Funds: “High turnover in tech stocks”
Technology funds continue to dominate trading. Internationally oriented equity funds tend to be on the sell lists, while mixed funds are in demand. In the case of precious metals, investors are deliberately exploiting the high volatility to buy and sell.
February 19, 2026. FRANKFURT (German Stock Exchange). After a furious start to the year, the situation in fund trading has now calmed down somewhat. “Business has slowed down somewhat in the past two weeks,” reports Ivo Orlemann of ICF Bank. Until the beginning of February, there was still a lot more activity. The focus was primarily on tech stocks. The trader sees “predominantly purchases in this segment, even though there were repeated returns.”
In his opinion, one reason for this could be the uncertainty surrounding the current discussions about the concrete effects of the AI boom and the enormous investments in AI infrastructure. The current sales leader is Fidelity's FF - Global Technology Fund AD (LU0099574567), which, however, is mostly being bought. The volume under management has now risen to around €29 billion. Over the past ten years, the fund has grown by 539 percent. The DWS Smart Industrial Technologies (DE0005152482), formerly known as DWS ZukunftsInvestitionen, is also heavily traded.
Currencies influence positioning
Anja Deisenroth-Boström from Baader Bank sees “high volatility in the market.” Among investors, the trend is “more toward selling, due to currency movements.” The strong euro has weighed on the performance of many funds in recent months. Recently, however, there has been tailwind from the currency side. Global equity funds such as the Morgan Stanley INVF Global Opportunity Fund (LU0552385295), the DWS Global Value (LU0133414606) and the DWS Akkumula (DE0008474024) are being sold off in particular. There has also been increased profit-taking for the DWS Top Dividende (DE0009848119), which has just risen to a new all-time high.
Anja Deisenroth-Bostroem
According to Deisenroth-Boström, European equities are primarily ordered via the Alken Fund European Opportunities (LU0235308482). The Comgest Growth Europe AC (IE0004766675) and the cominvest Fondak P, which focuses on German equities, are the most popular. (DE0008471012). Multi-asset strategies such as ARERO - Der Weltfonds (LU0360863863) also remain on the shopping lists of Baader Bank customers. Orlemann also confirms: “Mixed funds are always popular.” He cites FvS SICAV Multiple Opportunities (LU0323578657) and FvS Multiple Opportunities II (LU0952573482) as examples.
Silver stocks: purchases after setbacks
When it comes to precious metals, many investors are taking advantage of the still relatively high volatility to make countercyclical entries and exits. Orlemann reports particularly high demand for STABILITAS - SILBER+WEISSMETALLE P (LU0265803667), which is preferably ordered on “weak days.” Deisenroth-Boström also sees “mainly purchases” in the fund, but stop orders are also being triggered from time to time. Investments here are not made directly in commodities, but in shares of companies that mine, process, and market silver and other “white” metals such as palladium or platinum.
Real estate funds: No sustained panic
According to Orlemann, sales in the much-discussed open-ended real estate fund sector have slowed significantly. “Despite negative news, there was no increased selling pressure.” In mid-January, Wohnselect Kapitalverwaltungsgesellschaft suspended the redemption of shares in Wertgrund Wohnselect D (DE000A1CUAY0), which specializes in residential real estate, with immediate effect, partly due to the generally high redemption volume. The last time such measures were taken was during the industry crisis in 2008 to 2012. Immediately after the announcement, the fund's price fell from a good €75 to €66, but has since recovered to €71. The fund was also purchased at this price level.
According to the BVI, assets under management for the German fund market (including ETFs) rose to a new record high of €4.85 trillion at the end of 2025. Of the net inflows of €86 billion last year, two-thirds were attributable to ETFs and one-third to traditional investment funds. Equity funds recorded the strongest growth with an increase of 26.7 percent, followed by bond funds with growth of 21.1 percent. By contrast, assets under management in real estate funds fell by 8.4 percent.
By Thomas Koch, February 19, 2026, © Deutsche Börse AG
About the Author
Thomas Koch is a CEFA investment analyst, investment specialist for structured products, and certified certificate advisor. Since early 2006, he has been covering capital market events as a freelance journalist.
Feedback and questions to live@deutsche-boerse.com
Deutsche Börse 
