Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (16 quarters reported)
$140M in Q4 2014 → $202M now. Hover for any quarter.
As reported for the quarter ended September 30, 2018. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Trust Call | 71.9% | Trimmed 80% | 500,000 | $145M |
| RP Ramco-gershenson Properties | 7.4% | Trimmed 15% | 1,105,438 | $15M |
| Kite Realty Group Trust | 6.2% | Trimmed 18% | 750,236 | $12.5M |
| OR Owens Realty Mortgage Inc | 2.8% | Trimmed 3.3% | 334,084 | $5.64M |
| Regency Centers Corp | 2.3% | Unchanged | 70,866 | $4.58M |
| FR Federal Realty Invs Trust | 2.1% | Unchanged | 33,977 | $4.3M |
| RO Retail Opportunity Investmen | 2.0% | Unchanged | 218,415 | $4.08M |
| CT Cons Tomoka Land Co-florida | 1.4% | Added 1.5% | 45,062 | $2.81M |
| NR Northstar Realty Europe Corp | 0.7% | Trimmed 33% | 93,889 | $1.33M |
| QR Qts Realty Trust Inc | 0.5% | Trimmed 74% | 25,485 | $1.09M |
| Empire State Realty Trust Inc | 0.5% | Trimmed 60% | 64,200 | $1.07M |
| Easterly Government Properties | 0.5% | Trimmed 68% | 49,284 | $955K |
| V Vereit Inc | 0.4% | Trimmed 67% | 113,326 | $823K |
| EC Equity Commonwealth | 0.4% | Trimmed 68% | 24,746 | $793K |
| Brandywine Realty Trust | 0.4% | Trimmed 68% | 49,200 | $772K |
| Stag Industrial Inc | 0.3% | Trimmed 75% | 21,100 | $580K |
| SP Starwood Property Trust Inc | 0.2% | Trimmed 84% | 17,200 | $370K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2018 · filed November 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Trust | Trimmed | −2,000,000 | −$581M | 71.9% |
| SS SPDR S&P 500 ETF Trust | Exited | −1,000,000 | −$271M | — |
| QR Qts Realty Trust Inc | Trimmed | −73,367 | −$3.14M | 0.5% |
| Kite Realty Group Trust | Trimmed | −166,333 | −$2.77M | 6.2% |
| RP Ramco-gershenson Properties | Trimmed | −197,371 | −$2.68M | 7.4% |
| Easterly Government Properties | Trimmed | −105,995 | −$2.05M | 0.5% |
| SP Starwood Property Trust Inc | Trimmed | −87,500 | −$1.88M | 0.2% |
| Stag Industrial Inc | Trimmed | −63,300 | −$1.74M | 0.3% |
| EC Equity Commonwealth | Trimmed | −52,379 | −$1.68M | 0.4% |
| V Vereit Inc | Trimmed | −227,002 | −$1.65M | 0.4% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2018 · filed August 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Trust | New | +2,500,000 | +$678M | 66.0% |
| IT Ishares Trust | Exited | −2,400,000 | −$364M | — |
| ES Empire State Realty Trust-a | New | +161,300 | +$2.76M | 0.3% |
| Agree Realty Corp | Exited | −51,793 | −$2.49M | — |
| SP Starwood Property Trust Inc | New | +104,700 | +$2.27M | 0.2% |
| LH Lasalle Hotel Properties | Exited | −63,700 | −$1.85M | — |
| MH Mdc Holdings Inc | Exited | −61,800 | −$1.73M | — |
| NR Northstar Realty Europe Corp | Trimmed | −82,650 | −$1.2M | 0.2% |
| Brandywine Realty Trust | Added | +42,800 | +$722K | 0.3% |
| EC Equity Commonwealth | Trimmed | −22,400 | −$706K | 0.2% |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2018 · filed May 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Trust | New | +2,400,000 | +$364M | 52.0% |
| SS SPDR S&P 500 ETF Trust | New | +1,000,000 | +$263M | 37.5% |
| IT Ishares Tr | Exited | −750,000 | −$200M | — |
| IT Ishares Tr | Exited | −115,700 | −$30.9M | — |
| FT First Tr Exchange Traded Fd | Exited | −459,300 | −$5.07M | — |
