Germany - Market Cap $20bn to $50bn

The selection of German companies with market caps between $20bn and $50bn, listed and actively traded on U.S. markets (almost exclusively over-the-counter- OTC), is the companion theme of the largest German companies, with market caps exceeding $ 50 billion

The theme mirrors the diversification, the potential and some of the weaknesses of the mega-cap selection :

Weakness of the consumer (non-durable and durable) sector exposed simultaneously to the trade war of the American Administration and to competitive challenges in China 

Strength of the industrial sector, direct beneficiary of German budgetary largesse, in infrastructure and in defense and of the utilities sector, indirect beneficiary of industrial revival

• such as MTU Aero Engines , Heidelberg Materials or Daimler Truck )
• utilities such as E.ON or RWE  

While geopolitical uncertainty is never far away, as in maritime transportation (Hapag-Lloyd ), the selection highlights resilience in the  German economy

The presentation of leading German companies will be complemented by a selection of firms in the 10 to 20 billion range and in the 5 to 10 billion range

With a market cap exceeding $32 billion, insurer and reinsurerTalanx  has been set aside because of the lack of significant OTC trades