Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (23 quarters reported)
$126M in Q4 2020 → $118M 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 |
|---|---|---|---|---|
| Prologis Inc. | 14.0% | Added 112% | 121,800 | $16.5M |
| Cbre Group Inc | 9.1% | Added 94% | 79,700 | $10.7M |
| FR Federal Rlty Invt Tr New | 7.9% | Trimmed 57% | 75,246 | $9.29M |
| AR Agree Rlty Corp | 6.6% | Added 56% | 103,300 | $7.82M |
| Sysco Corp | 5.7% | New | 80,900 | $6.76M |
| HW Hilton Worldwide Hldgs Inc | 5.2% | New | 18,720 | $6.19M |
| Kimco Realty Corp | 5.2% | Trimmed 33% | 242,913 | $6.16M |
| TR Terreno Rlty Corp | 4.9% | Unchanged | 89,980 | $5.83M |
| ER Equity Residential | 4.9% | Unchanged | 85,246 | $5.79M |
| LP Louisiana Pac Corp | 4.0% | Added 25% | 60,700 | $4.77M |
| SC Sun Cmntys Inc | 3.9% | New | 38,700 | $4.64M |
| LC Lowes Cos Inc | 3.6% | New | 19,200 | $4.23M |
| JH James Hardie Inds PLC | 3.5% | New | 157,380 | $4.12M |
| Public Storage | 3.4% | Trimmed 36% | 12,714 | $4.05M |
| American Homes 4 Rent | 3.3% | New | 115,500 | $3.87M |
| EP Essex Ppty Tr Inc | 3.2% | New | 12,900 | $3.76M |
| Home Depot Inc | 2.2% | New | 7,280 | $2.57M |
| DP Dominos Pizza Inc | 2.0% | Trimmed 55% | 7,820 | $2.32M |
| M Mcdonalds Corp | 1.6% | New | 7,120 | $1.92M |
| Burlington Stores Inc | 1.5% | New | 5,680 | $1.8M |
| Ross Stores Inc | 1.2% | Trimmed 26% | 6,800 | $1.45M |
| Performance Food Group Co | 1.2% | Trimmed 88% | 12,738 | $1.42M |
| TC Tjx Cos Inc New | 1.1% | Trimmed 68% | 8,400 | $1.27M |
| Century Communities Inc | 0.7% | New | 11,399 | $817K |
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 |
|---|---|---|---|---|
| FR Federal Rlty Invt Tr New | Trimmed | −98,300 | −$12.1M | 7.9% |
| Performance Food Group Co | Trimmed | −94,050 | −$10.5M | 1.2% |
| Prologis Inc. | Added | +64,300 | +$8.71M | 14.0% |
| Apple Hospitality REIT Inc | Exited | −652,800 | −$7.51M | — |
| CW Chefs Whse Inc | Exited | −122,375 | −$7.28M | — |
| Sysco Corp | New | +80,900 | +$6.76M | 5.7% |
| HW Hilton Worldwide Hldgs Inc | New | +18,720 | +$6.19M | 5.2% |
| Cbre Group Inc | Added | +38,700 | +$5.21M | 9.1% |
| SC Sun Cmntys Inc | New | +38,700 | +$4.64M | 3.9% |
| LC Lowes Cos Inc | New | +19,200 | +$4.23M | 3.6% |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Trimmed | −250,941 | −$14.8M | 4.6% |
| American Homes 4 Rent | Exited | −350,715 | −$11.3M | — |
| Invitation Homes Inc | Exited | −378,265 | −$10.5M | — |
| PS Public Storage Oper Co | Trimmed | −31,988 | −$8.66M | 4.9% |
| DP Dominos Pizza Inc | New | +17,460 | +$6.26M | 5.7% |
| Burlington Stores Inc | Exited | −20,462 | −$5.91M | — |
| Cbre Group Inc | New | +41,000 | +$5.55M | 5.1% |
| AR Agree Rlty Corp | New | +66,300 | +$5M | 4.6% |
| Bxp Inc | Exited | −72,500 | −$4.89M | — |
| Extra Space Storage Inc | Exited | −33,850 | −$4.41M | — |
Showing the 10 largest of 27 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Burlington Stores Inc | Trimmed | −26,820 | −$7.75M | 4.1% |
| FR Federal Rlty Invt Tr New | Trimmed | −72,100 | −$7.27M | 12.2% |
| Prologis Inc. | Trimmed | −43,100 | −$5.5M | 2.2% |
| M Mcdonalds Corp | Trimmed | −15,240 | −$4.66M | 1.9% |
| Ross Stores Inc | Trimmed | −22,100 | −$3.98M | 0.7% |
| Trex Co Inc | Trimmed | −107,400 | −$3.77M | 1.2% |
| CW Chefs Whse Inc | Added | +51,300 | +$3.2M | 5.3% |
| Extra Space Storage Inc | Trimmed | −21,250 | −$2.77M | 3.1% |
| VP Vici Pptys Inc | Exited | −80,817 | −$2.64M | — |
