largest Sovereign Wealth Fund by quite some margin above SAFE (China). Overall, Sovereign Wealth Funds (SWF) were buyers of the
DAX, particularly during the first half of 2020. SWF from the Middle East and Asia were amongst the top buyers in an environment most long-only funds sold DAX
issuers.
• ETFs have changed course from their 2019 trend and now account for 0.5pp less. ETFs from Continental Europe and UK & Ireland fell whilst North American
ETFs increased quite significantly. Moreover, throughout the first quarter of 2020 ETF investments generally fell by a relatively lower amount than actively managed
portfolios.
• Value investors continue to lead the ownership by style although their holdings decreased from 35.3% to 33.8% of the identified free float. This marks the third
consecutive year that the group expressed a bearish sentiment towards the DAX. Growth investors increased their exposure and now account for 30.4%.
• London remains the number one location for IR activities. As in the previous years the city remains on top, both in terms of capital invested in the DAX as wellas number of investors, despite the city decreasing its holdings by 0.1pp. Regardless of Frankfurt’s outflows of 0.9pp the city ranks second in terms of capital
invested. Edinburgh (+0.6pp) saw the largest increase, which was due to Baillie Gifford & Company being the top buyer for the period.

• Deutsche Börse remains the most important trading venue for the DAX. The official stock exchange accounts for more than 43% of all DAX trades, up 0.4pp
compared to 2019. Over-The-Counter (OTC) trades gained market share in 2020, with a quarter of all DAX trades being executed via unofficial venues. Visible
trades in Dark Pools stayed flat at 4% of all DAX trades while electronic, automated trading (Systematic Internalisers) saw declining numbers.

®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

7

TausendPrice and Trading Volume History
400,000

Second wave of COVID19 infections and reenforced lockdowns

COVID-19 pandemic
disrupts the global
economy350,000

20%

10%

300,0000%

250,000-10%

200,000-20%

150,000-30%
100,000-40%

50,0000
Jan-20Feb-20Mar-20

Apr-20DAX Volume (aggregated)®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

May-20DAX Index

Jul-20
S&P 500 Index

Aug-20

Sep-20FTSE 100 Index

Oct-20
CAC 40 Index

Nov-20-50%
Dec-20• In the first quarter of 2020 the DAX took astrong hit and fell by nearly 40.0% as theglobal economy was struck by the Corona
virus pandemic.
• Although the index experienced a strong
recovery since its low in March 2020, theDAX is yet to rise to pre-pandemic levels andas of December 2020 rose back into positive
territory.
• Looking at major indices, the only index
outperforming the DAX over the period was
the S&P 500 index which rose by about
13.0%. The FTSE 100 and CAC 40 indicesunderperformed the DAX over the period andfell by 15.0% and 9.0%, respectively.

8

Shareholder Structure of the DAX 30 Constituents
Direct Investment,
Holdings, AG's
36.0%

Institutional
Investor
62.1%

Broker,Trade
2.5%• Institutional investment increased slightly to
62.1% of the institutional free float (+0.9pp
compared to 2019). This is in line with thepositive performance of the DAX.

Government
10.2%

Strategic
Investors
18.6%

Sovereign
Wealth Funds
11.2%

Retail16.7%

Family /Foundations
42.6%

Change (% - Points)
10.0%

7.77%

8.0%

6.0%
4.0%
2.0%

0.87% 1.12%

0.67%

0.24% 0.09%

0.0%-0.33% -0.06%-1.06%-2.0%-0.30%-0.88%-0.05%-0.38%-0.32%-2.11%-4.0%-5.28%-6.0%
Institutional
Investor

Strategic Investors

RetailBroker, Trade

Change 2020®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

Family /Foundations

Change 2019

Sovereign Wealth
Funds

Government

Direct Investment,
Holdings, AG's

• Similar to the trend observed in the previous
year, Strategic investors continued to see
their investments in the DAX decrease by
1.1pp, now holding 18.6%.
• Retail investors also decreased their holdings
by 0.1pp but a lower amount overall thanrecorded previously.

• Direct investment increased slightly by 0.7pp,
largely due to the addition of Delivery Hero to
the DAX.

9

Shareholder Structure by Region
2020• North American investors once again wereconfident in the German stock market bybeing the largest investors in the DAX. Theirholdings increased by 1.7pp which exceeds
the increase in 2019 by 0.3pp, despite theglobal market downturn experienced in early2020. The increases where not only driven by
ETFs in the region but also by active fundmanagers buying into the benchmark.
• European holdings decreased by 1.9pp aftera sideways trend observed over the previous
three years.
• UK & Ireland investors increased to hold20.7% which was driven by the period’s
overall top DAX buyer, Baillie Gifford(+0.7pp), which keeps the region in third
place.
• German investors continued to express thebearish sentiment exhibited over the past
years but still remain the fourth largest holderof the DAX. Selling was driven by DWS (0.5pp) and BlackRock Deutschland (-0.3pp).

