DAX 40
DAX · EUR
Europe's industrial backbone, trading at a discount.
Germany is Europe's manufacturing heart — global exporters in autos, chemicals, software and engineering, plus a Mittelstand of hidden champions. The DAX trades at a persistent discount to U.S. peers despite world-class franchises.
Sector breakdown
What drives the index
Software & Tech
18%SAP — Europe's largest software company.
Industrials
22%Siemens, Airbus, Rheinmetall.
Autos
14%Mercedes-Benz, BMW, Volkswagen, Porsche.
Healthcare
14%Bayer, Merck KGaA, Fresenius.
Financials
Banks and diversified financial services.
Insurance
Primary insurance and global reinsurance.
Top companies
The franchises that matter
SAP
Global ERP leader. Europe's largest software company.
Siemens
Automation, rail, smart infrastructure.
Allianz
One of the world's largest insurers & asset managers.
Mercedes-Benz
Premium global automaker.
Rheinmetall
Top European defense contractor — re-armament beneficiary.
Deutsche Telekom
Telecom group and majority owner of T-Mobile US.
Latest News
Germany has more 'hidden champions' (global niche leaders) than any other country.
Porsche IPO'd in 2022 at one of Europe's largest-ever valuations.
The Mittelstand employs ~60% of all German workers.
- Engineering excellence
- Export champions
- Discounted multiples
- Energy costs
- China auto competition
- Cyclical exposure
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