sorry, my first message was to long for yahoo. had to put it into two.
From 12/31/09 to 6/30/2010:
RWR total return is 5.2% (51-49.21=1.79, add .78 div, 2.57 total or 5.2%). 1.6% yield on initial price of 49.21.
RWX total return is -8.2% (34.89-31.59=-3.30, add .45 div, -2.85 total or -8.2%). 1.3% yield on initial price of 34.89.
AWP total return is -10.0% (6.23-5.43=-0.80, add .18 div, -0.62 total or -10.0%). 2.9% yield on initial price of 6.23.
Note that the yields are only based on six months, likely to be twice that annually.
So what is the deal here ? if AWP is 35% US/65% international it should not underperform RWX. if I take $10,000 and allocate $3500 at 5.2% (RWR) and $6500 at -8.2% (RWX), I get a blended return of -3%. But they lost 10% and that includes the dividend.
So AWP longs, you want to help me understand why this fund is a buy ?
buick disclosure - i am not short AWP. i don't expect it to collapse like AOD. i spent more than 20 yrs in banking, legitimate banking. where you lend money against assets and get paid back. not like GS and synthetic CDOs where you are just placing bets and adding no value to society. i made loans and evaluated companies across all industries, including real estate. so i've got some financial sense. i quit my job on my 40th bday in april of 06. i was disgusted with the quality of loans being made and wanted no part of it. i'm still not working as i've managed to live off my own money via investing. i have no outside income so i'm basically a closed end fund.
if you are getting in and getting out, that is fine. but this one is definitely not a buy/hold. you might make money but almost every other real estate fund will make you more money than AWP. alpine is very weak at fund mgmt. i watched AOD crater and then i glanced at AWP and saw AOD's sister/brother. looks good but once you get the clothes off, wow is it ugly.
these guys are down 10% for the year and they should be down around 3%. that is a HUGE miss for just a six month period.