Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$1.79B in Q2 2013 → $1.52B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Welltower Inc. | 14.5% | Trimmed 5.5% | 972,469 | $221M |
| Prologis Inc. | 11.4% | Trimmed 3.6% | 1,274,473 | $173M |
| Equinix Inc. | 8.5% | Trimmed 5.6% | 123,901 | $129M |
| Simon Property Group, Inc. | 6.1% | Trimmed 7.2% | 417,092 | $93.3M |
| Digital Realty Trust | 5.8% | Added 1.9% | 487,419 | $87.5M |
| Realty Income | 4.7% | Trimmed 2.5% | 1,163,890 | $72.1M |
| Avalonbay Communities, Inc. | 3.6% | Trimmed 10% | 291,487 | $55M |
| Ventas, Inc. | 3.5% | Trimmed 3.6% | 593,888 | $52.7M |
| ER Equity Residential | 3.2% | Trimmed 19% | 723,095 | $49.1M |
| Iron Mountain | 2.7% | Trimmed 8.8% | 325,641 | $41.1M |
| Equity Lifestyle Properties | 2.6% | Added 11% | 615,154 | $39.6M |
| Brixmor Property Group | 2.4% | Trimmed 8.7% | 1,148,695 | $36.2M |
| Vici Properties | 2.3% | Added 8.3% | 1,338,445 | $35.5M |
| Agree Realty Corporation | 2.1% | Trimmed 2.3% | 430,209 | $32.6M |
| American Homes 4 Rent | 1.9% | Trimmed 6.4% | 846,202 | $28.4M |
| Extra Space Storage, Inc. | 1.8% | Trimmed 3.3% | 189,610 | $27.6M |
| FR Federal Realty Investment Trus | 1.8% | New | 222,622 | $27.5M |
| Vornado Realty Trust | 1.8% | Trimmed 14% | 687,780 | $27M |
| Ryman Hospitality Properties | 1.7% | Trimmed 8.7% | 199,884 | $25.7M |
| Caretrust REIT Inc | 1.4% | Added 55% | 545,493 | $22M |
| MA Mid-america Apartment Communit | 1.4% | Added 0.8% | 157,364 | $21.9M |
| Healthpeak Properties | 1.4% | New | 1,009,623 | $21.6M |
| Essex Property Trust, Inc. | 1.3% | New | 67,992 | $19.8M |
| LA Lamar Advertising Co-a | 1.3% | Added 134% | 122,594 | $19.1M |
| Kimco Realty Corp. | 1.2% | Trimmed 61% | 739,084 | $18.7M |
| EP Essential Properties Realty | 1.1% | Trimmed 15% | 549,615 | $16.4M |
| Janus Living Inc | 1.0% | Added 76% | 544,072 | $15.6M |
| Inventrust Properties | 0.9% | Added 15% | 378,545 | $13.4M |
| The Macerich Company | 0.8% | Added 16% | 499,198 | $12.6M |
| Millrose Properties | 0.8% | Trimmed 7.5% | 410,847 | $12.3M |
| First Industrial Realty Trust, | 0.8% | Added 5.9% | 576,611 | $11.4M |
| Public Storage | 0.7% | Trimmed 7.7% | 245,064 | $10.3M |
| Eastgroup Properties | 0.6% | Trimmed 7.1% | 43,962 | $8.9M |
| American Tower Corp. | 0.6% | Trimmed 3.9% | 52,165 | $8.53M |
| Brookdale Senior Living | 0.5% | Trimmed 51% | 504,410 | $8.12M |
| Cbre Group | 0.4% | Added 0.8% | 133,209 | $6.17M |
| Bxp, Inc. | 0.4% | Added 7.2% | 84,018 | $5.57M |
| Sl Green Realty Corp. | 0.4% | Added 1.1% | 106,160 | $5.5M |
| AR Alexandria Real Estate Equitie | 0.2% | Trimmed 81% | 68,285 | $3.61M |
| Sba Communications | 0.2% | New | 15,505 | $2.74M |
| W Weyerhauser | 0.1% | New | 64,703 | $1.55M |
| H Hilton, Inc. | 0.1% | Added 19% | 72,219 | $1.46M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kimco Realty Corp. | Trimmed | −1,166,949 | −$29.6M | 1.2% |
