Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$2.62B in Q2 2013 → $1.18B 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 |
|---|---|---|---|---|
| Caretrust REIT Inc | 8.0% | Added 78% | 2,338,620 | $94.4M |
| American Tower Corp | 7.5% | New | 543,575 | $88.9M |
| Cbre Group Inc | 6.3% | Added 110% | 557,676 | $75.1M |
| American Healthcare REIT Inc | 6.2% | Added 38% | 1,408,592 | $73.5M |
| CP Curbline Pptys Corp | 6.2% | Added 47% | 2,414,069 | $73.4M |
| Copt Defense Properties | 5.9% | Added 17% | 1,930,934 | $70.3M |
| Sba Communications Corp | 5.5% | Added 85% | 368,869 | $65.1M |
| RI Rexford Indl Rlty Inc | 5.2% | New | 1,849,516 | $62M |
| RH Ryman Hospitality Pptys Inc | 4.6% | Added 1605% | 423,830 | $54.5M |
| Broadstone Net Lease Inc | 4.2% | Trimmed 9.1% | 2,420,071 | $50M |
| Netstreit Corp | 4.1% | Added 2.1% | 2,292,175 | $48.4M |
| Outfront Media Inc | 3.6% | Added 1.9% | 1,315,251 | $43.1M |
| Equinix Inc | 3.6% | Trimmed 9.5% | 40,415 | $42.1M |
| M/i Homes Inc | 3.5% | New | 257,646 | $41.4M |
| TP Travel Plus Leisure Co | 3.4% | New | 526,334 | $40.2M |
| Meritage Homes Corp | 3.2% | Added 1938% | 458,625 | $38.5M |
| IR Independence Rlty Tr Inc | 3.2% | New | 2,261,567 | $37.7M |
| Tanger Inc | 3.2% | Added 38% | 952,407 | $37.6M |
| Hyatt Hotels Corp | 2.9% | Trimmed 26% | 179,953 | $34.9M |
| Lineage Inc | 2.9% | Trimmed 18% | 795,907 | $34.4M |
| PA Pursuit Attractions And Hosp | 2.1% | Trimmed 52% | 439,471 | $24.6M |
| HP Highwoods Pptys Inc | 2.0% | New | 800,694 | $24.1M |
| Welltower Inc | 1.7% | Trimmed 38% | 90,543 | $20.6M |
| Cubesmart | 0.2% | Trimmed 31% | 68,014 | $2.7M |
| Invitation Homes Inc | 0.2% | Unchanged | 84,578 | $2.56M |
| IM Iron Mtn Inc Del | 0.2% | Unchanged | 19,231 | $2.43M |
| FR Federal Rlty Invt Tr New | 0.2% | Trimmed 98% | 15,479 | $1.91M |
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 |
|---|---|---|---|---|
| American Tower Corp | New | +543,575 | +$88.9M | 7.5% |
| FR Federal Rlty Invt Tr New | Trimmed | −671,295 | −$82.9M | 0.2% |
| Prologis Inc. | Exited | −621,204 | −$82.1M | — |
| RI Rexford Indl Rlty Inc | New | +1,849,516 | +$62M | 5.2% |
| Wyndham Hotels & Resorts Inc | Exited | −753,625 | −$61.2M | — |
| RH Ryman Hospitality Pptys Inc | Added | +398,979 | +$51.3M | 4.6% |
| Ventas Inc | Exited | −624,771 | −$51.1M | — |
| M/i Homes Inc | New | +257,646 | +$41.4M | 3.5% |
| Caretrust REIT Inc | Added | +1,024,539 | +$41.3M | 8.0% |
| TP Travel Plus Leisure Co | New | +526,334 | +$40.2M | 3.4% |
Showing the 10 largest of 36 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prologis Inc. | New | +621,204 | +$82.1M | 8.1% |
| RH Ryman Hospitality Pptys Inc | Trimmed | −694,253 | −$64.1M | 0.2% |
| Equinix Inc | Trimmed | −60,367 | −$59.2M | 4.3% |
| Outfront Media Inc | Trimmed | −1,996,193 | −$52.9M | 3.4% |
| Crown Castle Inc | Trimmed | −646,074 | −$52.5M | 0.4% |
| Broadstone Net Lease Inc | New | +2,663,028 | +$48.7M | 4.8% |
| Ventas Inc | Added | +587,484 | +$48M | 5.1% |
| Netstreit Corp | New | +2,244,307 | +$42.3M | 4.2% |
| CP Cousins Pptys Inc | New | +1,764,460 | +$39.8M | 3.9% |
| Digitalbridge Group Inc | Exited | −2,571,868 | −$39.5M | — |
Showing the 10 largest of 39 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wyndham Hotels & Resorts Inc | Added | +901,098 | +$68.1M | 6.1% |
| Hyatt Hotels Corp | Exited | −439,810 | −$62.4M | — |
| Vail Resorts Inc | Trimmed | −437,137 | −$58.1M | 0.2% |
| Crown Castle Inc | Trimmed | −601,791 | −$53.5M | 5.5% |
| SC Sba Communications Corp New | Added | +253,421 | +$49M | 4.6% |
| RC Regency Ctrs Corp | New | +694,169 | +$47.9M | 4.3% |
