Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$1.57B in Q2 2013 → $1.56B 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 | 13.3% | Added 12% | 915,721 | $208M |
| Prologis Inc. | 8.3% | Trimmed 2.4% | 958,865 | $130M |
| Equinix Inc | 6.5% | Trimmed 30% | 96,464 | $101M |
| DR Digital Rlty Tr Inc | 5.7% | Added 74% | 490,713 | $88.1M |
| SP Simon Ppty Group Inc New | 4.1% | Trimmed 14% | 282,610 | $63.2M |
| EP Essex Ppty Tr Inc | 4.0% | Added 54% | 213,726 | $62.3M |
| ER Equity Residential | 3.2% | Trimmed 18% | 727,588 | $49.4M |
| Extra Space Storage Inc | 3.1% | Added 3.9% | 331,685 | $48.2M |
| IM Iron Mtn Inc Del | 2.9% | Added 38% | 357,721 | $45.2M |
| AR Agree Rlty Corp | 2.8% | Added 260% | 578,024 | $43.8M |
| American Homes 4 Rent | 2.6% | New | 1,221,487 | $40.9M |
| Janus Living Inc | 2.5% | Added 117% | 1,351,182 | $38.8M |
| CP Curbline Pptys Corp | 2.4% | Added 83% | 1,208,438 | $36.7M |
| FI First Indl Rlty Tr Inc | 2.3% | Trimmed 0.9% | 587,845 | $36M |
| AR Acadia Rlty Tr | 2.2% | Added 23% | 1,622,268 | $33.9M |
| Public Storage | 2.1% | Added 0.1% | 104,283 | $33.2M |
| Ventas Inc | 2.1% | Trimmed 49% | 366,864 | $32.6M |
| Bxp Inc | 1.9% | Added 5989% | 450,675 | $29.9M |
| Diamondrock Hospitality Co | 1.9% | Trimmed 8.7% | 2,441,779 | $29.7M |
| Realty Income Corp | 1.7% | Trimmed 64% | 433,347 | $26.9M |
| Macerich Co | 1.6% | Trimmed 12% | 1,000,523 | $25.2M |
| Netstreit Corp | 1.6% | Trimmed 31% | 1,179,882 | $24.9M |
| CP Cousins Pptys Inc | 1.6% | Trimmed 18% | 808,656 | $24.2M |
| Stag Industrial Inc | 1.5% | Trimmed 12% | 603,181 | $23M |
| Cubesmart | 1.4% | Added 2.3% | 558,601 | $22.2M |
| SC Sun Cmntys Inc | 1.2% | Trimmed 6.6% | 160,857 | $19.3M |
| WC Wp Carey Inc | 1.2% | Added 190% | 268,473 | $19.2M |
| RH Ryman Hospitality Pptys Inc | 1.2% | New | 145,769 | $18.7M |
| MA Mid-amer Apt Cmntys Inc | 1.2% | Trimmed 41% | 132,299 | $18.4M |
| Healthpeak Properties Inc | 1.1% | Trimmed 49% | 815,779 | $17.5M |
| Caretrust REIT Inc | 1.1% | New | 431,378 | $17.4M |
| VP Vici Pptys Inc | 1.0% | Trimmed 0.6% | 614,434 | $16.3M |
| CR Cto Rlty Growth Inc New | 1.0% | Trimmed 4.3% | 710,452 | $15.3M |
| American Tower Corp | 0.9% | Added 18% | 89,033 | $14.6M |
| Americold Realty Trust Inc | 0.8% | Added 34% | 829,064 | $13M |
| Outfront Media Inc | 0.8% | Trimmed 30% | 388,315 | $12.7M |
| GR Getty Rlty Corp New | 0.8% | New | 368,063 | $12.3M |
| AR Alexandria Real Estate Eq In | 0.7% | Added 206% | 193,941 | $10.2M |
| Broadstone Net Lease Inc | 0.7% | New | 491,315 | $10.2M |
| FR Federal Rlty Invt Tr New | 0.5% | Trimmed 60% | 64,151 | $7.92M |
| Equity Lifestyle Properties | 0.5% | Trimmed 37% | 116,689 | $7.52M |
| G& Gaming & Leisure P | 0.4% | Trimmed 0.7% | 147,199 | $6.55M |
| Crown Castle Inc | 0.4% | Unchanged | 77,439 | $5.86M |
| CP Camden Ppty Tr | 0.4% | New | 49,147 | $5.63M |
| Weyerhaeuser Co | 0.3% | Unchanged | 192,400 | $4.61M |
| Sba Communications Corp | 0.2% | Trimmed 16% | 19,065 | $3.36M |
| OH Omega Healthcare Invs Inc | 0.1% | Trimmed 96% | 16,566 | $790K |
