Current Investment Traffic Lights
July 2026 – Asset Allocation Framework Highlights
Equities Developed Markets
In July, developed markets equities developed unevenly. While German and UK equities posted gains, Japanese equities declined; global developed markets equities as well as equities from the US, Switzerland, the eurozone and Europe moved largely sideways. ETFs focused on global developed markets, the US, Switzerland as well as the eurozone and Europe recorded net inflows; Japanese equities also saw inflows. By contrast, German equity products saw net outflows, while flows into UK equity products were broadly flat. There were no changes to the CIO outlook.
Equities Emerging Markets
Emerging markets equities developed mostly weakly in July. Emerging markets equities globally and Chinese equities posted losses, while Asia ex Japan moved little. ETFs focused on emerging markets equities globally and on Asia ex Japan recorded net inflows, while China-focused products saw net outflows. There were no changes to the CIO outlook.
Government Bonds
Government bond markets saw little movement in July. ETFs focused on US government bonds, emerging markets government bonds and global government bonds recorded net inflows, while flows into German government bond products were broadly flat. The CIO outlook for emerging markets government bonds improved from neutral to positive.
Corporate Bonds
Corporate bond markets were mostly stable in July, while US investment grade corporate bonds posted losses. ETFs across all categories recorded net inflows. The CIO outlook for European high yield corporate bonds deteriorated from neutral to negative.
Commodities
Commodities developed unevenly in July. While the broad commodity basket rose, gold moved little. Both broad commodity basket products and gold products recorded net inflows. There were no changes to the CIO outlook.
The concept of the Asset Allocation Traffic Light
Defining and applying the correct asset allocation – that is, the distribution of the various components in a portfolio – can be crucial for a portfolio's returns. Risk diversification can be indispensable, and therefore more important than, the choice of a single correct investment exposure. Many investors now intuitively understand the importance of asset allocation in terms of establishing a risk-diversified portfolio. In this case, the Asset Allocation Traffic Light could serve as an information guide to assist in making future investment decisions. The Asset Allocation Traffic Light provides information at a glance on developments in the main equity, bond and commodity categories. To this end, three analyses are clearly summarised for a total of 29 categories.
Asset Allocation Traffic Light – Threefold information for investment decisions
- According to the CIO View:
The DWS Chief Investment Office (CIO) outlook for the next 1-3 months - How the markets performed in the previous month:
Performance of a representative index for the respective category in the preceding month (e.g. the MSCI World for global equities in developed countries) - What ETF flows were like in the global equity, bond and commodity markets: inflows and outflows in approx. 1,500 ETFs in the European ETF market in the previous month
Disclaimer
Source: ETF flows: DWS, Bloomberg; Performance: Reuters; CIO View: CIO Office DWS. China equity views are given relative compared to the MSCI Emerging Markets Index. All other equity views are given in relation to the MSCI AC World Index
Without limitation, information contained herein does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction, nor does it constitute investment advice. The CIO View is a document produced for information purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for Deutsche Bank to enter into or arrange any type of transaction as a consequence of any information contained herein. The information contained herein, inclusive of the CIO View, has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider whether the investments are appropriate, in light of their particular investment needs, objectives and financial circumstances. When making an investment decision, investors should rely on the final documentation relating to the investment. Further information is available upon investor’s request. The "green" indicator for a category does not mean that DWS recommends an investment in a particular asset class and/or product. The "red" indicator for a category does not mean that DWS advises against an investment in a particular asset class and/or product. Past performance is not a reliable indicator of future results. Forecasts are not a reliable indicator of future results and no guarantee is assumed that forecasts and objectives will actually be fulfilled. Forecasts are based on assumptions, estimates, beliefs and hypothetical models or analyses that may prove to be incorrect. No guarantee can be assumed that investment goals will be achieved or earnings expectations met.
Archiv
June 2026 – Asset Allocation Framework Highlights
Equities Developed Markets
In June, developed markets equities developed unevenly. While equities from Switzerland, the eurozone, Europe and Japan posted gains, global developed markets equities as well as equities from Germany, the UK and the US moved little. ETFs focused on global developed markets, the US, the UK, Switzerland and Japan recorded net inflows, while products focused on Germany as well as the eurozone and Europe saw net outflows. There were no changes to the CIO outlook.
Equities Emerging Markets
Emerging markets equities developed mostly weakly in June. Asia ex Japan posted losses, while emerging markets equities globally and Chinese equities moved little. ETFs focused on emerging markets equities globally recorded net inflows, while products focused on Asia ex Japan and China saw net outflows. The CIO outlook for emerging markets equities globally deteriorated from positive to neutral.
