CIK 1536520
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) | 78.31% | 15 |
| Real Estate Management & Development | 16.45% | 3 |
| Hotels, Restaurants & Leisure | 3.31% | 1 |
| Entertainment | 1.93% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | FR | FIRST INDUSTRIAL REALTY TRUST INC | Real Estate | 8.45% |
| 2 | INVH | Invitation Homes Inc. | Real Estate | 8.26% |
| 3 | AHR | American Healthcare REIT, Inc. | Real Estate | 8.06% |
| 4 | NHI | NATIONAL HEALTH INVESTORS INC | Real Estate | 8.03% |
| 5 | EQIX | EQUINIX INC | Real Estate | 7.83% |
| 6 | SPG | SIMON PROPERTY GROUP INC. | Real Estate | 6.86% |
| 7 | SUI | SUN COMMUNITIES INC | Real Estate | 5.87% |
| 8 | VTR | Ventas, Inc. | Real Estate | 5.08% |
| 9 | SKT | TANGER INC. | Real Estate | 4.59% |
| 10 | RHP | Ryman Hospitality Properties, Inc. | Real Estate | 4.50% |
20/20 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: 93.5% of book weight (18/20 names) · unclassified 6.5%: SKT, FUN. 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 | FRFIRST INDL RLTY TR INC | 863,925 | $50M | 8.5% | TRIM −5% |
| 2 | INVHINVITATION HOMES INC | 1,966,673 | $49M | 8.3% | NEW |
| 3 | AHRAMERICAN HEALTHCARE REIT INC | 1,011,002 | $48M | 8.1% | TRIM −4% |
| 4 | NHINATIONAL HEALTH INVS INC | 587,247 | $47M | 8.0% | ADD 42% |
| 5 | EQIXEQUINIX INC | 47,263 | $46M | 7.8% | TRIM −18% |
| 6 | SPGSIMON PPTY GROUP INC NEW | 217,466 | $41M | 6.9% | ADD 30% |
| 7 | SUISUN CMNTYS INC | 275,705 | $35M | 5.9% | TRIM −3% |
| 8 | VTRVENTAS INC | 367,407 | $30M | 5.1% | TRIM −27% |
| 9 | SKTTANGER INC | 798,915 | $27M | 4.6% | TRIM −3% |
| 10 | RHPRYMAN HOSPITALITY PPTYS INC | 288,277 | $27M | 4.5% | ADD 42% |
| 11 | CBRECBRE GROUP INC | 185,225 | $25M | 4.2% | ADD 45% |
| 12 | CURBCURBLINE PPTYS CORP | 905,072 | $23M | 3.9% | ADD 316% |
| 13 | OUTOUTFRONT MEDIA INC | 854,194 | $23M | 3.8% | TRIM −31% |
| 14 | PLDPROLOGIS INC. | 168,836 | $22M | 3.8% | ADD 26% |
| 15 | DLRDIGITAL RLTY TR INC | 114,066 | $21M | 3.5% | NEW |
| 16 | GLPIGAMING & LEISURE P | 444,623 | $20M | 3.3% | TRIM −22% |
| 17 | MARMARRIOTT INTL INC NEW | 59,766 | $20M | 3.3% | TRIM −6% |
| 18 | LAMRLAMAR ADVERTISING CO | 134,056 | $17M | 2.9% | NEW |
| 19 | FUNSIX FLAGS ENTERTAINMENT CORP | 642,336 | $11M | 1.9% | TRIM −63% |
| 20 | SBACSBA COMMUNICATIONS CORP NEW | 60,094 | $10M | 1.7% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| FRFIRST INDL RLTY TR INC | 696K | 644K | 766K | 711K | 913K | 864K | $50M |
| INVHINVITATION HOMES INC | — | — | — | — | — | 2.0M | $49M |
| AHRAMERICAN HEALTHCARE REIT INC | 1.6M | 1.1M | 1.1M | 1.2M | 1.1M | 1.0M | $48M |
| NHINATIONAL HEALTH INVS INC | 467K | 587K | 460K | 436K | 413K | 587K | $47M |
| EQIXEQUINIX INC | 41K | 29K | 36K | 32K | 58K | 47K | $46M |
| SPGSIMON PPTY GROUP INC NEW | 134K | 126K | 144K | 206K | 168K | 217K | $41M |
| SUISUN CMNTYS INC | 158K | 183K | 194K | 235K | 285K | 276K | $35M |
| VTRVENTAS INC | 694K | 434K | 489K | 522K | 505K | 367K | $30M |
| SKTTANGER INC | 974K | 608K | 736K | 902K | 827K | 799K | $27M |
| RHPRYMAN HOSPITALITY PPTYS INC | — | — | 102K | 107K | 204K | 288K | $27M |
| CBRECBRE GROUP INC | 190K | 128K | 165K | 142K | 128K | 185K | $25M |
| CURBCURBLINE PPTYS CORP | — | — | — | — | 217K | 905K | $23M |
| OUTOUTFRONT MEDIA INC | — | 1.0M | 1.4M | 951K | 1.2M | 854K | $23M |
| PLDPROLOGIS INC. | — | — | — | 210K | 134K | 169K | $22M |
| DLRDIGITAL RLTY TR INC | 55K | — | — | — | — | 114K | $21M |
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.
