Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (29 quarters reported)
$3.29B in Q2 2013 → $2.36B now. Hover for any quarter.
As reported for the quarter ended June 30, 2020. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| American Homes 4 Rent | 9.4% | Added 30% | 8,258,664 | $222M |
| Invitation Homes Inc | 8.7% | Added 437% | 7,428,145 | $204M |
| AI Apartment Invt & Mgmt Co | 7.7% | Added 32% | 4,817,693 | $181M |
| Equinix Inc | 7.2% | Added 65% | 243,230 | $171M |
| CR Coresite Rlty Corp | 6.9% | Added 56% | 1,352,040 | $164M |
| AR Alexandria Real Estate Eq In | 6.8% | Added 42% | 994,012 | $161M |
| DR Digital Rlty Tr Inc | 5.9% | Trimmed 4.5% | 975,975 | $139M |
| AC Avalonbay Cmntys Inc | 5.6% | Added 25% | 862,258 | $133M |
| Prologis Inc. | 5.4% | Trimmed 6.2% | 1,372,358 | $128M |
| Public Storage | 3.3% | Added 50% | 401,053 | $77M |
| Udr Inc | 2.8% | New | 1,789,360 | $66.9M |
| BP Boston Pptys Ltd Partnership | 2.6% | Trimmed 18% | 682,170 | $61.7M |
| BR Brandywine Rlty Tr | 2.6% | Trimmed 26% | 5,537,465 | $60.3M |
| CP Camden Ppty Tr | 2.4% | Added 2588% | 629,570 | $57.4M |
| Healthpeak Properties Inc | 2.2% | Added 15% | 1,916,055 | $52.8M |
| VI Vanguard Index Fds | 1.8% | Added 0.5% | 533,200 | $41.9M |
| DR Duke Realty Corp | 1.6% | Added 40% | 1,071,795 | $37.9M |
| Welltower Inc | 1.6% | Added 49% | 713,780 | $36.9M |
| ER Equity Residential | 1.5% | Trimmed 60% | 615,837 | $36.2M |
| Douglas Emmett Inc | 1.4% | Trimmed 55% | 1,112,023 | $34.1M |
| RC Regency Ctrs Corp | 1.3% | Added 11% | 680,070 | $31.2M |
| V Vereit Inc | 1.3% | New | 4,791,870 | $30.8M |
| Cubesmart | 1.1% | Trimmed 61% | 938,795 | $25.3M |
| CP Cousins Pptys Inc | 1.0% | Added 161% | 815,149 | $24.3M |
| FR Federal Realty Invt Tr | 1.0% | Added 5.8% | 283,915 | $24.2M |
| HP Hudson Pac Pptys Inc | 0.9% | Trimmed 61% | 850,234 | $21.4M |
| Ventas Inc | 0.6% | Trimmed 9.7% | 417,085 | $15.3M |
| IT Ishares Tr | 0.6% | Added 83% | 635,100 | $13.3M |
| CP Columbia Ppty Tr Inc | 0.5% | Added 2064% | 965,475 | $12.7M |
| SG Sl Green Rlty Corp | 0.5% | Trimmed 83% | 253,600 | $12.5M |
| Extra Space Storage Inc | 0.5% | Added 16% | 132,865 | $12.3M |
| VI Vanguard Intl Equity Index F | 0.5% | Trimmed 11% | 244,250 | $11.4M |
| EP Essex Ppty Tr Inc | 0.5% | Added 39% | 47,995 | $11M |
| WR Weingarten Rlty Invs | 0.4% | Trimmed 49% | 497,845 | $9.42M |
| SH Sunstone Hotel Invs Inc New | 0.3% | Added 208% | 990,760 | $8.08M |
| KR Kilroy Rlty Corp | 0.3% | Added 3.0% | 119,615 | $7.02M |
| LS Life Storage Inc | 0.3% | Trimmed 30% | 73,735 | $7M |
| Host Hotels & Resorts Inc | 0.3% | Added 44% | 584,410 | $6.31M |
| SP Simon Ppty Group Inc New | 0.2% | Trimmed 43% | 77,375 | $5.29M |
| RP Retail Pptys Amer Inc | 0.1% | Added 11% | 468,575 | $3.43M |
| PH Pebblebrook Hotel Tr | 0.1% | Added 6.2% | 90,510 | $1.24M |
| TC Taubman Ctrs Inc | 0.0% | New | 15,250 | $576K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2020 · filed August 14, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Invitation Homes Inc | Added | +6,044,335 | +$166M | 8.7% |
| Equinix Inc | Added | +95,625 | +$67.2M | 7.2% |
| Udr Inc | New | +1,789,360 | +$66.9M | 2.8% |
| SG Sl Green Rlty Corp | Trimmed | −1,275,895 | −$62.9M | 0.5% |
| CR Coresite Rlty Corp | Added | +485,445 | +$58.8M | 6.9% |
| ER Equity Residential | Trimmed | −943,075 | −$55.5M | 1.5% |
| CP Camden Ppty Tr | Added | +606,145 | +$55.3M | 2.4% |
| American Homes 4 Rent | Added | +1,885,284 | +$50.7M | 9.4% |
| AR Alexandria Real Estate Eq In | Added | +293,917 | +$47.7M | 6.8% |
| AI Apartment Invt & Mgmt Co | Added | +1,180,975 | +$44.5M | 7.7% |
Showing the 10 largest of 44 changes.
