David Bianco, uses his premier publication, the Americas CIO View to deliver his unique interpretation of market data and a fresh perspective on developments impacting economies, markets and investor sentiment. Expect to be engaged. Be prepared for views that may sometimes be “contrary- to- consensus.” David’s candor, thought-provoking research and graphical representations will give you new insight to help you craft strategies with confidence.

Date Client use  Registered rep
Sep 30, 2019
U.S. Corporate Expansion: If can’t go east, go south?
Sep 06, 2019
Last chance to de-risk?: Seek dividend yield where earnings are safe
Aug 28, 2019
Bunker down: S&P margins, buybacks and EPS quality in decline
Aug 21, 2019
Defensive stocks are first to benefit from secularly lower treasury yields
Aug 07, 2019
Maximum pressure equals maximum risk
Jul 29, 2019
Weak growth makes PE demanding, we prefer growth and services
Jul 19, 2019
How to position for high profit recession risk, but low recession risk?
Jul 02, 2019
Post G20: Existing tariffs stay in effect, lower S&P EPS outlook
Jun 24, 2019
Snapshots of S&P 500 at record highs as long-term yields collapse
Jun 17, 2019
U.S. GDP is fine, but our S&P profit indicator flashes more warnings
Jun 10, 2019
A brief history of China’s 40 year economic expansion
May 31, 2019
Corp debt is rising, but against more assets & low interest rates
May 23, 2019
S&P margin hurt by trade tariffs, total payout at cycle high  
 
May 17, 2019
Significant tariffs likely to stay: A $3-5 reset to S&P EPS
 
May 10, 2019
The Summer of Tariffs: The heat is going up, seek shade
 
May 03, 2019
An active skill metric: Bianco’s beta adjusted information ratio
 
Apr 26, 2019
S&P at new record, valuation fair but shows some complacency
 
Apr 15, 2019
Summer with EM Asia and US Banks & Communications
 
Apr 04, 2019
US Federal Debt: Not a problem, if politicians respect limits
 
March 22, 2019
Global central banks accommodative, but are policy rates right?
 
March 18, 2019
S&P 500 pensions exit equities as funding status improves
 
March 11, 2019
GAAP vs. Non-GAAP EPS and Net Margins: Interpret carefully
 
February 26, 2019
What to do with small caps and higher beta after this rally?
 
February 11, 2019
Five reasons why S&P PE should be higher/ lower than history
 
January 31, 2019
Company outlooks suggest that a profit recession is unlikely
 
January 23, 2019
It’s time to make a deal: Opportunities exist despite deceleration
 
January 11, 2019
Test or not to test?: That is the short-term question
 
January 7, 2019
Why so bearish? US slowing to pace itself for a marathon cycle
 
December 21, 2018
Markets Powelled: Don’t panic, Fed will reflect over the holidays
 
December 14, 2018
S&P 500 likely to rally suddenly and sharply
 
November 27, 2018
Season’s Greetings Chair Powell & President Trump
 
November 20, 2018
Oil and credit risks contained, low S&P profit recession risk
 
November 13, 2018
British precedent: A very long expansion despite flat yield curve
 
November 6, 2018
Correction gives S&P PE big buffer against rising interest rates
 
October 30, 2018
S&P bottoming and set for a 15% gain in six months
 
October 16, 2018
Upside now worth the risks
 
October 1, 2018
Equities offer smaller, but still better risk premium than bonds
 
September 21, 2018
Constructive on global equities, but neutral regional preferences
 
September 17, 2018
EM Asia vs. S&P: PE divergence yet composition converges
 
August 24, 2018
Market volatility likely turns up after a serene summer
 
August 17, 2018
Challenge of beating the market without Tech Titans
 
August 10, 2018
Constructive on S&P EPS, but tactically cautious on PE
 
July 20, 2018
EM Asia upside is worth the risk despite trade conflict
 
July 2, 2018
How much Value is to be found abroad?
 