Asia
Pacific
4.0%
Scandinavia
6.4%

2019

Rest of
World
1.1%

UK &
Ireland20.7%

Germany
13.3%

Asia
Pacific
3.1%
Scandinavia
6.2%

North
America
37.6%

North
America
36.0%

UK &Ireland
19.5%

North
America
34.6%

UK &Ireland19.5%

Germany
14.8%

Europe16.9%

Asia
Pacific Rest of
3.5% World
1.7%
Scandinavia
6.5%

Germany
15.3%

Europe18.8%

Europe18.8%

50.0%+1.7pp

45.0%
40.0%

37.6%
-1.9pp35.0%+1.3pp-1.5pp

30.0%
25.0%

20.7%
+0.1pp

16.9%

20.0%

-0.5pp+0.9pp

13.3%

15.0%
10.0%

6.4%
4.0%

5.0%

1.1%

0.0%
North America

EuropeGermanyDec-20Percentage point changes relate to 2019 and 2020®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

Rest of
World
1.6%

2018

UK & Ireland
Dec-19Dec-18

Scandinavia
Dec-17

Asia PacificRest of World

10

Shareholder Structure by Investment Styles
2020
Alternativ e
2.9% Specialty
Y ield
1.2%
GARP 2.0%
6.4%• Value investors continue to be the largest
holder of the DAX, despite their overall sharehaving decreased from 35.3% to 33.8%.
Amundi (-1.2pp) is the main contributor tothis development and the biggest seller forthe period. This marks the third consecutive
year of Value investors decreasing theiroverall ownership in the DAX.
• Growth investors reversed the trend exhibitedin the previous year and increased theirrepresentation in the DAX by 1.6pp andretain their second rank in institutional
ownership by style. This was the largest
movement by style over the reporting period.
The increase was mainly attributable to top
Growth investor, Baillie Gifford.

• Index investors remain at the third place with
their holdings decreasing slightly by 0.5pp.
The overall net decrease was attributabletowards UK and European ETF holdings
dropping, whilst US ETFs were rising.

2019

2018
Alternativ eSpecialty
2.9%
0.6%
Y ield2.9%

Alternativ e
2.6%
Specialty
Y ield
0.5%
2.7%
GARP
6.3%

Value
33.8%

GARP
5.4%

Value
35.3%

Value
35.7%

Index
23.3%
Index
22.7%

Index
23.7%

Growth
30.4%

50.0%
45.0%

-1.5pp
+1.6p

40.0%
35.0%

Growth29.8%

Growth
28.8%

33.8%

-0.5pp

30.4%
30.0%
23.3%
25.0%
20.0%
+0.1pp-0.7pp

15.0%
10.0%

+0.3pp+0.7pp

6.4%

5.0%

2.9%

2.0%

1.2%

0.0%
Value

GrowthIndex
Dec-20Percentage point changes relate to 2019 and 2020®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

Dec-19GARP
Dec-18Yield

Dec-17

Alternative

Specialty

11

Top 15 DAX Investors
DAX Value in$M Dec-20% Share DAX
Insti.

% ShareChange (pp)The Vanguard Group, Inc.
Norges Bank Investment Management (Norway)
BlackRock Fund Advisors
DWS Investment GmbH
Amundi Asset Management S.A.
BlackRock Asset Management (Deutschland) AG
BlackRock Advisors (U.K.), LTD
Fidelity Management & Research Company, LLC
Deka Investment GmbH
Capital World Investors (U.S.)
Union Investment Privatfonds GmbH
Allianz Global Investors GmbH
Harris Associates, L.P.
BlackRock Investment Management (U.K.), LTD
State Street Global Advisors, LTD

44,034.5
34,014.6
33,702.2
25,597.4
18,315.4
15,961.9
14,925.6
13,298.3
13,264.7
13,063.4
13,063.2
12,272.5
10,677.7
10,580.6
10,290.4

Total

283,062.5

5.2%
4.1%
4.0%
3.0%
2.2%
1.9%
1.8%
1.6%
1.6%
1.6%
1.6%
1.5%
1.3%
1.3%
1.2%
33.7%

0.4%
0.0%
-0.4%
-0.5%
-1.2%
-0.3%
0.0%
-0.2%
-0.2%
0.1%
0.1%
-0.1%
0.0%
0.1%
-0.1%
-2.2%

Rank Firm Name

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

+0.4pp6.0%-0.5pp32,377.9
27,638.6
28,026.8
24,104.8
18,524.6
15,103.6
11,147.8
10,527.2
13,745.8
7,815.7
10,700.1
11,914.5
11,522.3
6,327.6
9,456.5

206,641.7

238,933.9

City4,191,323.4
949,098.6
2,876,001.0
137,885.8
155,052.9
51,892.7
205,382.6
1,248,536.7
69,516.5
834,099.8
85,443.4
80,227.5
91,769.2
710,383.1
106,159.6

USA - Malvern, PA
NOR - Oslo
USA - San Francisco, CA
DEU - Frankfurt
FRA - Paris
DEU - Munich
GBR - London
USA - Boston, MA
DEU - Frankfurt
USA - Los Angeles, CA
DEU - Frankfurt
DEU - Frankfurt
USA - Chicago, IL
GBR - London
GBR - London

Index
Value
Index
Value
Value
Index
Index
Growth
Value
Value
GARP
GrowthValue
GrowthIndex-1.2pp5.2%-0.3pp5.0%
4.1%

28,116.1
23,128.2
25,207.2
20,362.1
19,489.9
12,574.9
10,207.5
10,235.5
10,136.1
8,260.08,620.8
9,165.4
7,079.6
6,642.4
7,416.1

Total Equity
Style
Assets in $M-0.4pp

0.0pp

7.0%

DAX Value in DAX Value in$M Dec-19$M Dec-18

0.0pp

4.0%

-0.2pp-0.2pp+0.1pp+0.1pp-0.1pp

0.0pp

4.0%

+0.1pp-0.1pp

3.0%

3.0%

2.2%

1.9%

2.0%

1.8%

1.6%

1.6%

1.6%

1.6%

1.5%

1.3%

1.3%

1.2%

1.0%

Percentage point changes relate to 2019 and 2020®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

Dec-19Dec-17SSGA UK

BlackRock IM (U.K.)

Harris Associates

AGI Germany

Union Investment

Deka Investment

FMR Boston

Dec-18

Capital World Investors(U.S.)

Dec-20BlackRock Adv. UK

BlackRock DE

Amundi

DWS

BlackRock Fund Adv.

