Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (3 quarters reported)
$181M in Q4 2025 → $77.1M 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 |
|---|---|---|---|---|
| American Healthcare REIT Inc | 9.2% | Trimmed 31% | 150,189 | $7.07M |
| American Homes 4 Rent | 8.4% | New | 201,838 | $6.48M |
| Ventas Inc | 7.8% | Added 121% | 77,424 | $5.99M |
| BP Brixmor Ppty Group Inc | 7.5% | Trimmed 41% | 221,236 | $5.8M |
| Welltower Inc | 7.0% | Trimmed 50% | 29,003 | $5.38M |
| Stag Industrial Inc | 5.8% | Trimmed 24% | 121,296 | $4.46M |
| Macerich Co | 5.7% | New | 239,064 | $4.41M |
| Extra Space Storage Inc | 5.4% | Added 9.9% | 31,894 | $4.15M |
| Lennar Corp | 4.0% | New | 29,936 | $3.08M |
| UE Urban Edge Pptys | 3.8% | Trimmed 65% | 154,190 | $2.96M |
| Americold Realty Trust Inc | 3.8% | Trimmed 40% | 229,378 | $2.95M |
| Kilroy Realty Corp | 3.7% | Trimmed 29% | 75,646 | $2.83M |
| Douglas Emmett Inc | 3.4% | New | 241,209 | $2.65M |
| HP Highwoods Pptys Inc | 3.3% | Trimmed 42% | 99,315 | $2.56M |
| AR Alexandria Real Estate Eq In | 3.2% | Trimmed 24% | 50,612 | $2.48M |
| Century Communities Inc | 3.1% | New | 39,817 | $2.36M |
| Meritage Homes Corp | 2.9% | New | 33,963 | $2.23M |
| Udr Inc | 2.4% | Trimmed 78% | 49,511 | $1.82M |
| ER Equity Residential | 2.4% | Trimmed 76% | 28,747 | $1.81M |
| DR Digital Rlty Tr Inc | 2.3% | New | 11,644 | $1.8M |
| EP Essential Pptys Rlty Tr Inc | 2.2% | Trimmed 62% | 57,279 | $1.7M |
| M/i Homes Inc | 1.9% | New | 11,640 | $1.49M |
| FI First Indl Rlty Tr Inc | 0.8% | New | 10,970 | $628K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 2 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | New | +201,838 | +$6.48M | 8.4% |
| Udr Inc | Trimmed | −172,071 | −$6.31M | 2.4% |
| ER Equity Residential | Trimmed | −92,031 | −$5.8M | 2.4% |
| UE Urban Edge Pptys | Trimmed | −289,702 | −$5.56M | 3.8% |
| Welltower Inc | Trimmed | −28,668 | −$5.32M | 7.0% |
| Macerich Co | New | +239,064 | +$4.41M | 5.7% |
| BP Brixmor Ppty Group Inc | Trimmed | −155,657 | −$4.08M | 7.5% |
| Cubesmart | Exited | −109,958 | −$3.96M | — |
| Copt Defense Properties | Exited | −129,584 | −$3.6M | — |
| Ventas Inc | Added | +42,324 | +$3.28M | 7.8% |
Showing the 10 largest of 29 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | Exited | −461,741 | −$14.8M | — |
| G& Gaming & Leisure Pptys Inc | Exited | −331,409 | −$14.8M | — |
| Extra Space Storage Inc | Trimmed | −83,481 | −$10.9M | 3.6% |
| Welltower Inc | New | +57,671 | +$10.7M | 10.1% |
| SP Simon Ppty Group Inc New | Trimmed | −52,986 | −$9.81M | 2.8% |
| Ventas Inc | Trimmed | −126,292 | −$9.77M | 2.6% |
| HP Highwoods Pptys Inc | Trimmed | −336,361 | −$8.68M | 4.2% |
| MA Mid-amer Apt Cmntys Inc | Exited | −62,044 | −$8.62M | — |
| Udr Inc | New | +221,582 | +$8.13M | 7.7% |
| Meritage Homes Corp | Exited | −120,397 | −$7.92M | — |
Showing the 10 largest of 26 changes.
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