Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +19.9%
S&P 500 total return (same window) +37.0%
Excess return -17.1%

Annualized: +15.7% · 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: 99.8% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 97.5%
Other/Unmapped 2.5%

Full portfolio 57 positions

05
Type Streak 8Q trend
WELL Welltower Inc. Common Stock $207,841,195 13.34% 915,721 $46,555,308 Up ×1
PLD Prologis, Inc. Common Stock $129,897,442 8.34% 958,865 $10,368 Down ×3
EQIX Equinix, Inc. - Common Stock $100,553,109 6.45% 96,464 $-34,318,113 Down ×1
DLR Digital Realty Trust, Inc. Common Stock $88,122,241 5.65% 490,713 $37,283,558 Up ×2
SPG Simon Property Group, Inc. Common Stock $63,205,727 4.06% 282,610 $1,695,035 Down ×2
ESS Essex Property Trust, Inc. Common Stock $62,320,364 4.00% 213,726 $28,626,946 Up ×2
EQR Equity Residential Common Shares of Beneficial Interest $49,425,053 3.17% 727,588 $-2,748,264 Down ×1
EXR Extra Space Storage Inc Common Stock $48,193,831 3.09% 331,685 $6,346,052 Up ×2
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $45,183,740 2.90% 357,721 $18,668,809 Up ×1
ADC Agree Realty Corporation Common Stock $43,779,538 2.81% 578,024 $31,685,420 Up ×1
AMH American Homes 4 Rent Common Shares of Beneficial Interest $40,944,244 2.63% 1,221,487
Unknown issuer (CUSIP: 471024109) $38,832,971 2.49% 1,351,182 $24,127,837 Up ×1
CURB Curbline Properties Corp. Common Stock $36,736,515 2.36% 1,208,438 $19,681,923 Up ×1
FR First Industrial Realty Trust, Inc. Common Stock $36,040,777 2.31% 587,845 $1,718,835 Down ×1
AKR Acadia Realty Trust Common Stock $33,921,624 2.18% 1,622,268 $8,795,458 Up ×1
PSA Public Storage Common Stock $33,194,322 2.13% 104,283 $4,965,646 Up ×1
VTR Ventas, Inc. Common Stock $32,577,523 2.09% 366,864 $-26,424,621 Down ×2
BXP BXP, Inc. Common Stock $29,884,259 1.92% 450,675 $29,500,147 Up ×2
DRH Diamondrock Hospitality Company - Common Stock $29,740,868 1.91% 2,441,779 $4,680,344 Down ×1
O Realty Income Corporation Common Stock $26,850,180 1.72% 433,347 $-46,019,483 Down ×1
MAC Macerich Company (The) Common Stock $25,203,174 1.62% 1,000,523 $3,751,561 Down ×1
NTST NetSTREIT Corp. Common Stock $24,930,907 1.60% 1,179,882 $-7,286,809 Down ×1
CUZ Cousins Properties Incorporated Common Stock $24,243,507 1.56% 808,656 $1,953,240 Down ×2
STAG Stag Industrial, Inc. Common Stock $22,957,069 1.47% 603,181 $-1,755,318 Down ×2
CUBE CubeSmart Common Shares $22,215,562 1.43% 558,601 $2,195,023 Up ×1
SUI Sun Communities, Inc. Common Stock $19,288,363 1.24% 160,857 $-2,413,537 Down ×1
WPC W. P. Carey Inc. REIT $19,195,820 1.23% 268,473 $12,911,695 Up ×2
RHP Ryman Hospitality Properties, Inc. (REIT) $18,738,605 1.20% 145,769
MAA Mid-America Apartment Communities, Inc. Common Stock $18,381,623 1.18% 132,299 $-9,188,310 Down ×2
DOC Healthpeak Properties, Inc. Common Stock $17,457,671 1.12% 815,779 $-9,005,473 Down ×1
CTRE CareTrust REIT, Inc. Common Stock $17,406,102 1.12% 431,378 Up ×1
VICI VICI Properties Inc. Common Stock $16,313,223 1.05% 614,434 $-577,340 Down ×1
CTO CTO Realty Growth, Inc. Common Stock $15,281,823 0.98% 710,452 $1,549,374 Down ×1
AMT American Tower Corporation (REIT) Common Stock $14,563,128 0.93% 89,033 $1,587,010 Up ×2
COLD Americold Realty Trust, Inc. Common Stock $13,032,886 0.84% 829,064 $5,966,066 Up ×1
OUT OUTFRONT Media Inc. Common Stock $12,721,199 0.82% 388,315 $-1,951,560 Down ×2
GTY Getty Realty Corporation Common Stock $12,278,582 0.79% 368,063 Up ×1
ARE Alexandria Real Estate Equities, Inc. Common Stock $10,249,782 0.66% 193,941 $7,302,901 Up ×1
BNL Broadstone Net Lease, Inc. Common Stock $10,155,481 0.65% 491,315
FRT Federal Realty Investment Trust Common Stock $7,918,799 0.51% 64,151 $-8,961,475 Down ×1
ELS Equity Lifestyle Properties, Inc. Common Stock $7,520,606 0.48% 116,689 $-3,954,936 Down ×2
GLPI Gaming and Leisure Properties, Inc. - Common Stock $6,554,771 0.42% 147,199 $-25,611 Down ×3
CCI Crown Castle Inc. Common Stock $5,864,455 0.38% 77,439 $-432,110
CPT Camden Property Trust Common Stock $5,626,840 0.36% 49,147
WY Weyerhaeuser Company Common Stock $4,606,056 0.30% 192,400 $-94,276
SBAC SBA Communications Corporation - Class A Common Stock $3,364,210 0.22% 19,065 $-541,310 Down ×2
OHI Omega Healthcare Investors, Inc. Common Stock $789,867 0.05% 16,566 $-18,817,786 Down ×3
PEB Pebblebrook Hotel Trust Common Shares of Beneficial Interest $538,472 0.03% 27,742 $77,553 Down ×1
VNO Vornado Realty Trust Common Stock $495,377 0.03% 12,605 $85,177 Down ×1
SHO Sunstone Hotel Investors, Inc. Sunstone Hotel Investors, Inc. Common Shares $452,229 0.03% 39,496 $23,758 Down ×1
AVB AvalonBay Communities, Inc. Common Stock $440,591 0.03% 2,335 $-12,624,632 Down ×1
DEI Douglas Emmett, Inc. Common Stock $438,217 0.03% 37,137 $26,695 Down ×1
HR Healthcare Realty Trust Incorporated Common Stock $433,917 0.03% 21,513 $36,827 Down ×2
TRNO Terreno Realty Corporation Common Stock $417,378 0.03% 6,444 $21,588
ESRT Empire State Realty Trust, Inc. Class A Common Stock $401,065 0.03% 74,134 $15,568
REXR Rexford Industrial Realty, Inc. Common Stock $397,210 0.03% 11,857 $9,130
EPRPRE CUSIP: 26884U307 $248,918 0.02% 7,835 $1,746 Down ×2