June 25, 2018
Midyear update: Asset allocation, equity sector and style tilts
 
June 15, 2018
Fed signals were good, but less than ideal, for stocks near-term
 
June 12, 2018
Inflation: Sometimes it skips a generation
 
June 1, 2018
Is it Time for US Small Caps to Shine? If you pick them right
 
May 23, 2018
What do investors want from active managers?
 
May 11, 2018
Oil near normal, Energy profits still below, but limited upside
 
May 4, 2018
Neither higher wages, oil, nor Fed Funds rates threaten margins
 
April 27, 2018
Volatility: Be contrarian short-term, but respect it longer-term
 
April 20, 2018
Sizing up Banks and Tech
 
April 13, 2018
Economic EPS growth: Does any region have it this cycle?
 
April 6, 2018
Welcome earnings season: 1Q S&P EPS growth likely 20%
 
March 26, 2018
The correction revisits: Still bullish, still favor Growth & Banks
 
March 16, 2018
U.S. corporate debt climbing, but so are assets
 
March 5, 2018
Better to seek income with dividend stocks than bonds
 
February 23, 2018
Rising yields imply good EPS growth, still far from PE threat
 
February 12, 2018
A correction amidst rising S&P EPS: An inflation scare?
 
February 2, 2018
EPS moving in right direction; but yields weigh on PE
 
January 29, 2018
What is “normal” inflation in times of peace?
 
January 19, 2018
Capex still soft but improving : Seek R&D driven industries
 
January 16, 2018
Ready for a marathon?
 
December 8, 2017
2017 Market Lookback and Allocator Views in Review
 
December 4, 2017
Taking the Prize: 20% US corporate tax rate
 
November 17, 2017
How do buybacks affect EPS and true payout?
 
November 10, 2017
Cross asset class signals of complacency calls for caution
 
November 3, 2017
Tax Bill haggling a risk for stocks, REITs & MLPs good shelter
 
October 27, 2017
3Q likely sets EPS trend for the rest of this cycle
 
October 23, 2017
Snapshots at record highs: More to come? Eventually
 
October 16, 2017
Does sideline cash explain 2017’s straight up stock market?
 
October 9, 2017
Same underlying EPS growth trend, but higher PEs
 
October 2, 2017
No Priorities in Tax Plan: Premature Size & Style Rotation
 
September 21, 2017
A World of Factors: A good library requires a taxonomy
 
September 15, 2017
Fed has yet to finish early cycle hiking: Dec. hike desired
 
September 8, 2017
Remix S&P EPS estimates by sector: Tech up, Energy down
 
September 1, 2017
The active ingredient in markets – and passive’s growth
 
August 4, 2017
Eye on the prize: Portfolio performance metrics
 
July 28, 2017
Constructive on EPS, but cautious on PE
 
July 17, 2017
What to expect from 2Q S&P EPS?
 
July 10, 2017
Mid-year report card: What worked and what’s next?
 
June 23, 2017
The Golden Ratio: When real growth exceeds inflation
 
June 16, 2017
What is the fair PE of the S&P 500?
 
