Subprime woes have hit U.S. real estate stocks hard in recent months. But some investors are continuing to generate strong returns in property by diversifying overseas.rnThe Alpine International Real Estate fund has more than 80 percent of its $2.3 billion in assets in foreign securities. "The economic picture of many regions is very compelling, where we find strong growth rates supported by secularly low interest rates," says portfolio manager Samuel Lieber. The tailwind of a falling dollar doesn't hurt either, he adds. The fund was up 12.7 percent year-to-date at the end of September and boasted an annualized return of 32.7 percent over the past five years.
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