| Udr Inc | New | +68,400 | +$2.51M | 1.7% |
Showing the 10 largest of 22 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Performance Food Group Co | Trimmed | −338,613 | −$35.2M | 5.2% |
| EP Essex Ppty Tr Inc | Exited | −57,800 | −$16.4M | — |
| PS Public Storage Oper Co | New | +54,842 | +$15.8M | 8.7% |
| FR Federal Rlty Invt Tr New | Trimmed | −151,867 | −$15.4M | 13.6% |
| Burlington Stores Inc | New | +47,282 | +$12M | 6.6% |
| ER Equity Residential | Added | +185,037 | +$12M | 10.9% |
| PS Public Storage Oper Co | Exited | −40,142 | −$11.8M | — |
| Bxp Inc | Trimmed | −146,517 | −$10.9M | 3.0% |
| Prologis Inc. | Trimmed | −92,500 | −$10.6M | 4.3% |
| Burlington Stores Inc | Exited | −42,771 | −$9.95M | — |
Showing the 10 largest of 30 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FR Federal Rlty Invt Tr New | Trimmed | −503,580 | −$47.8M | 11.1% |
| Burlington Stores Inc | Trimmed | −122,853 | −$28.6M | 6.0% |
| D R Horton Inc | Trimmed | −107,983 | −$13.9M | 4.4% |
| Bxp Inc | Trimmed | −159,279 | −$10.7M | 3.3% |
| JH James Hardie Inds PLC | Trimmed | −364,638 | −$9.81M | 1.7% |
| Performance Food Group Co | Added | +100,863 | +$8.82M | 6.4% |
| EP Essex Ppty Tr Inc | Added | +30,729 | +$8.71M | 9.9% |
| Trex Co Inc | Added | +159,017 | +$8.65M | 7.2% |
| KR Kimco Rlty Corp | Added | +368,813 | +$7.75M | 5.1% |
| Extra Space Storage Inc | Trimmed | −52,126 | −$7.69M | 4.2% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Essex Ppty Tr Inc | Trimmed | −127,253 | −$39M | 6.0% |
| Extra Space Storage Inc | Trimmed | −246,479 | −$36.6M | 2.3% |
| RC Regency Ctrs Corp | Trimmed | −362,128 | −$26.7M | 1.4% |
| PS Public Storage Oper Co | Trimmed | −81,115 | −$24.3M | 5.9% |
| DS Dicks Sporting Goods Inc | Trimmed | −113,376 | −$22.9M | 2.9% |
| VP Vici Pptys Inc | Trimmed | −497,608 | −$16.2M | 1.3% |
| Burlington Stores Inc | Trimmed | −57,422 | −$13.7M | 4.4% |
| ER Equity Residential | Added | +150,924 | +$10.8M | 8.1% |
| Performance Food Group Co | Added | +131,336 | +$10.3M | 9.3% |
| FR Federal Rlty Invt Tr New | Trimmed | −64,167 | −$6.28M | 11.0% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | Added | +243,548 | +$9.11M | 6.8% |
| Sherwin Williams Co | New | +20,600 | +$7M | 4.0% |
| Walmart Inc | Trimmed | −74,278 | −$6.71M | 2.3% |
| Nike Inc | Exited | −74,800 | −$6.61M | — |
| KR Kimco Rlty Corp | New | +228,613 | +$5.36M | 3.0% |
| EP Essex Ppty Tr Inc | New | +14,700 | +$4.2M | 2.4% |
| DS Dicks Sporting Goods Inc | New | +18,000 | +$4.12M | 2.3% |
| VP Vici Pptys Inc | Added | +139,931 | +$4.09M | 9.2% |
| Ross Stores Inc | Added | +26,884 | +$4.07M | 4.8% |
| Azek Co Inc | New | +84,493 | +$4.01M | 2.3% |
Showing the 10 largest of 24 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prologis Inc. | Trimmed | −125,481 | −$15.8M | 1.8% |
| AR Agree Rlty Corp | Trimmed | −176,259 | −$13.3M | 2.5% |
| ER Equity Residential | New | +140,900 | +$10.5M | 7.0% |
| American Homes 4 Rent | Trimmed | −267,460 | −$10.3M | 2.0% |
| Walmart Inc | New | +120,000 | +$9.69M | 6.5% |
| M Mcdonalds Corp | Exited | −35,900 | −$9.15M | — |
| FR Federal Rlty Invt Tr New | Added | +77,700 | +$8.93M | 9.6% |
| Invitation Homes Inc | New | +244,970 | +$8.64M | 5.8% |
| Nike Inc | New | +74,800 | +$6.61M | 4.4% |
| Trex Co Inc | New | +99,200 | +$6.6M | 4.4% |
Showing the 10 largest of 27 changes.
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