CIK 1626691
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-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 |
|---|---|---|
| Equity Real Estate Investment Trusts (REITs) | 53.86% | 25 |
| Unclassified | 14.34% | 1 |
| Commercial Services & Supplies | 11.04% | 3 |
| Hotels, Restaurants & Leisure | 7.49% | 2 |
| Road & Rail | 5.93% | 1 |
| Real Estate Management & Development | 3.90% | 2 |
| Utilities | 2.99% | 1 |
| Marine | 0.45% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | VGSH | VANGUARD SHORT-TERM TREASURY ETF | Unclassified | 14.34% |
| 2 | FTAI | FTAI Aviation Ltd. | Industrials | 7.54% |
| 3 | AMT | AMERICAN TOWER CORP /MA/ | Real Estate | 6.74% |
| 4 | PLD | Prologis, Inc. | Real Estate | 5.98% |
| 5 | FIP | FTAI Infrastructure Inc. | Industrials | 5.93% |
| 6 | EQIX | EQUINIX INC | Real Estate | 5.35% |
| 7 | CZR | Caesars Entertainment, Inc. | Consumer Discretionary | 4.85% |
| 8 | DLR | DIGITAL REALTY TRUST, INC. | Real Estate | 4.43% |
| 9 | SPG | SIMON PROPERTY GROUP INC. | Real Estate | 4.36% |
| 10 | MAC | MACERICH CO | Real Estate | 3.35% |
35/36 names classified · sector 85.7% of weight · industry 85.7% · mkt cap 85.7%; 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: 85.7% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 75.5% of book weight (31/36 names) · unclassified 24.5%: VGSH, CZR, MAC, ARE, AGNC. 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 | VGSHVANGUARD SHORT-TERM TREASURY ETF | 230,855 | $14M | 14.3% | HOLD |
| 2 | FTAIFTAI AVIATION LTD | 42,838 | $7M | 7.5% | TRIM −9% |
| 3 | AMTAMERICAN TOWER CORP | 33,206 | $6M | 6.7% | HOLD |
| 4 | PLDPROLOGIS INC. | 49,450 | $6M | 6.0% | ADD 12% |
| 5 | FIPFTAI INFRASTRUCTURE INC | 1,287,999 | $6M | 5.9% | TRIM −27% |
| 6 | EQIXEQUINIX INC | 6,469 | $5M | 5.3% | TRIM −15% |
| 7 | CZRCAESARS ENTERTAINMENT INC NE | 170,109 | $5M | 4.9% | ADD 102% |
| 8 | DLRDIGITAL RLTY TR INC | 24,253 | $4M | 4.4% | HOLD |
| 9 | SPGSIMON PPTY GROUP INC NEW | 22,028 | $4M | 4.4% | TRIM −2% |
| 10 | MACMACERICH CO | 174,287 | $3M | 3.3% | TRIM −19% |
| 11 | VTRVENTAS INC | 42,584 | $3M | 3.1% | HOLD |
| 12 | CDZICADIZ INC | 601,113 | $3M | 3.0% | TRIM −39% |
| 13 | MGMMGM RESORTS INTERNATIONAL | 72,068 | $2M | 2.6% | ADD 22% |
| 14 | IRMIRON MTN INC DEL | 24,433 | $2M | 2.6% | ADD 6% |
| 15 | CBRECBRE GROUP INC | 15,698 | $2M | 2.6% | ADD 47% |
| 16 | WELLWELLTOWER INC | 12,723 | $2M | 2.4% | ADD 36% |
| 17 | CCICROWN CASTLE INC | 23,206 | $2M | 2.4% | ADD 12% |
| 18 | EXREXTRA SPACE STORAGE INC | 15,490 | $2M | 2.3% | ADD 5% |
| 19 | CSGPCOSTAR GROUP INC | 24,364 | $2M | 2.2% | ADD 61% |
| 20 | PSAPUBLIC STORAGE OPER CO | 5,027 | $1M | 1.5% | ADD 19% |
| 21 | AREALEXANDRIA REAL ESTATE EQ IN | 17,316 | $1M | 1.5% | HOLD |
| 22 | ZZILLOW GROUP INC | 15,621 | $1M | 1.3% | ADD 129% |
| 23 | INVHINVITATION HOMES INC | 41,767 | $1M | 1.3% | TRIM −9% |
| 24 | AVBAVALONBAY CMNTYS INC | 5,933 | $1M | 1.2% | ADD 29% |
| 25 | SBACSBA COMMUNICATIONS CORP NEW | 5,131 | $992,079 | 1.0% | HOLD |
| 26 | EQREQUITY RESIDENTIAL | 14,274 | $923,956 | 1.0% | ADD 23% |
| 27 | WYWEYERHAEUSER CO | 29,106 | $721,538 | 0.8% | ADD 31% |
| 28 | REXRREXFORD INDL RLTY INC | 15,239 | $626,475 | 0.7% | TRIM −64% |
| 29 | SUISUN CMNTYS INC | 4,609 | $594,561 | 0.6% | TRIM −52% |
| 30 | NLYANNALY CAPITAL MANAGEMENT IN | 27,373 | $553,208 | 0.6% | ADD 15% |
| 31 | AGNCAGNC Investment Corp | 47,117 | $461,275 | 0.5% | ADD 24% |
| 32 | AMHAMERICAN HOMES 4 RENT | 13,335 | $443,389 | 0.5% | ADD 18% |
| 33 | KEXKIRBY CORP | 5,112 | $426,596 | 0.5% | TRIM −29% |
| 34 | ELSEQUITY LIFESTYLE PPTYS INC | 7,022 | $426,235 | 0.4% | HOLD |
| 35 | CUBECUBESMART | 8,535 | $347,033 | 0.4% | HOLD |
| 36 | COLDAMERICOLD REALTY TRUST INC | 10,064 | $123,183 | 0.1% | HOLD |
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