Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +23.2%
S&P 500 total return (same window) +37.0%
Excess return -13.8%

Annualized: +18.2% · 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: 99.9% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 95.0%
Utilities 3.0%
Energy 0.7%
Industrials 0.2%
Other/Unmapped 1.1%

Full portfolio 39 positions

05
Type Streak 8Q trend
WELL Welltower Inc. Common Stock $766,627,263 14.10% 3,377,659 $53,699,831 Down ×1
EQIX Equinix, Inc. - Common Stock $607,574,732 11.17% 582,867 $-27,275,744 Down ×1
FRT Federal Realty Investment Trust Common Stock $391,029,899 7.19% 3,167,773 $3,939,588 Down ×1
VNO Vornado Realty Trust Common Stock $369,002,045 6.79% 9,389,365 $175,117,139 Up ×4
VTR Ventas, Inc. Common Stock $354,220,092 6.51% 3,988,965 $11,397,678 Down ×5
DLR Digital Realty Trust, Inc. Common Stock $328,280,680 6.04% 1,828,047 $-26,858,626 Down ×4
ESS Essex Property Trust, Inc. Common Stock $299,661,211 5.51% 1,027,680 $136,790,371 Up ×1
SPG Simon Property Group, Inc. Common Stock $292,992,459 5.39% 1,310,049 $-79,771,145 Down ×2
EXR Extra Space Storage Inc Common Stock $273,448,207 5.03% 1,881,956 $85,432,439 Up ×1
HR Healthcare Realty Trust Incorporated Common Stock $244,770,413 4.50% 12,135,370 $6,326,518 Down ×1
PLD Prologis, Inc. Common Stock $242,353,933 4.46% 1,788,986 $-69,360,742 Down ×2
EQR Equity Residential Common Shares of Beneficial Interest $238,552,498 4.39% 3,511,740 $117,608,789 Up ×1
ELS Equity Lifestyle Properties, Inc. Common Stock $161,685,651 2.97% 2,508,699 $44,005,724 Up ×2
MAC Macerich Company (The) Common Stock $137,028,209 2.52% 5,439,786 $54,167,207 Up ×2
UE Urban Edge Properties Common Shares of Beneficial Interest $95,886,030 1.76% 4,190,823 $17,146,089 Up ×2
CPT Camden Property Trust Common Stock $76,480,236 1.41% 668,008
KRC Kilroy Realty Corporation Common Stock $70,542,071 1.30% 1,882,628
INVH Invitation Homes Inc. Common Stock $67,086,743 1.23% 2,220,680 $9,782,444 Down ×5
TRNO Terreno Realty Corporation Common Stock $63,465,856 1.17% 979,865 $-36,271,441 Down ×1
Unknown issuer (CUSIP: 471024109) $58,859,175 1.08% 2,047,988 $42,949,425 Up ×1
KIM Kimco Realty Corporation (HC) Common Stock $49,637,556 0.91% 1,958,089 $-10,903,320 Down ×1
HST Host Hotels & Resorts, Inc. - Common Stock $35,044,684 0.64% 1,478,055 $-5,148,723 Down ×1
HTO H2O America - Common Stock $31,344,862 0.58% 515,795 $3,038,934 Up ×2
ETR Entergy Corporation Common Stock $23,213,321 0.43% 202,101 $3,653,580 Up ×6
KMI Kinder Morgan, Inc. Common Stock $22,537,955 0.41% 704,972 $4,309,035 Up ×5
BKH Black Hills Corporation Common Stock $19,193,935 0.35% 257,983 $7,275,683 Up ×1
NI NiSource Inc Common Stock $18,710,212 0.34% 393,485 $8,382,068 Up ×1
AEE Ameren Corporation Common Stock $14,443,008 0.27% 127,769 $5,307,117 Up ×1
LNT Alliant Energy Corporation - Common Stock $14,080,769 0.26% 184,569 $3,370,158 Up ×1
WMB Williams Companies, Inc. (The) Common Stock $13,670,606 0.25% 183,893 $4,152,292 Up ×5
PNW Pinnacle West Capital Corporation Common Stock $11,227,617 0.21% 104,931 $6,622,133 Up ×3
UNP Union Pacific Corporation Common Stock $10,594,128 0.19% 38,949 $3,689,163 Up ×5
XEL Xcel Energy Inc. - Common Stock $8,904,547 0.16% 110,891 $2,440,991 Up ×1
SR Spire Inc. Common Stock $8,189,689 0.15% 104,875 $-6,512,106 Down ×1
CEG Constellation Energy Corporation - Common Stock When-Issued $5,541,631 0.10% 22,312 $-55,935 Up ×2
OGE OGE Energy Corp Common Stock $4,294,391 0.08% 88,253 $-4,154,962 Down ×1
CNP CenterPoint Energy, Inc (Holding Co) Common Stock $4,119,325 0.08% 93,536 $2,303,497 Up ×1
AMT American Tower Corporation (REIT) Common Stock $2,104,655 0.04% 12,867 $932,664 Up ×1
PCG Pacific Gas & Electric Co. Common Stock $1,660,605 0.03% 98,728 $344,788 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
VNO $369,002,045 6.79% up ×4
ETR $23,213,321 0.43% up ×6
KMI $22,537,955 0.41% up ×5
WMB $13,670,606 0.25% up ×5
PNW $11,227,617 0.21% up ×3
UNP $10,594,128 0.19% up ×5

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CPT $76,480,236 668,008 1.41%
KRC $70,542,071 1,882,628 1.30%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VNO Bought more +1.9M +$175.1M
ESS Bought more +355K +$136.8M
EQR Bought more +1.5M +$117.6M
EXR Bought more +448K +$85.4M
SPG Trimmed -688K -$79.8M
PLD Trimmed -569K -$69.4M
MAC Bought more +1.1M +$54.2M
WELL Trimmed -228K +$53.7M
ELS Bought more +623K +$44.0M
· Bought more +1.4M +$42.9M

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
DOC Sept. 30, 2025 3,537,527 $61,942,098 1.8%
AVB March 31, 2026 289,587 $52,505,019 No longer tracked
SUI June 30, 2025 242,151 $31,150,305 -12.4%
ADC Dec. 31, 2025 423,011 $30,050,701 -8.5%
KRC June 30, 2025 695,413 $22,781,730 -2.0%
CPT June 30, 2025 180,512 $22,076,618 -14.8%
ESRT March 31, 2026 2,759,969 $17,994,998 -19.8%
CUZ June 30, 2026 442,437 $9,985,803 -6.6%
TXNM June 30, 2025 145,954 $7,805,620 3.7%
WEC March 31, 2026 36,636 $3,863,633 -12.2%
PEG March 31, 2026 44,944 $3,609,003 -15.9%
DUK June 30, 2026 13,598 $1,780,522 -9.8%
NEE June 30, 2025 21,281 $1,508,610 10.7%
OGE Sept. 30, 2025 31,858 $1,413,858 -2.0%
TRGP June 30, 2025 6,059 $1,214,648 61.8%
RSG Sept. 30, 2025 4,801 $1,183,975 -8.7%
SO June 30, 2026 11,400 $1,100,328 -12.5%
WTRG Sept. 30, 2025 23,844 $885,566 -1.3%
CSX June 30, 2025 27,889 $820,773 45.4%
LNG Sept. 30, 2025 2,899 $705,964 14.9%