CIK 1721568
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2021-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) | 53.97% | 26 |
| Unclassified | 38.09% | 8 |
| Real Estate Management & Development | 7.70% | 1 |
| Hotels, Restaurants & Leisure | 0.25% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | DUKE REALTY CORP | Unclassified | 7.91% | |
| 2 | PDM | Piedmont Realty Trust, Inc. | Real Estate | 7.70% |
| 3 | KRG | KITE REALTY GROUP TRUST | Real Estate | 7.46% |
| 4 | MGM GROWTH PPTYS LLC | Unclassified | 6.67% | |
| 5 | SPIRIT REALTY | Unclassified | 5.88% | |
| 6 | APARTMENT INCOME REIT CORP | Unclassified | 5.69% | |
| 7 | RPT REALTY | Unclassified | 4.69% | |
| 8 | ARE | ALEXANDRIA REAL ESTATE EQUITIES, INC. | Real Estate | 4.20% |
| 9 | SUI | SUN COMMUNITIES INC | Real Estate | 4.10% |
| 10 | MPT | MEDICAL PROPERTIES TRUST INC | Real Estate | 3.33% |
28/36 names classified · sector 61.9% of weight · industry 61.9% · mkt cap 61.9%; 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: 61.9% of the book is sector-classified (unclassified names shown, never dropped).
Only 42% of book weight classified — the grid is NOT representative of the whole book.
Classified: 42.3% of book weight (22/30 names) · unclassified 57.7%: , PDM, ARE, MPT, REG, SPY, SLG, PEB. 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 | DUKE REALTY CORP | 160,000 | $9M | 7.9% | ADD 357% |
| 2 | PDMPIEDMONT REALTY TRUST INC | 525,000 | $9M | 7.7% | ADD 75% |
| 3 | KRGKITE RLTY GROUP TR | 384,900 | $9M | 7.5% | TRIM −14% |
| 4 | MGM GROWTH PPTYS LLC | 202,500 | $8M | 6.7% | TRIM −19% |
| 5 | SPIRIT REALTY | 150,000 | $7M | 5.9% | TRIM −21% |
| 6 | APARTMENT INCOME REIT CORP | 125,000 | $7M | 5.7% | HOLD |
| 7 | RPT REALTY | 400,000 | $6M | 4.7% | TRIM −27% |
| 8 | AREALEXANDRIA REAL ESTATE EQ IN | 24,500 | $5M | 4.2% | NEW |
| 9 | SUISUN CMNTYS INC | 27,500 | $5M | 4.1% | ADD 10% |
| 10 | MPTMEDICAL PPTYS TRUST INC | 185,000 | $4M | 3.3% | ADD 6% |
| 11 | LIFE STORAGE INC | 25,000 | $4M | 3.0% | NEW |
| 12 | VTRVENTAS INC | 55,000 | $3M | 2.9% | TRIM −21% |
| 13 | REGREGENCY CTRS CORP | 47,500 | $3M | 2.9% | NEW |
| 14 | SPYSTATE STR SPDR S&P 500 ETF T | 6,500 | $3M | 2.5% | ADD 1200% |
| 15 | ELSEQUITY LIFESTYLE PPTYS INC | 37,850 | $3M | 2.5% | TRIM −25% |
| 16 | IRTINDEPENDENCE RLTY TR INC | 107,500 | $3M | 2.4% | NEW |
| 17 | NTSTNETSTREIT CORP | 125,000 | $3M | 2.4% | TRIM −17% |
| 18 | HIWHIGHWOODS PPTYS INC | 57,500 | $3M | 2.2% | TRIM −43% |
| 19 | UDRUDR INC | 37,500 | $2M | 1.8% | ADD 3% |
| 20 | HUDSON PAC PPTYS INC | 75,000 | $2M | 1.8% | TRIM −40% |
| 21 | DLRDIGITAL RLTY TR INC | 14,500 | $2M | 1.7% | TRIM −17% |
| 22 | KRCKILROY RLTY CORP | 26,500 | $2M | 1.7% | TRIM −60% |
| 23 | EQREQUITY RESIDENTIAL | 22,500 | $2M | 1.7% | TRIM −31% |
| 24 | AMTAMERICAN TOWER CORP | 7,500 | $2M | 1.6% | TRIM −25% |
| 25 | REXRREXFORD INDL RLTY INC | 24,000 | $2M | 1.5% | ADD 37% |
| 26 | CTRECareTrust REIT, Inc. | 90,000 | $2M | 1.5% | NEW |
| 27 | FRFIRST INDL RLTY TR INC | 25,000 | $2M | 1.3% | TRIM −32% |
| 28 | SBACSBA COMMUNICATIONS CORP NEW | 4,500 | $2M | 1.3% | ADD 200% |
| 29 | CPTCAMDEN PPTY TR | 9,000 | $1M | 1.3% | NEW |
| 30 | CDPCOPT DEFENSE PROPERTIES | 50,000 | $1M | 1.2% | TRIM −50% |
| 31 | SLGSL GREEN RLTY CORP | 17,500 | $1M | 1.2% | NEW |
| 32 | DEIDOUGLAS EMMETT INC | 30,000 | $1M | 0.9% | NEW |
| 33 | PEBPEBBLEBROOK HOTEL TR | 15,000 | $367,000 | 0.3% | NEW |
| 34 | DRHDIAMONDROCK HOSPITALITY CO | 35,000 | $354,000 | 0.3% | NEW |
| 35 | PKPARK HOTELS & RESORTS INC | 15,000 | $293,000 | 0.2% | NEW |
| 36 | HSTHOST HOTELS & RESORTS INC | 10,000 | $194,000 | 0.2% | NEW |
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