| FR Federal Realty Investment Trus | New | +222,622 | +$27.5M | 1.8% |
| Healthpeak Properties | New | +1,009,623 | +$21.6M | 1.4% |
| Essex Property Trust, Inc. | New | +67,992 | +$19.8M | 1.3% |
| AR Alexandria Real Estate Equitie | Trimmed | −289,165 | −$15.3M | 0.2% |
| Welltower Inc. | Trimmed | −56,610 | −$12.8M | 14.5% |
| ER Equity Residential | Trimmed | −171,111 | −$11.6M | 3.2% |
| LA Lamar Advertising Co-a | Added | +70,304 | +$11M | 1.3% |
| Brookdale Senior Living | Trimmed | −522,982 | −$8.41M | 0.5% |
| Caretrust REIT Inc | Added | +193,031 | +$7.79M | 1.4% |
Showing the 10 largest of 47 changes.
quarter ended March 31, 2026 · filed May 18, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | Trimmed | −396,348 | −$11.1M | 1.7% |
| Veris Residential, Inc. | Exited | −737,176 | −$11M | — |
| The Macerich Company | New | +430,485 | +$8.14M | 0.6% |
| Cousins Properties, Inc. | Exited | −285,108 | −$7.35M | — |
| Janus Living Inc | New | +309,963 | +$7.31M | 0.5% |
| EP Essential Properties Realty | Added | +238,816 | +$7.25M | 1.3% |
| Vici Properties | Trimmed | −254,801 | −$6.96M | 2.3% |
| Ventas, Inc. | Trimmed | −79,031 | −$6.46M | 3.4% |
| Simon Property Group, Inc. | Trimmed | −33,710 | −$6.29M | 5.7% |
| Millrose Properties | Added | +223,423 | +$6.26M | 0.9% |
Showing the 10 largest of 46 changes.
quarter ended December 31, 2025 · filed February 18, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Healthpeak Properties | Exited | −1,305,556 | −$26.5M | — |
| Host Hotels & Resorts, Inc. | Exited | −1,343,133 | −$22.9M | — |
| H Hilton, Inc. | New | +67,494 | +$19.4M | 1.3% |
| Terreno Realty Corp | Exited | −283,173 | −$16.1M | — |
| AR Alexandria Real Estate Equitie | Added | +324,884 | +$15.9M | 1.3% |
| Bxp, Inc. | Trimmed | −209,976 | −$14.2M | 0.3% |
| Invitation Homes Inc | Exited | −478,893 | −$14M | — |
| Cbre Group | Added | +82,629 | +$13.3M | 1.2% |
| American Homes 4 Rent | Added | +388,346 | +$12.5M | 2.8% |
| Vornado Realty Trust | Added | +276,916 | +$9.22M | 1.5% |
Showing the 10 largest of 47 changes.
quarter ended September 30, 2025 · filed November 17, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hudson Pacific Properties | Exited | −3,043,383 | −$60.3M | — |
| Brixmor Property Group | New | +1,113,830 | +$30.8M | 2.1% |
| Regency Centers Corp. | Exited | −376,117 | −$26.8M | — |
| Host Hotels & Resorts, Inc. | New | +1,343,133 | +$22.9M | 1.5% |
| Eastgroup Properties | Trimmed | −116,071 | −$19.6M | 0.9% |
| Cousins Properties, Inc. | Trimmed | −613,709 | −$17.8M | 0.6% |
| Terreno Realty Corp | New | +283,173 | +$16.1M | 1.1% |
| Simon Property Group, Inc. | Added | +81,342 | +$15.3M | 5.6% |
| Kilroy Realty | New | +327,909 | +$13.9M | 0.9% |
| Prologis Inc. | Added | +104,410 | +$12M | 9.7% |
Showing the 10 largest of 48 changes.
