In plain terms — New Germany Fund
Shares currently cost about 10.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.8% discount, so today's level is not wide for this fund (Z-score -0.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 0.4% a year of the share price (0.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.12 of assets — a ReinvestCapture™ rate of 0.4%. That is buying power, not a return.
The assets themselves fell 8.5% 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 | -9.49% | 0.98% | -0.69 | 55 |
| 6 months | -9.25% | 0.97% | -0.93 | 106 |
| 1 year | -9.79% | 1.21% | -0.30 | 206 |
| 3 years | -13.51% | — | — | — |
| 5 years | -13.16% | — | — | — |
Current contemporaneous premium/discount -10.16% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.54% to -7.02%. 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 | -9.78% | -11.82% | -11.12% | -11.35% | +8.89% | -12.12% |
| Market price total return | -9.78% | -11.82% | -9.97% | -9.18% | +10.39% | -4.67% |
| NAV return | -5.62% | -9.15% | -10.08% | -10.43% | +6.59% | -12.05% |
| NAV total return | -5.62% | -9.15% | -9.04% | -8.47% | +7.86% | -5.30% |
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 New Germany Fund Inc. functions as a closed-ended equity investment vehicle, originally established by Deutsche Investment Management Americas Inc. and currently overseen by Deutsche Asset Management International GmbH. Its primary objective is to allocate capital within the public stock markets of Germany, seeking out opportunities in shares of companies operating across a diverse range of industries. The fund predominantly focuses its investments on small and mid-capitalization (SMC) firms. To assess its portfolio's returns, the fund utilizes the Midcap Market Performance Index as its benchmark. This fund was founded on January 16, 1990, and is legally registered in Germany.
CEF Explorer research page for New Germany 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.