Norges Bank

Vanguard

0.0%• Vanguard remains at the top of institutional
holdings and increased their exposure by
0.4pp.
• Norges ranks second and maintained
relatively flat holdings. With BlackRock Fund
Advisor’s bearish sentiment expressed
towards the DAX (-0.4pp) the institutionsubsequently dropped below Norges to now
rank third amongst the top holders.
• Despite being the largest domestic seller (0.5pp), DWS remains at rank four and thus
continues to be the most important domestic
investor.
• After continuously increasing its holdings in
the DAX over the past three years, Amundi
Asset Management changed course andexpressed the strongest bearish sentimentamongst the top holders (-1.2pp).

12

Top 15 Buyers & Sellers
Top 15 Buyers
DAX Value in % Share DAX$M Dec-20
Insti.

Rank Firm Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Baillie Gifford & Company
The Vanguard Group, Inc.
Capital Research Global Investors (U.S.)
GIC Asset Management Pte., LTD
Geode Capital Management, LLC
Northern Trust Investments, Inc.
MFS Investment Management
Wellington Management Company, LLP
Marathon Asset Management, LLP
Kuwait Investment Office
T. Rowe Price Associates, Inc.
Orbis Investment Advisory, LTD
APG Asset Management N.V.
Capital World Investors (U.S.)
Flossbach von Storch AG
Total

8,020.3
44,034.5
8,402.7
3,978.0
7,533.4
6,020.3
6,981.6
4,385.1
2,392.2
5,232.5
4,282.6
1,636.9
5,138.5
13,063.4
2,995.3
124,097.3

0.96%
5.25%
1.00%
0.47%
0.90%
0.72%
0.83%
0.52%
0.28%
0.62%
0.51%
0.19%
0.61%
1.56%
0.36%
14.78%% ShareChange (pp)
0.7%
0.4%
0.3%
0.2%
0.2%
0.2%
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
3.3%

DAX Value in DAX Value in$M Dec-19$M Dec-18
1,583.9
28,116.1
4,080.3
1,438.4
3,891.7
2,953.8
3,718.6
2,057.0789.8
2,781.4
2,160.5394.9
2,811.2
8,260.0
1,370.2

1,686.0
32,377.9
3,661.6
1,782.7
3,567.9
3,248.9
3,704.3
3,063.1
854.6
3,605.3
2,769.2
594.8
3,188.4
7,815.7
2,919.4

66,407.8

74,839.8

Total Equity
Style
Assets in $M

City

298,252.0
4,191,323.4
538,431.6
82,914.3
693,328.2
481,699.8
370,240.2
609,943.2
24,155.6
844.5
1,055,629.9
1,558.3
198,653.3
834,099.8
45,882.4

GBR - Edinburgh
USA - Malvern, PA
USA - Los Angeles, CA
SGP - Singapore
USA - Boston, MA
USA - Chicago
USA - Boston, MA
USA - Boston, MA
GBR - London
GBR - London
USA - Baltimore
GBR - London
NLD - Amsterdam
USA - Los Angeles
DEU - Cologne

Growth
Index
GARP
Value
Index
Index
Value
Value
Value
GrowthGrowthValueSpecialty
Value
GrowthTop 15 Sellers
Rank Firm Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Amundi Asset Management S.A.
DWS Investment GmbHBlackRock Fund Advisors
Jennison Associates, LLC
Pictet Asset Management S.A.
Artisan Partners, L.P.
BlackRock Asset Management (Deutschland) AG
Dodge & Cox
Aberdeen Standard Investments (U.K.)
Invesco Advisers, Inc.
Assenagon GmbH
Alken Asset Management, LTD
Fidelity Management & Research Company, LLC
J.P. Morgan Asset Management (UK), LTD
Deka Investment GmbH
Total®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

DAX Value in % Share DAX$M Dec-20
Insti.
18,315.4
25,597.4
33,702.2
430.7
2,953.3
3,374.5
15,961.9
1,606.7
3,573.2
4,004.4
2,753.2
3.9
13,298.3
5,354.2
13,264.7
144,194.1

2.18%
3.05%
4.01%
0.05%
0.35%
0.40%
1.90%
0.19%
0.43%
0.48%
0.33%
0.00%
1.58%
0.64%
1.58%
17.18%% ShareChange (pp)-1.20%-0.49%-0.36%-0.33%-0.32%-0.30%-0.28%-0.22%-0.22%-0.20%-0.20%-0.20%-0.19%-0.19%-0.18%-3.01%DAX Value in DAX Value in$M Dec-19$M Dec-18
19,489.9
20,362.1
25,207.2
2,180.6
3,882.0
4,019.4
12,574.9
2,368.0
3,709.7
3,908.4
3,029.9
1,132.5
10,235.5
4,774.5
10,136.1
127,010.8

18,524.6
24,104.8
28,026.8
225.3
1,835.8
5,086.5
15,103.6
4,270.2
2,769.5
7,126.4
3,512.5
648.1
10,527.2
5,543.1
13,745.8
141,050.2

Total Equity
Style
Assets in $M

City

155,052.9
137,885.8
2,876,001.0
152,633.3
121,187.4
124,805.3
51,892.7
168,106.8
112,790.5
313,910.2
28,080.0
1,228.3
1,248,536.7
132,819.0
69,516.5

FRA - Paris
DEU - Frankfurt
USA - San Francisco, CA
USA - New YorkCHE - Zürich
USA - Milwaukee
DEU - Munich
USA - San Francisco, CA
GBR - Edinburgh
USA - Atlanta
DEU - Munich
GBR - London
USA - Boston, MA
GBR - London
DEU - Frankfurt

Value
Value
Index
GrowthGARP
GrowthIndex
Value
GrowthGrowthIndex
Deep Value
GrowthGrowthValue• German and European fund managers
accounted for the majority of the top 15
sellers, whilst North American investors
picked up most of the selling amongst the top
15 buyers, led by the Vanguard Group andCapital Research Global investors. In
addition to Baillie Gifford being the largest
buyer, the above nearly mirrors the previous
period’s results, where the top sellers were
mostly located in the USA and UK.
• The three largest buyers in 2019 are now allamongst the largest sellers:> After showing the largest inflows in 2019,
Amundi AM was, as mentioned, thebiggest seller for the period (-1.2pp).