| Digitalbridge Group Inc | New | +2,571,868 | +$39.5M | 3.5% |
| CP Camden Ppty Tr | New | +345,599 | +$38M | 3.4% |
| Meritage Homes Corp | New | +514,743 | +$33.9M | 3.0% |
| Macerich Co | New | +1,797,730 | +$33.2M | 3.0% |
Showing the 10 largest of 34 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Exited | −1,045,798 | −$70.6M | — |
| Crown Castle Inc | Added | +672,625 | +$64.9M | 11.7% |
| Carnival Corp | Trimmed | −1,468,434 | −$42.5M | 1.1% |
| Ventas Inc | Trimmed | −560,541 | −$39.2M | 0.2% |
| WC Wp Carey Inc | Exited | −604,270 | −$37.7M | — |
| NC Norwegian Cruise Line Hldg L | New | +1,390,358 | +$34.2M | 3.2% |
| VR Vornado Rlty Tr | New | +791,560 | +$32.1M | 3.0% |
| PA Pursuit Attractions And Hosp | New | +787,930 | +$28.5M | 2.7% |
| Toll Brothers Inc | New | +205,612 | +$28.4M | 2.7% |
| Copt Defense Properties | New | +977,264 | +$28.4M | 2.7% |
Showing the 10 largest of 32 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hyatt Hotels Corp | New | +531,786 | +$74.3M | 7.1% |
| Vail Resorts Inc | New | +456,649 | +$71.8M | 6.9% |
| ER Equity Residential | New | +1,045,798 | +$70.6M | 6.8% |
| Crown Castle Inc | New | +622,178 | +$63.9M | 6.1% |
| Welltower Inc | Trimmed | −342,223 | −$52.6M | 3.6% |
| FR Federal Rlty Invt Tr New | New | +500,227 | +$47.5M | 4.6% |
| KR Kimco Rlty Corp | Exited | −2,057,718 | −$43.7M | — |
| RH Ryman Hospitality Pptys Inc | New | +396,988 | +$39.2M | 3.8% |
| CP Camden Ppty Tr | Exited | −316,446 | −$38.7M | — |
| AT American Tower Corp New | Exited | −177,415 | −$38.6M | — |
Showing the 10 largest of 37 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Welltower Inc | Added | +553,980 | +$84.9M | 9.4% |
| MI Marriott Intl Inc New | Exited | −257,896 | −$71.9M | — |
| Realty Income Corp | Exited | −1,232,324 | −$65.8M | — |
| CP Cousins Pptys Inc | Exited | −2,080,891 | −$63.8M | — |
| DR Digital Rlty Tr Inc | New | +409,379 | +$58.7M | 6.1% |
| Outfront Media Inc | New | +3,545,582 | +$57.2M | 6.0% |
| Carnival Corp | New | +2,739,623 | +$53.5M | 5.6% |
| SC Sba Communications Corp New | Trimmed | −224,520 | −$49.4M | 3.1% |
| RI Rexford Indl Rlty Inc | Exited | −1,188,145 | −$45.9M | — |
| KR Kimco Rlty Corp | New | +2,057,718 | +$43.7M | 4.5% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CP Cousins Pptys Inc | New | +2,080,891 | +$63.8M | 6.3% |
| SC Sun Cmntys Inc | Exited | −430,996 | −$58.2M | — |
| CP Curbline Pptys Corp | New | +2,234,702 | +$51.9M | 5.1% |
| American Homes 4 Rent | Exited | −1,075,807 | −$41.3M | — |
| AR Agree Rlty Corp | New | +509,719 | +$35.9M | 3.5% |
| HP Highwoods Pptys Inc | Exited | −1,046,985 | −$35.1M | — |
| Meritage Homes Corp | Added | +226,277 | +$34.8M | 5.0% |
| OH Omega Healthcare Invs Inc | Exited | −845,717 | −$34.4M | — |
| PS Public Storage Oper Co | New | +112,307 | +$33.6M | 3.3% |
| Ventas Inc | Added | +558,259 | +$32.9M | 3.6% |
Showing the 10 largest of 33 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Sba Communications Corp New | New | +352,716 | +$84.9M | 8.0% |
| MI Marriott Intl Inc New | New | +267,460 | +$66.5M | 6.3% |
| RI Rexford Indl Rlty Inc | New | +1,167,620 | +$58.7M | 5.6% |
| Rayonier Inc | New | +1,795,822 | +$57.8M | 5.5% |
| Realty Income Corp | New | +904,267 | +$57.3M | 5.4% |
| SC Sun Cmntys Inc | Added | +411,551 | +$55.6M | 5.5% |
| PH Pebblebrook Hotel Tr | New | +3,977,838 | +$52.6M | 5.0% |
| VP Vici Pptys Inc | Exited | −1,808,361 | −$51.8M | — |
| American Healthcare REIT Inc | New | +1,715,289 | +$44.8M | 4.2% |
| Welltower Inc | Trimmed | −309,862 | −$39.7M | 0.2% |
Showing the 10 largest of 37 changes.
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