Sector breakdown

04
Real Estate 99.4%
Other/Unmapped 0.6%

Full portfolio 76 positions

05
Type Streak 8Q trend
PLD Prologis, Inc. Common Stock $8,529 9.12% 62,958 $207
EQIX Equinix, Inc. - Common Stock $7,391 7.90% 7,090 $441
WELL Welltower Inc. Common Stock $7,049 7.54% 31,059 $908
SPG Simon Property Group, Inc. Common Stock $4,474 4.78% 20,006 $742
O Realty Income Corporation Common Stock $4,259 4.55% 68,738 $54
DLR Digital Realty Trust, Inc. Common Stock $3,941 4.21% 21,947 $-14
PSA Public Storage Common Stock $3,601 3.85% 11,313 $537
VTR Ventas, Inc. Common Stock $2,771 2.96% 31,205 $219
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $2,564 2.74% 20,300 $491
VICI VICI Properties Inc. Common Stock $2,536 2.71% 95,500 $-73
DOC Healthpeak Properties, Inc. Common Stock $2,028 2.17% 94,755 $471
AVB AvalonBay Communities, Inc. Common Stock $1,982 2.12% 10,502 $266
EQR Equity Residential Common Shares of Beneficial Interest $1,756 1.88% 25,853 $227
WPC W. P. Carey Inc. REIT $1,595 1.71% 22,304 $79
INVH Invitation Homes Inc. Common Stock $1,579 1.69% 52,265 $280
EXR Extra Space Storage Inc Common Stock $1,432 1.53% 9,855 $140
ESS Essex Property Trust, Inc. Common Stock $1,414 1.51% 4,850 $240
BRX Brixmor Property Group Inc. Common Stock $1,394 1.49% 44,211 $121
LAMR Lamar Advertising Company - Class A Common Stock $1,341 1.43% 8,600 $252
NNN NNN REIT, Inc. Common Stock $1,247 1.33% 26,800 $184 Up ×2
HST Host Hotels & Resorts, Inc. - Common Stock $1,229 1.31% 51,843 $236
AMH American Homes 4 Rent Common Shares of Beneficial Interest $1,140 1.22% 34,000 $191
OHI Omega Healthcare Investors, Inc. Common Stock $1,097 1.17% 23,000 $89
MAA Mid-America Apartment Communities, Inc. Common Stock $1,091 1.17% 7,850 $132
STAG Stag Industrial, Inc. Common Stock $1,041 1.11% 27,363 $54
CUBE CubeSmart Common Shares $1,022 1.09% 25,700 $80
EPR EPR Properties Common Stock $1,004 1.07% 17,300 $140
LXP LXP Industrial Trust Common Stock (Maryland REIT) $991 1.06% 18,400 $140
SBRA Sabra Health Care REIT, Inc. - Common Stock $954 1.02% 48,874 $14
BNL Broadstone Net Lease, Inc. Common Stock $909 0.97% 44,000 $105
EPRT Essential Properties Realty Trust, Inc. Common Stock $881 0.94% 29,500 $46 Up ×1
SILA Sila Realty Trust, Inc. Common Stock $880 0.94% 29,000 $193
CPT Camden Property Trust Common Stock $862 0.92% 7,531 $127
KRG Kite Realty Group Trust Common Stock $834 0.89% 29,400 $112
UDR UDR, Inc. Common Stock $834 0.89% 20,888 $128
LTC LTC Properties, Inc. Common Stock $827 0.88% 21,500 $102 Up ×2
KIM Kimco Realty Corporation (HC) Common Stock $819 0.88% 32,295 $228 Up ×3
GTY Getty Realty Corporation Common Stock $817 0.87% 24,500 $38
CTRE CareTrust REIT, Inc. Common Stock $767 0.82% 19,000 $71
COLD Americold Realty Trust, Inc. Common Stock $742 0.79% 47,200 $201
MRP Millrose Properties, Inc. Class A Common Stock $721 0.77% 24,000 $105 Up ×2
OUT OUTFRONT Media Inc. Common Stock $714 0.76% 21,808 $136
CUZ Cousins Properties Incorporated Common Stock $702 0.75% 23,400 $174
HR Healthcare Realty Trust Incorporated Common Stock $657 0.70% 32,582 $103