> Pictet AM ranked second amongst the top
buyers previously but now formed part ofthe biggest sellers (-0.3pp).
> Similarly, BlackRock Fund Advisors ranked
third previously amongst the buyers
previously and now holds the same rank
amongst the sellers (-0.4pp).

13

Top 20 DAX Investors at a Group Level
Rank Firm Name

• On a group level, BlackRock remains the top
investor in the DAX by far with an investmentof 10.0% of the institutional free float of thebenchmark, despite showing outflows mainlyin their ETF portfolios.

• Overall, the top 20 DAX investors at a grouplevel were net sellers and decreased theirholdings by 1.2pp. The group composition
remained relatively stable amongst the top
three investors, with notable reshuffling
below.
• Although Deutsche Bank was a net seller (0.3pp), the group climbed up to rank four due
to significant selling by Amundi (-1.2pp)
which pushed SAS Rue la Boetie down fromrank four to rank seven.
• The majority of selling within the top 20
parent groups comes from investors locatedin Europe and Germany.

®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

BlackRock, Inc.
The Vanguard Group, Inc.
Norges Bank (Norway)
Deutsche Bank AG
The Capital Group Companies, Inc.
State Street Corporation
SAS Rue la Boetie (Amundi)
BPCE S.A. (Harris Associates)
FMR, LLCUBS Group AG
DZ Bank (Union)
Allianz SE
DekaBank Deutsche Girozentrale
Sun Life Financial, Inc. (MFS)
Northern Trust Corporation
Franklin Resources, Inc.
Societe Generale (Lyxor)
BNP Paribas S.A.
China SAFE
FIL, LTD
Total

DAX Value in$M Dec-20% Share DAX
Insti.

% ShareChange (pp)83,590.9
45,283.8
34,014.6
29,712.3
24,437.9
23,426.6
22,380.3
17,454.8
15,588.7
14,638.5
13,915.0
13,881.8
13,392.6
11,457.8
11,362.2
10,117.0
9,017.1
8,916.1
8,570.8
8,567.5
419,726.1

10.0%
5.4%
4.1%
3.5%
2.9%
2.8%
2.7%
2.1%
1.9%
1.7%
1.7%
1.7%
1.6%
1.4%
1.4%
1.2%
1.1%
1.1%
1.0%
1.0%
50.0%

-0.4%
0.3%
0.0%
-0.3%
0.6%
0.0%
-1.2%
-0.1%
-0.2%
-0.2%
0.1%
-0.2%
-0.2%
0.2%
0.2%
-0.0%
-0.0%
-0.2%
0.2%
-0.0%
-1.2%

DAX Value in DAX Value inOrientation$M Dec-19$M Dec-18
59,477.7
29,186.8
23,128.2
21,977.8
13,584.7
15,960.2
22,332.5
12,412.7
11,648.8
11,069.5
9,106.0
10,455.0
10,276.2
6,496.9
6,543.2
7,142.4
6,391.2
7,105.6
4,733.5
6,140.1
295,168.7

66,325.5
33,443.1
27,624.6
25,384.4
12,737.1
18,778.9
22,127.5
18,326.0
12,097.9
15,500.5
11,253.7
13,498.6
13,800.0
7,703.3
8,057.2
7,676.2
8,921.3
10,177.2
7,942.3
5,983.7
347,359.0

Active & Passive
Passive
Active & Passive
Active & Passive
ActivePassive
Active & Passive
ActiveActiveActive & Passive
Active & Passive
ActiveActive & Passive
ActivePassive
Active & Passive
Passive
Active & Passive
ActiveActiveCountry
USA
USA
NorwayGermany
USA
USA
FranceFranceUSA
Switzerland
Germany
Germany
Germany
CanadaUSA
USA
FranceFranceMainland China
UK14

Focus: Voting Behaviour of the Top Investors in the DAX
Rank Firm Name

• Internalvotingguidelines
becomeincreasingly important within the investmentcommunity. A total 95.1% of the top 100 DAX
investors maintain their own voting policies,
an increase of 2pp compared to 2019.
• Nonetheless, Proxy Advisors play animportant role to investors’ internal guidelines
as almost three quarters of the top 100
investors pay close attention to the voting
recommendations.

• In 2020 fewer investors indicated that they
will vote compared to the previous year whilst
more investors indicated that they may vote.

1
2
3
4
5
6
7
8
9
10

The Vanguard Group, Inc.
Norges Bank Investment Management (Norway)
BlackRock Fund Advisors
DWS Investment GmbH
Amundi Asset Management S.A.
BlackRock Asset Management (Deutschland) AG
BlackRock Advisors (U.K.), LTD
Fidelity Management & Research Company, LLC
Deka Investment GmbH
Capital World Investors (U.S.)

Voting Status

DAX Value in$M Dec-20% Share DAX
Insti.

