2008 was a painful year for shareholders of the Alpine International Real Estate Equity Fund
, but 2009 is looking up. In the Tuesday "Fund Track" column, Daisy Maxey reports
that Sam Lieber
, CEO of Alpine Woods Capital Investors, expects Rio de Janeiro's winning 2016 Olympics bid to be a boon to emerging real estate investors like his fund -- 22.9 percent of the fund's assets were invested in Brazil, as of June 30. Fundsters interested in the international real estate niche of the business may want to take a look.
According to the WSJ, Alpine International Real Estate Equity lost 71 percent last year, only to gain 110.2 percent year-to-date (as of October 9) and 64.6 percent in the past 12 months. Its $759.9 million in assets are down from $2 billion at the end of 2007 but up from $300 million in March 2009.
Neil Anderson, Managing Editor
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