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AMH $40,944,244 1,221,487 2.63%
RHP $18,738,605 145,769 1.20%
CTRE $17,406,102 431,378 1.12%
GTY $12,278,582 368,063 0.79%
BNL $10,155,481 491,315 0.65%
CPT $5,626,840 49,147 0.36%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
WELL Bought more +100K +$46.6M
O Trimmed -758K -$46.0M
DLR Bought more +209K +$37.3M
EQIX Trimmed -41K -$34.3M
ADC Bought more +418K +$31.7M
ESS Bought more +74K +$28.6M
VTR Trimmed -355K -$26.4M
· Bought more +727K +$24.1M
CURB Bought more +547K +$19.7M
IRM Bought more +98K +$18.7M

2 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
CPT June 30, 2025 469,352 $57,401,750 -9.5%
INVH June 30, 2025 1,633,844 $56,939,463 -16.0%
BRX March 31, 2026 1,849,851 $48,503,093 -2.3%
AMH Sept. 30, 2025 1,185,805 $42,771,986 -4.0%
STAG June 30, 2025 1,072,896 $38,753,004 0.4%
ELS Sept. 30, 2025 567,948 $35,025,353 0.2%
RHP March 31, 2026 364,735 $34,511,226 41.3%
SUI June 30, 2025 261,514 $33,641,161 -4.9%
KRG Dec. 31, 2025 1,412,826 $31,506,020 3.0%
REG Dec. 31, 2025 387,119 $28,220,975 7.2%
EPRT Sept. 30, 2025 791,579 $25,259,286 -10.4%
HST June 30, 2025 1,720,921 $24,454,287 60.9%
SBRA Sept. 30, 2025 1,234,266 $22,759,865 4.9%
BNL March 31, 2026 1,289,541 $22,399,327 -5.0%
VICI Dec. 31, 2025 631,907 $20,606,487 -15.5%
INVH June 30, 2026 744,823 $18,508,852 -8.8%
CCI Dec. 31, 2025 175,880 $16,970,661 -3.3%
UE Sept. 30, 2025 687,972 $12,837,558 -5.6%
LTC Dec. 31, 2025 346,614 $12,776,192 27.3%
UDR Sept. 30, 2025 291,788 $11,913,704 -3.8%
XHR June 30, 2026 793,790 $11,771,906 -4.2%
BRX June 30, 2025 437,447 $11,614,218 8.0%
SLG June 30, 2026 302,833 $11,186,651 -3.1%
OUT Sept. 30, 2025 634,424 $10,353,800 69.4%
DRH June 30, 2025 1,285,489 $9,923,975 79.6%
PK March 31, 2026 667,204 $6,978,954 55.3%
HIW June 30, 2026 293,803 $6,290,322 1.2%
SBAC Sept. 30, 2025 26,015 $6,109,363 -4.4%
FVR Sept. 30, 2025 434,606 $5,215,272 29.4%
CURB Dec. 31, 2025 221,145 $4,931,534 24.3%
AD Dec. 31, 2025 97,346 $4,868,273 -37.4%
EGP Dec. 31, 2025 26,362 $4,462,032 11.7%
UE June 30, 2026 221,395 $4,423,472 -15.5%
MPT Dec. 31, 2025 802,397 $4,068,153 -46.0%
PCH Dec. 31, 2025 97,086 $3,956,255 No longer tracked
WY Sept. 30, 2025 94,006 $2,415,014 -21.4%
FCPT March 31, 2026 72,097 $1,662,557 -6.3%
VRE June 30, 2026 23,386 $441,294 No longer tracked