CIK 2023551
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) | 41.22% | 9 |
| Real Estate Management & Development | 22.62% | 4 |
| Hotels, Restaurants & Leisure | 13.23% | 1 |
| Capital Markets | 10.59% | 2 |
| Entertainment | 5.91% | 1 |
| Commercial Services & Supplies | 5.00% | 1 |
| Health Care Providers & Services | 1.02% | 1 |
| Specialty Retail | 0.40% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | HLT | Hilton Worldwide Holdings Inc. | Consumer Discretionary | 13.23% |
| 2 | AIV | APARTMENT INVESTMENT & MANAGEMENT CO | Real Estate | 10.75% |
| 3 | CNS | COHEN & STEERS, INC. | Financials | 10.38% |
| 4 | CBRE | CBRE GROUP, INC. | Real Estate | 8.81% |
| 5 | DEI | Douglas Emmett Inc | Real Estate | 7.42% |
| 6 | CIGI | Colliers International Group Inc. | Real Estate | 6.94% |
| 7 | NXRT | NexPoint Residential Trust, Inc. | Real Estate | 6.65% |
| 8 | CHDN | Churchill Downs Inc | Communication Services | 5.91% |
| 9 | CSGP | COSTAR GROUP, INC. | Industrials | 5.00% |
| 10 | VAC | MARRIOTT VACATIONS WORLDWIDE Corp | Real Estate | 4.48% |
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: 89.9% of book weight (17/20 names) · unclassified 10.1%: NXRT, HPP, BKD. 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 | HLTHILTON WORLDWIDE HLDGS INC | 42,108 | $13M | 13.2% | ADD 8% |
| 2 | AIVAPARTMENT INVT & MGMT CO | 2,556,176 | $10M | 10.7% | ADD 15% |
| 3 | CNSCOHEN & STEERS INC | 160,709 | $10M | 10.4% | HOLD |
| 4 | CBRECBRE GROUP INC | 62,978 | $9M | 8.8% | NEW |
| 5 | DEIDOUGLAS EMMETT INC | 762,556 | $7M | 7.4% | TRIM −27% |
| 6 | CIGICOLLIERS INTL GROUP INC | 62,828 | $7M | 6.9% | NEW |
| 7 | NXRTNEXPOINT RESIDENTIAL TR INC | 257,546 | $6M | 6.7% | ADD 676% |
| 8 | CHDNCHURCHILL DOWNS INC | 63,733 | $6M | 5.9% | NEW |
| 9 | CSGPCOSTAR GROUP INC | 119,966 | $5M | 5.0% | TRIM −22% |
| 10 | VACMARRIOTT VACATIONS WORLDWIDE | 66,572 | $4M | 4.5% | NEW |
| 11 | ESSEssex Property Trust | 15,906 | $4M | 4.0% | TRIM −44% |
| 12 | CPTCAMDEN PPTY TR | 30,812 | $3M | 3.1% | ADD 243% |
| 13 | BHRBRAEMAR HOTELS & RESORTS INC | 1,139,798 | $3M | 2.8% | ADD 5% |
| 14 | AVBAVALONBAY CMNTYS INC | 16,200 | $3M | 2.7% | NEW |
| 15 | HHHHOWARD HUGHES HOLDINGS INC | 37,512 | $2M | 2.5% | TRIM −68% |
| 16 | HPPHUDSON PAC PPTYS INC | 392,188 | $2M | 2.4% | ADD 117% |
| 17 | CUBECUBESMART | 35,704 | $1M | 1.4% | NEW |
| 18 | BKDBROOKDALE SR LIVING INC | 72,392 | $990,323 | 1.0% | TRIM −89% |
| 19 | BLDRBUILDERS FIRSTSOURCE INC | 4,726 | $389,092 | 0.4% | NEW |
| 20 | BXBLACKSTONE INC | 1,698 | $195,253 | 0.2% | TRIM −75% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| HLTHILTON WORLDWIDE HLDGS INC | — | 79K | 51K | 32K | 39K | 42K | $13M |
| AIVAPARTMENT INVT & MGMT CO | 1.4M | 2.0M | 1.9M | 864K | 2.2M | 2.6M | $10M |
| CNSCOHEN & STEERS INC | — | 198K | 197K | 148K | 160K | 161K | $10M |
| CBRECBRE GROUP INC | — | 118K | 64K | — | — | 63K | $9M |
| DEIDOUGLAS EMMETT INC | 191K | 1.6M | 1.4M | 706K | 1.0M | 763K | $7M |
| CIGICOLLIERS INTL GROUP INC | — | — | — | — | — | 63K | $7M |
| NXRTNEXPOINT RESIDENTIAL TR INC | — | 292K | 450K | 249K | 33K | 258K | $6M |
| CHDNCHURCHILL DOWNS INC | 100K | 160K | — | — | — | 64K | $6M |
| CSGPCOSTAR GROUP INC | 38K | 283K | 276K | 149K | 154K | 120K | $5M |
| VACMARRIOTT VACATIONS WORLDWIDE | — | — | — | — | — | 67K | $4M |
| ESSEssex Property Trust | 88K | 130K | 94K | 32K | 28K | 16K | $4M |
| CPTCAMDEN PPTY TR | 217K | 168K | 24K | — | 9K | 31K | $3M |
| BHRBRAEMAR HOTELS & RESORTS INC | — | — | — | 773K | 1.1M | 1.1M | $3M |
| AVBAVALONBAY CMNTYS INC | — | 52K | — | 1K | — | 16K | $3M |
| HHHHOWARD HUGHES HOLDINGS INC | — | — | 211K | 152K | 118K | 38K | $2M |
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.
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