Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +20.1%
S&P 500 total return (same window) +37.0%
Excess return -16.9%

Annualized: +15.8% · 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: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 93.7%
Health Care 2.1%
Energy 1.1%
Consumer Discretionary 0.8%
Utilities 0.7%
Industrials 0.1%
Technology 0.1%
Other/Unmapped 1.5%

Full portfolio 83 positions

05
Type Streak 8Q trend
WELL Welltower Inc. Common Stock $83,214,219 11.53% 352,513 $21,338,304 Up ×2
EQIX Equinix, Inc. - Common Stock $63,071,147 8.74% 62,944 $9,086,389 Up ×1
PLD Prologis, Inc. Common Stock $62,668,905 8.68% 449,465 $-1,733,553 Down ×1
DLR Digital Realty Trust, Inc. Common Stock $42,679,631 5.91% 246,276 $4,952,848 Up ×2
EQR Equity Residential Common Shares of Beneficial Interest $32,986,505 4.57% 472,383 $13,941,625 Up ×1
SPG Simon Property Group, Inc. Common Stock $29,076,289 4.03% 128,622 $9,038,490 Up ×1
UDR UDR, Inc. Common Stock $28,508,941 3.95% 693,817 $17,510,849 Up ×1
BRX Brixmor Property Group Inc. Common Stock $28,321,800 3.92% 907,750 $11,173,704 Up ×2
CUBE CubeSmart Common Shares $25,343,097 3.51% 618,426 $7,224,803 Up ×1
EGP EastGroup Properties, Inc. Common Stock $22,258,332 3.08% 105,325 $7,653,806 Up ×2
EXR Extra Space Storage Inc Common Stock $20,952,999 2.90% 140,304 $2,822,965 Up ×1
GLPI Gaming and Leisure Properties, Inc. - Common Stock $20,645,381 2.86% 469,747 $6,241,548 Up ×2
AHR American Healthcare REIT, Inc. Common Stock $18,595,539 2.58% 337,855 $18,106,961 Up ×1
EPRT Essential Properties Realty Trust, Inc. Common Stock $17,964,295 2.49% 576,148 $1,122,449 Up ×2
SNDA Sonida Senior Living, Inc. Common Stock $14,813,220 2.05% 350,941 $-6,750,646 Down ×6
NTST NetSTREIT Corp. Common Stock $13,131,981 1.82% 606,278 Up ×1
BNL Broadstone Net Lease, Inc. Common Stock $12,609,963 1.75% 593,410 $-2,088,252 Down ×2
SLG SL Green Realty Corp Common Stock $12,604,128 1.75% 235,944 $-1,821,090 Down ×1
AMT American Tower Corporation (REIT) Common Stock $12,566,479 1.74% 75,688 $12,046,150 Up ×3
FR First Industrial Realty Trust, Inc. Common Stock $11,711,918 1.62% 187,691
Unknown issuer (CUSIP: 471024109) $9,950,595 1.38% 341,710 Up ×1
HST Host Hotels & Resorts, Inc. - Common Stock $9,820,777 1.36% 420,590 $-7,477,063 Down ×1
FRT Federal Realty Investment Trust Common Stock $9,819,166 1.36% 80,690 $-7,993,313 Down ×1
CPT Camden Property Trust Common Stock $8,668,175 1.20% 73,929 $-5,575,145 Down ×2
VTR Ventas, Inc. Common Stock $8,651,638 1.20% 93,511 $-1,412,618 Down ×4
CBRE CBRE Group Inc Common Stock Class A $8,042,310 1.11% 56,804 $-7,351,906 Down ×1
COLD Americold Realty Trust, Inc. Common Stock $7,143,391 0.99% 439,864 $6,813,343 Up ×1
SKT Tanger Inc. Common Stock $6,162,213 0.85% 155,887 Up ×1
SUI Sun Communities, Inc. Common Stock $5,835,089 0.81% 47,198 $4,988,638 Up ×1
HLT Hilton Worldwide Holdings Inc. Common Stock $5,528,262 0.77% 16,350 $-358,727 Down ×4
REG Regency Centers Corporation - Common Stock $4,835,498 0.67% 59,727
INVH Invitation Homes Inc. Common Stock $4,555,107 0.63% 149,201 $3,683,245 Up ×1
