Likewise, AGE pushed this to me at $20. Where did the money go at Alpine? REITS have been fine, global real estate has been improving. Was AWP highly leveraged in '07, '08? Any answers here?
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After turning in a lousy 2013 ...AWP is once again outperforming the S&P 500 index on a YTD basis by a significant amount ...so lets try and lend a perspective on the actual performance of AWP over the trailing 2.41 years ...
AWP - + 67.83% VS S&P 500 index - + 58.47%
AWP is averaging a + 23.96% annual rate of return over the 2.41 year trailing duration.
S&P 500 index is averaging a +21.04% annual rate of return over the same timeline.
Here is the calendar year math :
2012 - AWP - +47.31% S&P 500 - +14.25%
2013 - AWP - +3.87% S&P 500 - +29.0%
2014 YTD - AWP - +7.36% S&P 500 - + 5.92%
AWP is essentially involved in high end real estate on a global basis ...Japan / UK / US / Brazil ..12% in Japan,9% in the UK , 35% in the US ...
Their top holdings - ARA Asset Mgt - at 4% of portfolio assets and +28% in 2013, Regus PLC - 3.8% of portfolio and +108% in 2013 ,Kenedix of Japan at 3% and up a whopping +305% in 2013 ...
Brazil slumped badly - down over 24% in 2013 and the US market with over 35% of portfolio assets managed only a +7% return in 2013.
The discount to NAV is right at -10.4% at this writing and the fund is sporting an 8.1% dividend paid out monthly ...which commands attention by providing good yield and a discounted price.
After the lackluster 2013, the fund seems to have found its bearings again ...and may yet move up the 2014 Total return to the + 20% trailing average we have seen in the past.
With equity markets " frothing" and bouncing off all time highs ...AWP is a Real Estate alternative to solid portfolio yield in 2014.
Hope this proves helpful - Thx for reading -