Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$11.9B in Q2 2013 → $7.18B 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 | 9.0% | Trimmed 5.4% | 2,843,632 | $645M |
| Equinix Inc | 6.6% | Trimmed 14% | 453,306 | $473M |
| Prologis Inc | 3.4% | Trimmed 17% | 1,806,673 | $245M |
| American Tower Corp | 3.3% | Added 31% | 1,458,711 | $239M |
| Xcel Energy Inc | 3.0% | Added 3.7% | 2,692,983 | $216M |
| American Electric Power Co Inc | 3.0% | Added 107% | 1,554,554 | $213M |
| Ppl Corp | 2.7% | Added 14% | 5,283,738 | $192M |
| Udr Inc | 2.5% | Added 81% | 4,581,042 | $183M |
| Atmos Energy Corp | 2.4% | Added 32% | 999,550 | $172M |
| Brixmor Property Group Inc | 2.3% | Added 8.4% | 5,329,837 | $168M |
| Eastgroup Properties Inc | 2.3% | Added 3.5% | 819,322 | $166M |
| Evergy Inc | 2.1% | Added 28% | 1,777,469 | $154M |
| ER Equity Residential | 2.0% | Added 39% | 2,155,307 | $146M |
| Ventas Inc | 2.0% | Trimmed 14% | 1,627,271 | $145M |
| SC Southern Co/the | 2.0% | Added 101% | 1,496,314 | $143M |
| Iron Mountain Inc | 1.9% | Trimmed 13% | 1,072,881 | $136M |
| Vici Properties Inc | 1.9% | Trimmed 4.6% | 5,101,362 | $135M |
| Cubesmart | 1.9% | Added 8.6% | 3,359,278 | $134M |
| WC Williams Cos Inc/the | 1.8% | Added 10683% | 1,760,590 | $131M |
| Regency Centers Corp | 1.8% | Added 29% | 1,636,814 | $131M |
| Simon Property Group Inc | 1.7% | Trimmed 55% | 546,521 | $122M |
| PG&E Corp | 1.7% | Added 3.8% | 7,091,740 | $119M |
| American Homes 4 Rent | 1.6% | Added 8.7% | 3,533,744 | $118M |
| Wec Energy Group Inc | 1.6% | Trimmed 27% | 1,003,363 | $117M |
| Constellation Energy Corp | 1.6% | Added 13% | 467,440 | $116M |
| First Industrial Realty Trust Inc | 1.4% | Trimmed 25% | 1,679,978 | $103M |
| Stag Industrial Inc | 1.4% | Trimmed 17% | 2,640,424 | $100M |
| Public Service Enterprise Group Inc | 1.4% | Trimmed 45% | 1,199,814 | $97.4M |
| Sun Communities Inc | 1.3% | Added 43% | 767,879 | $92.1M |
| Oge Energy Corp | 1.2% | Trimmed 1.2% | 1,794,001 | $87.3M |
| Essential Properties Realty Trust Inc | 1.2% | Added 29% | 2,842,370 | $84.8M |
| American Healthcare REIT Inc | 1.2% | Added 28% | 1,614,014 | $84.2M |
| Camden Property Trust | 1.2% | Trimmed 4.9% | 733,484 | $84M |
| Targa Resources Corp | 1.2% | Trimmed 6.8% | 313,028 | $83.9M |
| Ryman Hospitality Properties Inc | 1.1% | New | 624,149 | $80.2M |
| O Oneok Inc | 1.1% | Added 204% | 889,145 | $77.3M |
| Cheniere Energy Inc | 0.9% | Trimmed 44% | 284,701 | $68M |
| Gaming And Leisure Properties Inc | 0.9% | Trimmed 1.6% | 1,448,826 | $64.5M |
| Digital Realty Trust Inc | 0.8% | Trimmed 29% | 315,098 | $56.6M |
| Union Pacific Corp | 0.8% | Added 48% | 201,852 | $54.9M |
| Cousins Properties Inc | 0.7% | Added 35% | 1,636,218 | $49.1M |
| Vornado Realty Trust | 0.7% | Trimmed 12% | 1,243,508 | $48.9M |
| Realty Income Corp | 0.7% | Trimmed 44% | 758,362 | $47M |
| Cms Energy Corp | 0.6% | Trimmed 55% | 595,592 | $45.6M |
| Getty Realty Corp | 0.6% | Trimmed 1.9% | 1,343,959 | $44.8M |
| Extra Space Storage Inc | 0.6% | Added 57% | 306,536 | $44.5M |
| Public Storage | 0.6% | Trimmed 38% | 137,017 | $43.6M |
| Federal Realty Investment Trust | 0.6% | Added 101% | 351,830 | $43.4M |
| Janus Living Inc | 0.6% | Added 180% | 1,475,823 | $42.4M |
| Blackstone Digital Infrastructure Trust Inc. | 0.6% | New | 1,931,832 | $41.8M |
| Americold Realty Trust Inc | 0.5% | Added 302% | 2,416,480 | $38M |
