Last year, an unrelenting series of 13 rate hikes lifted the dollar to its strongest point in four years and boosted the attractiveness of dollar-denominated assets.

This year, I expect to see the reverse side of the coin. As dollar-boosting rate hikes come to an end, investors may well start turning their attention to other currencies, such as the euro and euro-denominated securities tracked in the Central Europe & Russia Fund (CEE).

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This closed-end fund paid a $3.05 dividend on December 30th, giving it a 6.7% yield. The fund has an average 1.26% expense ratio, giving it an effective yield of 5.4%. However, total returns (share price plus dividend) have been far higher. Last year, the fund delivered a +54% return and over the past three years, shareholders have enjoyed similar outsized gains, with average returns of nearly +50% a year.

Although the share price has rocketed +69% this past year, the shares are still selling at a slight discount to their November 30th net asset value. As such, now may be an opportune time to scoop up shares of CEE.

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