CIK 1385864
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2022-Q2. 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 |
|---|---|---|
| Unclassified | 93.56% | 12 |
| Equity Real Estate Investment Trusts (REITs) | 6.44% | 20 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | BIL | SPDR SERIES TRUST | Unclassified | 38.06% |
| 2 | Proshares Short S&P | Unclassified | 25.44% | |
| 3 | SPY | STATE STR SPDR S&P 500 ETF T | Unclassified | 23.96% |
| 4 | RLJ LODGING TR | Unclassified | 1.17% | |
| 5 | LXP INDUSTRIAL TRUST | Unclassified | 1.16% | |
| 6 | RPT REALTY | Unclassified | 1.05% | |
| 7 | AOK | ISHARES TR | Unclassified | 0.83% |
| 8 | EPR PPTYS | Unclassified | 0.79% | |
| 9 | APLE | Apple Hospitality REIT, Inc. | Real Estate | 0.72% |
| 10 | RETAIL OPPORTUNITY INVESTMENTS | Unclassified | 0.69% |
20/32 names classified · sector 6.4% of weight · industry 6.4% · mkt cap 6.4%; 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: 6.4% of the book is sector-classified (unclassified names shown, never dropped).
Only 6% of book weight classified — the grid is NOT representative of the whole book.
Classified: 6.4% of book weight (19/26 names) · unclassified 93.6%: BIL, , SPY, AOK, PCH, ARE, AOM. 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 | BILSPDR SERIES TRUST | 3,768,576 | $345M | 38.1% | TRIM −47% |
| 2 | Proshares Short S&P | 13,354,343 | $231M | 25.4% | ADD 145% |
| 3 | SPYSTATE STR SPDR S&P 500 ETF T | 608,621 | $217M | 24.0% | NEW |
| 4 | RLJ LODGING TR | 430,155 | $11M | 1.2% | HOLD |
| 5 | LXP INDUSTRIAL TRUST | 217,864 | $11M | 1.2% | HOLD |
| 6 | RPT REALTY | 217,011 | $10M | 1.0% | HOLD |
| 7 | AOKISHARES TR | 230,640 | $8M | 0.8% | ADD 9% |
| 8 | EPR PPTYS | 280,100 | $7M | 0.8% | HOLD |
| 9 | APLEApple Hospitality REIT, Inc. | 465,000 | $7M | 0.7% | ADD 54% |
| 10 | RETAIL OPPORTUNITY INVESTMENTS | 452,270 | $6M | 0.7% | ADD 27% |
| 11 | PLDPROLOGIS INC. | 50,520 | $5M | 0.6% | HOLD |
| 12 | GLPIGAMING & LEISURE P | 111,600 | $5M | 0.5% | ADD 45% |
| 13 | CUBECUBESMART | 123,000 | $5M | 0.5% | ADD 19% |
| 14 | EQREQUITY RESIDENTIAL | 73,070 | $5M | 0.5% | HOLD |
| 15 | UDRUDR INC | 110,035 | $5M | 0.5% | TRIM −15% |
| 16 | SUISUN CMNTYS INC | 32,000 | $4M | 0.5% | ADD 90% |
| 17 | COLDAMERICOLD REALTY TRUST INC | 169,340 | $4M | 0.5% | ADD 10% |
| 18 | AMTAMERICAN TOWER CORP | 17,424 | $4M | 0.4% | TRIM −15% |
| 19 | BXPBXP INC | 47,700 | $4M | 0.4% | TRIM −24% |
| 20 | FPIFARMLAND PARTNERS INC | 255,360 | $3M | 0.4% | HOLD |
| 21 | PCHPOTLATCHDELTIC CORPORATION | 62,850 | $3M | 0.3% | TRIM −26% |
| 22 | PECOPHILLIPS EDISON & CO INC | 80,000 | $2M | 0.2% | NEW |
| 23 | OUTOUTFRONT MEDIA INC | 136,000 | $2M | 0.2% | NEW |
| 24 | AVBAVALONBAY CMNTYS INC | 4,400 | $810,000 | 0.1% | NEW |
| 25 | AREALEXANDRIA REAL ESTATE EQ IN | 5,720 | $802,000 | 0.1% | NEW |
| 26 | FRTFEDERAL RLTY INVT TR NEW | 8,020 | $723,000 | 0.1% | NEW |
| 27 | AOMISHARES TR | 18,380 | $673,000 | 0.1% | NEW |
| 28 | EQIXEQUINIX INC | 1,000 | $569,000 | 0.1% | NEW |
| 29 | EPR PPTYS | 31,000 | $536,000 | 0.1% | HOLD |
| 30 | NSANATIONAL STORAGE AFFILIATES | 12,050 | $501,000 | 0.1% | HOLD |
| 31 | VTRVENTAS INC | 7,540 | $303,000 | 0.0% | NEW |
| 32 | DRHDIAMONDROCK HOSPITALITY CO | 40,000 | $300,000 | 0.0% | TRIM −74% |
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