Adelante Capital Management LLC
CIK 1067926 · View on SEC EDGAR ↗
- Portfolio value
- $1.5B
- Positions
- 42
- As of
- June 30, 2026
#1,846 of 9,443 by 13F value · top 19.5%
Portfolio value QoQ: +4.0% 13F does not disclose cash
- Top 10 holdings weight
- 64.00%
- Top 25 holdings weight
- 90.51%
- Positions above 1%
- 27
- Effective number of positions
- 16.6
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 7.51% Est. buys $112,017,232 · sells $153,662,626
Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 70.0% still held
- New positions
- 5
- Increased
- 14
- Decreased
- 23
- Closed
- 5
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +21.0% · S&P 500: +17.7%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 99.8% · Options excluded: 0.0%
Sector breakdown
Real Estate
98.3%
Health Care
0.5%
Consumer Discretionary
0.1%
Other/Unmapped
1.0%
Full portfolio 42 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| WELL Welltower Inc. Common Stock | $220,721,194 | 14.51% | 972,469 | $17,261,864 | Down ×1 | ||
| PLD Prologis, Inc. Common Stock | $172,652,546 | 11.35% | 1,274,473 | $-2,085,260 | Down ×2 | ||
| EQIX Equinix, Inc. - Common Stock | $129,153,523 | 8.49% | 123,901 | $539,275 | Down ×1 | ||
| SPG Simon Property Group, Inc. Common Stock | $93,282,206 | 6.13% | 417,092 | $9,467,981 | Down ×2 | ||
| DLR Digital Realty Trust, Inc. Common Stock | $87,530,906 | 5.75% | 487,419 | $1,336,767 | Up ×4 | ||
| O Realty Income Corporation Common Stock | $72,114,766 | 4.74% | 1,163,890 | $-906,324 | Down ×2 | ||
| AVB AvalonBay Communities, Inc. Common Stock | $55,000,778 | 3.62% | 291,487 | $1,883,547 | Down ×1 | ||
| VTR Ventas, Inc. Common Stock | $52,736,858 | 3.47% | 593,888 | $2,343,261 | Down ×2 | ||
| EQR Equity Residential Common Shares of Beneficial Interest | $49,119,870 | 3.23% | 723,095 | $-3,772,880 | Down ×1 | ||
| IRM Iron Mountain Incorporated (Delaware)Common Stock REIT | $41,131,393 | 2.70% | 325,641 | $4,674,511 | Down ×1 | ||
| ELS Equity Lifestyle Properties, Inc. Common Stock | $39,646,711 | 2.61% | 615,154 | $5,124,141 | Up ×1 | ||
| BRX Brixmor Property Group Inc. Common Stock | $36,218,540 | 2.38% | 1,148,695 | $2,821 | Down ×1 | ||
| VICI VICI Properties Inc. Common Stock | $35,535,654 | 2.34% | 1,338,445 | $1,778,131 | Up ×1 | ||
| ADC Agree Realty Corporation Common Stock | $32,583,857 | 2.14% | 430,209 | $-597,262 | Down ×1 | ||
| AMH American Homes 4 Rent Common Shares of Beneficial Interest | $28,364,765 | 1.86% | 846,202 | $3,125,110 | Down ×2 | ||
| EXR Extra Space Storage Inc Common Stock | $27,550,276 | 1.81% | 189,610 | $23,666,308 | Down ×4 | ||
| FRT Federal Realty Investment Trust Common Stock | $27,480,152 | 1.81% | 222,622 | Up ×1 | |||
| VNO Vornado Realty Trust Common Stock | $27,030,047 | 1.78% | 687,780 | $6,285,609 | Down ×1 | ||
| RHP Ryman Hospitality Properties, Inc. (REIT) | $25,694,739 | 1.69% | 199,884 | $5,501,433 | Down ×1 | ||
| CTRE CareTrust REIT, Inc. Common Stock | $22,010,785 | 1.45% | 545,493 | $9,092,622 | Up ×1 | ||
| MAA Mid-America Apartment Communities, Inc. Common Stock | $21,864,519 | 1.44% | 157,364 | $2,793,458 | Up ×2 | ||
| DOC Healthpeak Properties, Inc. Common Stock | $21,605,458 | 1.42% | 1,009,623 | ||||
| ESS Essex Property Trust, Inc. Common Stock | $19,826,023 | 1.30% | 67,992 | ||||
| LAMR Lamar Advertising Company - Class A Common Stock | $19,122,343 | 1.26% | 122,594 | $12,499,343 | Up ×4 | ||
| KIM Kimco Realty Corporation (HC) Common Stock | $18,736,000 | 1.23% | 739,084 | $-24,092,681 | Down ×6 | ||