| Tanger Inc | 0.5% | Added 22% | 960,182 | $37.9M |
| One Gas Inc | 0.5% | Added 30% | 483,805 | $37.3M |
| Chesapeake Utilities Corp | 0.5% | Added 13% | 289,803 | $35.5M |
| Healthpeak Properties Inc | 0.4% | Trimmed 43% | 1,447,136 | $31M |
| Sunstone Hotel Investors Inc | 0.4% | Trimmed 33% | 2,648,664 | $30.3M |
| Hilton Worldwide Holdings Inc | 0.4% | Added 11% | 91,607 | $30.3M |
| American Water Works Co Inc | 0.4% | Added 13% | 227,666 | $30M |
| Avalonbay Communities Inc | 0.4% | Added 7.9% | 155,268 | $29.3M |
| Entergy Corp | 0.4% | Trimmed 79% | 254,243 | $29.2M |
Showing top 60 of 101 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Simon Property Group Inc | Trimmed | −663,064 | −$148M | 1.7% |
| WC Williams Cos Inc/the | Added | +1,744,263 | +$130M | 1.8% |
| Entergy Corp | Trimmed | −977,722 | −$112M | 0.4% |
| American Electric Power Co Inc | Added | +803,003 | +$110M | 3.0% |
| Udr Inc | Added | +2,045,036 | +$81.6M | 2.5% |
| Public Service Enterprise Group Inc | Trimmed | −1,001,342 | −$81.3M | 1.4% |
| Ryman Hospitality Properties Inc | New | +624,149 | +$80.2M | 1.1% |
| Equinix Inc | Trimmed | −75,328 | −$78.5M | 6.6% |
| SC Southern Co/the | Added | +751,187 | +$71.9M | 2.0% |
| Omega Healthcare Investors Inc | Trimmed | −1,241,498 | −$59.2M | 0.3% |
Showing the 10 largest of 96 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Union Pacific Corp | Trimmed | −706,775 | −$171M | 0.5% |
| Evergy Inc. | New | +1,389,642 | +$114M | 1.7% |
| AE American Electric Power Co. In | New | +751,551 | +$98.5M | 1.5% |
| Nextera Energy Inc | Trimmed | −856,805 | −$79.6M | — |
| Udr Inc. | Trimmed | −2,151,001 | −$72.7M | 1.3% |
| Targa Resources Corp. | Trimmed | −288,017 | −$72.2M | 1.2% |
| Cheniere Energy Inc. | Trimmed | −251,489 | −$71.4M | 2.1% |
| Essential Utilities | Trimmed | −1,670,277 | −$67.3M | 0.2% |
| Gaming And Leisure Properties | Added | +1,406,273 | +$62.4M | 1.0% |
| Entergy Corp. | Trimmed | −537,150 | −$60.4M | 2.1% |
Showing the 10 largest of 98 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Realty Income Corp | Trimmed | −2,380,216 | −$134M | 0.4% |
| Extra Space Storage Inc. | Trimmed | −951,134 | −$124M | 0.6% |
| WC Williams Cos. | Trimmed | −1,777,306 | −$107M | — |
| Nextera Energy Inc | Trimmed | −1,170,508 | −$94M | 1.0% |
| American Homes 4 Rent | Added | +2,477,585 | +$79.5M | 2.3% |
| Omega Healthcare Investors | Added | +1,702,846 | +$75.5M | 1.4% |
| Public Storage | Added | +273,436 | +$71M | 1.3% |
| Entergy Corp. | Added | +555,141 | +$51.3M | 2.4% |
| Invitation Homes Inc | Trimmed | −1,618,621 | −$45M | 0.7% |
| Oge Energy Corp. | Added | +1,022,863 | +$43.7M | 1.4% |
Showing the 10 largest of 101 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Norfolk Southern Corp | Trimmed | −606,596 | −$182M | — |
| Union Pacific Corp | New | +736,673 | +$174M | 2.5% |
| Digital Realty Trust Inc. | Trimmed | −534,998 | −$92.5M | 1.0% |
| Entergy Corp. | Added | +942,838 | +$87.9M | 1.6% |
| Realty Income Corp | Trimmed | −1,318,192 | −$80.1M | 2.5% |
| Invitation Homes Inc | Trimmed | −2,720,146 | −$79.8M | 1.4% |
| Nextera Energy Inc | Added | +876,635 | +$66.2M | 2.2% |
| Evergy Inc. | Exited | −931,841 | −$64.2M | — |
| Ventas Inc. | Added | +845,694 | +$59.2M | 1.7% |
| Cheniere Energy Inc. | Added | +250,427 | +$58.8M | 1.8% |
Showing the 10 largest of 104 changes.
