I follow companies that supply to the real estate market and therefore depend on domestic housing for gains. All and all, those suppliers are a little less sensitive to the real estate market variations than the real estate companies themselves - inventories, lag in starts, diversification, etc.

Now this Fund caught my attention as a potential way to offset domestic losses - I wonder in other words if this is where people move their moneys when the real estate here goes wrong?? Of course I understand this will also fluctuate according to how strong the dollar is to the currencies involved, but still?

On another note, I read at Business week this one particular fund invests in south american countries, focusing in Brazil. The Brazilian currency has been strong for the past decade, particularly the past five years - which kind of correlated to the gains on this fund (skyrocketed from about '03). Now does that imply this fund price is a function of the risk value for Brazil and the Brazilian currency exchange rate???

Thanks.