Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$566M in Q2 2013 → $1.04B 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 |
|---|---|---|---|---|
| Sba Communications Corp | 15.2% | New | 898,715 | $159M |
| Sba Communications Corp Call | 8.3% | Added 23% | 490,000 | $86.5M |
| IR Independence Rlty Tr Inc | 8.2% | Trimmed 10% | 5,127,246 | $85.6M |
| Janus Living Inc | 7.1% | Trimmed 22% | 2,568,555 | $73.8M |
| Hilton Grand Vacations Inc | 6.0% | Added 144% | 1,186,119 | $62.1M |
| JS Jbg Smith Pptys | 5.7% | Trimmed 8.8% | 4,024,019 | $59M |
| TR Tpg Re Fin Tr Inc | 5.7% | Unchanged | 7,029,102 | $58.8M |
| Compass Inc | 4.3% | Added 195% | 3,594,368 | $44.3M |
| Americold Realty Trust Inc | 4.1% | Trimmed 40% | 2,685,314 | $42.2M |
| KR Kkr Real Estate Fin Tr Inc | 3.8% | Added 1.4% | 5,813,201 | $39.8M |
| United Parks & Resorts Inc | 3.6% | Trimmed 54% | 776,909 | $37.1M |
| Churchill Downs Inc | 3.4% | New | 398,419 | $35.7M |
| Wynn Resorts Ltd | 2.9% | Trimmed 42% | 306,689 | $29.8M |
| Pool Corp | 2.7% | Added 21% | 132,400 | $28.5M |
| Ferguson Enterprises Inc | 2.4% | New | 103,500 | $24.6M |
| Builders Firstsource Inc | 2.1% | New | 245,750 | $22M |
| CP Camden Ppty Tr | 2.0% | Trimmed 54% | 182,538 | $20.9M |
| Six Flags Entertainment Corp | 2.0% | Added 31% | 979,395 | $20.9M |
| Equity Lifestyle Properties | 1.9% | New | 306,244 | $19.7M |
| SS Smartstop Self Storag REIT I | 1.4% | Trimmed 27% | 444,839 | $14.5M |
| NR Nexpoint Residential Tr Inc | 1.2% | Unchanged | 452,604 | $12.6M |
| Home Depot Inc | 1.0% | New | 29,500 | $10.4M |
| LC Lowes Cos Inc | 0.9% | New | 44,250 | $9.76M |
| M/i Homes Inc | 0.9% | Added 16% | 55,230 | $8.88M |
| LP Louisiana Pac Corp | 0.7% | New | 94,000 | $7.39M |
| Smartrent Inc | 0.6% | Unchanged | 5,610,150 | $6.68M |
| MA Mid-amer Apt Cmntys Inc | 0.5% | Unchanged | 40,503 | $5.63M |
| Healthpeak Properties Inc | 0.5% | Trimmed 90% | 257,116 | $5.5M |
| AR Alexandria Real Estate Eq In | 0.5% | New | 94,786 | $5.01M |
| Wyndham Hotels & Resorts Inc | 0.2% | Trimmed 96% | 30,000 | $2.53M |
| FB Fortune Brands Innovations I | 0.2% | New | 30,000 | $1.65M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sba Communications Corp | New | +898,715 | +$159M | 15.2% |
| Wyndham Hotels & Resorts Inc | Trimmed | −671,663 | −$56.6M | 0.2% |
| Healthpeak Properties Inc | Trimmed | −2,233,584 | −$47.8M | 0.5% |
| United Parks & Resorts Inc | Trimmed | −903,818 | −$43.1M | 3.6% |
| SH Summit Hotel Pptys | Exited | −9,400,000 | −$41.5M | — |
| Hilton Grand Vacations Inc | Added | +700,725 | +$36.7M | 6.0% |
| Churchill Downs Inc | New | +398,419 | +$35.7M | 3.4% |
| NC Norwegian Cruise Line Hldgs | Exited | −1,730,000 | −$32.4M | — |
| Hyatt Hotels Corp | Exited | −223,989 | −$32.2M | — |
| American Homes 4 Rent | Exited | −1,111,773 | −$31M | — |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Janus Living Inc | New | +3,290,000 | +$77.5M | 7.4% |
| NS National Storage Affiliates | Exited | −2,591,313 | −$73.1M | — |
| IR Independence Rlty Tr Inc | Added | +4,726,660 | +$70.4M | 8.1% |
| Sba Communications Corp | New | +400,000 | +$68.8M | 6.6% |
| Wynn Resorts Ltd | New | +529,057 | +$53.7M | 5.1% |
| Prologis Inc. | Exited | −350,000 | −$44.7M | — |
| G& Gaming & Leisure Pptys Inc | Exited | −993,810 | −$44.4M | — |
| Healthpeak Properties Inc | New | +2,490,700 | +$40.9M | 3.9% |
| CE Caesars Entertainment Inc Ne | Exited | −1,479,336 | −$34.6M | — |
| CP Camden Ppty Tr | Added | +347,455 | +$33.9M | 3.7% |
Showing the 10 largest of 40 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CP Camden Ppty Tr | Trimmed | −1,892,019 | −$208M | 0.7% |
| IR Independence Rlty Tr Inc | Trimmed | −11,301,106 | −$198M | 2.1% |
| JH James Hardie Inds PLC | Exited | −7,247,811 | −$139M | — |
| Taylor Morrison Home Corp | Exited | −1,379,577 | −$91.1M | — |
| American Homes 4 Rent | Exited | −1,563,780 | −$52M | — |
