Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (10 quarters reported)
$609M in Q2 2013 → $185M now. Hover for any quarter.
As reported for the quarter ended September 30, 2015. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| I Istar Inc | 8.4% | Trimmed 17% | 1,239,843 | $15.6M |
| PR Pennsylvania Rl Estate Invt | 6.7% | Trimmed 26% | 621,725 | $12.3M |
| GG Geo Group Inc New | 6.0% | New | 375,673 | $11.2M |
| GG General Growth Pptys Inc New | 6.0% | Added 13% | 428,305 | $11.1M |
| T Topbuild Corp | 4.5% | New | 266,338 | $8.25M |
| SG Sl Green Rlty Corp | 4.2% | New | 72,018 | $7.79M |
| American Homes 4 Rent | 4.2% | Trimmed 49% | 484,008 | $7.78M |
| FC Forest City Enterprises Inc | 4.1% | Trimmed 41% | 372,957 | $7.51M |
| EP Essex Ppty Tr Inc | 4.0% | New | 33,477 | $7.48M |
| Darden Restaurants Inc | 3.9% | Added 8.7% | 105,552 | $7.24M |
| Sba Communications Corp | 3.7% | Added 84% | 65,793 | $6.89M |
| Public Storage | 3.7% | New | 32,136 | $6.8M |
| Cubesmart | 3.4% | New | 229,356 | $6.24M |
| SH Starwood HOTELS&RESORTS Wrld | 3.4% | New | 93,694 | $6.23M |
| ER Equity Residential | 3.1% | Trimmed 44% | 76,551 | $5.75M |
| HW Hilton Worldwide Hldgs Inc | 3.1% | Trimmed 17% | 248,977 | $5.71M |
| BP Boston Properties Inc | 3.0% | New | 47,229 | $5.59M |
| PP Parkway Pptys Inc | 2.9% | Trimmed 29% | 342,100 | $5.32M |
| SG Seritage Growth Pptys | 2.7% | New | 132,743 | $4.95M |
| Macerich Co | 2.5% | Trimmed 66% | 59,129 | $4.54M |
| DI Dct Industrial Trust Inc | 2.4% | New | 132,430 | $4.46M |
| LC Lowes Cos Inc | 2.1% | New | 56,736 | $3.91M |
| Masco Corp | 2.0% | New | 146,910 | $3.7M |
| Mgm Resorts International | 1.9% | New | 190,705 | $3.52M |
| FL Felcor Lodging Tr Inc | 1.7% | New | 454,831 | $3.22M |
| WC Wci Cmntys Inc | 1.6% | New | 133,500 | $3.02M |
| M Macys Inc Call | 1.4% | New | 49,400 | $2.54M |
| PP Post Pptys Inc | 1.4% | Trimmed 47% | 43,472 | $2.53M |
| NY New York REIT Inc | 1.2% | New | 222,400 | $2.24M |
| AT American Tower Corp New | 0.7% | Trimmed 65% | 14,940 | $1.31M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2015 · filed November 16, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Blackstone Mtg Tr Inc | Exited | −688,888 | −$19.2M | — |
| TC Taubman Ctrs Inc | Exited | −219,207 | −$15.2M | — |
| AI Apartment Invt & Mgmt Co | Exited | −398,776 | −$14.7M | — |
| RH Realogy Hldgs Corp | Exited | −254,082 | −$11.9M | — |
| C Cyrusone Inc | Exited | −388,230 | −$11.4M | — |
| GG Geo Group Inc New | New | +375,673 | +$11.2M | 6.0% |
| AC Avalonbay Cmntys Inc | Exited | −61,240 | −$9.79M | — |
| WR Weingarten Rlty Invs | Exited | −291,451 | −$9.53M | — |
| Toll Brothers Inc | Exited | −228,100 | −$8.71M | — |
| Macerich Co | Trimmed | −113,221 | −$8.7M | 2.5% |
Showing the 10 largest of 46 changes.
quarter ended June 30, 2015 · filed August 14, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Blackstone Mtg Tr Inc | New | +688,888 | +$19.2M | 6.7% |
| SR Spirit Rlty Cap Inc New | Exited | −1,578,491 | −$19.1M | — |
| CP Camden Ppty Tr | Exited | −234,840 | −$18.3M | — |
| IF Istar Finl Inc | Added | +1,375,756 | +$18.3M | 7.0% |
| MC Mack Cali Rlty Corp | Exited | −820,267 | −$15.8M | — |
| WW Wyndham Worldwide Corp | Exited | −173,356 | −$15.7M | — |
| American Homes 4 Rent | New | +952,140 | +$15.3M | 5.4% |
| Macerich Co | New | +172,350 | +$12.9M | 4.5% |
| RH Realogy Hldgs Corp | New | +254,082 | +$11.9M | 4.2% |
| C Cyrusone Inc | New | +388,230 | +$11.4M | 4.0% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2015 · filed May 15, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PR Pennsylvania Rl Estate Invt | New | +996,410 | +$23.1M | 8.3% |
| GG General Growth Pptys Inc New | New | +622,936 | +$18.4M | 6.6% |
| CP Camden Ppty Tr | New | +234,840 | +$18.3M | 6.6% |
| BS Brookdale Sr Living Inc | New | +466,950 | +$17.6M | 6.4% |
| AI Apartment Invt & Mgmt Co | New | +440,326 | +$17.3M | 6.3% |
| WW Wyndham Worldwide Corp | New | +173,356 | +$15.7M | 5.7% |
| SR Spirit Rlty Cap Inc New | Added | +1,285,704 | +$15.5M | 6.9% |
| TC Taubman Ctrs Inc | New | +190,500 | +$14.7M | 5.3% |
| FC Forest City Enterprises Inc | New | +551,810 | +$14.1M | 5.1% |
| CA Corrections Corp Amer New | New | +277,350 | +$11.2M | 4.0% |
Showing the 10 largest of 36 changes.