quarter ended June 30, 2025 · filed August 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hudson Pacific Properties | New | +3,043,383 | +$60.3M | 4.4% |
| Bxp, Inc. | Trimmed | −252,617 | −$17M | 0.7% |
| Realty Income | Added | +220,735 | +$12.7M | 4.6% |
| ER Equity Residential | Trimmed | −149,457 | −$10.1M | 3.9% |
| MA Mid-america Apartment Commun | Added | +57,977 | +$8.58M | 1.4% |
| Extra Space Storage, Inc. | Added | +57,020 | +$8.41M | 2.6% |
| Ventas, Inc. | Added | +124,751 | +$7.88M | 2.9% |
| AR Alexandria Real Estate Equit | Added | +108,439 | +$7.88M | 1.1% |
| Healthpeak Properties | Trimmed | −417,483 | −$7.31M | 1.0% |
| Omega Healthcare Investors | Trimmed | −188,990 | −$6.93M | 0.4% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2025 · filed May 16, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Realty Income | Added | +802,526 | +$46.6M | 3.8% |
| Vici Properties | Added | +1,276,704 | +$41.6M | 3.5% |
| Welltower Inc. | Trimmed | −207,502 | −$31.8M | 11.2% |
| Agree Realty Corporation | Added | +358,767 | +$27.7M | 2.2% |
| Simon Property Group, Inc. | Trimmed | −149,261 | −$24.8M | 4.9% |
| AR Alexandria Real Estate Equit | Trimmed | −263,602 | −$24.4M | 0.7% |
| Healthpeak Properties | Added | +1,163,017 | +$23.5M | 1.8% |
| Prologis Inc. | Trimmed | −195,289 | −$21.8M | 10.2% |
| Sun Communities, Inc. | Exited | −159,147 | −$19.6M | — |
| EP Essential Properties Realty | Added | +588,416 | +$19.2M | 1.6% |
Showing the 10 largest of 46 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brixmor Property Group | Trimmed | −1,313,318 | −$36.6M | 1.1% |
| Regency Centers Corp. | New | +330,024 | +$24.4M | 1.6% |
| Brookdale Senior Living | Added | +517,891 | +$24M | 5.0% |
| Healthpeak Properties | Trimmed | −811,687 | −$16.5M | — |
| Cousins Properties, Inc. | New | +436,627 | +$13.4M | 0.9% |
| Prologis Inc. | Trimmed | −123,389 | −$13M | 9.8% |
| AR Alexandria Real Estate Equit | Added | +132,875 | +$13M | 2.3% |
| Kimco Realty Corp. | Added | +527,968 | +$12.4M | 3.6% |
| Omega Healthcare Investors | Added | +247,753 | +$9.38M | 1.1% |
| Equinix Inc. | Trimmed | −9,763 | −$9.21M | 9.4% |
Showing the 10 largest of 46 changes.
quarter ended September 30, 2024 · filed February 24, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Iron Mountain | Added | +381,596 | +$45.3M | 3.0% |
| AR Alexandria Real Estate Equit | Trimmed | −209,796 | −$24.9M | 1.7% |
| Healthpeak Properties | New | +837,739 | +$19.2M | 1.2% |
| American Homes 4 Rent | Trimmed | −497,826 | −$19.1M | 1.9% |
| Bxp, Inc. | Added | +159,883 | +$12.9M | 3.0% |
| American Healthcare REIT | Exited | −835,832 | −$12.2M | — |
| Simon Property Group, Inc. | Trimmed | −61,132 | −$10.3M | 5.6% |
| PH Playa Hotels & Resorts | Exited | −1,202,328 | −$10.1M | — |
| Americold Realty Trust | Added | +321,712 | +$9.1M | 0.6% |
| Veris Residential, Inc. | New | +507,736 | +$9.07M | 0.6% |
Showing the 10 largest of 47 changes.
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