June 7, 2017
A summer dip to provide attractive yearend upside
 
June 2, 2017
Euro a hero again? If not too weak or strong
 
May 26, 2017
Strong S&P EPS growth and improving quality
 
May 19, 2017
A summer for Health & Wellness
 
May 12, 2017
S&P 500 EPS Outlook: $131 / $140 for 2017 / 2018
 
May 8, 2017
Asset allocation: Tools and concepts
 
April 28, 2017
Have more faith in Europe, especially its stocks
 
April 21, 2017
U.S. GDP is very different from S&P EPS
 
April 13, 2017
A better CAPE? Bianco PE vs. Shiller PE
 
April 7, 2017
Triple-net returns: Focus on what you keep
 
March 31, 2017
Rise of the machines?: Thinkers will stay on top
 
March 24, 2017
Seeking growth stocks?: Look to U.S. and emerging markets
 
March 17, 2017
Sell the energy dip
 
March 8, 2017
Welcome a March hike, but beware of staircases
 
Date Client use  Registered rep
Sep 30, 2019
U.S. Corporate Expansion: If can’t go east, go south?
Sep 06, 2019
Last chance to de-risk?: Seek dividend yield where earnings are safe
Aug 28, 2019
Bunker down: S&P margins, buybacks and EPS quality in decline
Aug 21, 2019
Defensive stocks are first to benefit from secularly lower treasury yields
Aug 07, 2019
Maximum pressure equals maximum risk
Jul 29, 2019
Weak growth makes PE demanding, we prefer growth and services
Jul 19, 2019
How to position for high profit recession risk, but low recession risk?
Jul 02, 2019
Post G20: Existing tariffs stay in effect, lower S&P EPS outlook
Jun 24, 2019
Snapshots of S&P 500 at record highs as long-term yields collapse
Jun 17, 2019
U.S. GDP is fine, but our S&P profit indicator flashes more warnings
Jun 10, 2019
A brief history of China’s 40 year economic expansion
May 31, 2019
Corp debt is rising, but against more assets & low interest rates
May 23, 2019
S&P margin hurt by trade tariffs, total payout at cycle high  
 
May 17, 2019
Significant tariffs likely to stay: A $3-5 reset to S&P EPS
 
May 10, 2019
The Summer of Tariffs: The heat is going up, seek shade
 
May 03, 2019
An active skill metric: Bianco’s beta adjusted information ratio
 
Apr 26, 2019
S&P at new record, valuation fair but shows some complacency
 
Apr 15, 2019
Summer with EM Asia and US Banks & Communications
 
Apr 04, 2019
US Federal Debt: Not a problem, if politicians respect limits
 
March 22, 2019
Global central banks accommodative, but are policy rates right?
 
March 18, 2019
S&P 500 pensions exit equities as funding status improves
 
March 11, 2019
GAAP vs. Non-GAAP EPS and Net Margins: Interpret carefully
 
February 26, 2019
What to do with small caps and higher beta after this rally?
 
February 11, 2019
Five reasons why S&P PE should be higher/ lower than history
 
January 31, 2019
Company outlooks suggest that a profit recession is unlikely
 
January 23, 2019
It’s time to make a deal: Opportunities exist despite deceleration
 
January 11, 2019
Test or not to test?: That is the short-term question
 
January 7, 2019
Why so bearish? US slowing to pace itself for a marathon cycle
 
Date Client use  
December 21, 2018
Markets Powelled: Don’t panic, Fed will reflect over the holidays
 
December 14, 2018
S&P 500 likely to rally suddenly and sharply
 
November 27, 2018
Season’s Greetings Chair Powell & President Trump
 
November 20, 2018
Oil and credit risks contained, low S&P profit recession risk
 
November 13, 2018
British precedent: A very long expansion despite flat yield curve
 
November 6, 2018
Correction gives S&P PE big buffer against rising interest rates
 
October 30, 2018
S&P bottoming and set for a 15% gain in six months
 
October 16, 2018
Upside now worth the risks
 
October 1, 2018
Equities offer smaller, but still better risk premium than bonds
 
September 21, 2018
Constructive on global equities, but neutral regional preferences
 
September 17, 2018
EM Asia vs. S&P: PE divergence yet composition converges
 
August 24, 2018
Market volatility likely turns up after a serene summer
 
August 17, 2018
Challenge of beating the market without Tech Titans
 
August 10, 2018
Constructive on S&P EPS, but tactically cautious on PE
 
July 20, 2018
EM Asia upside is worth the risk despite trade conflict
 
July 2, 2018
How much Value is to be found abroad?
 