quarter ended December 31, 2014 · filed February 17, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −1,000,000 | −$69.2M | — |
| Toll Brothers Inc | Trimmed | −989,278 | −$33.9M | 4.6% |
| Lennar Corp | Trimmed | −697,653 | −$31.3M | 9.2% |
| Prologis Inc | Trimmed | −699,454 | −$30.1M | 5.4% |
| LQ La Quinta Hldgs Inc | Trimmed | −1,219,876 | −$26.9M | 7.0% |
| PP Parkway Pptys Inc | Exited | −1,390,329 | −$26.1M | — |
| HT Healthcare Tr Amer Inc | Exited | −1,810,150 | −$21M | — |
| AC Avalonbay Cmntys Inc | Trimmed | −126,777 | −$20.7M | 5.0% |
| Diamondrock Hospitality Co | Trimmed | −1,249,653 | −$18.6M | 5.2% |
| MC Mack Cali Rlty Corp | Trimmed | −947,100 | −$18.1M | 6.2% |
Showing the 10 largest of 26 changes.
quarter ended September 30, 2014 · filed November 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +1,000,000 | +$69.2M | 13.4% |
| CR Commonwealth REIT | Exited | −900,000 | −$23.7M | — |
| PP Post Pptys Inc | Exited | −408,700 | −$21.8M | — |
| EC Equity Comwlth | New | +766,184 | +$19.7M | 3.8% |
| LR Lexington Realty Trust | New | +1,540,150 | +$15.1M | 2.9% |
| D R Horton Inc | New | +731,200 | +$15M | 2.9% |
| C& Cbl & Assoc Pptys Inc | New | +742,550 | +$13.3M | 2.6% |
| EL Equity Lifestyle Pptys Inc | Exited | −230,999 | −$10.2M | — |
| HW Hilton Worldwide Hldgs Inc | Trimmed | −380,050 | −$9.36M | 2.2% |
| C Cyrusone Inc | Exited | −322,550 | −$8.03M | — |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2014 · filed August 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LQ La Quinta Hldgs Inc | New | +1,900,000 | +$36.4M | 7.3% |
| GG General Growth Pptys Inc New | Exited | −1,375,211 | −$30.3M | — |
| PP Parkway Pptys Inc | Trimmed | −1,339,409 | −$27.7M | 4.6% |
| PP Post Pptys Inc | Trimmed | −492,919 | −$26.4M | 4.4% |
| AC Avalonbay Cmntys Inc | Trimmed | −182,749 | −$26M | 5.9% |
| Toll Brothers Inc | Added | +702,900 | +$25.9M | 7.8% |
| AR Alexandria Real Estate Eq In | Exited | −349,760 | −$25.4M | — |
| CR Commonwealth REIT | New | +900,000 | +$23.7M | 4.8% |
| Host Hotels & Resorts Inc | Exited | −1,168,000 | −$23.6M | — |
| MC Mack Cali Rlty Corp | New | +1,000,000 | +$21.5M | 4.3% |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2014 · filed May 15, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BO Brookfield Office Pptys Inc | Exited | −3,544,950 | −$68.2M | — |
| I Ishares | Exited | −1,000,000 | −$63.1M | — |
| HP Hudson Pac Pptys Inc | Exited | −1,670,570 | −$36.5M | — |
| BP Bre Properties Inc | Exited | −583,919 | −$31.9M | — |
| Prologis Inc | New | +759,117 | +$31M | 6.0% |
| Lennar Corp | Added | +735,400 | +$29.1M | 7.9% |
| HH Howard Hughes Corp | Trimmed | −198,395 | −$28.3M | 5.1% |
| RL Rlj Lodging Tr | Trimmed | −977,970 | −$26.2M | 3.7% |
| FC Forest City Enterprises Inc | Exited | −1,208,792 | −$23.1M | — |
| PP Post Pptys Inc | Trimmed | −398,381 | −$19.6M | 8.5% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2013 · filed February 14, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I Ishares | New | +1,000,000 | +$63.1M | 9.2% |
| ER Equity Residential | Exited | −624,350 | −$33.4M | — |
| AC American Campus Cmntys Inc | Exited | −824,634 | −$28.2M | — |
| RO Retail Opportunity Invts Cor | New | +1,594,722 | +$23.5M | 3.4% |
| D Ddr Corp | Exited | −1,317,500 | −$20.7M | — |
| Host Hotels & Resorts Inc | New | +1,018,100 | +$19.8M | 2.9% |
| HH Howard Hughes Corp | Added | +161,286 | +$19.4M | 6.7% |
| ES Empire St Rlty Tr Inc | New | +1,235,100 | +$18.9M | 2.7% |
| BM Blackstone Mtg Tr Inc | Exited | −710,350 | −$17.9M | — |
| BO Brookfield Office Pptys Inc | Added | +914,200 | +$17.6M | 9.9% |
Showing the 10 largest of 30 changes.
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