% ShareChange (pp)Will Vote
Will Vote
Will Vote
Will Vote
Will Vote
Will Vote
Will Vote
Will Vote
Will Vote
Will Vote

44,034.5
34,014.6
33,702.2
25,597.4
18,315.4
15,961.9
14,925.6
13,298.3
13,264.7
13,063.4

5.2%
4.1%
4.0%
3.0%
2.2%
1.9%
1.8%
1.6%
1.6%
1.6%
26.9%

0.4%
0.0%
-0.4%
-0.5%
-1.2%
-0.3%
0.0%
-0.2%
-0.2%
0.1%
-2.2%

Total

226,178.1

28,116.1
23,128.2
25,207.2
20,362.1
19,489.9
12,574.9
10,207.5
10,235.5
10,136.1
8,260.0

32,377.9
27,638.6
28,026.8
24,104.8
18,524.6
15,103.6
11,147.8
10,527.2
13,745.8
7,815.7

167,717.5

189,012.9

Total
ManagedStyle4,191,323.4
949,098.6
2,876,001.0
137,885.8
155,052.9
51,892.7
205,382.6
1,248,536.7
69,516.5
834,099.8

Index USA - Malvern, PA
Value NOR - OsloIndex USA - San Francisco, CA
Value DEU - Frankfurt
Value FRA - Paris
Index DEU - Munich
Index GBR - London
Growth USA - Boston, MA
Value DEU - Frankfurt
Value USA - Los Angeles, CA

City

100.0%

80.0%
70.6%

90.0%

70.0%

86.1%

80.0%

60.0%

70.0%

50.0%

60.0%

40.0%

50.0%

30.0%

40.0%

24.5%

30.0%

20.0%

20.0%

10.0%

3.7%

1.2%

10.0%

Beneficial Owner

0.0%

0.0%
Internal withreference to Proxy
Advisor®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

DAX Value in DAX Value in$M Dec-19$M Dec-18

Internal Only

2020

2019

Proxy Advisor Only

2018

9.2%

Will Vote

May Vote

2020

2019

3.5%

1.2%

Will Not Vote

Client Decision

2018

15

Focus: ESG Sensitivity of the Top Investors in the DAX• The increasing importance ESG investing
plays in today’s markets was clearly visible in
the results of the analysis. The strategy ofintegrating
environment,socialandgovernance criteria into the investment
strategy has become an ever increasingly
important factor for investors.
• This trend is reflected in the significant jumpobserved amongst the top 100 DAX investors
who have a high ESG sensitivity, a metricthat expresses the importance that ESGrelated criteria in the asset allocation
process. It shows that 48.4% now indicate ahigh importance on ESG integration, a jumpof 24.3pp or ca. 100% compared to 2019.

Rank Firm Name

ESG
Sensitivity

1
2
3
4
5
6
7
8
9
10

High
High
High
Medium
High
High
High
MediumMediumMediumThe Vanguard Group, Inc.
Norges Bank Investment Management (Norway)
BlackRock Fund Advisors
DWS Investment GmbH
Amundi Asset Management S.A.
BlackRock Asset Management (Deutschland) AG
BlackRock Advisors (U.K.), LTD
Fidelity Management & Research Company, LLC
Deka Investment GmbH
Capital World Investors (U.S.)
Total

DAX Value in % Share DAX$M Dec-20
Insti.

% ShareDAX Value in DAX Value inChange (pp)$M Dec-19$M Dec-18

44,034.5
34,014.6
33,702.2
25,597.4
18,315.4
15,961.9
14,925.6
13,298.3
13,264.7
13,063.4

5.2%
4.1%
4.0%
3.0%
2.2%
1.9%
1.8%
1.6%
1.6%
1.6%

0.4%
0.0%
-0.4%
-0.5%
-1.2%
-0.3%
0.0%
-0.2%
-0.2%
0.1%

28,116.1
23,128.2
25,207.2
20,362.1
19,489.9
12,574.9
10,207.5
10,235.5
10,136.1
8,260.0

32,377.9
27,638.6
28,026.8
24,104.8
18,524.6
15,103.6
11,147.8
10,527.2
13,745.8
7,815.7

226,178.1

26.9%

-2.2%

167,717.5

189,012.9

Total Equity
Assets in $M

Style

City

4,191,323.4
949,098.6
2,876,001.0
137,885.8
155,052.9
51,892.7
205,382.6
1,248,536.7
69,516.5
834,099.8

Index
Value
Index
Value
Value
Index
Index
GrowthValue
Value

USA - Malvern, PA
NOR - Oslo
USA - San Francisco, CA
DEU - Frankfurt
FRA - Paris
DEU - Munich
GBR - London
USA - Boston, MA
DEU - Frankfurt
USA - Los Angeles, CA

ESG Sensitivity: Top 100 DAX Investors
60.0%
50.0%

48.4%
39.3%

40.0%
30.0%
20.0%

11.1%
10.0%
1.2%
0.0%
High

Medium2020®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

Low
2019

2018

None

16

Focus: Investor Group BlackRock, Inc.
• BlackRock remains the most importantinvestor within the DAX with the groupholding 10.0% of the institutional holdings
and 6.4% of the DAX’s free float.
• Passive subsidiaries were net sellers which
led to an overall decrease in holdings of
0.4pp on a group level and overall passive
holdings to 78.8%, down from 81.9%. Thisobservation was opposite to the generaltrend that North American ETF holdings
increased overall.
• Actively managed funds of the Group on theother hand saw money inflows and increased
to 21.2% (+2.1pp).
• In his 2020 annual Letter to CEOs,
BlackRock’s Larry Fink said the asset
manager will focus on climate risks when
making investment decisions and avoid
investments in companies that “present ahigh sustainability-related risk.”

DAX Value in % Share DAX % Share DAX$M Dec-20
F/F
Insti.

Rank Firm Name
1
2
3
4
5
6
7
8
9

BlackRock Fund Advisors
BlackRock Asset Management (Deutschland) AG
BlackRock Advisors (U.K.), LTD
BlackRock Investment Management (U.K.), LTD
BlackRock Advisors, LLC
BlackRock International, LTD
BlackRock Japan Company, LTD
BlackRock Asset Management Canada, LTD
BlackRock Investment Management (Australia), LTD
Total BlackRock, Inc.

33,702.2
15,961.9
14,925.6
10,580.6
5,805.0
1,299.8
808.1
310.7
197.1
83,590.9

2.5%
1.2%
1.1%
0.8%
0.4%
0.1%
0.1%
0.0%
0.0%
6.3%

4.0%
1.9%
1.8%
1.3%
0.7%
0.2%
0.1%
0.0%
0.0%
10.0%

% ShareDAX Value in DAX Value in
Style
Change (pp)$M Dec-19$M Dec-18-0.36%-0.28%
0.01%
0.11%
0.11%
0.02%
0.01%
0.01%
0.01%
-0.37%

25,207.2
12,574.9
10,207.5
6,642.4
3,346.8
751.6
476.7
168.7
101.8
59,477.7

90.0%
80.0%

78.8%

70.0%
60.0%
50.0%
40.0%
30.0%

21.2%
20.0%
10.0%
0.0%
Passive
Dec-20®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

ActiveDec-19Dec-18Dec-1728,026.8
15,103.6
11,147.8
6,327.9
3,981.7
863.6
628.0
150.9
95.2
66,325.5

Index
Index
Index
Growth
Value
Value
Index
Index
Index

Orientation Country
Passive
Passive
Passive
ActiveActiveActivePassive
Passive
PassiveUSA
Germany
UK
UK
USA
UK
Japan
CanadaAustralia

17

Focus: Top 10 Sovereign Wealth Funds in the DAX
Rank Sovereign Wealth Fund
1
2
3
4
5
6
7
8
9
10

Norges Bank (Norway)
SAFE (China)
Kuwait Investment Office/Authority
GIC Singapore/UK
Qatar Investment Authority
Abu Dhabi Investment Authority
AP 1-7 Fonds
Libyan Investment Authority
Saudi Arabian Monetary Authority
Brunei Investment Agency
Total

DAX Value in$M Dec-20% Share DAX
Insti.

% ShareChange (pp)34,014.6
8,570.8
6,776.8
5,518.7
3,605.2
2,664.7
1,880.3
1,588.1
391.5
45.9
65,056.5

4.1%
1.0%
0.8%
0.7%
0.4%
0.3%
0.2%
0.2%
0.0%
0.0%
7.7%

0.04%
0.19%
0.17%
0.17%
-0.02%-0.04%
0.02%-0.02%-0.00%
0.00%
0.51%

DAX Value in DAX Value in$M Dec-19$M Dec-18
23,128.2
4,790.7
3,645.4
2,809.2
2,574.0
2,036.1
1,192.0
1,199.3
281.6
26.9
41,683.4

27,638.6
7,939.2
4,832.0
3,191.4
3,478.9
2,505.8
1,273.6
1,650.7
478.9
36.8
53,025.9

Management

Country

Internal & ExternalInternal & ExternalInternal & ExternalInternal & ExternalInternal & ExternalInternal & ExternalInternal & ExternalInternal & ExternalInternal & ExternalInternal & External

NorwayMainland China
KuwaitSingapore
Qatar
UAE
Sweden
Libya
Saudi Arabia
Brunei• Overall, the top 10 SWFs invested in the DAX held a relatively stable investment with minor fluctuations and an overall increase of 0.51pp. Thisshows that during periods where investors where selling in the first half of 2020, SWFs were net buyers. The buying was predominantly driven
by Asia and the Middle East.
• The ranking composition amongst the top 10 SWFs has remained almost unchanged, with the exception of AP 1-7 Fonds taking rank seven(+0.02pp).
• Norges continues to hold the title of the largest invested SWF and remained bullish on the DAX (+0.04pp), accounting for almost 53.0% of DAX
investments made by the ten largest SWFs. Along with the previously mentioned increased importance of ESG investing, it is important to knowthat Norges places great value and focus on ESG and Corporate Governance.

®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

18

Focus: Top 25 Investment Funds and Managers of the DAX
Rank Fund Name

• The table shows the largest invested funds inthe DAX according to recent public
information. Hence, there may be possible
holdings discrepancies when compared toother slides in this study.

• The top three funds listed remain in the sameranking order.
• There were four new additions to the top 25
funds compared to the previous report,
namely DWS Aktion Strategie Deutschland,iShares MSCI Germany ETF, Vanguard
European Stock Index Fund, and DWS
Concept Kaldemorgen.
• Notably, the Oakmark International Fund by
Harris Associates (+0.3pp) climbed up torank seven from previously ranking ten. The
actively managed fund achieved this with aconcentrated DAX investment of only eightstocks – the second lowest holding by
number of DAX companies after the Capital
Income Builder Fund with only five stocks.
• Overall, the top 25 funds account for an
overall inflow of 1.8pp.
®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

The Government Pension Fund - Global
Vanguard Total International Stock Index FundiShares Core DAX UCITS ETF (DE)
Vanguard Developed Markets Index Fund
American Funds EuroPacific Growth FundiShares Core MSCI EAFE ETF
Oakmark International Fund
Stichting Pensioenfonds ABP (Global Equity Portfolio)
Xtrackers DAX UCITS ETF
iShares Trust - MSCI EAFE ETF
California Public Employees' Retirement System
DekaFonds CF
DWS Deutschland
DWS ESG Investa
Xtrackers Euro Stoxx 50 UCITS ETF
DWS Aktien Strategie Deutschland
Fidelity International Index FundiShares EURO STOXX 50 UCITS ETF (DE)iShares MSCI Germany ETF
American Funds Capital Income Builder Fund
Vanguard FTSE All-World Ex-US Index Fund
Vanguard European Stock Index Fund
Canada Pension Plan
Artisan International FundDWS Concept Kaldemorgen* Based on recent public information

