CIK 1534498
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2018-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 | 63.29% | 9 |
| Equity Real Estate Investment Trusts (REITs) | 36.71% | 7 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | RAMCO-GERSHENSON PPTYS TR | Unclassified | 26.51% | |
| 2 | KRG | KITE REALTY GROUP TRUST | Real Estate | 22.03% |
| 3 | OWENS RLTY MTG INC | Unclassified | 9.95% | |
| 4 | REG | REGENCY CENTERS CORP | Real Estate | 8.08% |
| 5 | FEDERAL REALTY INVS TR | Unclassified | 7.58% | |
| 6 | RETAIL OPPORTUNITY INVESTMENTS | Unclassified | 7.19% | |
| 7 | CONSOLIDATED TOMOKA LAND CO | Unclassified | 4.95% | |
| 8 | NORTHSTAR REALTY EUROPE CORP | Unclassified | 2.35% | |
| 9 | QTS RLTY TR INC | Unclassified | 1.92% | |
| 10 | ESRT | Empire State Realty Trust, Inc. | Real Estate | 1.88% |
7/16 names classified · sector 36.7% of weight · industry 36.7% · mkt cap 36.7%; 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: 36.7% of the book is sector-classified (unclassified names shown, never dropped).
Only 26% of book weight classified — the grid is NOT representative of the whole book.
Classified: 26.2% of book weight (4/8 names) · unclassified 73.8%: , REG, BDN, 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 | RAMCO-GERSHENSON PPTYS TR | 1,105,438 | $15M | 26.5% | TRIM −15% |
| 2 | KRGKITE RLTY GROUP TR | 750,236 | $12M | 22.0% | TRIM −18% |
| 3 | OWENS RLTY MTG INC | 334,084 | $6M | 10.0% | TRIM −3% |
| 4 | REGREGENCY CTRS CORP | 70,866 | $5M | 8.1% | HOLD |
| 5 | FEDERAL REALTY INVS TR | 33,977 | $4M | 7.6% | HOLD |
| 6 | RETAIL OPPORTUNITY INVESTMENTS | 218,415 | $4M | 7.2% | HOLD |
| 7 | CONSOLIDATED TOMOKA LAND CO | 45,062 | $3M | 4.9% | HOLD |
| 8 | NORTHSTAR REALTY EUROPE CORP | 93,889 | $1M | 2.3% | TRIM −33% |
| 9 | QTS RLTY TR INC | 25,485 | $1M | 1.9% | TRIM −74% |
| 10 | ESRTEMPIRE ST RLTY TR INC | 64,200 | $1M | 1.9% | TRIM −60% |
| 11 | DEAEASTERLY GOVERNMENT PROPERTIES | 49,284 | $955,000 | 1.7% | TRIM −68% |
| 12 | VEREIT INC | 113,326 | $823,000 | 1.5% | TRIM −67% |
| 13 | EQUITY COMWLTH | 24,746 | $793,000 | 1.4% | TRIM −68% |
| 14 | BDNBRANDYWINE RLTY TR | 49,200 | $772,000 | 1.4% | TRIM −68% |
| 15 | STAGSTAG INDL INC | 21,100 | $580,000 | 1.0% | TRIM −75% |
| 16 | STWDSTARWOOD PPTY TR INC | 17,200 | $370,000 | 0.7% | TRIM −84% |
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