| PH Pebblebrook Hotel Tr | 0.0% | Trimmed 24% | 27,742 | $538K |
| VR Vornado Rlty Tr | 0.0% | Trimmed 20% | 12,605 | $495K |
| SH Sunstone Hotel Invs Inc New | 0.0% | Trimmed 17% | 39,496 | $452K |
| AC Avalonbay Cmntys Inc | 0.0% | Trimmed 97% | 2,335 | $441K |
| Douglas Emmett Inc | 0.0% | Trimmed 15% | 37,137 | $438K |
| HR Healthcare Rlty Tr | 0.0% | Trimmed 8.0% | 21,513 | $434K |
| TR Terreno Rlty Corp | 0.0% | Unchanged | 6,444 | $417K |
| ES Empire St Rlty Tr Inc | 0.0% | Unchanged | 74,134 | $401K |
| RI Rexford Indl Rlty Inc | 0.0% | Unchanged | 11,857 | $397K |
| EP Epr Pptys | 0.0% | Trimmed 3.7% | 7,835 | $249K |
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 |
|---|---|---|---|---|
| Realty Income Corp | Trimmed | −757,723 | −$46.9M | 1.7% |
| Equinix Inc | Trimmed | −41,126 | −$42.9M | 6.5% |
| American Homes 4 Rent | New | +1,221,487 | +$40.9M | 2.6% |
| DR Digital Rlty Tr Inc | Added | +208,605 | +$37.5M | 5.7% |
| AR Agree Rlty Corp | Added | +417,582 | +$31.6M | 2.8% |
| Ventas Inc | Trimmed | −354,610 | −$31.5M | 2.1% |
| Bxp Inc | Added | +443,274 | +$29.4M | 1.9% |
| Welltower Inc | Added | +99,951 | +$22.7M | 13.3% |
| EP Essex Ppty Tr Inc | Added | +74,497 | +$21.7M | 4.0% |
| Janus Living Inc | Added | +727,290 | +$20.9M | 2.5% |
Showing the 10 largest of 58 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BP Brixmor Ppty Group Inc | Exited | −1,849,851 | −$48.5M | — |
| RH Ryman Hospitality Pptys Inc | Exited | −364,735 | −$34.5M | — |
| Realty Income Corp | Added | +449,621 | +$27.5M | 5.2% |
| Diamondrock Hospitality Co | New | +2,674,549 | +$25.1M | 1.8% |
| IM Iron Mtn Inc Del | Trimmed | −230,954 | −$23.6M | 1.9% |
| Broadstone Net Lease Inc | Exited | −1,289,541 | −$22.4M | — |
| Extra Space Storage Inc | Added | +164,631 | +$21.6M | 3.0% |
| Macerich Co | New | +1,135,006 | +$21.5M | 1.5% |
| G& Gaming & Leisure P | Trimmed | −434,412 | −$19.3M | 0.5% |
| MA Mid-amer Apt Cmntys Inc | Trimmed | −155,274 | −$19M | 2.0% |
Showing the 10 largest of 60 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BP Brixmor Ppty Group Inc | New | +1,849,851 | +$48.5M | 3.4% |
| Ventas Inc | Added | +611,800 | +$47.3M | 4.8% |
| Prologis Inc. | Trimmed | −298,207 | −$38.1M | 9.2% |
| SI Stag Indl Inc | New | +912,904 | +$33.6M | 2.4% |
| KR Kite Rlty Group Tr | Exited | −1,412,826 | −$31.5M | — |
| RC Regency Ctrs Corp | Exited | −387,119 | −$28.2M | — |
| AC Avalonbay Cmntys Inc | Trimmed | −154,703 | −$28M | 0.8% |
| ER Equity Residential | Added | +407,590 | +$25.7M | 3.4% |
| SC Sun Cmntys Inc | Trimmed | −170,777 | −$21.2M | 0.6% |
| VP Vici Pptys Inc | Exited | −631,907 | −$20.6M | — |
Showing the 10 largest of 55 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | Exited | −1,185,805 | −$42.8M | — |
| AC Avalonbay Cmntys Inc | Added | +219,153 | +$42.3M | 2.9% |
| EL Equity Lifestyle Pptys Inc | Exited | −567,948 | −$35M | — |
| Invitation Homes Inc | New | +1,180,948 | +$34.6M | 2.4% |
| EP Eastgroup Pptys Inc | Trimmed | −197,792 | −$33.5M | 0.3% |
