First American Real Estate Securities Fund

The co-managers of this quirky fund are into property -- and their creative outlook leads them to places others might not go

John Wenker and Jay Rosenberg are real estate junkies. Heading to the airport after a conference in Palm Beach in March, they took a detour to a two-acre vacant lot owned by Kite Realty Group (KRG), a holding in the $740 million First American Real Estate Securities Fund (FREAX), which they jointly manage. The land won't be developed for more than a year. Most real estate fund managers wouldn't have bothered to peer at a weed-filled site.

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