i just did some quick math on the NAV of awp versus what they report on the june 30, 2011 fact sheet. same as i did for AOD.
here is the math. inception NAV of 17.5. NAV at june 30, 8.4. divs paid to date, 4. so that puts you back up to 12.4.
a decline of 29%. but the fact sheet says they only lost 7.28%. how is that possible ?
my guess is they assume the dividends paid are reinvested in the fund. and that is fine. should probably footnote it though.
how much do you want to bet they didn't do a dividend reinvestment on the figures presented for the MSCI REIT total return index ?
my bet is they massaged the numbers in their favor just like they did for the AOD fact sheet. i've tracked SPY and AOD for years so i have all the data handy to cross check that. they misrepresented their performance per my message on the AOD board.
i don't have the info handy for the MSCI REIT index but my bet is they did the same thing. if you do a div reinvestment for one you need to do it for the other.