Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +12.6%
S&P 500 total return (same window) +13.0%
Excess return -0.4%

Annualized: +17.2% · S&P 500: +17.7%

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 66.4%
Retail 16.5%
Consumer Discretionary 8.8%
Materials 4.0%
Industrials 3.5%
Consumer products 0.7%

Full portfolio 24 positions

05
Type Streak 8Q trend
PLD Prologis, Inc. Common Stock $16,500,246 13.97% 121,800 $8,899,896 Up ×2
CBRE CBRE Group Inc Common Stock Class A $10,734,793 9.09% 79,700 $5,180,933 Up ×1
FRT Federal Realty Investment Trust Common Stock $9,288,366 7.87% 75,246 $-9,143,955 Down ×1
ADC Agree Realty Corporation Common Stock $7,823,942 6.63% 103,300 $2,826,248 Up ×1
SYY Sysco Corporation Common Stock $6,761,622 5.73% 80,900 Up ×1
HLT Hilton Worldwide Holdings Inc. Common Stock $6,186,211 5.24% 18,720 Up ×1
KIM Kimco Realty Corporation (HC) Common Stock $6,157,845 5.21% 242,913 $-1,976,587 Down ×1
TRNO Terreno Realty Corporation Common Stock $5,828,005 4.94% 89,980 $301,433
EQR Equity Residential Common Shares of Beneficial Interest $5,790,761 4.90% 85,246 $748,460
LPX Louisiana-Pacific Corporation Common Stock $4,774,662 4.04% 60,700 $1,231,737 Up ×1
SUI Sun Communities, Inc. Common Stock $4,640,517 3.93% 38,700 Up ×1
LOW Lowe's Companies, Inc. Common Stock $4,233,408 3.58% 19,200 Up ×1
JHX James Hardie Industries plc. Ordinary Shares $4,120,208 3.49% 157,380 Up ×1
PSA Public Storage Common Stock $4,046,993 3.43% 12,714 $-1,368,982 Down ×3
AMH American Homes 4 Rent Common Shares of Beneficial Interest $3,871,560 3.28% 115,500
ESS Essex Property Trust, Inc. Common Stock $3,761,511 3.19% 12,900
HD Home Depot, Inc. (The) Common Stock $2,567,510 2.17% 7,280 Up ×1
DPZ Domino's Pizza Inc - Common Stock $2,315,033 1.96% 7,820 $-3,949,440 Down ×1
MCD McDonald's Corporation Common Stock $1,924,607 1.63% 7,120
BURL Burlington Stores, Inc. Common Stock $1,799,424 1.52% 5,680
ROST Ross Stores, Inc. - Common Stock $1,447,380 1.23% 6,800 $-552,548 Down ×1
PFGC Performance Food Group Company Common Stock $1,423,981 1.21% 12,738 $-7,723,479 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $1,272,600 1.08% 8,400 $-2,911,540 Down ×1
CCS Century Communities, Inc. Common Stock $816,852 0.69% 11,399 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SYY $6,761,622 80,900 5.73%
HLT $6,186,211 18,720 5.24%
SUI $4,640,517 38,700 3.93%
LOW $4,233,408 19,200 3.58%
JHX $4,120,208 157,380 3.49%
AMH $3,871,560 115,500 3.28%
ESS $3,761,511 12,900 3.19%
HD $2,567,510 7,280 2.17%
MCD $1,924,607 7,120 1.63%
BURL $1,799,424 5,680 1.52%
CCS $816,852 11,399 0.69%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FRT Trimmed -98K -$9.1M
PLD Bought more +64K +$8.9M
CBRE Bought more +39K +$5.2M
DPZ Trimmed -10K -$3.9M
TJX Trimmed -18K -$2.9M
ADC Bought more +37K +$2.8M
KIM Trimmed -119K -$2.0M
PSA Trimmed -7K -$1.4M
LPX Bought more +12K +$1.2M
EQR Price move only +0 +$748K

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
AZEK Sept. 30, 2025 57,800 $16,380,520 No longer tracked
DKS Sept. 30, 2025 40,142 $11,778,466 -38.3%
AMH March 31, 2026 350,715 $11,257,952 7.7%
INVH March 31, 2026 378,265 $10,511,984 4.9%
ESS Sept. 30, 2025 42,771 $9,950,245 1.6%
APLE June 30, 2026 652,800 $7,513,728 -2.4%
CHEF June 30, 2026 122,375 $7,275,194 15.6%
LPX Sept. 30, 2025 46,700 $6,885,448 -26.5%
BURL March 31, 2026 20,462 $5,910,449 -16.5%
NNN Sept. 30, 2025 80,600 $5,438,082 -5.1%
BXP March 31, 2026 72,500 $4,892,300 14.4%
REG Sept. 30, 2025 35,684 $4,552,565 -2.2%
EXR March 31, 2026 33,850 $4,407,947 1.4%
REXR Sept. 30, 2025 33,700 $4,161,613 -10.8%
SKT June 30, 2026 102,469 $3,481,897 -12.4%
REXR June 30, 2026 98,211 $3,214,446 9.5%
RLJ Sept. 30, 2025 106,300 $2,858,407 55.0%
MCD March 31, 2026 9,060 $2,769,008 -25.0%
SHW Sept. 30, 2025 74,415 $2,684,149 -8.0%
VICI Dec. 31, 2025 80,817 $2,635,442 -19.9%
UDR March 31, 2026 68,400 $2,508,912 0.2%
AVB Dec. 31, 2025 12,600 $2,433,942 No longer tracked
TXRH March 31, 2026 14,100 $2,340,600 -3.7%
VICI June 30, 2025 59,617 $1,944,707 -30.9%
TREX March 31, 2026 47,811 $1,677,210 21.4%
DHI Dec. 31, 2025 8,963 $1,518,960 -7.5%
WH June 30, 2026 15,800 $1,283,434 -15.4%
CHH June 30, 2026 11,600 $1,200,600 -9.7%