Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +22.1%
S&P 500 total return (same window) +37.0%
Excess return -14.9%

Annualized: +17.3% · 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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 84.8%
Consumer Discretionary 8.4%
Consumer products 6.7%

Full portfolio 27 positions

05
Type Streak 8Q trend
CTRE CareTrust REIT, Inc. Common Stock $94,363,317 7.97% 2,338,620 $46,202,248 Up ×1
AMT American Tower Corporation (REIT) Common Stock $88,912,563 7.51% 543,575
CBRE CBRE Group Inc Common Stock Class A $75,113,380 6.34% 557,676 $39,099,036 Up ×2
AHR American Healthcare REIT, Inc. Common Stock $73,458,073 6.20% 1,408,592 $25,306,675 Up ×1
CURB Curbline Properties Corp. Common Stock $73,387,698 6.20% 2,414,069 $31,137,695 Up ×2
CDP COPT Defense Properties Common Shares of Beneficial Interest $70,266,688 5.93% 1,930,934 $19,775,005 Up ×3
SBAC SBA Communications Corporation - Class A Common Stock $65,090,624 5.50% 368,869 $30,767,243 Up ×1
REXR Rexford Industrial Realty, Inc. Common Stock $61,958,786 5.23% 1,849,516 Up ×1
RHP Ryman Hospitality Properties, Inc. (REIT) $54,483,347 4.60% 423,830 $52,190,345 Up ×1
BNL Broadstone Net Lease, Inc. Common Stock $50,022,868 4.22% 2,420,071 $1,369,346 Down ×1
NTST NetSTREIT Corp. Common Stock $48,433,658 4.09% 2,292,175 $6,173,357 Up ×1
OUT OUTFRONT Media Inc. Common Stock $43,087,623 3.64% 1,315,251 $8,891,652 Up ×1
EQIX Equinix, Inc. - Common Stock $42,128,192 3.56% 40,415 $-1,665,990 Down ×2
MHO M/I Homes, Inc. Common Stock $41,426,900 3.50% 257,646 Up ×1
TNL Travel Leisure Co. Common Stock $40,227,708 3.40% 526,334 Up ×1
MTH Meritage Homes Corporation Common Stock $38,455,706 3.25% 458,625 $37,064,059 Up ×1
IRT Independence Realty Trust, Inc. Common Stock $37,745,553 3.19% 2,261,567 Up ×1
SKT Tanger Inc. Common Stock $37,591,504 3.17% 952,407 $14,128,620 Up ×1
H Hyatt Hotels Corporation Class A Common Stock $34,882,090 2.95% 179,953 $-50,828 Down ×1
LINE Lineage, Inc. - Common Stock $34,422,978 2.91% 795,907 $2,769,185 Down ×2
PRSU Pursuit Attractions and Hospitality, Inc. Common Stock $24,597,192 2.08% 439,471 $-8,745,559 Down ×2
HIW Highwoods Properties, Inc. Common Stock $24,148,931 2.04% 800,694
WELL Welltower Inc. Common Stock $20,550,545 1.74% 90,543 $-8,232,275 Down ×2
CUBE CubeSmart Common Shares $2,704,917 0.23% 68,014 $-931,130 Down ×1
INVH Invitation Homes Inc. Common Stock $2,555,101 0.22% 84,578 $453,338
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $2,429,068 0.21% 19,231 $464,814
FRT Federal Realty Investment Trust Common Stock $1,910,728 0.16% 15,479 $-71,031,539 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
CDP $70,266,688 5.93% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AMT $88,912,563 543,575 7.51%
REXR $61,958,786 1,849,516 5.23%
MHO $41,426,900 257,646 3.50%
TNL $40,227,708 526,334 3.40%
IRT $37,745,553 2,261,567 3.19%
HIW $24,148,931 800,694 2.04%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
CTRE Bought more +1.0M +$46.2M
CBRE Bought more +292K +$39.1M
CURB Bought more +776K +$31.1M
SBAC Bought more +169K +$30.8M
AHR Bought more +388K +$25.3M
CDP Bought more +281K +$19.8M
SKT Bought more +262K +$14.1M
OUT Bought more +25K +$8.9M
PRSU Trimmed -471K -$8.7M
WELL Trimmed -55K -$8.2M

3 positions 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
PLD June 30, 2026 621,204 $82,110,745 -4.8%
EQR Sept. 30, 2025 1,045,798 $70,580,907 No longer tracked
H Dec. 31, 2025 439,810 $62,422,233 -0.9%
WH June 30, 2026 753,625 $61,216,959 -14.7%
VTR June 30, 2026 624,771 $51,093,772 -5.4%
KIM June 30, 2025 2,057,718 $43,705,931 5.8%
CUZ June 30, 2026 1,764,460 $39,823,862 -6.6%
DBRG March 31, 2026 2,571,868 $39,452,455 3.8%
CPT June 30, 2025 316,446 $38,701,347 -14.8%
AMT June 30, 2025 177,415 $38,605,505 -26.6%
CPT March 31, 2026 345,599 $38,043,538 -1.7%
BXMT June 30, 2026 1,985,984 $38,031,594 -35.7%
RYN June 30, 2025 1,354,183 $37,754,623 -18.6%
WPC Sept. 30, 2025 604,270 $37,694,363 -4.5%
REG June 30, 2026 475,344 $35,964,527 -10.2%
MAC March 31, 2026 1,797,730 $33,186,096 22.0%
NCLH March 31, 2026 1,415,073 $31,584,429 -19.0%
TOL Dec. 31, 2025 205,612 $28,403,242 1.0%
VNO March 31, 2026 848,689 $28,244,370 29.8%
ADC Sept. 30, 2025 386,448 $28,233,891 -7.3%
UDR June 30, 2026 815,632 $27,552,049 -16.7%
PLD June 30, 2025 228,932 $25,592,309 22.6%
HIW March 31, 2026 981,523 $25,342,924 38.6%
DRH June 30, 2025 2,678,153 $20,675,341 64.1%
PHM Dec. 31, 2025 147,637 $19,507,277 -1.3%
PEB June 30, 2025 1,859,487 $18,836,604 90.9%
DBRG Sept. 30, 2025 1,816,915 $18,805,070 36.8%
BXP June 30, 2025 277,849 $18,668,675 -10.4%
CCL Dec. 31, 2025 399,186 $11,540,467 -15.7%
SHO June 30, 2025 945,690 $8,898,944 31.2%
CCI June 30, 2026 46,938 $3,816,529 -12.3%
DLR March 31, 2026 16,064 $2,485,261 -0.9%
EPRT June 30, 2025 74,533 $2,432,757 -18.8%
PSA June 30, 2025 7,872 $2,356,011 -3.3%
GLPI March 31, 2026 46,885 $2,095,291 -15.1%
MTN June 30, 2026 14,977 $1,921,849 3.7%
HGV June 30, 2025 47,248 $1,767,548 -16.1%
MTH Sept. 30, 2025 26,236 $1,757,025 -11.8%
BRX June 30, 2025 54,988 $1,459,931 5.2%
JLL March 31, 2026 3,926 $1,320,981 0.8%
RKT June 30, 2026 25,034 $356,735 -25.7%