Investor name
Norges Bank Investment Management (Norway)
The Vanguard Group, Inc.
BlackRock Asset Management (Deutschland) AG
The Vanguard Group, Inc.
Capital World Investors (U.S.)
BlackRock Fund Advisors
Harris Associates, L.P.
APG Asset Management N.V.
DWS Investment GmbHBlackRock Fund Advisors
California Public Employees Retirement System
Deka Investment GmbHDWS Investment GmbHDWS Investment GmbHDWS Investment GmbHDWS Investment GmbH
Geode Capital Management, LLC
BlackRock Asset Management (Deutschland) AG
BlackRock Fund Advisors
Capital Research Global Investors (U.S.)
The Vanguard Group, Inc.
The Vanguard Group, Inc.
CPP Investment Board
Artisan Partners, L.P.
DWS Investment GmbHDAX Value in % Share DAX$M Dec-20 *Insti.
32,365.7
15,585.9
8,387.1
8,113.7
7,544.4
5,995.6
5,991.7
4,837.6
4,797.9
4,362.3
4,114.9
3,987.1
3,825.8
3,390.6
2,857.7
2,754.2
2,515.7
2,366.4
2,364.3
2,354.1
2,312.7
2,263.7
2,151.1
2,095.7
2,015.9
139,351.6

3.9%
1.9%
1.0%
1.0%
0.9%
0.7%
0.7%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
16.6%

% ShareChange (pp)DAX Value in$M Dec-19 *Number of
DAX Equities

Orientation

Type

Country

-0.1%
-0.1%
-0.3%
0.3%
0.2%
0.2%
0.3%
0.1%
0.1%
0.1%
0.0%
0.1%
0.1%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
1.8%

22,611.7
10,992.6
7,630.1
4,049.4
4,309.8
2,953.3
2,460.8
2,839.4
2,598.5
2,423.7
2,760.7
2,158.3
1,887.9
1,318.8
1,378.7
1,330.6
1,228.4
1,265.0
1,278.7
1,235.7
1,153.6
1,328.9
1,341.2
1,364.5
1,260.5
85,160.8

27
29
29
29
12
29
8
27
29
29
30
28
25
25
16
17
29
16
29
5
29
29
21
10
10

Active & Passive
Passive
Passive
Passive
ActivePassive
ActiveActivePassive
Passive
Active & Passive
ActiveActiveActivePassive
ActivePassive
Passive
Passive
ActivePassive
Passive
ActiveActiveActivePension
ETF
ETF
ETF
Mutual Fund
ETF
Mutual Fund
PensionETF
ETF
PensionMutual Fund
Mutual Fund
Mutual Fund
ETF
Mutual Fund
ETF
ETF
ETF
Mutual Fund
ETF
ETF
PensionMutual Fund
Mutual Fund

NorwayUSA
Germany
USA
USA
USA
USA
Netherlands
Germany
USA
USA
Germany
Germany
Germany
Germany
GermanyUSA
Germany
USA
USA
USA
USA
CanadaUSA
Germany

19

Focus: Top Roadshow Destinations in the DAX
City
LondonFrankfurt
Paris
Oslo
New York, NY
Boston, MA
Los Angeles, CA
ZürichEdinburgh
Chicago, IL
Toronto, ON
Brussels
Tokyo
Stockholm
Amsterdam
Total
City
LondonParis
New York, NY
MadridZürichFrankfurt
GenevaToronto, ON
Tokyo
Stockholm
Boston, MA
Chicago, IL
Hong Kong
Milan
Singapore
Total

Total Equity
Assets in $M
2,959,414.5
418,811.9
634,981.4
1,020,190.3
4,231,473.7
3,007,186.4
1,574,436.5
563,570.1
540,452.0
568,532.1
1,047,237.3
123,167.0
1,317,199.1
494,378.8
216,017.2

DAX Value in$M Dec-20
100,976.6
69,215.4
54,745.2
35,669.4
35,562.1
30,299.4
25,373.3
20,238.6
16,802.4
15,949.8
12,788.8
10,879.2
6,924.2
6,867.0
6,669.4

18,717,048.2

448,960.9

Total Equity
Assets in $M
2,959,414.5
634,981.4
4,231,473.7
94,310.8
563,570.1
418,811.9
49,922.5
1,047,237.3
1,317,199.1
494,378.8
3,007,186.4
568,532.1
248,219.1
105,296.3
192,227.5

DAX Value in$M Dec-20
100,976.6
54,745.2
35,562.1
3,757.2
20,238.6
69,215.4
3,702.0
12,788.8
6,924.2
6,867.030,299.4
15,949.8
3,561.4
4,891.5
4,895.8

15,932,761.5

374,375.2®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

% Share DAX% ShareInsti.
Change (pp)
12.0%
-0.1%
8.2%
-0.9%
6.5%
-1.4%
4.2%
0.1%
4.2%
0.5%
3.6%
-0.2%
3.0%
0.4%
2.4%
0.3%
2.0%
0.6%
1.9%
0.1%
1.5%
0.2%
1.3%
-0.1%
0.8%
-0.0%
0.8%
-0.0%
0.8%
0.2%

DAX Value in$M Dec-19
69,874.7
52,719.8
45,737.7
23,972.2
21,743.1
21,669.915,106.6
12,363.4
7,941.8
10,610.1
7,621.9
7,773.5
4,921.2
4,724.4
3,691.3

DAX Value in$M Dec-18
88,037.2
66,134.5
53,621.2
28,622.3
26,822.4
25,305.7
14,458.5
16,368.9
7,398.4
16,046.9
8,532.5
9,776.8
6,837.6
8,549.2
4,302.1

