Most REITs earn their Funds From Operations in local currencies, so are good surrogates for foreign bonds from a forex (falling dollar) standpoint.  In addition to IGR, RWF has a very similar global portfolio.  RAF and RAP are devoted to Asia and Australasia respectively. I also hold WPS, which is an international property ETF.  Not buy receommendations but subjects for DD.

US only REIT CEF, such as RLF, also did well yesterday

Guys...I too am watching these closely for an opportunity to re-enter...but just a word of caution.  The nice YTD returns are largely a rebound from the extraordinary tax-selling lows set at year end.  That tax selling was a consequence of horrible performance during 07.  Finally, none of the CEFs mentioned above successfully broken above the downtrend lines in all of these from October 07.  I'll happily join you in buying some of these, but only after they prove they can break the downtrend.

Dick

That's a very good point, Dick, but depending on which moving average you use for a trend line, waiting can cost you much of the new advance.  For example, IGR is up 15% from its 2007-2008 low and if you wait for the 200dma, it'll cost you another 15%.  IGR is already above a 50dma, and this price improvement doesn't fully account for the monthly distribution stream (9% annualized).  I think it's important to consider the fundamentals at work in these REITs as well, such as inflation and demographics, particularly in emerging markets. Financial services, including REITs, are an early stage sector in the event of a new market cycle.  Best wishes, Bill

Good points....however, please note I'm talking about chart downtrend lines connecting the recent successively lower highs since October ..not moving averages.  For RNP, for example, up 20-30 cents, and then holding it for a day or two would bring me in on the long side.

Regards, Dick

"Charts become dangerous only when they seem meaningful."  -Euler

I grant you Euler may have a point.  However, Euler may also have purchased Citi at 45 or Wachovia at 40 because they were "down enough" and is now waiting for those great dividends to bail him out!

Dick

True! Buying Citi at $45 on the way down would have been an error in judgment.  Not buying it more recently at $20 may have been another.  (at least for us FA guys) Best wishes,  Bill

Chamois...thanks for bringing these CEFs to my attention....they've convinced me with price action yesterday and today, so I'm aboard with you now on a couple.

Regards, Dick

PS. Re Citi - have you considered C convert pref instead of C itself?  Any thoughts? 

I bought C-V last Fall.  Pays a nice dividend and is up about $0.10 from purchase price.  Big deal but better than being down 32% like my Citi stock.  Meantime I'm enjoying a nice dividend...around 9% I think.

O is the only REIT I carried through the tough times.  I've owned IGR, CGMRX, & ICF in the past, but have been watching several CEFs for a while.

IGR always seems like a no-brainer.  Good company, well run.  RNP & RPF are interesting, if C & S get straightened out. 

I don't normally look at funds until they've had time to establish themselves, but I'm intrigued by AWP.  I've liked Alpine in the past.  It seems to be quietly "running under the radar".  What are your feelings about AWP?

Zwilnik

Last time I looked at AWP, which was some time ago, it was heavy in RE finance companies, maybe explaining its underperformance at the time.  I notice Lieber's mutual reit fund EGRLX is also not doing well

Dick, I haven't looked at converts at all; trying to subordinate current income to LTCG for tax reasons