AWP paid a div during the period (included in figures). RWR and RWX did not. so the trend continues for the folks at alpine. they lose more in a downmarket than the benchmarks and they gain less in an upmarket versus the benchmarks.
missing RWX by 100 basis pts isn't all that bad but it adds up when this happens a few months in a row. and RWX is pure INTERNATIONAL, no us stocks. while AWP is GLOBAL, which means they can choose to own both us and international stocks. RWR performed a bit better than RWX so one might hope AWP would be higher since AWP owns some US real estate.
hard to know exactly why the fund underperforms. might be brazil exposure (no brazil in RWX). maybe that'll pick up and they'll do better over the next 30 days.
You could look at it another way, too. From the lows of 10/4/11, AWP has advanced 20.62% plus paid a 5 cent dividend, for a total return of 21.65%. RWX from the lows of 10/4 has advanced 15.2%. Now, I don't credit Alpine's management for that huge outperformance since 10/4, the same way I don't blame Alpine for that underperformance since 9/21. Obviously there were a lot of panicky weak hands in AWP who couldn't stand the pain.
I remain steadfastly bullish on AWP. Today the NAV was up 16 cents and AWP was only up 7 cents, once again putting the discount at a too-cheap 14.22%. To me, a fund of reits that pays 10.4% that sells at a 14.22% discount to NAV is a compelling bargain. Not as compelling a bargain as when we were debating this down around $5.00-5.10 when it was yielding 12%, but 10.4% is an awesome yield. I bought a bit more down there, so my average cost is a bit better, and I got another 5 cent dividend. I have no fear of holding AWP. It's opportunities like this that you have to take advantage of. AWP will close that absurd discount to NAV and be trading over $6 shortly.