310,471.7

380,814.2% Share DAX % ShareDAX Value inInsti.
Change (pp) $M Dec-19
12.0%
-0.1%
69,874.7
6.5%-1.4%
45,737.7
4.2%
0.5%
21,743.1
0.4%-0.0%
2,777.5
2.4%
0.3%
12,363.4
8.2%-0.9%
52,719.8
0.4%-0.6%
5,959.7
1.5%
0.2%
7,621.9
0.8%-0.0%
4,921.2
0.8%-0.0%
4,724.4
3.6%-0.2%
21,669.9
1.9%
0.1%
10,610.1
0.4%
0.2%
1,446.7
0.6%-0.1%
4,105.8
0.6%
0.2%
2,086.3

DAX Value in$M Dec-18
88,037.2
53,621.2
26,822.4
4,327.1
16,368.9
66,134.5
4,520.5
8,532.5
6,837.6
8,549.2
25,305.7
16,046.9277.5
4,227.4
2,552.7

53.5%

44.6%

-0.4%

-2.0%

268,362.1

332,161.2# Firms
265
58
182
18
168
42
23
76
20
39
50
17
47
46
17

• Despite the Brexit discussions continuing
throughout 2020, London (-0.1pp) remains
the top roadshow destination for yet anotherperiod. This relates to both invested capital in
the DAX as well as the number of investment
firms that currently hold shares of members
listed on the DAX.
• Overall, the top roadshow
remained relatively stable.

destinations

1,068# Firms
265
182
168
84
76
58
51
50
47
46
42
39
37
35
32
1,212

• Amongst the top destinations based on firms
invested in DAX members there were no newadditions but a slight reshuffle in the lower
end of the spectrum.
• Paris (-1.4pp) and Frankfurt (-0.9pp) werethe cities that accounted for the biggest
outflows over the period. This was driven by
the selling of Amundi (Paris), DWS and Deka
(Frankfurt).

20

Focus: Trading Venues of German Shares

2020• Similar to the trend observed previously, theDeutsche Börse remains the biggest platformin terms of trading volume in 2020,accounting for 43.0% of all trades, staying
relatively stable compared to 2019.

Deutsche
Börse
43.2%

• Other official trading venues continued tolose market share and declined by 0.5pp.

• Dark pools stayed flat at 4% of all recorded
trades within the DAX.

• The data excludes trades without visibility.

Turnover(in M EUR)
1,057,540
321,420652,020
109,100
410,170

2020

SI*
20.0%
Dark
Pools
4.5%

OTC
22.7%

Other Lit
13.3%

Deutsche
Börse
34.5%

Other Lit
18.2%

Volume# Transactions

Average Value

Average Volume

Proportion

25,676
7,594
14,901
2,347
8,895
59,413.2

58,880,000
68,800,000
2,830,000
6,430,000
9,830,000

17,961
4,672
230,396
16,967
41,726

436
110
5,265
365
905

43.2%
12.8%
25.1%
4.0%
15.0%

Volume# Transactions

Average Value

Average Volume

Proportion

21,697
6,749

38,150,000
47,120,000

15,523
6,075

569
143

42.9%
13.3%

544,170

12,0581,800,000

302,317

6,699

23.8%

92,820361,790

2,077
8,030
50,611.0

5,060,000
7,000,000

18,344
51,684

411
1,147

4.1%
15.9%

2019
Platform• SI (Systematic Internaliser – electronic andautomated trading) declined by 0.9pp to 15%
of all trades in the index.

Dark
Pools
4.1%

Other Lit
12.8%

Deutsche Börse
Other Lit
OTC
Dark Pools
SI*
Total

Deutsche
Börse
42.9%

OTC
23.8%

OTC
25.1%

Platform

SI*

SI*
15.9%

SI *
15.0%
Dark
Pools
4.0%

2018

2019

Deutsche Börse
Other Lit
OTC
Dark Pools
SI*
Total

Turnover(in M EUR)
592,220
286,2602018
Deutsche Börse
Other Lit

Turnover(in M EUR)
652,375
367,864

OTC
Dark Pools
SI*
Total

Platform* Systematic Internaliser refers to frequent, systematic trading on behalf of clients outside the regulated market. Sources: IHS Markit, Fidessa, FactSet®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

Volume# Transactions

Average Value

Average Volume

Proportion

16,711
8,830

40,918,957
58,776,817

15,943
6,259

408
150

34.5%
18.2%

498,585

10,995

1,396,068

357,136

7,876

22.7%

98,003
406,408

2,201
9,679
48,416.0

5,617,974
6,661,305

17,44461,010

392
1,453

4.5%
20.0%

21

Author Profiles – IHS Markit

Patrick Tobias
Director Issuer Solutions Sales

Frederik Frank
Director Shareholder Intelligence

E: patrick.tobias@ihsmarkit.com
Tel: + 49 (173) 707 9900
www.ihsmarkit.com

E: frederik.frank@ihsmarkit.com
Tel: + 49 (69) 299 868 182
www.ihsmarkit.com• IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and expertise to forge solutions for the major i ndustries andmarkets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers inbusiness, finance and government, improving their operational efficiency and providing deep insights that lead to well -informed, confident
decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and theworld's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.

22

Author Profiles – DIRK

Kay Bommer
Geschäftsführer

E: kbommer@dirk.org
Tel: +49 (69) 9590 9490
www.dirk.org• DIRK – the German Investor Relations Association – is the largest European trade association uniting businesses and capital markets. We
give investor relations (IR) a voice and represent approximately 90% of the capital listed on the stock exchange in Germany. As independent
experts, we optimise the dialogue between issuers, investors and the relevant intermediaries, while setting professional stan dards of quality.
Our members receive expert support and practice-oriented knowledge, as well as access to networks and IR professionals from across theglobe. In addition, we actively promote the investor relations profession and offer extensive opportunities for further train ing and development
in close cooperation with science and research.
®. All®. All Rights Reserved.
Confidential.
©
2021 IHS Markit© 2021
IHSRights
MarkitReserved.