CENTRAL EUROPE AND RUSSIA FUND $12.38 (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.
The $314-million fund’s 62 holdings are currently invested in Russia (49%), Poland (16%), Turkey (12%), Czech Republic (12%), Hungary (4%), U.S. (4%) and Austria (3%).
The fund’s top holdings are Gazprom (a Russian gas utility) at 8.5%; Lukoil (Russia: oil and gas), 7.3%; Ceske Energetike Zavody (Poland: utility), 5.8%; Sberbank (Russia: bank), 5.5%; Rosneft Oil (Russia: oil and gas), 5.4%; Telefonica (Czech Republic: telecom), 4.9%; Telekomunikacja Polska (Poland: telecom), 4.9%; Bank Pekao (Poland: bank), 4.7%; Surgutneftagaz (Russia: oil and gas), 4.5%; and Powszechna Kasa (Poland: bank), 3.8%.
Lower oil and gas prices and the economic slowdown have pulled down Russian markets. As well, central European stocks have dropped along with falling currencies and exports and a weak banking system. Still, the longer term outlook for the entire region is positive. The fund sells at a wide 22% discount.
Central Europe and Russia Fund is a buy for aggressive investors.
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