AWP has broad holdings in world real estate. I would think XAWPX would closely follow a world real estate index like Morgan Stanley EPRA. However, over the last 12 months XAWPX has fallenly about 20% more than EPRA. Is there a world real estate index which closely approximate's XAWPX? I would feel much more comfortable knowing the market is responsible for falling NAV and not a problem with Alpine management.
I've discounted the idea the fund's dividend capture policy is responsible for reducing NAV. XAWPX closely follows it's sister mutual fund EGLRX.