quarter ended March 31, 2020 · filed May 15, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | Trimmed | −3,111,125 | −$72.2M | 8.2% |
| SG Sl Green Rlty Corp | Added | +1,161,605 | +$50.1M | 3.7% |
| Healthpeak Properties Inc | Trimmed | −1,705,960 | −$40.7M | 2.2% |
| CR Coresite Rlty Corp | Added | +321,045 | +$37.2M | 5.6% |
| VI Vanguard Index Fds | New | +530,500 | +$37.1M | 2.1% |
| ER Equity Residential | Added | +504,895 | +$31.2M | 5.3% |
| Public Storage | Trimmed | −144,775 | −$28.8M | 2.9% |
| AI Apartment Invt & Mgmt Co | Added | +799,557 | +$28.1M | 7.1% |
| LS Life Storage Inc | Trimmed | −284,950 | −$26.9M | 0.6% |
| Host Hotels & Resorts Inc | Trimmed | −2,256,770 | −$24.9M | 0.2% |
Showing the 10 largest of 43 changes.
quarter ended December 31, 2019 · filed February 13, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| H Hcp Inc | Exited | −3,546,045 | −$126M | — |
| HP Healthpeak Pptys Inc | New | +3,375,730 | +$116M | 4.9% |
| BP Boston Properties Inc | Added | +832,462 | +$115M | 6.1% |
| Host Hotels & Resorts Inc | Trimmed | −5,520,418 | −$102M | 2.1% |
| LP Liberty Ppty Tr | Exited | −1,722,547 | −$88.4M | — |
| Cubesmart | Added | +2,160,825 | +$68M | 3.7% |
| American Homes 4 Rent | Trimmed | −2,089,970 | −$54.8M | 10.4% |
| Public Storage | Added | +241,807 | +$51.5M | 3.7% |
| AI Apartment Invt & Mgmt Co | Added | +929,726 | +$48M | 6.1% |
| LS Life Storage Inc | Trimmed | −375,215 | −$40.6M | 1.8% |
Showing the 10 largest of 43 changes.
quarter ended September 30, 2019 · filed November 07, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LS Life Storage Inc | Trimmed | −985,325 | −$104M | 3.7% |
| AR Alexandria Real Estate Eq In | Added | +259,175 | +$39.9M | 4.1% |
| TC Taubman Ctrs Inc | Trimmed | −967,825 | −$39.5M | 0.9% |
| BR Brandywine Rlty Tr | Added | +2,483,150 | +$37.6M | 5.1% |
| Welltower Inc | Added | +395,600 | +$35.9M | 2.8% |
| Public Storage | Trimmed | −126,250 | −$31M | 1.9% |
| KR Kimco Rlty Corp | Trimmed | −1,479,791 | −$30.9M | 0.6% |
| Equinix Inc | Trimmed | −51,650 | −$29.8M | 3.4% |
| SH Senior Hsg Pptys Tr | Trimmed | −3,123,875 | −$28.9M | — |
| DR Digital Rlty Tr Inc | Added | +206,075 | +$26.8M | 5.6% |
Showing the 10 largest of 44 changes.
