GF - New Germany Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   1607 Capital cut its stake to 5% (from 6.6%), as a passive investor.

   Original document →

2. June 16, 2026

   Saba raised its stake to 22% (from 20.8%). It has said it may push for changes.

   Original document →

3. May 28, 2026

   Saba raised its stake to 20.8% (from 18.7%). It has said it may push for changes.

   Original document →

4. May 15, 2026

   1607 Capital cut its stake to 6.6% (from 7.8%), as a passive investor.

   Original document →

5. April 14, 2026

   Saba raised its stake to 18.7% (from 17.5%). It has said it may push for changes.

   Original document →

About this fund

• Run by DWS International Gmbh. Part of the GERMANY FUNDS fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $206 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 9% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 1.3% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.15 a share, all of it income. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $12.70. The shares traded at $11.42, about 10.1% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 13.6% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -1.7%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +36%. How the share price did: the shares returned +48% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1994.

What the fund holds

Mostly shares (88%), the rest cash and short-term holdings and preferred shares. About 9% issued in the U.S.

1. Cash and short-term - 9.9%
2. Deutsche Lufthansa-Reg /Eur/ 0.00000000 - 5.5%
3. Jenoptik AG /Eur/ 0.00000000 - 4.8%
4. Knorr-Bremse AG /Eur/ 0.00000000 - 4.2%
5. Delivery Hero SE /Eur/ 0.00000000 - 3.9%
6. Thyssenkrupp AG /Eur/ 0.00000000 - 3.9%
7. Nordex SE /Eur/ 0.00000000 - 3.7%
8. Talanx AG /Eur/ 0.00000000 - 3.7%
9. Bilfinger SE /Eur/ 0.00000000 - 3.4%
10. Siemens Energy AG /Eur/ 0.00000000 - 2.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →