A ThinkProgress review of Stewart’s 2012 financial disclosures reveals that one of his largest personal holdings — between $10,001 and $50,000 as of January 2012 — is in the DWS Enhanced Commodity Strategy mutual fund. The fund, managed by Deutsche Bank’s DWS Investments, lists its largest investment as “DWS CAYMAN COMMODITY II LTD.”
According to fund documents, that means the fund is heavily invested in a DWS Cayman Island subsidiary. The Cayman Islands, a well-known tax haven, was famously a well-known home for Romney’s off-shored money.
While the tax advantages of investing the Caymans may not accrue to Stewart and other shareholders directly, they can provide a great benefit to the investment managers at the expense of the U.S. Treasury. Stewart is well-familiar with these rules, as a well-paid international trade lawyer for both U.S. and international corporations.
Stewart, like Romney, has been a strong advocate of the idea tax cuts magically lead to balanced budgets. Like Romney, he advocates deregulating business, wants to pursue anti-LGBT and anti-women social policies, and believes Arizona’s anti-immigrant laws are the ideal model.