Roger Nusbaum

Warming Up To International Real Estate Funds

I read the link you provided and I'm not sure he is saying that, I see the part about the hedge for the floating rate fund he favors, so <em>if</em>... that is what he means....

In general terms higher rates tend to create a challenge for emerging markets so that could create a problem for real estate companies from those markets.

I don't see the connection when talking about RE companies from say the UK, Norway, western Europe or Australia. An exception to the aussie exception might be Westfield which is the biggest company in the space. Despite being located in Australia something like 59% of its properties are located in the US. And in fact there is some history to say that when US rates go up Westfield goes down.

Maybe he's right?

Warming Up To International Real Estate Funds

I tend to be product agnostic. I'll buy whatever I think is the best thing that captures the effect, stock, ETF, CEF and even OEF (but it is rare that i think an OEF is best). I may or may not turn out to be right with the product I choose but....

In this space, I have been very impressed with everything I know about Alpine. The AWP is brand new, they've barely started investing so I don't think we know anything about it yet other than the manager is good (IMO) and the OEF version has been a good hold.

I don't know if or when I will hop in here but I would also add that as I have started to study this segment I have found several stocks that I might end up preferring over any fund.

Warming Up To International Real Estate Funds

I didn't know there was an iShare equivalent in the hopper, thanks for the heads up on it.