| G& Gaming & Leisure Pptys Inc | New | +993,810 | +$44.4M | 5.2% |
| Prologis Inc. | Added | +346,684 | +$44.3M | 5.2% |
| Compass Inc | Added | +3,450,000 | +$36.5M | 6.2% |
| NS National Storage Affiliates | Trimmed | −1,254,976 | −$35.4M | 8.6% |
| Lxp Industrial Trust | Exited | −3,800,000 | −$34M | — |
Showing the 10 largest of 37 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JH James Hardie Inds PLC | New | +7,247,811 | +$139M | 10.1% |
| Wyndham Hotels & Resorts Inc | Exited | −1,505,781 | −$122M | — |
| IG International Game Technolog | Exited | −7,566,764 | −$120M | — |
| IR Independence Rlty Tr Inc | Added | +6,801,182 | +$111M | 14.6% |
| CP Camden Ppty Tr | Added | +922,956 | +$98.6M | 15.0% |
| D R Horton Inc | Exited | −744,637 | −$96M | — |
| Americold Realty Trust Inc | New | +7,756,293 | +$94.9M | 6.9% |
| Hyatt Hotels Corp | Trimmed | −603,633 | −$85.7M | 3.3% |
| Toll Brothers Inc | Exited | −641,844 | −$73.3M | — |
| Six Flags Entertainment Corp | Trimmed | −3,006,660 | −$68.3M | 0.5% |
Showing the 10 largest of 39 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wyndham Hotels & Resorts Inc | Added | +1,272,628 | +$103M | 7.9% |
| Hyatt Hotels Corp | Trimmed | −645,492 | −$90.1M | 8.3% |
| IR Independence Rlty Tr Inc | Added | +4,672,690 | +$82.7M | 6.3% |
| HW Hilton Worldwide Hldgs Inc | Exited | −355,961 | −$81M | — |
| NS National Storage Affiliates | New | +2,498,789 | +$79.9M | 5.2% |
| CP Camden Ppty Tr | Added | +692,412 | +$78M | 7.4% |
| IG International Game Technolog | Added | +4,342,784 | +$68.7M | 7.7% |
| KR Kite Rlty Group Tr | Exited | −2,709,697 | −$60.6M | — |
| Paramount Group Inc | Trimmed | −9,454,562 | −$57.7M | 0.9% |
| Meritage Homes Corp | Trimmed | −847,661 | −$56.8M | 1.2% |
Showing the 10 largest of 40 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR Agree Rlty Corp | Exited | −3,029,301 | −$213M | — |
| Hyatt Hotels Corp | New | +1,566,714 | +$192M | 12.5% |
| IR Independence Rlty Tr Inc | Trimmed | −7,677,361 | −$163M | 1.1% |
| Lennar Corp | Exited | −920,282 | −$125M | — |
| Toll Brothers Inc | New | +1,116,300 | +$118M | 7.7% |
| CP Camden Ppty Tr | Trimmed | −814,190 | −$99.6M | 2.6% |
| MA Mid-amer Apt Cmntys Inc | Trimmed | −592,082 | −$99.2M | 1.0% |
| Healthpeak Properties Inc | Exited | −4,286,388 | −$86.9M | — |
| HW Hilton Worldwide Hldgs Inc | New | +355,961 | +$81M | 5.3% |
| Six Flags Entertainment Corp | New | +2,124,559 | +$75.8M | 4.9% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NS National Storage Affiliates | Exited | −2,065,015 | −$99.5M | — |
| Healthpeak Properties Inc | New | +4,286,388 | +$86.9M | 4.4% |
| RI Rexford Indl Rlty Inc | New | +1,515,651 | +$58.6M | 3.0% |
| Six Flags Entertainment Corp | Exited | −1,448,383 | −$58.4M | — |
| SP Starwood Ppty Tr Inc | Exited | −2,555,000 | −$52.1M | — |
| Hilton Grand Vacations Inc | Trimmed | −1,285,488 | −$50.1M | 2.7% |
| SC Sun Cmntys Inc | Trimmed | −357,039 | −$43.9M | 0.8% |
| Lennar Corp | New | +300,000 | +$40.9M | 2.1% |
| Lennar Corp | Added | +296,482 | +$40.4M | 6.4% |
| Red Rock Resorts Inc | Added | +866,320 | +$40.1M | 3.5% |
Showing the 10 largest of 39 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lennar Corp | New | +623,800 | +$117M | 5.2% |
| SC Sba Communications Corp New | Exited | −426,322 | −$83.7M | — |
| SC Site Ctrs Corp | Exited | −5,571,305 | −$80.8M | — |
| NS National Storage Affiliates | Added | +1,672,044 | +$80.6M | 4.5% |
| Americold Realty Trust Inc | Trimmed | −2,313,486 | −$65.4M | 2.6% |
| SC Sun Cmntys Inc | New | +481,033 | +$65M | 2.9% |
| Six Flags Entertainment Corp | New | +1,448,383 | +$58.4M | 2.6% |
| Netstreit Corp | Trimmed | −3,298,205 | −$54.5M | 1.2% |
| Hilton Grand Vacations Inc | Added | +1,469,823 | +$53.4M | 4.4% |
| SP Starwood Ppty Tr Inc | New | +2,555,000 | +$52.1M | 2.3% |
Showing the 10 largest of 46 changes.
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