SBRA Sabra Health Care REIT, Inc. - Common Stock $3,072,868 0.43% 152,424
AVB AvalonBay Communities, Inc. Common Stock $3,047,306 0.42% 15,711 $2,170,116 Up ×3
VICI VICI Properties Inc. Common Stock $2,934,807 0.41% 107,937
ADC Agree Realty Corporation Common Stock $2,855,860 0.40% 36,703 $-13,303,275 Down ×1
DOC Healthpeak Properties, Inc. Common Stock $2,844,693 0.39% 129,954 Up ×1
WPC W. P. Carey Inc. REIT $2,810,507 0.39% 39,407 Up ×1
O Realty Income Corporation Common Stock $2,602,182 0.36% 40,761 Up ×1
PSA Public Storage Common Stock $2,339,785 0.32% 7,098
CDP COPT Defense Properties Common Shares of Beneficial Interest $2,184,935 0.30% 58,002 Up ×1
HR Healthcare Realty Trust Incorporated Common Stock $2,089,421 0.29% 101,379 Up ×1
SBAC SBA Communications Corporation - Class A Common Stock $1,990,480 0.28% 10,785 Up ×1
HIW Highwoods Properties, Inc. Common Stock $1,818,664 0.25% 57,083 $1,080,597 Up ×2
ENB Enbridge Inc Common Stock $1,810,822 0.25% 33,525 Up ×1
KMI Kinder Morgan, Inc. Common Stock $1,513,360 0.21% 47,204 Up ×1
KRG Kite Realty Group Trust Common Stock $1,300,781 0.18% 45,355
ED Consolidated Edison, Inc. Common Stock $1,177,061 0.16% 10,326 Up ×1
ARE Alexandria Real Estate Equities, Inc. Common Stock $1,158,180 0.16% 22,027 Up ×1
VNQI Vanguard Global ex-U.S. Real Estate ETF $1,119,651 0.16% 24,700 Up ×1
ES Eversource Energy (D/B/A) Common Stock $1,074,169 0.15% 14,430 Up ×1
CCI Crown Castle Inc. Common Stock $1,044,058 0.14% 13,630 $-8,690,375 Down ×1
WMB Williams Companies, Inc. (The) Common Stock $1,030,689 0.14% 14,092 Up ×1
CURB Curbline Properties Corp. Common Stock $879,860 0.12% 29,000 Up ×1
FER Ferrovial SE - Ordinary Shares $864,769 0.12% 12,560 Up ×1
BDN Brandywine Realty Trust Common Stock $861,821 0.12% 265,994 $734,072 Up ×1
OKE ONEOK, Inc. Common Stock $846,769 0.12% 9,641 Up ×1
AWK American Water Works Company, Inc. Common Stock $805,421 0.11% 5,885 Up ×1
REXR Rexford Industrial Realty, Inc. Common Stock $773,146 0.11% 22,600 Up ×1
RHP Ryman Hospitality Properties, Inc. (REIT) $767,100 0.11% 6,000 $219,016 Up ×2
EIX Edison International Common Stock $708,405 0.10% 9,363 Up ×1
PBA Pembina Pipeline Corp. Ordinary Shares (Canada) $700,795 0.10% 14,886 Up ×1
LNG Cheniere Energy, Inc. Common Stock $694,865 0.10% 2,825 Up ×1
NNN NNN REIT, Inc. Common Stock $670,173 0.09% 14,100
NUAI New Era Energy & Digital, Inc. - Common Stock $640,328 0.09% 134,100 Up ×1
MAC Macerich Company (The) Common Stock $607,985 0.08% 23,880 $-274,267 Down ×1
EPR EPR Properties Common Stock $568,660 0.08% 9,622 $252,913 Up ×1
UE Urban Edge Properties Common Shares of Beneficial Interest $560,224 0.08% 24,400 Up ×1
LXP LXP Industrial Trust Common Stock (Maryland REIT) $552,155 0.08% 9,938 $-277,657 Down ×1
SRE DBA Sempra Common Stock $544,959 0.08% 5,856 Up ×1
APLE Apple Hospitality REIT, Inc. Common Shares $539,136 0.07% 32,400
TRP TC Energy Corporation Common Stock $482,621 0.07% 7,236 Up ×1
KRC Kilroy Realty Corporation Common Stock $467,908 0.06% 11,900 Up ×1
MPT Medical Properties Trust, Inc. common stock $456,292 0.06% 99,410 $-22,959 Down ×1
