NEW GERMANY FUND $9.91 (New York symbol GF; CWA Fund Rating: Speculative) is a closed-end fund that mostly invests in small- and mid-cap German equities. The fund’s manager is Deutsche Asset Management.
The $210-million fund’s holdings operate in Germany (91%) and the Netherlands (9%).
The New Germany Fund’s top holdings are European Aeronautical Defense (Netherlands: aerospace and defense), 5.9%; Bilfinger Berger (construction and engineering), 4.6%; United Internet (Internet service provider), 4.4%; Rheinmetall AG (an industrial conglomerate), 4.4%; GEA Group (chemicals), 4.3%; Software AG, 4.2%; Wacker Chemicals, 4.0%; MTU Aero Engines, 3.6%; Lanxess (specialty chemicals), 3.4%; and Hochtief AG (construction), 3.3%.
New Germany Fund is up 88% from its March 2009 low of $5.27. Germany’s banking system, exports and industrial production have struggled in the global recession. However, the German government has pumped almost 100 billion euros ($154 billion Canadian) into the country’s economy in response.
New Germany Fund sells for a wide 19% discount to the current value of its assets.
New Germany Fund is a buy.
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