CENTRAL EUROPE AND RUSSIA FUND $30.15 (New York symbol CEE; CWA Fund Rating: Speculative) is a closed-end fund that invests mostly in larger cap stocks from Russia and central Europe. The fund’s manager is Deutsche Asset Management International.
The $940 million fund’s 67 holdings are currently invested in Russia (59%), Poland (20%), Turkey (7%), Czech Republic (5%) and Hungary (4%).
Central Europe and Russia Fund’s top holdings are Gazprom (a Russian gas utility) at 11.4%; Lukoil (Russian oil and gas), 8.0%; Rosneft Oil Company (Russian oil and gas), 6.2%; Powszechna Kasa Oszczednosci (Polish bank), 5.4%; MMC Norilsk Nickel (Russian metals and mining), 5.2%; Cez (Russian electric utility), 5.2%; Bank Pekao (Polish bank), 4.9%; Sberbank (Russian bank), 4.9%; KGHM Polska Miedz (Polish metals & mining), 3.5%; and Telekomunikacja Polska (Polish telecom), 3.1%.
Central Europe and Russia Fund sells for an 18% discount from the current value of its assets.
Central Europe and Russia Fund is a buy.
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