CIK 1046187
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Equity Real Estate Investment Trusts (REITs) | 96.08% | 37 |
| Real Estate Management & Development | 3.92% | 2 |
| Unclassified | 0.00% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | WELL | WELLTOWER INC. | Real Estate | 15.26% |
| 2 | PLD | Prologis, Inc. | Real Estate | 9.44% |
| 3 | EQIX | EQUINIX INC | Real Estate | 7.88% |
| 4 | AVB | AVALONBAY COMMUNITIES INC | Real Estate | 6.23% |
| 5 | DLR | DIGITAL REALTY TRUST, INC. | Real Estate | 6.01% |
| 6 | CUBE | CubeSmart | Real Estate | 5.64% |
| 7 | ESS | ESSEX PROPERTY TRUST, INC. | Real Estate | 5.25% |
| 8 | SPG | SIMON PROPERTY GROUP INC. | Real Estate | 5.23% |
| 9 | BRX | Brixmor Property Group Inc. | Real Estate | 4.62% |
| 10 | O | REALTY INCOME CORP | Real Estate | 4.53% |
39/40 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 100.0%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 98.5% of book weight (34/40 names) · unclassified 1.5%: PEB, JAN, REG, , SKT, STAG. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | WELLWELLTOWER INC | 1,063,905 | $210M | 15.3% | ADD 9% |
| 2 | PLDPROLOGIS INC. | 984,575 | $130M | 9.4% | HOLD |
| 3 | EQIXEQUINIX INC | 110,726 | $109M | 7.9% | TRIM −8% |
| 4 | AVBAVALONBAY CMNTYS INC | 525,343 | $86M | 6.2% | TRIM −6% |
| 5 | DLRDIGITAL RLTY TR INC | 459,315 | $83M | 6.0% | TRIM −16% |
| 6 | CUBECUBESMART | 2,121,725 | $78M | 5.6% | ADD 11319% |
| 7 | ESSEssex Property Trust | 298,934 | $72M | 5.2% | ADD 943% |
| 8 | SPGSIMON PPTY GROUP INC NEW | 386,175 | $72M | 5.2% | TRIM −12% |
| 9 | BRXBRIXMOR PPTY GROUP INC | 2,209,661 | $64M | 4.6% | TRIM −3% |
| 10 | OREALTY INCOME CORP | 1,020,314 | $62M | 4.5% | TRIM −45% |
| 11 | VICIVICI PPTYS INC | 2,216,645 | $61M | 4.4% | NEW |
| 12 | BNLBROADSTONE NET LEASE INC | 3,019,176 | $55M | 4.0% | TRIM −12% |
| 13 | HIWHIGHWOODS PPTYS INC | 2,228,239 | $48M | 3.5% | TRIM −8% |
| 14 | AMHAMERICAN HOMES 4 RENT | 1,660,523 | $46M | 3.4% | TRIM −11% |
| 15 | CURBCURBLINE PPTYS CORP | 1,771,824 | $46M | 3.3% | ADD 24% |
| 16 | LXPLXP INDUSTRIAL TRUST | 729,011 | $34M | 2.4% | TRIM −38% |
| 17 | PSAPUBLIC STORAGE OPER CO | 111,090 | $30M | 2.2% | TRIM −67% |
| 18 | PEBPEBBLEBROOK HOTEL TR | 1,598,340 | $20M | 1.5% | NEW |
| 19 | REXRREXFORD INDL RLTY INC | 399,209 | $13M | 0.9% | ADD 7577% |
| 20 | EQREQUITY RESIDENTIAL | 179,474 | $11M | 0.8% | TRIM −4% |
| 21 | SUISUN CMNTYS INC | 66,967 | $8M | 0.6% | ADD 38% |
