Scudder Global Commodities Stock Fund, Inc. ('GCS') Announces Update to Portfolio
01 Noviembre 2004 - 5:25PM
PR Newswire (US)
Scudder Global Commodities Stock Fund, Inc. ('GCS') Announces
Update to Portfolio New Closed-End Fund Aimed at Offering Investors
the Opportunity for Diversification into Non-traditional Asset
Classes NEW YORK, Nov. 1 /PRNewswire-FirstCall/ -- The Scudder
Global Commodities Stock Fund, Inc. ("the Fund") is fully invested
as of October 1, 2004. The Fund began trading on the New York Stock
Exchange under the symbol "GCS" on Friday, September 24. The Fund
is a non-diversified closed-end management investment company
currently invested in equity and commodities-linked securities of
companies in commodities-related industries and issuers whose value
is tied to the price of certain commodities or commodities-related
indexes. The Fund's benchmark is 40% MSCI World Energy Index, 40%
MSCI World Materials Index and 20% Goldman Sachs Commodities Index.
As of October 15, 2004 the Fund's top 5 holdings were BP PLC 7.45%,
Exxon Mobil Corp. 5.90%, ChevronTexaco Corp. 5.25%, BHP Billiton
PLC 4.95%, and Total S.A. 4.94%. Its top 5 over weight positions
were BHP Billiton PLC, Dow Chemical, Monsanto, CVRD and
ChevronTexaco, and its top 5 under weight positions were Exxon
Mobil Corp., Royal Dutch Petroleum Co., E.I. DuPont de Nemours, BHP
Billiton Ltd., and Shell Transport & Trading Co. PLC. From an
industry perspective, the Fund is over weight Diversified Metals
& Mining and Oil & Gas Exploration & Production and
under weight Integrated Oil & Gas and Chemicals. The objective
of the Fund is capital appreciation with total return as a
secondary objective. Commenting on the investments, portfolio
manager Theresa Gusman of Deutsche Asset Management remarked, "We
are pleased with the initial portfolio and excited about the
opportunities for the Scudder Global Commodities Stock Fund. The
Fund's portfolio is currently invested in the targeted asset
allocation with exposure to the energy and industrial commodities
that we believe are most likely to benefit from the possibility of
constrained supply, robust demand and higher prices over the next
several years." Fund information including Fund performance, asset
allocation, portfolio holdings, sector breakdown and other
portfolio information as of a calendar month end will be posted
after the 15th day of the next month on Scudder Investments
website, http://cef.scudder.com/ . Important Risk Information:
Portfolio diversification does not eliminate risk. Stock Market
Risk. An investment in common shares represents an indirect
investment in the portfolio securities held by the Fund. The value
of these securities fluctuates. Commodities concentration risk.
Because the Fund concentrates its investments in securities related
to commodities, market price movements, regulatory changes and
economic changes as well as adverse political or financial factors
could have a significant impact on the Fund's performance. The
commodity-linked structured notes and futures contracts in which
the Fund expects to invest have substantial additional risks,
including risk of loss of a significant portion of their principal
value and liquidity risk, as well as the risk of greater
volatility. Closed-end Fund risk. Shares of closed-end investment
companies frequently trade at a discount from their net asset
value. This characteristic is a risk separate and distinct from the
risk that net asset value could decrease as a result of investment
activities and may be greater for investors expecting to sell their
shares in a relatively short period following the completion of
this offering. Past performance of the Fund and of its portfolio
holdings is not a predictor of the Fund's future performance. The
Fund has a limited operating history and has been in operation only
since September 24, 2004. Please refer to the prospectus for a
detailed discussion of the Fund's primary risks. Portfolio holdings
are shown as a percentage of net assets and are subject to change.
The views expressed reflect those of the portfolio manager as of
November 1,2004. These views are subject to change at any time,
based on market and other conditions, and should not be construed
as a recommendation. The Goldman Sachs Commodities Index is a
composite index of commodity sector returns, representing an
unleveraged, long-only investments in commodities futures that is
broadly diversified across the spectrum of commodities. The MSCI
World Materials Index measures the performance of materials
equities in developed markets around the world. The MSCI World
Energy Index measures the performance energy equities in developed
markets around the world. Indices are unmanaged and are not
available for direct investment. Not FDIC Insured. Not Guaranteed.
May Lose Value. No assurance that objectives will be met. Scudder
Investments is part of Deutsche Asset Management which is the
marketing name in the U.S. for the asset management activities of
Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche
Asset Management Inc., Deutsche Asset Management Investment
Services Ltd., Deutsche Investment Management Americas Inc. and
Scudder Trust Company. DATASOURCE: Scudder Global Commodities Stock
Fund, Inc. CONTACT: Investor Inquiries - Jon Diorio,
+1-212-454-2208, or Press Inquiries - Judy Inosanto,
+1-212-454-7304, both of Scudder Global Commodities Stock Fund,
Inc. Web site: http://cef.scudder.com/
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