Central and Eastern Europe Fund trading at significant premium to net asset value. CEE, a closed-end fund focused on equities in the region, trades at US$13.14 per share while its calculated NAV stands substantially higher when accounting for Russian securities holdings. The fund holds approximately US$73 million in total net assets across 6.4 million shares outstanding. A critical factor affecting valuation is CEE's Russian portfolio, valued at zero since March 2022 due to sanctions, though the fund manager successfully executed opportunistic sales of certain non-sanctioned Russian depositary receipts in May 2024. With three positions classified as illiquid local shares and four others subject to US sanctions restrictions, the fund's true net asset value may be considerably underappreciated by the market.
