Equity Portfolio - Finanzportfolioverwaltung unter Berücksichtigung von Nachhaltigkeitskriterien bei der Auswahl der Finanzinstrumente

中文标题

股票组合 - 在选择金融工具时考虑可持续性标准的投资组合管理

Deutsche Bank09/04/2026updated 10/17/2026

Unknown economy

Citable research brief

Core conclusion · Tlines extraction

The report describes the ESG integration approach for the Equity Portfolio managed by Deutsche Bank (Schweiz) AG, focusing on environmental and social characteristics without pursuing sustainable investment objectives. It outlines minimum MSCI ESG rating requirements, exclusion criteria for thermal coal, unconventional oil/gas, UN Global Compact/OECD violations, controversial weapons, and Freedom House 'not free' states, and aims for at least 51% of the portfolio (excl. cash) to consider principal adverse impacts. The strategy relies on MSCI positive lists and allows up to 100% cash holdings under special market conditions.

Institution: Deutsche Bank
Published: 09/04/2026
Research topic: ESG exclusion - states · Sovereign bonds
Time horizon: ongoing

Key arguments

The product promotes environmental and social characteristics but does not aim for sustainable investments under SFDR.
Minimum MSCI ESG rating of 'A' is required for inclusion, with exceptions for emerging market issuers and certain funds requiring 'BBB'.
Exclusions apply for issuers violating international norms, active in critical business fields, or states rated 'not free' by Freedom House.
Principal adverse impacts are addressed through exclusions for thermal coal (>5% revenue), unconventional oil/gas, UN Global Compact/OECD violations, and controversial weapons.
At least 51% of the portfolio (excluding cash) must consider principal adverse impacts.
Up to 100% of assets may be held in cash or non-ESG instruments under special market conditions.
The bank relies solely on MSCI positive lists and does not conduct external ESG compliance reviews.
Data limitations may constrain the extent to which ESG criteria are met.

Key numbers

Minimum portfolio share considering PAI: 51%
Maximum cash holdings under special conditions: 100%
Thermal coal revenue exclusion threshold: 5%

Main risks

MSCI ESG ratings and positive lists may be incorrect or incomplete, limiting the achievement of ESG criteria.
Data availability from fund companies and issuers is not guaranteed, especially regarding principal adverse impacts.
The bank does not monitor MSCI's compliance with ESG criteria and does not conduct external reviews.
EU taxonomy alignment may fluctuate significantly over time.
Under special market conditions, up to 100% of assets may be held in cash or non-ESG instruments, potentially undermining ESG objectives.

Corresponding source evidence

Staaten sollten ausgeschlossen werden, wenn der Staat von Freedom House als „not free (nicht frei)“ gekennzeichnet wird. · ongoing

Conditions / invalidation

If a state is classified as 'not free' by Freedom House.

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.