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. Oct 7, 2026

   Saba raised its stake to 23% (from 22%). It has said it may push for changes.

   Original document →

2. Aug 14, 2026

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

   Original document →

3. July 31, 2026

   Allspring Global Investments Holdings, LLC cut its stake to 10.4% (from 12.8%), as a passive investor.

   Original document →

4. June 16, 2026

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

   Original document →

5. May 28, 2026

   Saba raised its stake to 20.8% (from 18.7%). 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 →
  Among the 13 funds we follow that invest outside the U.S., one charges a lower management fee and 3 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 (ended Dec 31, 2025) the fund paid $0.15 a share, all of it 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 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.15 in the fiscal year ended Dec 31, 2025; $0.07 in the year ended Dec 31, 2024; $0.07 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.31% a year in the fiscal year ended Dec 31, 2025; 1.36% a year in the year ended Dec 31, 2024; 1.37% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $206 million at Dec 31, 2025; $152 million at Dec 31, 2024; $179 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 13% on top of its own money at Dec 31, 2025; 5% at Dec 31, 2024; 4% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 16.2 million shares at Dec 31, 2025, down 3.5% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +48%, counting payouts; the holdings +36%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned -10%, counting payouts; the holdings -11%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +11.6%, counting payouts; the holdings +15.8%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -42%, counting payouts; the holdings -39%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +11%, counting payouts; the holdings +8%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -4.3%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $9,570 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -1.7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in outside the U.S. with a fiscal year ending within six months of this one, 2 reported a higher share return for that year and 7 a lower one. As of Dec 31, 2025, from the fund's annual 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 (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 →