UMH UMH Properties, Inc. Common Stock $644 0.69% 42,564 $30
GMRE CUSIP: 37954A303 $531 0.57% 14,140 $63
PECO Phillips Edison & Company, Inc. - Common Stock $520 0.56% 12,500 $221 Up ×1
FCPT Four Corners Property Trust, Inc. Common Stock $503 0.54% 20,500 $18
BXP BXP, Inc. Common Stock $465 0.50% 7,014 $101
ARE Alexandria Real Estate Equities, Inc. Common Stock $462 0.49% 8,750 $56
NHI National Health Investors, Inc. Common Stock $458 0.49% 6,000 $175 Up ×1
REG Regency Centers Corporation - Common Stock $431 0.46% 5,399 $23
PK Park Hotels & Resorts Inc. Common Stock $415 0.44% 29,106 $109
IRT Independence Realty Trust, Inc. Common Stock $384 0.41% 23,000 $42
RLJ RLJ Lodging Trust Common Shares of Beneficial Interest $0.01 par value $369 0.39% 31,100 $138
CHCT Community Healthcare Trust Incorporated Common Stock $366 0.39% 20,000 $48
CURB Curbline Properties Corp. Common Stock $304 0.33% 10,000 $46
HIW Highwoods Properties, Inc. Common Stock $292 0.31% 9,698 $84
KRC Kilroy Realty Corporation Common Stock $281 0.30% 7,500 $69
IIPR Innovative Industrial Properties, Inc. Common Stock $273 0.29% 4,404 $52
APLE Apple Hospitality REIT, Inc. Common Shares $269 0.29% 16,000 $85
CSR D/B/A Centerspace Common Stock $254 0.27% 4,519 $-6
VNO Vornado Realty Trust Common Stock $245 0.26% 6,237 $83
SKT Tanger Inc. Common Stock $237 0.25% 6,000 $33
MAC Macerich Company (The) Common Stock $219 0.23% 8,692 $55
MPT Medical Properties Trust, Inc. common stock $201 0.21% 43,500 $0
CLDT Chatham Lodging Trust (REIT) Common Shares of Beneficial Interest $198 0.21% 15,000 $80
BDN Brandywine Realty Trust Common Stock $147 0.16% 46,500 $21
INN Summit Hotel Properties, Inc. Common Stock $131 0.14% 18,700 $48
GNL Global Net Lease, Inc. Common Stock $130 0.14% 14,492 $-6
PEB Pebblebrook Hotel Trust Common Shares of Beneficial Interest $123 0.13% 6,355 $43
NSA National Storage Affiliates Trust Common Shares of Beneficial Interest $116 0.12% 2,600 $18
HPP Hudson Pacific Properties, Inc. Common Stock $82 0.09% 5,428 $50
Unknown issuer (CUSIP: 73933H309) $29 0.03% 2,995 Up ×1
SITC SITE Centers Corp. Common Stock $20 0.02% 5,000 $-7
Unknown issuer (CUSIP: 000000000) $0 0.00% 108 $0

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
KIM $819 0.88% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 73933H309) $29 2,995 0.03%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
WELL Price move only +0 +$908
SPG Price move only +0 +$742
PSA Price move only +0 +$537
IRM Price move only +0 +$491
DOC Price move only +0 +$471
EQIX Price move only +0 +$441
INVH Price move only +0 +$280
AVB Price move only +0 +$266
LAMR Price move only +0 +$252
ESS Price move only +0 +$240

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
AAPL March 31, 2026 34,080 $9,265,000 31.2%
MSFT March 31, 2026 18,590 $8,990,000 41.9%
NVDA March 31, 2026 47,700 $8,896,000 37.0%
META March 31, 2026 13,200 $8,713,000 29.7%
AVGO March 31, 2026 24,600 $8,514,000 17.1%
AMZN March 31, 2026 34,000 $7,848,000 20.7%
JPM March 31, 2026 23,300 $7,508,000 13.0%
GOOGL March 31, 2026 17,700 $5,540,000 20.5%
V March 31, 2026 14,400 $5,050,000 22.3%
JNJ March 31, 2026 23,300 $4,822,000 3.5%
GOOG March 31, 2026 15,000 $4,707,000 19.9%
BRK-B (filed as BRKB) March 31, 2026 9,000 $4,524,000 No longer tracked
WMT March 31, 2026 39,300 $4,378,000 -15.5%
MA March 31, 2026 7,600 $4,339,000 13.0%
ABBV March 31, 2026 17,600 $4,021,000 22.2%
XOM March 31, 2026 31,200 $3,755,000 -3.3%
CSCO March 31, 2026 47,100 $3,628,000 45.4%
COST March 31, 2026 3,800 $3,277,000 -7.3%
HD March 31, 2026 9,500 $3,269,000 -14.5%
IBM March 31, 2026 10,900 $3,229,000 -8.6%
PG March 31, 2026 22,400 $3,210,000 1.0%
LRCX March 31, 2026 18,600 $3,184,000 61.8%
MRK March 31, 2026 29,000 $3,053,000 16.0%
KLAC March 31, 2026 2,250 $2,734,000 -86.0%
AMAT March 31, 2026 10,600 $2,724,000 58.7%
UNH March 31, 2026 8,150 $2,690,000 39.9%
QCOM March 31, 2026 14,500 $2,480,000 40.4%
ABT March 31, 2026 19,700 $2,468,000 -2.5%
MCD March 31, 2026 8,000 $2,445,000 -25.0%
AMGN March 31, 2026 7,400 $2,422,000 14.5%
PEP March 31, 2026 16,100 $2,311,000 -19.1%
BLK March 31, 2026 2,070 $2,216,000 10.9%
BKNG March 31, 2026 410 $2,196,000 -6.0%
GILD March 31, 2026 17,800 $2,185,000 3.8%
VZ March 31, 2026 52,900 $2,155,000 -8.7%
T March 31, 2026 84,200 $2,092,000 -16.4%
ADBE March 31, 2026 5,700 $1,995,000 -1.8%
LOW March 31, 2026 8,100 $1,953,000 -24.0%
UNP March 31, 2026 8,400 $1,943,000 14.2%
CMI March 31, 2026 3,800 $1,940,000 -2.7%
MCK March 31, 2026 2,300 $1,887,000 5.8%
EA March 31, 2026 9,200 $1,880,000 No longer tracked
PFE March 31, 2026 74,800 $1,863,000 -2.4%
BMY March 31, 2026 34,200 $1,845,000 -3.0%
LLY March 31, 2026 1,700 $1,827,000 24.3%
CAH March 31, 2026 8,700 $1,788,000 10.3%
TRV March 31, 2026 5,900 $1,711,000 23.7%
ADP March 31, 2026 6,600 $1,698,000 28.1%
KMI March 31, 2026 61,500 $1,691,000 -6.3%
CDNS March 31, 2026 5,200 $1,625,000 27.2%
COR March 31, 2026 4,800 $1,621,000 0.3%
SRE March 31, 2026 17,900 $1,580,000 -19.6%
ORLY March 31, 2026 17,250 $1,573,000 -9.1%
AFL March 31, 2026 14,100 $1,555,000 2.4%
MRSH March 31, 2026 8,300 $1,540,000 -1.7%
EXPD March 31, 2026 10,300 $1,535,000 35.5%
ITW March 31, 2026 6,200 $1,527,000 1.5%
KEYS March 31, 2026 7,500 $1,524,000 36.1%
HIG March 31, 2026 11,000 $1,516,000 -6.7%
ULTA March 31, 2026 2,500 $1,513,000 3.8%
AMP March 31, 2026 3,000 $1,471,000 11.4%
CTSH March 31, 2026 17,700 $1,469,000 -4.4%
BAC March 31, 2026 26,600 $1,463,000 10.8%
MSI March 31, 2026 3,800 $1,457,000 4.9%
MKL March 31, 2026 670 $1,440,000 -9.8%
D March 31, 2026 24,400 $1,430,000 -1.3%
CVS March 31, 2026 18,000 $1,428,000 21.2%
EBAY March 31, 2026 16,400 $1,428,000 17.7%
ELV March 31, 2026 4,050 $1,420,000 34.8%
HOLX March 31, 2026 18,800 $1,400,000 No longer tracked
MET March 31, 2026 17,500 $1,381,000 37.0%
YUM March 31, 2026 9,000 $1,362,000 -11.9%
SHW March 31, 2026 4,200 $1,361,000 -0.7%
FE March 31, 2026 29,900 $1,339,000 -13.9%
CL March 31, 2026 16,900 $1,335,000 1.1%
CTAS March 31, 2026 7,100 $1,335,000 15.5%
ZTS March 31, 2026 10,500 $1,321,000 -39.6%
DHI March 31, 2026 9,100 $1,311,000 -2.9%
NTAP March 31, 2026 12,200 $1,306,000 118.5%
