泛欧中小盘股最佳投资策略

Authors and contributing analystsAuthorsMichael Kuhn+49 69 910 46002michael.kuhn@db.comDavid Brockton+44 20 754 11721david.brockton@db.comLars Vom-Cleff+496991013526lars.vom-cleff@db.comMengxian Sun+496991041701mengxian.sun@db.comContributing analystsAdam Cochrane+44 20 754-17812dam.cochrane@db.comAndre Juillard+33 1 4495-6585微信andre.juillard@db.comChris Millington+4420754-11570chris.millington@db.comDamian McNeela+44 20 754-11565damian.mcneela@db.comDavid Brockton+44 20 754-11721david.brockton@db.comFynn Scherzler+49 69 910-40764fynn.scherzler@db.comGeorge Brown+44 20 754-74893george-samuel.brown@db.comHarishankar Ramamoorthy+44 20 754-12940harishankar-r.ramamoorthy@db.comJames Beard+44 20 754-56765james.beard@db.comJan Koch+4969910-47428jan.koch@db.comSharath Kumar+44 20 754-79527sharath.kumar@db.comSteve Liechti+44 20 754-11549steve.liechti@db.comThomas Elgar+44 20 754-11556thomas.elgar@db.comTintin Stormont+44 20 754-11558tintin.stormont@db.comDeutsche BankSMID Best Ideas, July 2025Equity Research Pan-European SMiDs - Best ldeasThe conceptWe highlight our key stock picks for the next three to six months in Europe, with a maximum market cap of E1Obn. While we aim to stick to this marketcap limit, we reserve the right to be marginally flexible, so as not to deprive ourselves of any outperformance by a stock we like. We review our portfoliowitheachupdateofthisproduct.Our benchmark for the pan-European ex. UK SMID portfolio is the STOXX Europe Small 20O, while for the UK SMID portfolio is the FTSE 250 ex-IT*Our product also includes an overview on DB's full SMID coverage, detailed index data for the German and UK SMiD indices, analysis on keycorrelations (commodities, yields, FX, PMl) as well as valuation and profitability overviews. It can thereby also be used as a SMD cap handbook.Portfolio construction and rebalancingWe run a model portfolio that is equally weighted. We are only able to switch companies with the next iteration of the product. We update our top picksfour times a year. Our investment universe comprises DB's entire pan-European stock coverage.We invest a virtual sum of E1Om for the pan-European ex. UK SMID portfolio and GBP1Om for the UK SMID portfolio, which is equal-weighted for allstocks, and we reinvest any stock and/or cash dividends. At the end of each investing period, the portfolio will be rebalanced quarterly and the allocationto constituents of new portfolio will be adjusted to equal weightedNext editionFor the next edition of pan-European ex. UK SMID portfolio, we remove Bilfinger, Evonik industries, Nordex, Scout24 and TAG and add PVA TePla andTechnoprobe.For the next edition of the UK SMiD portfolio, we remove Beazley, Coats, Man Group, Unite Group PLC and add Cranswick and Mitie.Deutsche Numis and/or affiliate(s) acting as Joint Corporate Broker to The Unite Group Plc in relation to the announced offer for Empiric StudentProperty Plc and is therefore a connected partyfor the purposes of the UK Takeover Code*Thebenchmarkforthe UKSMiDportfoliohasbeenchard from the FTSE Small Cap Index to the FTSE 250 ex-IT Index. This revisDeutsche BankSMID Best Ideas, July 2025Equity Research 2 Pan-Euro ex. UK SMiDs - Best ldeasPortfolio performance review since initiationPortfolio performance review since last rebalancing50%20%40%18%30%16%14%20%12%10%10%0%%86%10%4%-20%2%30%%0SMID (CONTI)BenchmarkSMID (Conti)Performance reviewMember performance review since last rebalancingIn the past three months (April 25 to July 25), our pan-European60%SMID portfolio underperformed the benchmark by 2.3pp.50%40%30%Since the initiation in July 2022, our portfolio has outperformed the20%benchmark (STOXX 200) by 1.6pp.10%0%. For the next edition of pan-European ex. UK SMID portfolio, we-10%remove Bilfinger, Evonik industries, Nordex, Scout24 and TAG and-20%add PVA TePla and Technoprobe.30%Deutsche BankSMID Best Ideas, July2025Source: Bloomberg Finance LP, Deutsche BankEquity Research UK SMiDs - Best ldeasPortfolio performance review since initiation10%5%0%-5%-10%-15%20%SMID (UK)BenchmarkPerformance reviewIn the past three months (April 25 to July 25), our UK SMID portfoliounderperformed the benchmark by 11.64pp.. Since the initiation in July 2025, our portfolio has underperformedthe benchmark (FTSE 250 ex-IT) by 12.00pp.For the next edition of the UK SMID portfolio, we remove Beazley.Coats, Man Group, Unite Group PLC and add Cranswick and Mitie.Deutsche Numis and/or affiliate(s) acting as Joint Corporate Broker toThe Unite Group Plc in relation to the announced offer for EmpiricStudent Property Plc and is therefore a connected party for thepurposes of the UK Takeover Code.Deutsche BankSMID Best Ideas, July 2025Equity Research Pan-European SMiDs - Best IdeasThe newly constructed pan-European ex. UK SMID portfolioMcapGICS(LC'm)RecCCYPriceTPUpside(%)AnalystAIATransportation3,021BuyEUR9.711.013%Harishankar RamamoorthyAYVENSTransportation8,018BuyEUR9.711.216%Sharath KumarCANCOM SESoftware&Services882BuyEUR27.837