| 22 | INVHINVITATION HOMES INC | 332,521 | $8M | 0.6% | ADD 18% |
| 23 | MAAMID-AMER APT CMNTYS INC | 55,705 | $7M | 0.5% | TRIM −88% |
| 24 | UDRUDR INC | 160,840 | $5M | 0.4% | TRIM −28% |
| 25 | ELSEQUITY LIFESTYLE PPTYS INC | 81,720 | $5M | 0.4% | TRIM −32% |
| 26 | CPTCAMDEN PPTY TR | 49,379 | $5M | 0.3% | TRIM −14% |
| 27 | VTRVENTAS INC | 51,127 | $4M | 0.3% | ADD 124% |
| 28 | IRTINDEPENDENCE RLTY TR INC | 245,740 | $4M | 0.3% | TRIM −10% |
| 29 | EGPEASTGROUP PPTYS INC | 2,661 | $492,524 | 0.0% | ADD 343% |
| 30 | JANJANUS LIVING INC | 19,408 | $457,447 | 0.0% | NEW |
| 31 | AMTAMERICAN TOWER CORP | 2,380 | $410,740 | 0.0% | TRIM −97% |
| 32 | VNOVORNADO RLTY TR | 13,156 | $341,924 | 0.0% | TRIM −6% |
| 33 | KRCKILROY RLTY CORP | 7,033 | $198,401 | 0.0% | TRIM −35% |
| 34 | REGREGENCY CTRS CORP | 1,797 | $135,961 | 0.0% | ADD 12% |
| 35 | PEBBLEBROOK HOTEL TR | 3,520 | $67,619 | 0.0% | NEW |
| 36 | SKTTANGER INC | 1,862 | $63,271 | 0.0% | ADD 272% |
| 37 | STAGSTAG INDL INC | 1,552 | $55,965 | 0.0% | TRIM −75% |
| 38 | AHRAMERICAN HEALTHCARE REIT INC | 500 | $23,580 | 0.0% | NEW |
| 39 | SILASILA REALTY TRUST INC | 923 | $21,857 | 0.0% | TRIM −49% |
| 40 | LINELINEAGE INC | 550 | $18,018 | 0.0% | TRIM −54% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| WELLWELLTOWER INC | 1.4M | 1.4M | 1.3M | 1.2M | 973K | 1.1M | $210M |
| PLDPROLOGIS INC. | 1.8M | 1.8M | 1.7M | 1.1M | 973K | 985K | $130M |
| EQIXEQUINIX INC | 229K | 212K | 184K | 157K | 120K | 111K | $109M |
| AVBAVALONBAY CMNTYS INC | 580K | 560K | 513K | 685K | 557K | 525K | $86M |
| DLRDIGITAL RLTY TR INC | 792K | 835K | 783K | 656K | 550K | 459K | $83M |
| CUBECUBESMART | 400 | 400 | 659K | 142K | 19K | 2.1M | $78M |
| ESSEssex Property Trust | 60K | 61K | 61K | 29K | 29K | 299K | $72M |
| SPGSIMON PPTY GROUP INC NEW | 232K | 279K | 278K | 530K | 439K | 386K | $72M |
| BRXBRIXMOR PPTY GROUP INC | 1.9M | 1.8M | 1.6M | 2.9M | 2.3M | 2.2M | $64M |
| OREALTY INCOME CORP | 1.6M | 1.5M | 1.5M | 2.1M | 1.9M | 1.0M | $62M |
| VICIVICI PPTYS INC | 179K | 179K | 181K | — | — | 2.2M | $61M |
| BNLBROADSTONE NET LEASE INC | 3.1M | 3.1M | 2.5M | 3.6M | 3.4M | 3.0M | $55M |
| HIWHIGHWOODS PPTYS INC | 1.0M | 1.2M | 1.2M | 2.3M | 2.4M | 2.2M | $48M |
| AMHAMERICAN HOMES 4 RENT | 1.7M | 1.4M | 1.3M | 2.1M | 1.9M | 1.7M | $46M |
| CURBCURBLINE PPTYS CORP | 611K | 790K | 733K | 1.5M | 1.4M | 1.8M | $46M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
