Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +18.2%
S&P 500 total return (same window) +37.0%
Excess return -18.8%

Annualized: +14.3% · 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: 98.2% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 98.3%
Other/Unmapped 1.7%

Full portfolio 44 positions

05
Type Streak 8Q trend
EQIX Equinix, Inc. - Common Stock $328,351,808 11.68% 314,999 $8,918,058 Down ×1
WELL Welltower Inc. Common Stock $287,235,074 10.22% 1,265,520 $47,485,799 Up ×2
PLD Prologis, Inc. Common Stock $154,779,623 5.51% 1,142,538 $-11,736,247 Down ×4
PSA Public Storage Common Stock $147,503,262 5.25% 463,395 $16,217,749 Down ×1
SPG Simon Property Group, Inc. Common Stock $124,654,235 4.44% 557,363 $18,874,378 Down ×1
AMH American Homes 4 Rent Common Shares of Beneficial Interest $120,809,901 4.30% 3,604,114 $19,352,167 Down ×1
AMT American Tower Corporation (REIT) Common Stock $113,730,385 4.05% 695,301 $1,854,192 Up ×5
GLPI Gaming and Leisure Properties, Inc. - Common Stock $102,830,769 3.66% 2,309,247 $15,230,457 Up ×1
EQR Equity Residential Common Shares of Beneficial Interest $102,492,580 3.65% 1,508,797 $17,173,319 Up ×4
REXR Rexford Industrial Realty, Inc. Common Stock $97,056,234 3.45% 2,897,201 $64,958,839 Up ×1
CUBE CubeSmart Common Shares $93,198,529 3.32% 2,343,438 $45,875,609 Up ×4
OUT OUTFRONT Media Inc. Common Stock $86,411,019 3.07% 2,637,699 $3,385,803 Down ×4
SBRA Sabra Health Care REIT, Inc. - Common Stock $83,481,027 2.97% 4,278,884 $9,933,546 Up ×2
COLD Americold Realty Trust, Inc. Common Stock $81,276,267 2.89% 5,170,246 $1,485,066 Down ×1
ESRT Empire State Realty Trust, Inc. Class A Common Stock $70,900,468 2.52% 13,105,447 $23,794,396 Up ×3
FCPT Four Corners Property Trust, Inc. Common Stock $69,597,826 2.48% 2,834,942 $8,918,217 Up ×2
ADC Agree Realty Corporation Common Stock $69,302,403 2.47% 915,004 $15,049,985 Up ×4
AVB AvalonBay Communities, Inc. Common Stock $68,605,797 2.44% 363,590 $12,288,271 Up ×5
ELS Equity Lifestyle Properties, Inc. Common Stock $64,597,333 2.30% 1,002,286 $18,498,228 Up ×1
VTR Ventas, Inc. Common Stock $62,547,701 2.23% 704,366 $-16,235,144 Down ×3
KIM Kimco Realty Corporation (HC) Common Stock $57,271,810 2.04% 2,259,243
VICI VICI Properties Inc. Common Stock $51,106,892 1.82% 1,924,930 $6,973,126 Up ×1
Unknown issuer (CUSIP: 42226B501) $49,101,585 1.75% 3,351,644 Up ×1
UDR UDR, Inc. Common Stock $45,703,011 1.63% 1,144,865 $-576,636 Down ×1
LXP LXP Industrial Trust Common Stock (Maryland REIT) $44,573,415 1.59% 827,272 $-40,014,290 Down ×1
BXP BXP, Inc. Common Stock $30,700,933 1.09% 462,991 $5,421,273 Down ×1
HST Host Hotels & Resorts, Inc. - Common Stock $28,864,957 1.03% 1,217,417 $-10,037,430 Down ×1
DLR Digital Realty Trust, Inc. Common Stock $26,725,455 0.95% 148,822 $772,692 Up ×1
