It was thoughtful of you to post your conclusions on AWP.
However, for my purposes AWP serves as a completely different animal from AGD and AOD - a diversified fund of 80 or so RE equity positions across several countries selling through AWP at well below NAV.
I think the long-term dynamics of the RE market make such a holdings profile attractive. I am not an expert on the dividend recapture play, but do accept that it works in either sideways or up markets. We have had very little of either as far as RE is concerned over the last two years or so.
But I do subscribe to the SEC (bless their hearts) statement that past performance does not guarantee future performance.
I do like the monthly divies in AWP which are being paid at an approx. 7% rate based on the current price of AWP. Last year, my positions also benefitted from an extra divi which brought the dividend yield to about 10%. That's enough for me.
I simply invested long AWP due to the dividend and discount vs NAV while at the same time shorted AOD due to everyone in the world talking about a "double dip" and AOD trading at such a premium to NAV. I have made an OK amount on the AWP long but nailed the AOD short as I shorted the day before AOD ex-div date.
The author of the thread is correct in "Alpine" basically lets just call it as it is... they suck.. so what gives them a right to demand a premium to NAV. AWP is a different animal though as the CEF pays a decent dividend and at the same time is at a discount... can't go wrong.