PDM Piedmont Realty Trust, Inc. Class A Common Stock $433,815 0.06% 45,142
WULF TeraWulf Inc. - Common Stock $404,538 0.06% 19,100 Up ×1
IRT Independence Realty Trust, Inc. Common Stock $400,150 0.06% 23,090 $72,719 Up ×1
FTS Fortis Inc. Common Shares $397,983 0.06% 6,902 Up ×1
AKR Acadia Realty Trust Common Stock $370,098 0.05% 17,400 $40,087 Up ×1
CUZ Cousins Properties Incorporated Common Stock $366,197 0.05% 11,790 $-170,743 Down ×1
SHO Sunstone Hotel Investors, Inc. Sunstone Hotel Investors, Inc. Common Shares $271,982 0.04% 23,900
DEA Easterly Government Properties, Inc. Common Stock $260,278 0.04% 10,191 Up ×1
SOBO South Bow Corporation Common Shares $255,127 0.04% 7,347 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
AMT $12,566,479 1.74% up ×3
AVB $3,047,306 0.42% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
NTST $13,131,981 606,278 1.82%
FR $11,711,918 187,691 1.62%
Unknown issuer (CUSIP: 471024109) $9,950,595 341,710 1.38%
SKT $6,162,213 155,887 0.85%
REG $4,835,498 59,727 0.67%
SBRA $3,072,868 152,424 0.43%
VICI $2,934,807 107,937 0.41%
DOC $2,844,693 129,954 0.39%
WPC $2,810,507 39,407 0.39%
O $2,602,182 40,761 0.36%
PSA $2,339,785 7,098 0.32%
CDP $2,184,935 58,002 0.30%
HR $2,089,421 101,379 0.29%
SBAC $1,990,480 10,785 0.28%
ENB $1,810,822 33,525 0.25%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
WELL Bought more +40K +$21.3M
UDR Bought more +368K +$17.5M
EQR Bought more +150K +$13.9M
BRX Bought more +312K +$11.2M
EQIX Bought more +8K +$9.1M
SPG Bought more +21K +$9.0M
FRT Trimmed -87K -$8.0M
EGP Bought more +26K +$7.7M
HST Trimmed -482K -$7.5M
CBRE Trimmed -57K -$7.4M

4 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
VICI Sept. 30, 2025 766,949 $25,316,986 -30.5%
SUI June 30, 2025 155,294 $19,977,020 -12.4%
FR June 30, 2025 247,995 $13,381,810 23.5%
NNN Sept. 30, 2025 297,980 $12,875,716 -3.8%
MAC June 30, 2025 730,133 $12,536,384 42.5%
SHO June 30, 2025 931,542 $8,765,810 31.2%
HPP Sept. 30, 2025 2,227,200 $6,035,712 -40.6%
IYR June 30, 2026 19,190 $1,814,606 -5.5%
VRE March 31, 2026 117,887 $1,749,443 No longer tracked
VNQ March 31, 2026 9,180 $812,614
PK June 30, 2026 52,030 $547,876 9.0%
KIM June 30, 2026 23,930 $537,707 -12.3%
SMA June 30, 2026 16,990 $514,457 0.0%
APLE March 31, 2026 40,960 $493,978 43.4%
UHG June 30, 2025 155,987 $436,764 No longer tracked
PDM March 31, 2026 46,430 $384,905 37.0%
ESRT March 31, 2026 59,110 $382,442 -19.8%
REG March 31, 2026 5,370 $364,945 -5.4%
MAR Dec. 31, 2025 1,150 $299,506 15.7%
UMH March 31, 2026 18,360 $291,924 6.8%
DEI March 31, 2026 24,510 $271,326 4.2%
SBRA March 31, 2026 13,920 $266,568 -0.4%
GTY March 31, 2026 9,670 $266,505 -11.3%
PSA Dec. 31, 2025 870 $251,300 9.4%
KRG Dec. 31, 2025 9,600 $214,080 1.8%
APLE June 30, 2025 12,730 $164,344 41.5%
HST June 30, 2025 11,470 $162,989 46.9%
CHCT Dec. 31, 2025 10,300 $157,590 -17.1%
GNL June 30, 2026 13,300 $124,488 -7.7%
MPT Dec. 31, 2025 23,560 $119,449 -34.6%
LXP (filed as LXPXXXX) Sept. 30, 2025 14,190 $118,487 36.0%
GNL June 30, 2025 10,680 $85,867 9.3%
MPT June 30, 2025 14,200 $85,626 -24.1%
ESRT June 30, 2025 10,860 $84,925 -48.5%