Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +18.5%
S&P 500 total return (same window) +37.0%
Excess return -18.5%

Annualized: +14.6% · S&P 500: +28.7%

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: 97.9% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 97.2%
Other/Unmapped 2.8%

Full portfolio 39 positions

05
Type Streak 8Q trend
WELL Welltower Inc. Common Stock $261,901,818 15.65% 1,153,905 $51,557,160 Up ×2
PLD Prologis, Inc. Common Stock $144,379,320 8.63% 1,065,766 $14,238,196 Up ×2
EQIX Equinix, Inc. - Common Stock $124,664,632 7.45% 119,595 $16,126,578 Up ×1
AVB AvalonBay Communities, Inc. Common Stock $106,665,136 6.37% 565,293 $20,850,357 Up ×1
SPG Simon Property Group, Inc. Common Stock $93,430,458 5.58% 417,753 $21,397,235 Up ×1
ESS Essex Property Trust, Inc. Common Stock $91,497,151 5.47% 313,787 $19,155,123 Up ×2
CUBE CubeSmart Common Shares $91,180,997 5.45% 2,292,708 $13,419,776 Up ×2
DLR Digital Realty Trust, Inc. Common Stock $89,355,955 5.34% 497,583 $6,582,799 Up ×1
BRX Brixmor Property Group Inc. Common Stock $75,265,704 4.50% 2,387,114 $11,627,467 Up ×1
HIW Highwoods Properties, Inc. Common Stock $72,381,105 4.33% 2,399,904 $24,674,508 Up ×1
BNL Broadstone Net Lease, Inc. Common Stock $67,416,673 4.03% 3,261,571 $12,256,327 Up ×1
VICI VICI Properties Inc. Common Stock $63,648,315 3.80% 2,397,300 $3,089,574 Up ×1
CURB Curbline Properties Corp. Common Stock $58,167,664 3.48% 1,913,410 $12,472,323 Up ×2
O Realty Income Corporation Common Stock $52,342,879 3.13% 844,785 $-10,079,932 Down ×3
AMH American Homes 4 Rent Common Shares of Beneficial Interest $50,712,039 3.03% 1,512,889 $4,350,237 Down ×3
Unknown issuer (CUSIP: 09264B107) $46,974,390 2.81% 2,171,724 Up ×1
LXP LXP Industrial Trust Common Stock (Maryland REIT) $42,557,603 2.54% 789,859 $8,833,554 Up ×1
PSA Public Storage Common Stock $37,860,110 2.26% 118,941 $7,768,051 Up ×1
PEB Pebblebrook Hotel Trust Common Shares of Beneficial Interest $33,497,564 2.00% 1,725,789 $13,310,530 Up ×1
EQR Equity Residential Common Shares of Beneficial Interest $12,185,555 0.73% 179,384 $1,569,668 Down ×2
INVH Invitation Homes Inc. Common Stock $10,339,101 0.62% 342,241 $2,075,954 Up ×3
MAA Mid-America Apartment Communities, Inc. Common Stock $9,732,052 0.58% 70,045 $2,929,357 Up ×1
SUI Sun Communities, Inc. Common Stock $9,343,027 0.56% 77,917 $907,864 Up ×2
CPT Camden Property Trust Common Stock $6,578,481 0.39% 57,459 $1,756,128 Up ×1
ELS Equity Lifestyle Properties, Inc. Common Stock $6,426,310 0.38% 99,710 $1,325,348 Up ×1
VTR Ventas, Inc. Common Stock $5,357,215 0.32% 60,329 $1,176,049 Up ×2
UDR UDR, Inc. Common Stock $4,979,621 0.30% 124,740 $-453,554 Down ×2
IRT Independence Realty Trust, Inc. Common Stock $1,282,460 0.08% 76,840 $-2,376,609 Down ×6
Unknown issuer (CUSIP: 471024109) $563,821 0.03% 19,618 $106,374 Up ×1
VNO Vornado Realty Trust Common Stock $533,144 0.03% 13,566 $191,220 Up ×1
KRC Kilroy Realty Corporation Common Stock $522,819 0.03% 13,953 $324,418 Up ×1
EGP EastGroup Properties, Inc. Common Stock $443,743 0.03% 2,191 $-48,781 Down ×1
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $391,561 0.02% 3,100
AMT American Tower Corporation (REIT) Common Stock $325,504 0.02% 1,990 $-85,236 Down ×2
REXR Rexford Industrial Realty, Inc. Common Stock $215,774 0.01% 6,441 $-12,850,337 Down ×1
SKT Tanger Inc. Common Stock $93,228 0.01% 2,362 $29,957 Up ×2
STAG Stag Industrial, Inc. Common Stock $74,293 0.00% 1,952 $18,328 Up ×1
PEBPRE CUSIP: 70509V605 $57,661 0.00% 2,960 $-9,958 Down ×1
AHR American Healthcare REIT, Inc. Common Stock $31,290 0.00% 600 $7,710 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
INVH $10,339,101 0.62% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 09264B107) $46,974,390 2,171,724 2.81%
IRM $391,561 3,100 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
WELL Bought more +90K +$51.6M
HIW Bought more +172K +$24.7M
SPG Bought more +32K +$21.4M
AVB Bought more +40K +$20.9M
ESS Bought more +15K +$19.2M
EQIX Bought more +9K +$16.1M
PLD Bought more +81K +$14.2M
CUBE Bought more +171K +$13.4M
PEB Bought more +127K +$13.3M
CURB Bought more +142K +$12.5M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

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.

SecurityQuarterShares beforeValue beforePrice since exit
LXP (filed as LXPXXXX) Dec. 31, 2025 9,135,734 $81,856,177 23.2%
IRM Dec. 31, 2025 315,257 $32,137,298 32.6%
CTRE March 31, 2026 701,884 $25,380,125 -0.1%
EXR Sept. 30, 2025 143,719 $21,189,929 1.8%
RHP March 31, 2026 205,590 $19,452,926 41.3%
MAC Dec. 31, 2025 526,746 $9,586,777 30.6%
GLPI Dec. 31, 2025 194,982 $9,088,111 -11.5%
KRG Dec. 31, 2025 407,520 $9,087,696 3.0%
PECO Dec. 31, 2025 249,810 $8,575,977 7.8%
VICI Sept. 30, 2025 181,230 $5,908,098 -27.1%
WPC Sept. 30, 2025 61,560 $3,840,113 -5.4%
DOC Sept. 30, 2025 127,079 $2,225,153 0.5%
ARE Sept. 30, 2025 27,910 $2,027,103 -48.4%
HR Dec. 31, 2025 80,110 $1,444,383 5.9%
AIV Dec. 31, 2025 55,610 $440,987 -72.6%
GMREXXXX Sept. 30, 2025 29,820 $206,653 No longer tracked
REG June 30, 2026 1,797 $135,961 -7.2%
ADC Dec. 31, 2025 500 $35,520 -7.4%
SILA June 30, 2026 923 $21,857 No longer tracked
LINE June 30, 2026 550 $18,018 -18.2%
LINE June 30, 2025 300 $17,589 -18.8%