NEW GERMANY FUND $5.90 (New York symbol GF; CWA Fund Rating: Speculative) is a closed-end fund that invests mostly in small and mid-cap German equities. The fund’s manager is Deutsche Asset Management.
The $198-million fund’s 52 holdings operate in Germany (91%) and the Netherlands (9%).
The New Germany Fund’s top holdings are Fresenius (health care equipment & supplies), 6.8%; European Aeronautical Defense (a Dutch-based aerospace and defense firm), 5.6%; Bilfinger Berger (construction & engineering), 5.2%; SGL Carbon (electrical equipment), 4.2%; Software AG, 3.9%; Qiagen (life sciences), 3.5%; Hannover Rueckversicherung (insurance), 3.5%; GEA Group (chemicals), 3.3%; Rheinmetall AG (an industrial conglomerate), 3.2%; and United Internet (Internet service provider), 3.2%.
The German government is pumping almost 100 billion euros ($162 billion Canadian) into the country’s economy to help counter the damage the global slowdown has done to Germany’s banking system, exports and industrial production. New Germany Fund sells for a 27% discount to the current value of its assets.
New Germany Fund is a buy.
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