Scudder Investments Launches Scudder Global Commodities Stock Fund, Inc.
27 Septembre 2004 - 8:28PM
PR Newswire (US)
Scudder Investments Launches Scudder Global Commodities Stock Fund,
Inc. New Closed-End Fund Aimed at Offering an Option for
Diversification Into Non-Traditional Asset Classes NEW YORK, Sept.
27 /PRNewswire/ -- Scudder Investments (Scudder) announced today
that Scudder Global Commodities Stock Fund, Inc. (the Fund) began
trading on the New York Stock Exchange under the symbol "GCS" last
Friday, September 24. The Fund is a non-diversified closed-end
management investment company investing primarily in
commodities-oriented equities and in other commodity-linked
securities. "By launching the Global Commodities Stock Fund,
Scudder's aim is to provide investors with a new product option
that enables them to diversify their holdings into non-traditional,
low-market correlated asset classes," said Vincent J. Esposito,
Head of Product Development at Deutsche Asset Management. "In
addition, commodities have historically performed relatively well
in a rising-interest-rate or rising inflation environment. This,
along with its previous long cycles of stock outperformance and its
potential to help offset the downswings of other asset classes, are
some factors for investors to consider when thinking about adding
this product to their long-term holdings." Past Performance is not
a Guarantee of Future Results. The Fund's initial public offering
was priced at $15 per share, raising $365,250,000 based on
24,350,000 shares outstanding (before the underwriters'
over-allotment option). The lead managers of the offering are
Merrill Lynch, UBS Investment Bank, A.G. Edwards and Deutsche Bank
Securities, Inc. The Fund's investment manager is Deutsche
Investment Management Americas Inc. The Fund is Scudder's third
such non-traditional closed-end fund offering, having launched two
real estate funds, Scudder RREEF Real Estate Fund, Inc. (AMEX:SRQ)
and the Scudder RREEF Real Estate Fund, Inc., II (AMEX:SRO) in the
last two years. Scudder Global Commodities Stock Fund, Inc. has a
unique strategic approach in that it plans to emphasize exposure to
tangible commodities, unlike what some other commodities-oriented
mutual funds typically do. The Fund intends to invest primarily in
equities of companies in commodities related industries and in
securities whose value is tied to the price of certain commodities
or commodities-related indexes. "By placing a majority of the
Fund's holdings into equities, we are seeking to add value through
our stock selection ability. At the same time, we are working to
manage risk from the volatility associated with commodities,
without sacrificing the potential benefits that can come from
diversification into this asset class," said Theresa Gusman,
portfolio manager. She and Terrence Brennan, portfolio manager, are
supported by an experienced commodities and materials team
encompassing twelve professionals worldwide whose research coverage
spans more than 160 energy and materials companies in more than 25
countries with combined market capitalization exceeding $2.5
trillion (as of 6/30/04). "This new fund offering is an example of
Scudder's ongoing commitment to delivering to investors and their
financial advisors a comprehensive range of compelling, innovative
investment products that help our clients implement effective asset
allocation strategies," said Jon Baum, President and CEO, Scudder
Distributors, Inc. "In addition, with investor interest in
alternative asset classes such as commodities continuing to grow,
Scudder strives to be in the forefront of this trend by bringing
products like the Scudder Global Commodities Fund, Inc. to market."
About Scudder Investments Scudder Investments is the US retail
brand for Deutsche Asset Management. With approximately US $699
billion (as of 6/30/2004) in assets under management globally,
Deutsche Asset Management is one of the world's leading investment
management organizations not just in size, but in quality and
breadth of investment products and client service. Deutsche Asset
Management is geographically divided into three regions -- the
Americas, Europe and Asia Pacific, providing a broad range of
investment management products across the risk/return spectrum. All
of our products are managed for consistency, and with a goal of
competitive long-term risk-adjusted performance. Important Risk
Information: Past Performance is no guarantee of future results.
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. Please keep in mind that general discussions of
commodities are not meant to predict the performance of this fund,
which is new and has no operating history. Please refer to the
prospectus for a details discussion on the fund's primary risks.
Not FDIC Insured. Not Guaranteed. May Lose Value. No assurance that
objectives will be met. Scudder Distributors, Inc. 222 South
Riverside Plaza, Chicago, IL 60606-5808 MARS 33703 9/27/04 NOTE:
Scudder Investments is part of Deutsche Asset Management which is
the marketing name in the US 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 Investments CONTACT:
Judy Inosanto, +1-212-454-7304, for Scudder Investments
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