| G& Gaming & Leisure Pptys Inc | New | +705,123 | +$32.9M | 2.2% |
| KR Kite Rlty Group Tr | New | +1,412,826 | +$31.5M | 2.2% |
| SC Sun Cmntys Inc | New | +242,137 | +$31.2M | 2.1% |
| OH Omega Healthcare Invs Inc | New | +694,517 | +$29.3M | 2.0% |
| Prologis Inc. | Added | +246,719 | +$28.3M | 10.3% |
Showing the 10 largest of 63 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Avalonbay Cmntys Inc | Trimmed | −314,826 | −$64.1M | — |
| CP Camden Ppty Tr | Exited | −469,352 | −$57.4M | — |
| Invitation Homes Inc | Exited | −1,633,844 | −$56.9M | — |
| ER Equity Residential | Added | +773,114 | +$52.2M | 3.7% |
| PS Public Storage Oper Co | Trimmed | −164,106 | −$48.2M | 2.5% |
| Extra Space Storage Inc | Added | +295,119 | +$43.5M | 4.3% |
| EP Essex Ppty Tr Inc | Added | +152,851 | +$43.3M | 3.8% |
| American Homes 4 Rent | New | +1,185,805 | +$42.8M | 3.0% |
| SI Stag Indl Inc | Exited | −1,072,896 | −$38.8M | — |
| DR Digital Rlty Tr Inc | Trimmed | −212,262 | −$37M | 4.3% |
Showing the 10 largest of 61 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Trimmed | −1,359,201 | −$97.3M | — |
| AC Avalonbay Cmntys Inc | Added | +309,663 | +$66.5M | 4.4% |
| Welltower Inc | Added | +431,719 | +$66.1M | 10.7% |
| Ventas Inc | Trimmed | −815,499 | −$56.1M | 1.3% |
| EL Equity Lifestyle Pptys Inc | Exited | −779,274 | −$51.9M | — |
| PS Public Storage Oper Co | Added | +153,689 | +$46M | 5.6% |
| Udr Inc | New | +879,246 | +$39.7M | 2.6% |
| FC Four Corners Ppty Tr Inc | Exited | −1,312,923 | −$35.6M | — |
| VP Vici Pptys Inc | New | +1,041,468 | +$34M | 2.2% |
| SG Sl Green Rlty Corp | New | +586,524 | +$33.8M | 2.2% |
Showing the 10 largest of 59 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Added | +948,741 | +$68.1M | 6.3% |
| RC Regency Ctrs Corp | New | +705,150 | +$52.1M | 3.4% |
| Healthpeak Properties Inc | Trimmed | −2,570,551 | −$52.1M | 0.6% |
| American Homes 4 Rent | Exited | −1,272,309 | −$48.8M | — |
| IM Iron Mtn Inc Del | Trimmed | −458,516 | −$48.2M | 1.0% |
| Udr Inc | Exited | −1,032,305 | −$46.8M | — |
| Invitation Homes Inc | New | +1,294,973 | +$41.4M | 2.7% |
| Bxp Inc | Trimmed | −556,455 | −$41.4M | — |
| AC Avalonbay Cmntys Inc | Trimmed | −158,394 | −$34.8M | 0.1% |
| CP Cousins Pptys Inc | New | +1,118,808 | +$34.3M | 2.2% |
Showing the 10 largest of 63 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CP Camden Ppty Tr | Added | +435,495 | +$53.8M | 3.0% |
| Welltower Inc | Trimmed | −413,419 | −$52.9M | 4.3% |
| Bxp Inc | Added | +540,806 | +$43.5M | 2.5% |
| VR Vornado Rlty Tr | Added | +947,562 | +$37.3M | 2.1% |
| LA Lamar Advertising Co New | Exited | −268,587 | −$32.1M | — |
| ER Equity Residential | Added | +398,478 | +$29.7M | 1.7% |
| Udr Inc | Trimmed | −653,165 | −$29.6M | 2.6% |
| CP Cousins Pptys Inc | Exited | −1,263,164 | −$29.2M | — |
| SG Sl Green Rlty Corp | Trimmed | −413,851 | −$28.8M | 0.6% |
| Caretrust REIT Inc | New | +892,207 | +$27.5M | 1.5% |
Showing the 10 largest of 62 changes.
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