quarter ended June 30, 2025 · filed August 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vici Properties Inc. | Added | +3,108,475 | +$101M | 2.8% |
| Udr Inc. | Added | +1,893,876 | +$77.3M | 1.9% |
| Cheniere Energy Inc. | New | +297,118 | +$72.4M | 1.1% |
| Agree Realty Corp | Exited | −821,090 | −$63.4M | — |
| Stag Industrial, Inc. | Added | +1,595,238 | +$57.9M | 1.9% |
| Consolidated Edison Inc. | Exited | −503,749 | −$55.7M | — |
| Realty Income Corp | Trimmed | −867,180 | −$50M | 3.6% |
| Public Service Enterprise Group | Added | +585,591 | +$49.3M | 1.8% |
| Equity Lifestyle Properties | Trimmed | −787,221 | −$48.5M | 0.4% |
| Cubesmart | Trimmed | −1,106,642 | −$47M | 1.6% |
Showing the 10 largest of 105 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Welltower Inc. | Added | +1,076,293 | +$165M | 7.1% |
| Digital Realty Trust Inc. | Added | +773,393 | +$111M | 2.1% |
| Eastgroup Properties | Added | +567,678 | +$100M | 1.7% |
| First Industrial Realty Trust | Added | +1,639,952 | +$88.5M | 1.7% |
| Rexford Industrial Realty, Inc | Trimmed | −2,198,052 | −$86.1M | 0.7% |
| Csx Corporation | Trimmed | −2,797,461 | −$82.3M | 0.7% |
| Regency Centers Corporation | Added | +979,126 | +$72.2M | 2.8% |
| Norfolk Southern Corp | Added | +294,182 | +$69.7M | 2.2% |
| WC Williams Cos. | Added | +1,149,045 | +$68.7M | 1.3% |
| PS Public Service Enterprise Grou | New | +830,102 | +$68.3M | 1.0% |
Showing the 10 largest of 114 changes.
quarter ended December 31, 2024 · filed February 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinix Inc | Trimmed | −86,382 | −$81.4M | 7.7% |
| Extra Space Storage Inc. | Added | +519,934 | +$77.8M | 2.9% |
| Norfolk Southern Corp | New | +322,202 | +$75.6M | 1.3% |
| Vici Properties Inc. | Trimmed | −2,537,207 | −$74.1M | 0.9% |
| Sun Communities Inc. | Trimmed | −432,966 | −$53.2M | 1.8% |
| Centerpoint Energy Inc. | Trimmed | −1,559,962 | −$49.5M | — |
| Broadstone Net Lease Inc | Exited | −2,518,469 | −$47.7M | — |
| Realty Income Corp | Trimmed | −833,474 | −$44.5M | 4.9% |
| Equity Lifestyle Properties | New | +621,489 | +$41.4M | 0.7% |
| HH Hyatt Hotels Corp. - Cl A | Exited | −266,984 | −$40.6M | — |
Showing the 10 largest of 113 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Public Storage | Trimmed | −672,558 | −$245M | 2.3% |
| Regency Centers Corporation | Added | +928,531 | +$67.1M | 1.8% |
| AR Alexandria Real Estate Equitie | Trimmed | −519,417 | −$61.7M | 0.6% |
| Sba Communications Corp. | Trimmed | −254,559 | −$61.3M | 0.5% |
| Invitation Homes Inc | Added | +1,716,873 | +$60.5M | 3.1% |
| Nextera Energy Inc | Trimmed | −666,574 | −$56.3M | 0.6% |
| Avalonbay Communities Inc. | Trimmed | −232,600 | −$52.4M | 1.5% |
| Centerpoint Energy Inc. | New | +1,593,954 | +$46.9M | 0.7% |
| Duke Energy Corp. | Trimmed | −397,599 | −$45.8M | — |
| FR Federal Realty Investment Trus | Added | +397,430 | +$45.7M | 1.4% |
Showing the 10 largest of 114 changes.
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