quarter ended June 30, 2019 · filed August 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Public Storage | Trimmed | −599,270 | −$143M | 3.4% |
| American Homes 4 Rent | Trimmed | −3,514,725 | −$85.4M | 14.3% |
| Invitation Homes Inc | Trimmed | −2,613,975 | −$69.9M | 0.9% |
| Equinix Inc | Trimmed | −118,875 | −$59.9M | 4.4% |
| AI Apartment Invt & Mgmt Co | Exited | −2,279,375 | −$58.2M | — |
| BR Brandywine Rlty Tr | Added | +3,782,725 | +$54.2M | 3.4% |
| Host Hotels & Resorts Inc | Added | +2,850,125 | +$51.9M | 6.8% |
| C Cyrusone Inc | Exited | −972,475 | −$51M | — |
| H Hcp Inc | Added | +1,489,200 | +$47.6M | 6.0% |
| AR Alexandria Real Estate Eq In | Trimmed | −328,350 | −$46.3M | 2.2% |
Showing the 10 largest of 37 changes.
quarter ended March 31, 2019 · filed May 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Invitation Homes Inc | Trimmed | −7,086,100 | −$172M | 3.3% |
| LS Life Storage Inc | Added | +1,387,900 | +$135M | 7.4% |
| Public Storage | Trimmed | −497,488 | −$108M | 7.9% |
| KR Kimco Rlty Corp | Trimmed | −5,099,825 | −$94.3M | 1.7% |
| AI Apartment Invt & Mgmt Co | New | +1,554,855 | +$78.2M | 3.2% |
| KR Kilroy Rlty Corp | Trimmed | −793,107 | −$60.2M | 1.9% |
| AI Apartment Invt & Mgmt Co | Exited | −1,201,770 | −$52.7M | — |
| Host Hotels & Resorts Inc | Added | +2,787,300 | +$52.7M | 3.8% |
| C Cyrusone Inc | New | +972,475 | +$51M | 2.1% |
| BP Boston Properties Inc | Trimmed | −378,980 | −$50.7M | 0.6% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2018 · filed February 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| H Hcp Inc | Trimmed | −8,184,802 | −$229M | 2.8% |
| LP Liberty Ppty Tr | Trimmed | −2,429,200 | −$102M | 2.9% |
| Invitation Homes Inc | Added | +2,723,875 | +$54.7M | 8.3% |
| Douglas Emmett Inc | Added | +1,527,685 | +$52.1M | 3.3% |
| AI Apartment Invt & Mgmt Co | Trimmed | −1,108,425 | −$48.6M | 2.1% |
| KR Kilroy Rlty Corp | Added | +578,600 | +$36.4M | 3.5% |
| Cubesmart | New | +967,325 | +$27.8M | 1.1% |
| CR Coresite Rlty Corp | Added | +317,725 | +$27.7M | 2.4% |
| SC Sun Cmntys Inc | Exited | −246,585 | −$25M | — |
| Equinix Inc | Added | +68,475 | +$24.1M | 4.0% |
Showing the 10 largest of 39 changes.
quarter ended September 30, 2018 · filed November 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| American Homes 4 Rent | Added | +11,403,465 | +$250M | 11.2% |
| SH Senior Hsg Pptys Tr | Trimmed | −8,797,196 | −$154M | 0.6% |
| LP Liberty Ppty Tr | Added | +3,028,776 | +$128M | 6.2% |
| Invitation Homes Inc | Added | +5,564,400 | +$127M | 6.1% |
| LS Life Storage Inc | Trimmed | −1,248,925 | −$119M | 2.3% |
| KR Kimco Rlty Corp | Added | +4,545,534 | +$76.1M | 4.4% |
| H Hcp Inc | Trimmed | −1,965,222 | −$51.7M | 9.8% |
| AR Alexandria Real Estate Eq In | Added | +349,643 | +$44M | 3.4% |
| BP Boston Properties Inc | Added | +309,458 | +$38.1M | 2.9% |
| AI Apartment Invt & Mgmt Co | Trimmed | −845,050 | −$37.3M | 3.5% |
Showing the 10 largest of 55 changes.
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