Nemesis, I think Alpine International Real Estate (EGLRX) has been a strong performer YTD. The volatility actually doesn't seem too bad to me. It has outperformed my real estate combo of Fidelity International Real Estate (FIREX) (international only) plus Vanguard REIT Index (VGSIX) (USA only) YTD, and I'm even starting to second-guess my decision to go with FIREX over EGLRX. Asian stocks may be in bubble territory, so Lieber may have scaled back, which is not a bad idea. It looks like he's ramping up on USA REITs, which obviously have been beaten down recently (EGLRX is really a global (global = international + USA), not an international, real estate fund). This fund is really a go-anywhere all-in-one global real estate fund, so you are trusting the manager to know where the best deals are. I think EGLRX is still a fine choice.

Dan