Hot Real Estae Fund Focuses on Homebuilders

Manuel "Manny" Schiffres, a senior editor of Kiplinger's Personal Finance, interviews fund manager Sam Lieber whose Alpine U.S. Real Estate Equity fund has outperformed market averages for several years. According to Schiffres, over the past five years (to June 1), the no-load fund returned an annualized 34%. "That's an amazing 36 percentage points per year better than the ... Standard & Poor's 500-stock index," he said. Part of Lieber's success is attributed to his affinity for homebuilders vs REITS (real estate investment trusts) as found in other real estate funds. Sam Lieber, a 48-year-old former architecture student, is the son of Stephen Lieber, who founded the Evergreen funds.

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(May '04-Jun '05)