In plain terms — Central & Eastern Europe Fund
Shares currently cost about 14.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 3.3% discount, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 2.1% a year of the share price (1.8% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.17 of assets — a ReinvestCapture™ rate of 2.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 43.9% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -10.18% | 3.88% | -1.01 | 63 |
| 6 months | -5.36% | 5.67% | -1.54 | 125 |
| 1 year | -3.29% | 4.80% | -2.25 | 248 |
| 3 years | -0.25% | — | — | — |
| 5 years | +6.23% | — | — | — |
Current contemporaneous premium/discount -14.10% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -15.53% to +4.51%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.74% | -12.09% | +5.54% | +24.04% | +31.27% | -9.44% |
| Market price total return | -6.74% | -12.09% | +5.54% | +26.71% | +35.21% | -6.60% |
| NAV return | -3.54% | -0.18% | +26.55% | +40.70% | +39.33% | -9.48% |
| NAV total return | -3.54% | -0.18% | +26.55% | +43.86% | +43.60% | -6.62% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Central and Eastern Europe Fund, Inc. (CEE) operates as a closed-end equity mutual fund, originally established by Deutsche Investment Management Americas Inc. and currently overseen by Deutsche Asset Management International GmbH. Its primary investment objective is to allocate capital to publicly traded companies across a range of diversified sectors within the public equity markets of Central and Eastern Europe. To gauge its performance, the fund utilizes the CECE, RTX, and ISE National 30 indices as benchmarks. This fund, which was previously known as The Central Europe And Russia Fund, Inc., was officially formed in the United States on March 6, 1990.
CEF Explorer research page for Central & Eastern Europe Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.