Government Bonds
Government bond markets saw little movement in June. ETFs focused on US government bonds and global government bonds recorded net inflows, flows into German government bond products were broadly flat, and emerging markets government bond products saw net outflows. There were no changes to the CIO outlook.
Corporate Bonds
Corporate bond markets saw little movement in June. ETFs across all categories recorded net inflows. There were no changes to the CIO outlook.
Commodities
Commodities developed weakly in June. Both the broad commodity basket and gold posted losses. Investors withdrew capital from broad commodity basket products and from gold products. The CIO outlook deteriorated for the commodity basket and for gold, in both cases from positive to neutral.
May 2026 – Asset Allocation Framework Highlights
Equities Developed Markets
In May, developed markets equities were mostly positive. Most regions under review posted gains, while UK equities moved little. ETFs focused on global developed markets, the US, Europe and Japan recorded net inflows, while products focused on Germany, the UK, Switzerland and the eurozone saw net outflows. There were no changes to the CIO outlook.
Equities Emerging Markets
Emerging markets equities developed unevenly in May. Emerging markets equities globally and Chinese equities rose, while Asia ex Japan moved little. ETFs focused on emerging markets equities globally and on China recorded net inflows, while flows into Asia ex Japan were broadly flat. The CIO outlook for emerging markets equities globally improved from neutral to positive.
Government Bonds
Government bond markets saw little movement in May. ETFs across all government bond categories recorded net inflows. The CIO outlook deteriorated for German government bonds from positive to neutral, while it improved for US government bonds from neutral to positive.
Corporate Bonds
Corporate bond markets saw little movement in May. ETFs focused on US investment grade as well as European investment grade and high yield recorded net inflows, while flows into US high yield were broadly flat. The CIO outlook for European investment grade corporate bonds improved from neutral to positive.
Commodities
The broad commodity basket and gold moved little in May. Broad commodity basket products recorded net inflows, while flows into gold products were broadly flat. The CIO outlook for the commodity basket improved from neutral to positive.
April 2026 – Asset Allocation Framework Highlights
Equities Developed Markets
In April, developed markets equities performed well. All regions under review posted gains. ETFs focused on global developed markets, the US, the UK, Switzerland and Japan recorded net inflows, while products focused on Germany as well as the eurozone and Europe saw net outflows. The CIO outlook deteriorated for European equities from positive to neutral, while it improved for US equities from negative to neutral.
Equities Emerging Markets
All emerging markets equity segments also developed positively in April. ETFs focused on emerging markets equities globally and on China recorded net inflows, while flows into Asia ex Japan were broadly flat. The CIO outlook for China changed from positive to neutral.
Government Bonds
Government bond markets were broadly stable in April. German, US and global government bonds moved little, while emerging markets government bonds posted gains. ETFs focused on US government bonds, emerging markets government bonds and global government bonds recorded net inflows, while flows into German government bond products were broadly flat. The CIO outlook deteriorated for US government bonds and for global government bonds, in both cases from positive to neutral.
Corporate Bonds
Corporate bond markets saw little movement in April. ETFs focused on US investment grade and high yield as well as European investment grade recorded net inflows; by contrast, European high yield products saw net outflows. There were no changes to the CIO outlook across the categories covered.
Commodities
The broad commodity basket rose in April, while gold was broadly flat. Flows into broad commodity basket ETFs were largely flat, while gold products recorded net inflows. The CIO outlook deteriorated for the commodity basket from positive to neutral.
As of 30.06.2017
Source: ETF flows: Deutsche Bank Research; Performance: Reuters; CIO View: CIO Office Deutsche Asset Management. Emerging Markets equity views are given relative compared to the MSCI Emerging Markets Index. All other equity views are given in relation to the MSCI AC World Index
Without limitation, information contained herein does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction, nor does it constitute investment advice. The CIO View is a document produced for information purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for Deutsche Bank to enter into or arrange any type of transaction as a consequence of any information contained herein. The information contained herein, inclusive of the CIO View, has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider whether the investments are appropriate, in light of their particular investment needs, objectives and financial circumstances. When making an investment decision, investors should rely on the final documentation relating to the investment. Further information is available upon investor’s request. The "green" indicator for a category does not mean that Deutsche AM recommends an investment in a particular asset class and/or product. The "red" indicator for a category does not mean that Deutsche AM advises against an investment in a particular asset class and/or product. Past performance is not a reliable indicator of future results. Forecasts are not a reliable indicator of future results and no guarantee is assumed that forecasts and objectives will actually be fulfilled. Forecasts are based on assumptions, estimates, beliefs and hypothetical models or analyses that may prove to be incorrect. No guarantee can be assumed that investment goals will be achieved or earnings expectations met.