CIK 1843527
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) | 99.84% | 23 |
| Real Estate Management & Development | 0.16% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | PLD | Prologis, Inc. | Real Estate | 14.96% |
| 2 | WELL | WELLTOWER INC. | Real Estate | 11.86% |
| 3 | AMT | AMERICAN TOWER CORP /MA/ | Real Estate | 9.01% |
| 4 | EQIX | EQUINIX INC | Real Estate | 7.62% |
| 5 | PSA | Public Storage | Real Estate | 6.85% |
| 6 | SPG | SIMON PROPERTY GROUP INC. | Real Estate | 4.40% |
| 7 | DLR | DIGITAL REALTY TRUST, INC. | Real Estate | 4.09% |
| 8 | IRM | IRON MOUNTAIN INC | Real Estate | 4.05% |
| 9 | AHR | American Healthcare REIT, Inc. | Real Estate | 4.01% |
| 10 | CTRE | CareTrust REIT, Inc. | Real Estate | 3.81% |
24/24 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: 97.2% of book weight (22/24 names) · unclassified 2.8%: MAC, SLG. 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 | PLDPROLOGIS INC. | 332,721 | $44M | 15.0% | ADD 12% |
| 2 | WELLWELLTOWER INC | 176,358 | $35M | 11.9% | TRIM −3% |
| 3 | AMTAMERICAN TOWER CORP | 153,488 | $26M | 9.0% | TRIM −14% |
| 4 | EQIXEQUINIX INC | 22,860 | $22M | 7.6% | ADD 7% |
| 5 | PSAPUBLIC STORAGE OPER CO | 74,400 | $20M | 6.9% | ADD 91% |
| 6 | SPGSIMON PPTY GROUP INC NEW | 69,385 | $13M | 4.4% | HOLD |
| 7 | DLRDIGITAL RLTY TR INC | 66,691 | $12M | 4.1% | TRIM −5% |
| 8 | IRMIRON MTN INC DEL | 116,467 | $12M | 4.0% | HOLD |
| 9 | AHRAMERICAN HEALTHCARE REIT INC | 249,770 | $12M | 4.0% | ADD 10% |
| 10 | CTRECareTrust REIT, Inc. | 305,900 | $11M | 3.8% | HOLD |
| 11 | AVBAVALONBAY CMNTYS INC | 68,530 | $11M | 3.8% | NEW |
| 12 | PECOPHILLIPS EDISON & CO INC | 277,931 | $10M | 3.5% | HOLD |
| 13 | IVTINVENTRUST PPTYS CORP | 310,250 | $9M | 3.2% | ADD 4% |
| 14 | FCPTFOUR CORNERS PPTY TR INC | 361,237 | $9M | 2.9% | ADD 12% |
| 15 | EPRTESSENTIAL PPTYS RLTY TR INC | 281,284 | $9M | 2.9% | ADD 11% |
| 16 | ELSEQUITY LIFESTYLE PPTYS INC | 124,522 | $8M | 2.6% | ADD 8% |
| 17 | MAAMID-AMER APT CMNTYS INC | 60,225 | $7M | 2.5% | ADD 10% |
| 18 | AMHAMERICAN HOMES 4 RENT | 185,880 | $5M | 1.8% | TRIM −7% |
| 19 | IRTINDEPENDENCE RLTY TR INC | 294,460 | $4M | 1.5% | TRIM −42% |
| 20 | MACMACERICH CO | 224,232 | $4M | 1.4% | ADD 7% |
| 21 | SLGSL GREEN RLTY CORP | 104,500 | $4M | 1.3% | NEW |
| 22 | CUZCOUSINS PPTYS INC | 162,830 | $4M | 1.2% | TRIM −21% |
| 23 | VICIVICI PPTYS INC | 46,060 | $1M | 0.4% | TRIM −10% |
| 24 | CBRECBRE GROUP INC | 3,450 | $467,337 | 0.2% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| PLDPROLOGIS INC. | 355K | 344K | 280K | 279K | 298K | 333K | $44M |
| WELLWELLTOWER INC | 151K | 158K | 153K | 161K | 182K | 176K | $35M |
| AMTAMERICAN TOWER CORP | 158K | 152K | 155K | 181K | 179K | 153K | $26M |
| EQIXEQUINIX INC | 37K | 32K | 25K | 24K | 21K | 23K | $22M |
| PSAPUBLIC STORAGE OPER CO | 47K | 41K | 37K | 37K | 39K | 74K | $20M |
| SPGSIMON PPTY GROUP INC NEW | 91K | 63K | 58K | 54K | 69K | 69K | $13M |
| DLRDIGITAL RLTY TR INC | 46K | 54K | 87K | 59K | 70K | 67K | $12M |
| IRMIRON MTN INC DEL | — | 77K | 79K | 103K | 115K | 116K | $12M |
| AHRAMERICAN HEALTHCARE REIT INC | — | — | — | — | 227K | 250K | $12M |
| CTRECareTrust REIT, Inc. | — | — | — | — | 304K | 306K | $11M |
| AVBAVALONBAY CMNTYS INC | — | — | — | — | — | 69K | $11M |
| PECOPHILLIPS EDISON & CO INC | 259K | 240K | 227K | 232K | 278K | 278K | $10M |
| IVTINVENTRUST PPTYS CORP | — | — | — | — | 299K | 310K | $9M |
| FCPTFOUR CORNERS PPTY TR INC | 148K | 218K | 223K | 269K | 322K | 361K | $9M |
| EPRTESSENTIAL PPTYS RLTY TR INC | 121K | 149K | 204K | 227K | 253K | 281K | $9M |
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.
