CENTRAL EUROPE AND RUSSIA FUND $64.20 (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 $884.5 million fund is currently invested in Russia (54%), Poland (21%), Turkey (11%), Czech Republic (5%), Hungary (5%), Austria (3%) and Cyprus (1%).
Central Europe and Russia Fund’s top holdings are Gazprom (a Russian gas utility) at 9.7%; Lukoil (Russian oil and gas), 7.3%; Norilsk Nickel (Russian metals and mining), 7.0%; Unified Energy (Russian electric utility), 5.2%; Sberbank (Russian bank), 4.6%; Bank Polska (Polish bank), 4.6%; Ceske Energticke (Czech energy equipment and services), 3.9%; Bank Pekao (Polish bank), 3.6%; Telekomunikacja Polska (Polish telecom), 3.6%; and OAO Rosneft (Russian oil and gas), 3.1%.
Central Europe and Russia Fund sells for a 10% discount from the current value of its assets.
Central Europe and Russia Fund is a buy.
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