| EPRT Essential Properties Realty Trust, Inc. Common Stock | $16,406,000 | 1.08% | 549,615 | $-3,331,579 | Down ×1 | ||
| Unknown issuer (CUSIP: 471024109) | $15,636,561 | 1.03% | 544,072 | $8,330,715 | Up ×1 | ||
| IVT InvenTrust Properties Corp. Common Stock | $13,400,200 | 0.88% | 378,545 | $3,346,941 | Up ×2 | ||
| MAC Macerich Company (The) Common Stock | $12,574,621 | 0.83% | 499,198 | $4,438,394 | Up ×1 | ||
| MRP Millrose Properties, Inc. Class A Common Stock | $12,345,771 | 0.81% | 410,847 | $-85,661 | Down ×1 | ||
| FR First Industrial Realty Trust, Inc. Common Stock | $11,416,898 | 0.75% | 576,611 | $-20,089,110 | Up ×4 | ||
| PSA Public Storage Common Stock | $10,346,602 | 0.68% | 245,064 | $-860,570 | Down ×1 | ||
| EGP EastGroup Properties, Inc. Common Stock | $8,904,000 | 0.59% | 43,962 | $143,000 | Down ×4 | ||
| AMT American Tower Corporation (REIT) Common Stock | $8,533,000 | 0.56% | 52,165 | $-836,000 | Down ×5 | ||
| BKD Brookdale Senior Living Inc. Common Stock | $8,116,080 | 0.53% | 504,410 | $-39,503,539 | Down ×2 | ||
| CBRE CBRE Group Inc Common Stock Class A | $6,174,237 | 0.41% | 133,209 | $-11,719,105 | Up ×3 | ||
| BXP BXP, Inc. Common Stock | $5,571,000 | 0.37% | 84,018 | $1,504,000 | Up ×2 | ||
| SLG SL Green Realty Corp Common Stock | $5,496,000 | 0.36% | 106,160 | $1,619,000 | Up ×2 | ||
| ARE Alexandria Real Estate Equities, Inc. Common Stock | $3,609,000 | 0.24% | 68,285 | $-12,983,406 | Down ×2 | ||
| SBAC SBA Communications Corporation - Class A Common Stock | $2,736,000 | 0.18% | 15,505 | ||||
| WY Weyerhaeuser Company Common Stock | $1,549,000 | 0.10% | 64,703 | Up ×1 | |||
| HLT Hilton Worldwide Holdings Inc. Common Stock | $1,463,879 | 0.10% | 72,219 | $230,429 | Up ×1 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| KIM | Trimmed | -1.2M | -$24.1M |
| FR | Bought more | +32K | -$20.1M |
| WELL | Trimmed | -57K | +$17.3M |
| ARE | Trimmed | -289K | -$13.0M |
| LAMR | Bought more | +70K | +$12.5M |
| CBRE | Bought more | +1K | -$11.7M |
| SPG | Trimmed | -32K | +$9.5M |
| CTRE | Bought more | +193K | +$9.1M |
| — | Bought more | +234K | +$8.3M |
| VNO | Trimmed | -110K | +$6.3M |
2 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| DOC | Dec. 31, 2025 | 1,305,556 | $26,463,620 | 31.7% |
| HST | Dec. 31, 2025 | 1,343,133 | $22,860,455 | 30.7% |
| TRNO | Dec. 31, 2025 | 283,173 | $16,070,089 | 16.8% |
| INVH | Dec. 31, 2025 | 478,893 | $14,046,292 | 8.6% |
| VRE | March 31, 2026 | 737,176 | $10,968,732 | No longer tracked |
| COLD | June 30, 2026 | 670,972 | $7,689,019 | -3.7% |
| CUZ | March 31, 2026 | 285,108 | $7,350,000 | 30.5% |
| KRC | March 31, 2026 | 136,904 | $5,116,194 | 30.0% |
| SUI | June 30, 2026 | 32,940 | $4,149,503 | 2.2% |
| CSR | June 30, 2026 | 72,201 | $4,148,000 | -2.6% |
| CCI | June 30, 2026 | 38,976 | $3,169,000 | 0.4% |
| PCH | March 31, 2026 | 45,393 | $1,916,492 | No longer tracked |
| RYN | June 30, 2026 | 78,915 | $1,627,000 | 0.6% |
| OHI | Dec. 31, 2025 | 8,357 | $352,833 | 5.4% |
| HPP | Sept. 30, 2025 | 3,043,383 | $60,259 | -24.5% |
| REG | Sept. 30, 2025 | 376,117 | $26,791 | 5.0% |
| SUI | March 31, 2025 | 159,147 | $19,571 | -4.7% |
| BRX | March 31, 2025 | 606,342 | $16,880 | 11.0% |
| MAR | Sept. 30, 2025 | 38,637 | $10,556 | 37.1% |
| SKT | Sept. 30, 2025 | 268,040 | $8,196 | 12.5% |
| SBAC | Sept. 30, 2025 | 13,765 | $3,233 | -5.5% |
| HLT | March 31, 2025 | 3,371 | $833 | 45.3% |
| ESS | March 31, 2025 | 2,161 | $617 | -5.8% |
| CDP | March 31, 2025 | 18,329 | $567 | 36.6% |