REG Regency Centers Corporation - Common Stock $23,960,594 0.85% 300,484 $21,810,488 Up ×1
NNN NNN REIT, Inc. Common Stock $23,852,860 0.85% 512,634 $-7,291,874 Down ×1
ARE Alexandria Real Estate Equities, Inc. Common Stock $21,539,176 0.77% 407,553 $-48,614,117 Down ×2
INVH Invitation Homes Inc. Common Stock $20,182,244 0.72% 668,065 $3,580,829
KRG Kite Realty Group Trust Common Stock $13,073,616 0.47% 460,663 $-45,106,300 Down ×2
DOC Healthpeak Properties, Inc. Common Stock $11,426,658 0.41% 533,956 $2,653,761
SUI Sun Communities, Inc. Common Stock $11,231,370 0.40% 93,665 $4,538,611 Up ×1
O Realty Income Corporation Common Stock $9,534,467 0.34% 153,881 $926,135 Up ×1
ESS Essex Property Trust, Inc. Common Stock $6,882,982 0.24% 23,605 $1,170,572
FRT Federal Realty Investment Trust Common Stock $1,908,876 0.07% 15,464 $-35,603,859 Down ×2
SBAC SBA Communications Corporation - Class A Common Stock $1,393,858 0.05% 7,899 $5,447 Down ×2
KRC Kilroy Realty Corporation Common Stock $1,322,691 0.05% 35,300 $326,878
WY Weyerhaeuser Company Common Stock $741,542 0.03% 30,975 $-29,664 Down ×1
CCI Crown Castle Inc. Common Stock $94,511 0.00% 1,248 $-199,913 Down ×2
LINE Lineage, Inc. - Common Stock $63,534 0.00% 1,469 $-53,649 Down ×2
CUZ Cousins Properties Incorporated Common Stock $23,714 0.00% 791 $2,746 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
AMT $113,730,385 4.05% up ×5
EQR $102,492,580 3.65% up ×4
CUBE $93,198,529 3.32% up ×4
ESRT $70,900,468 2.52% up ×3
ADC $69,302,403 2.47% up ×4
AVB $68,605,797 2.44% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
KIM $57,271,810 2,259,243 2.04%
Unknown issuer (CUSIP: 42226B501) $49,101,585 3,351,644 1.75%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
REXR Bought more +1.9M +$65.0M
ARE Trimmed -1.1M -$48.6M
WELL Bought more +53K +$47.5M
CUBE Bought more +1.1M +$45.9M
KRG Trimmed -1.9M -$45.1M
LXP Trimmed -1.0M -$40.0M
ESRT Bought more +4.0M +$23.8M
AMH Trimmed -30K +$19.4M
SPG Trimmed -10K +$18.9M
ELS Bought more +264K +$18.5M

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
LXP (filed as LXPXXXX) Dec. 31, 2025 9,756,056 $87,414,262 23.2%
OHI Dec. 31, 2025 1,691,009 $71,394,400 4.3%
NHI Sept. 30, 2025 552,453 $38,738,004 -15.6%
NTST Dec. 31, 2025 1,606,352 $29,010,717 -1.6%
IRM June 30, 2025 194,144 $16,704,150 7.2%
HIW June 30, 2025 379,331 $11,243,371 -1.9%
DRH March 31, 2026 1,130,355 $10,127,981 46.9%
CURB June 30, 2026 220,275 $5,680,892 -5.1%
KIM Sept. 30, 2025 261,563 $5,498,054 8.1%
CDP March 31, 2026 185,258 $5,150,172 10.9%
EXR March 31, 2026 23,416 $3,049,232 9.4%
LAMR June 30, 2026 2,862 $362,501 -0.6%
STAG June 30, 2026 6,621 $238,753 -4.3%
FR June 30, 2026 3,159 $182,748 -11.2%
IVT June 30, 2026 1,843 $56,138 -15.0%
HR June 30, 2025 172 $2,907 13.2%