All four of the funds are heavily allocated in Australia. The Westfield Group, an Aussie mall operator, is the largest stock in all of them. It should be noted that half of the company’s malls are in the U.S., so there is some domestic exposure in there. The funds are also weighted heavily in both Hong Kong and Japan.
Nusbaum notes that two of the ETFs in particular break new ground when it comes to REITs. The iShares FTSE EPRA/NAREIT Asia Index Fund (IFAS) is the only Asian real estate ETF at the moment, despite the fact that it excludes Korea, Malaysia and Thailand.
iShares FTSE EPRA/NAREIT Europe Index Fund (IFEU) offers the chance to invest in the European real estate market, one that Nusbaum notes is down right now, but could possibly see a resurgence. Is there a value to be had in there?
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