June 25, 2018
Midyear update: Asset allocation, equity sector and style tilts
 
June 15, 2018
Fed signals were good, but less than ideal, for stocks near-term
 
June 12, 2018
Inflation: Sometimes it skips a generation
 
June 1, 2018
Is it Time for US Small Caps to Shine? If you pick them right
 
May 23, 2018
What do investors want from active managers?
 
May 11, 2018
Oil near normal, Energy profits still below, but limited upside
 
May 4, 2018
Neither higher wages, oil, nor Fed Funds rates threaten margins
 
April 27, 2018
Volatility: Be contrarian short-term, but respect it longer-term
 
April 20, 2018
Sizing up Banks and Tech
 
April 13, 2018
Economic EPS growth: Does any region have it this cycle?
 
April 6, 2018
Welcome earnings season: 1Q S&P EPS growth likely 20%
 
March 26, 2018
The correction revisits: Still bullish, still favor Growth & Banks
 
March 16, 2018
U.S. corporate debt climbing, but so are assets
 
March 5, 2018
Better to seek income with dividend stocks than bonds
 
February 23, 2018
Rising yields imply good EPS growth, still far from PE threat
 
February 12, 2018
A correction amidst rising S&P EPS: An inflation scare?
 
February 2, 2018
EPS moving in right direction; but yields weigh on PE
 
January 29, 2018
What is “normal” inflation in times of peace?
 
January 19, 2018
Capex still soft but improving : Seek R&D driven industries
 
January 16, 2018
Ready for a marathon?
 
Date Client use  
December 8, 2017
2017 Market Lookback and Allocator Views in Review
 
December 4, 2017
Taking the Prize: 20% US corporate tax rate
 
November 17, 2017
How do buybacks affect EPS and true payout?
 
November 10, 2017
Cross asset class signals of complacency calls for caution
 
November 3, 2017
Tax Bill haggling a risk for stocks, REITs & MLPs good shelter
 
October 27, 2017
3Q likely sets EPS trend for the rest of this cycle
 
October 23, 2017
Snapshots at record highs: More to come? Eventually
 
October 16, 2017
Does sideline cash explain 2017’s straight up stock market?
 
October 9, 2017
Same underlying EPS growth trend, but higher PEs
 
October 2, 2017
No Priorities in Tax Plan: Premature Size & Style Rotation
 
September 21, 2017
A World of Factors: A good library requires a taxonomy
 
September 15, 2017
Fed has yet to finish early cycle hiking: Dec. hike desired
 
September 8, 2017
Remix S&P EPS estimates by sector: Tech up, Energy down
 
September 1, 2017
The active ingredient in markets – and passive’s growth
 
August 4, 2017
Eye on the prize: Portfolio performance metrics
 
July 28, 2017
Constructive on EPS, but cautious on PE
 
July 17, 2017
What to expect from 2Q S&P EPS?
 
July 10, 2017
Mid-year report card: What worked and what’s next?
 
June 23, 2017
The Golden Ratio: When real growth exceeds inflation
 
June 16, 2017
What is the fair PE of the S&P 500?
 
June 7, 2017
A summer dip to provide attractive yearend upside
 
June 2, 2017
Euro a hero again? If not too weak or strong
 
May 26, 2017
Strong S&P EPS growth and improving quality
 
May 19, 2017
A summer for Health & Wellness
 
May 12, 2017
S&P 500 EPS Outlook: $131 / $140 for 2017 / 2018
 
May 8, 2017
Asset allocation: Tools and concepts
 
April 28, 2017
Have more faith in Europe, especially its stocks
 
April 21, 2017
U.S. GDP is very different from S&P EPS
 
April 13, 2017
A better CAPE? Bianco PE vs. Shiller PE
 
April 7, 2017
Triple-net returns: Focus on what you keep
 
March 31, 2017
Rise of the machines?: Thinkers will stay on top
 
March 24, 2017
Seeking growth stocks?: Look to U.S. and emerging markets
 
March 17, 2017
Sell the energy dip
 
March 8, 2017
Welcome a March hike, but beware of staircases
 

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