Strategic Asset Allocation (SAA) (Plus) - Finanzportfolioverwaltung unter Berücksichtigung von Nachhaltigkeitskriterien bei der Auswahl der Finanzinstrumente

中文标题

战略资产配置（SAA）（Plus）——在金融工具选择中考虑可持续性标准的投资组合管理

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

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Citable research brief

Core conclusion · Tlines extraction

Deutsche Bank (Schweiz) AG's DB SAA (Plus) strategy integrates ESG criteria into financial portfolio management, promoting environmental and social features without aiming for sustainable investments. The strategy uses MSCI ESG ratings and exclusion criteria, aiming for at least 51% of the portfolio (excluding cash) to consider principal adverse impacts on sustainability factors. It may hold up to 100% cash in special market conditions and allows non-ESG instruments under such conditions. The product does not target EU taxonomy alignment, and external ESG verification is not performed.

Institution: Deutsche Bank
Published: 09/04/2026
Research topic: Strategy · Portfolio
Time horizon: Ongoing

Key arguments

DB SAA (Plus) promotes environmental and social features but does not aim for sustainable investments.
Minimum MSCI ESG rating requirements: 'BBB' for funds in Emerging Markets or High Yield peer groups, 'A' for others.
The strategy targets at least 51% of the portfolio (excluding cash) to consider principal adverse impacts on sustainability factors.
The bank may hold up to 100% cash in special market conditions, and may hold non-ESG instruments under such conditions.
The product does not aim for EU taxonomy alignment and does not undergo external ESG verification.

Key numbers

Minimum portfolio share considering principal adverse impacts: 51%
Maximum cash holding in special market conditions: 100%
MSCI ESG rating minimum for Emerging Markets / High Yield funds: BBB
MSCI ESG rating minimum for other funds: A

Main risks

ESG criteria may be met only to a limited extent due to reliance on MSCI as sole data provider and lack of verification of MSCI's assessments and positive lists.
EU taxonomy alignment and sustainable investments may fluctuate strongly over time.
In special market conditions, the portfolio may be up to 100% in cash, potentially limiting market participation.
Data availability on principal adverse impacts is not always provided, and no estimates are made when data are missing.

Corresponding source evidence

Der DB SAA (Plus) basiert auf einem eingeschränkten Anlageuniversum, da als Anlageinstrumente nur Kontoguthaben (inkl. kurzfristiger Einlagen) und ETF zulässig sind. · Ongoing

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.

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