Deutsche Bank-Thematic Research Monthly thematic ideas Big tech and Trum...-106913220

DeutscheBankResearchMonthlythematicideas:BigtechandTrumpDistributedon:07/03/202413:56:05GMT#PositiveImpactMarch2024LukeTemplemanGalinaPozdnyakovaOlgaCotagaResearchAnalystResearchAnalystResearchAnalystLuke.Templeman@db.comGalina.Pozdnyakova@db.comOlga.Cotaga@db.com+442075410130+442075474994+442075415910IDMePuOtRsTcAhNeTBRaEnSkEARReCsHeaDrIcShCLOSMUoRnEtShAlyNtDheAmNAaLtiYcSiTdeCaEsRTIFMICaArTcIhON20S2L4OCATEDINAPPENDIX1.MCI(P)041/10/2023.UNTIL19thMARCH2021INCOMPLETEDISCLOSURE0INFORMATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDET7AITLS2.se3r0Ot6kwoPaExecutivesummary:Ourtopideasthismonth1TrumpandKeymarket-movingthemesthismonth:markets1.TrumphasbecomethedefactoRepublicannominee2BeqiguiTtyecrihsk➢MarketsandcountriesarenowpricinginmoreexpectationsofpotentialTrumppolicies.Thepotentialimpactextendstothe3DstiovcidkesndEuropeandefencesectorandoutsourcingdestinationsincludingIndia–whereequitymarketshaveoutperformed.4Largecap2.MitigatingBigTechequityriskconcentration➢RisksaroundtheMagnificent7aretoobigtoignorebutmarketsseemtobetoocomplacenteveninlightofrecentselloffsin5Sectorkeynames.WetakealookatwaystomitigateM-7riskwhiletryingtocapturetheupsidefromUSlargecaps.momentum3.Dividendsvtreasuries6Crossasset➢High-dividendUSstockshaverecentlybrokenoutoftheirrange.Thatcomesdespitethesestockspayingadividendyieldfarb...