Today's WSJ Fundtrack
takes on the falling REITs and the mutual funds that invest in them. The deadly combo of property problems and the debt crunch have caused investors to withdrawal more than $400 million in the past two weeks, according to AMG data. The mutual fund the paper specifically
mentions is the Munder Real Estate Equity Investment fund, down 25 percent this year.
is also reporting about REIT woes. The wire service cites Morningstar data in reporting that the Fidelity Real Estate Investment Portfolio dropped 19.7 percent. Two other funds in hot water are the Franklin Real Estate Securities Fund and the Kensington Strategic Realty Fund, both of which dropped 20.3 percent.
All of this of course is subject to change though as early Friday morning, the Fed opened the discount window, dropping the discount rate by 50 bps.
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