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 & Insurance
18%Allianz, Deutsche Bank, Munich Re.
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.
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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