EXC March 31, 2026 29,900 $1,303,000 -16.7%
PEG March 31, 2026 16,200 $1,301,000 -15.2%
ES March 31, 2026 19,300 $1,299,000 -6.6%
A March 31, 2026 9,500 $1,293,000 50.3%
ATO March 31, 2026 7,700 $1,291,000 -14.4%
AZO March 31, 2026 380 $1,289,000 -16.9%
AFG March 31, 2026 9,300 $1,271,000 9.1%
GWW March 31, 2026 1,250 $1,261,000 18.0%
HSY March 31, 2026 6,900 $1,256,000 -22.6%
MTD March 31, 2026 900 $1,255,000 22.2%
WRB March 31, 2026 17,850 $1,252,000 5.3%
DOV March 31, 2026 6,300 $1,230,000 -8.2%
EVRG March 31, 2026 16,900 $1,225,000 -3.5%
PHM March 31, 2026 10,400 $1,220,000 -3.1%
AOS Dec. 31, 2025 16,600 $1,219,000 -14.8%
NFLX March 31, 2026 13,000 $1,219,000 -29.8%
AIZ Dec. 31, 2025 5,600 $1,213,000 10.6%
SNA March 31, 2026 3,500 $1,206,000 1.2%
JKHY March 31, 2026 6,600 $1,204,000 -8.2%
SEIC Dec. 31, 2025 14,100 $1,196,000 25.9%
TSCO March 31, 2026 23,900 $1,195,000 -30.6%
FAST March 31, 2026 29,700 $1,192,000 9.2%
TXN March 31, 2026 6,800 $1,180,000 51.9%
KR March 31, 2026 18,500 $1,156,000 -18.8%
EIX March 31, 2026 19,100 $1,146,000 -25.9%
WSM March 31, 2026 6,400 $1,143,000 30.9%
OTIS March 31, 2026 13,000 $1,136,000 -14.5%
NVR March 31, 2026 155 $1,130,000 -9.4%
CPAY March 31, 2026 3,700 $1,113,000 38.1%
DGX March 31, 2026 6,400 $1,111,000 18.5%
SYY March 31, 2026 15,000 $1,105,000 7.1%
DKS March 31, 2026 5,500 $1,089,000 -30.8%
KMB March 31, 2026 10,500 $1,059,000 -1.1%
GPC March 31, 2026 8,600 $1,057,000 19.4%
PAYX March 31, 2026 9,150 $1,026,000 8.3%
BBY March 31, 2026 15,000 $1,004,000 36.1%
KDP March 31, 2026 35,800 $1,003,000 17.3%
DPZ March 31, 2026 2,400 $1,000,000 -17.1%
MAS March 31, 2026 15,700 $996,000 13.4%
INCY March 31, 2026 10,000 $988,000 21.3%
RPM March 31, 2026 9,400 $978,000 -4.1%
KHC March 31, 2026 40,000 $970,000 -2.9%
VRSK March 31, 2026 4,300 $962,000 -13.9%
CSL March 31, 2026 3,000 $960,000 -0.8%
GL Dec. 31, 2025 6,700 $958,000 18.6%
PAYC March 31, 2026 6,000 $956,000 85.8%
HPQ March 31, 2026 42,200 $940,000 63.8%
GIS March 31, 2026 20,000 $930,000 -14.9%
LII March 31, 2026 1,900 $923,000 -22.2%
CDW March 31, 2026 6,725 $916,000 10.7%
VRSN March 31, 2026 3,700 $899,000 17.7%
SJM March 31, 2026 8,800 $861,000 20.5%
FICO March 31, 2026 500 $845,000 -35.4%
CPB Dec. 31, 2025 26,200 $827,000 -30.7%
LXP (filed as LXPXXXX) Dec. 31, 2025 92,000 $824,000 22.9%
GDDY March 31, 2026 6,500 $807,000 20.6%
HSIC Dec. 31, 2025 11,900 $790,000 11.4%
CAG Dec. 31, 2025 39,900 $731,000 -23.8%
BAH March 31, 2026 8,300 $700,000 -12.1%
MOH Dec. 31, 2025 3,450 $660,000 11.8%
UPS March 31, 2026 6,600 $655,000 -5.3%
IT March 31, 2026 2,400 $605,000 18.6%
LKQ Dec. 31, 2025 19,600 $599,000 -25.8%
HUM March 31, 2026 2,100 $538,000 133.0%
IPG Dec. 31, 2025 18,200 $508,000 No longer tracked
OMC March 31, 2026 6,260 $505,000 -0.1%
WAT March 31, 2026 1,100 $418,000 47.8%
GMREXXXX Sept. 30, 2025 54,200 $376,000 No longer tracked
PLYM March 31, 2026 3,527 $77,000 No longer tracked
DHC Sept. 30, 2025 20,000 $72,000 71.0%
PW June 30, 2026 29,948 $25 No longer tracked
NYRT June 30, 2026 2,200 $0 No longer tracked