| RP Retail Properties Of Ame - A | Exited | −183,351 | −$2.46M | — |
| Stag Industrial Inc | New | +100,900 | +$2.41M | 0.3% |
| PH Playa Hotels & Resorts Nv | Exited | −220,253 | −$2.38M | — |
| LH Lasalle Hotel Properties | New | +63,700 | +$1.85M | 0.3% |
| Brandywine Realty Trust | New | +111,400 | +$1.77M | 0.3% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2017 · filed February 14, 2018
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +750,000 | +$200M | 64.0% |
| IT Ishares Tr | Trimmed | −27,000 | −$7.21M | 9.9% |
| FT First Tr Exchange Traded Fd | Trimmed | −333,800 | −$3.68M | 1.6% |
| RP Ramco-gershenson Properties | Trimmed | −183,974 | −$2.71M | 5.8% |
| LS Life Storage Inc | Exited | −30,020 | −$2.46M | — |
| PH Playa Hotels & Resorts Nv | New | +220,253 | +$2.38M | 0.8% |
| RL Red Lion Hotels Corp | Exited | −205,362 | −$1.78M | — |
| Kite Realty Group Trust | Trimmed | −71,938 | −$1.41M | 5.6% |
| CT Cons Tomoka Land Co-florida | Trimmed | −21,954 | −$1.39M | 0.9% |
| EG Easterly Government Properti | Trimmed | −39,876 | −$851K | 0.6% |
Showing the 10 largest of 20 changes.
quarter ended September 30, 2017 · filed November 14, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OR Owens Realty Mortgage Inc | Added | +130,724 | +$2.38M | 4.0% |
| RP Retail Properties Of Ame - A | New | +160,100 | +$2.1M | 1.7% |
| EC Equity Commonwealth | Added | +65,400 | +$1.99M | 2.2% |
| IT Ishares Tr | Trimmed | −6,800 | −$1.71M | 28.4% |
| QR Qts Realty Trust Inc-cl A | Added | +29,700 | +$1.55M | 1.9% |
| EG Easterly Government Properti | Added | +73,400 | +$1.52M | 2.1% |
| Kite Realty Group Trust | Added | +74,898 | +$1.52M | 15.5% |
| NR Northstar Realty Europe Corp | Added | +107,800 | +$1.38M | 2.0% |
| Agree Realty Corp | Added | +26,700 | +$1.31M | 1.7% |
| RP Ramco-gershenson Properties | Added | +99,297 | +$1.29M | 14.7% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2017 · filed August 11, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NY New York REIT Inc | Exited | −2,742,125 | −$26.6M | — |
| RP Ramco-gershenson Properties | New | +1,320,686 | +$17M | 15.7% |
| Kite Realty Group Trust | New | +889,909 | +$16.8M | 15.6% |
| Regency Centers Corp | New | +82,800 | +$5.19M | 4.8% |
| FR Federal Realty Invs Trust | New | +39,700 | +$5.02M | 4.6% |
| RO Retail Opportunity Investmen | New | +255,200 | +$4.9M | 4.5% |
| IT Ishares Tr | Added | +18,300 | +$4.42M | 33.4% |
| CT Cons Tomoka Land Co-florida | New | +50,694 | +$2.89M | 2.7% |
| OR Owens Realty Mortgage Inc | New | +144,911 | +$2.46M | 2.3% |
| LS Life Storage Inc | New | +19,245 | +$1.43M | 1.3% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2017 · filed May 15, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −14,800 | −$3.49M | 46.6% |
| NY New York REIT Inc | Trimmed | −57,500 | −$557K | 40.0% |
| FT First Tr Exchange Traded Fd | Added | +24,900 | +$308K | 13.4% |
quarter ended December 31, 2016 · filed February 13, 2017
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −2,994,000 | −$669M | 46.1% |
| FT First Tr Exchange Traded Fd | Trimmed | −486,100 | −$6.82M | 13.8% |
| NY New York REIT Inc | Added | +509,986 | +$5.16M | 40.0% |
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