CEE - Central & Eastern Europe Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 29, 2025

   Phronesis Partners, L.P. now owns 7.2%, as a passive investor.

   Original document →

2. Nov 14, 2024

   Madison Avenue Partners, LP sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by DWS International GmbH. Part of the GERMANY FUNDS fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $144 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 3% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.4% a year in management fees; 1.3% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 13 funds we follow that invest outside the U.S., none charges a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $16.20. The shares traded at $15.65, about 3.4% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 0.9% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

What a holder made

• The holdings over the last twelve months we have, to July 31, 2026: +37.2%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (97%), the rest cash and short-term holdings. About 3% issued in the U.S.

1. Otp Bank PLC /Huf/ 0.00000000 - 11.8%
2. Orlen SA /Pln/ 0.00000000 - 8.2%
3. Allegro.Eu SA /Pln/ 144A 0.00000000 - 6.7%
4. Powszechny Zaklad Ubezpi, Powszechny Zaklad Ubezpiecze /Pln/ 0.00000000 - 5.6%
5. Kghm Polska Miedz SA /Pln/ 0.00000000 - 5.4%
6. Bank Pekao SA /Pln/ 0.00000000 - 5%
7. Pko Bank Polski SA /Pln/ 0.00000000 - 4.9%
8. Budimex /Pln/ 0.00000000 - 4.7%
9. Richter Gedeon Nyrt /Huf/ 0.00000000 - 4.2%
10. Astor Transformator Ener, Astor Transformator Enerji T /Try/ 0.00000000 - 3.9%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →