CENTRAL EUROPE AND RUSSIA FUND $27.69 (New York symbol CEE; CWA Fund Rating: Speculative) is a closed-end fund that mostly invests in larger cap stocks from Russia and central Europe. The fund’s manager is Deutsche Asset Management.
The $394-million fund’s holdings are invested in Russia (55%), Poland (13%), Turkey (13%), Czech Republic (11%), Hungary (4%), Austria (3%) and Kazakhstan (1%).
The fund’s top holdings are Gazprom (a Russian gas utility) at 10.2%; Lukoil (Russia: oil and gas), 8.5%; Rosneft Oil (Russia: oil and gas), 6.7%; Sberbank (Russia: bank), 6.2%; CEZ (Poland: utility), 5.4%; Mobile TeleSystems (Russia: wireless), 3.9%; MMC Norilsk Nickel (Russia: mining), 3.8%; Surgutneftagaz (Russia: oil and gas), 3.7%; Telefonica O2 (Czech Republic: telecom), 3.5%; and Telekomunikacja Polska (Poland: telecom), 3.2%.
Central Europe and Russia Fund has jumped 136% since its March 2009 low of $11.82. The partial recovery in oil and gas prices has helped its Russian resource holdings. As well, central European stocks have improved along with a better economic outlook. The fund sells at a 10% discount.
Central Europe and Russia Fund is a buy for aggressive investors.
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