Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +17.6%
S&P 500 total return (same window) +37.0%
Excess return -19.4%

Annualized: +13.9% · 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: 99.6% · Options excluded: 0.0%

Sector breakdown

04
Real Estate 100.0%

Full portfolio 44 positions

05
Type Streak 8Q trend
EQIX Equinix, Inc. - Common Stock $30,275,175 8.28% 29,044 $1,689,416 Down ×2
SPG Simon Property Group, Inc. Common Stock $29,008,747 7.94% 129,706 $5,788,000 Up ×2
WELL Welltower Inc. Common Stock $27,792,023 7.60% 122,448 $5,133,468 Up ×1
PLD Prologis, Inc. Common Stock $24,827,858 6.79% 183,272 $1,372,253 Up ×2
DLR Digital Realty Trust, Inc. Common Stock $24,424,317 6.68% 136,008 $934,124 Up ×1
AMT American Tower Corporation (REIT) Common Stock $22,704,661 6.21% 138,807 $228,187 Up ×4
VTR Ventas, Inc. Common Stock $22,546,586 6.17% 253,903 $3,321,907 Up ×4
IRM Iron Mountain Incorporated (Delaware)Common Stock REIT $19,508,580 5.34% 154,450 $4,554,671 Up ×4
EXR Extra Space Storage Inc Common Stock $15,926,478 4.36% 109,611 $2,128,455 Up ×4
AVB AvalonBay Communities, Inc. Common Stock $13,616,814 3.73% 72,165 $2,445,798 Up ×1
EQR Equity Residential Common Shares of Beneficial Interest $12,200,975 3.34% 179,611 $1,780,401 Up ×4
ESS Essex Property Trust, Inc. Common Stock $9,535,285 2.61% 32,701 $2,163,481 Up ×1
KIM Kimco Realty Corporation (HC) Common Stock $8,830,875 2.42% 348,358 $1,276,349 Up ×1
HST Host Hotels & Resorts, Inc. - Common Stock $8,435,307 2.31% 355,770 $1,901,958 Up ×4
MAA Mid-America Apartment Communities, Inc. Common Stock $8,107,427 2.22% 58,352 $1,274,325 Up ×1
DOC Healthpeak Properties, Inc. Common Stock $7,594,453 2.08% 354,881 $1,919,334 Up ×4
REG Regency Centers Corporation - Common Stock $7,001,890 1.92% 87,809 $510,111 Up ×4
UDR UDR, Inc. Common Stock $6,395,024 1.75% 160,196 $1,187,330 Up ×4
ELS Equity Lifestyle Properties, Inc. Common Stock $6,036,903 1.65% 93,668 $344,574 Up ×4
CPT Camden Property Trust Common Stock $5,802,582 1.59% 50,682 $937,356 Up ×2
BXP BXP, Inc. Common Stock $5,125,829 1.40% 77,301 $1,500,303 Up ×1
FRT Federal Realty Investment Trust Common Stock $5,021,292 1.37% 40,678 $787,337 Up ×4
BRX Brixmor Property Group Inc. Common Stock $4,724,928 1.29% 149,855 $486,317 Up ×4
ARE Alexandria Real Estate Equities, Inc. Common Stock $4,231,805 1.16% 80,072 $779,271 Up ×4
REXR Rexford Industrial Realty, Inc. Common Stock $3,871,562 1.06% 115,569 $106,925 Up ×1
STAG Stag Industrial, Inc. Common Stock $3,703,504 1.01% 97,307 $249,389 Up ×4
MAC Macerich Company (The) Common Stock $3,432,440 0.94% 136,262 $1,105,755 Up ×1
VNO Vornado Realty Trust Common Stock $3,321,086 0.91% 84,506 $1,259,039 Up ×4
KRG Kite Realty Group Trust Common Stock $2,877,335 0.79% 101,386 $514,643 Up ×2
PECO Phillips Edison & Company, Inc. - Common Stock $2,647,282 0.72% 63,606 $357,103 Up ×1
CUZ Cousins Properties Incorporated Common Stock $2,488,190 0.68% 82,995 $546,831 Down ×2
COLD Americold Realty Trust, Inc. Common Stock $2,281,412 0.62% 145,128 $747,124 Up ×6
KRC Kilroy Realty Corporation Common Stock $2,138,900 0.59% 57,083 $610,821 Up ×6
SLG SL Green Realty Corp Common Stock $1,883,341 0.52% 36,379 $620,990 Up ×1
LXP LXP Industrial Trust Common Stock (Maryland REIT) $1,560,634 0.43% 28,965 $255,131 Up ×1
UE Urban Edge Properties Common Shares of Beneficial Interest $1,360,422 0.37% 59,459 $245,898 Up ×4
DRH Diamondrock Hospitality Company - Common Stock $1,340,446 0.37% 110,053 $395,744 Up ×4
AAT American Assets Trust, Inc. Common Stock $586,881 0.16% 23,770 $202,683 Up ×1
UMH UMH Properties, Inc. Common Stock $578,908 0.16% 38,237 $34,522 Up ×4
JBGS JBG SMITH Properties Common Shares $460,213 0.13% 31,371 $1,883
CSR D/B/A Centerspace Common Stock $434,798 0.12% 7,738 $13,402 Up ×1
ESRT Empire State Realty Trust, Inc. Class A Common Stock $319,677 0.09% 59,090 $28,097 Up ×1
HPP Hudson Pacific Properties, Inc. Common Stock $291,982 0.08% 19,222 $185,324 Up ×1
BDN Brandywine Realty Trust Common Stock $229,762 0.06% 72,480 $50,100 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
AMT $22,704,661 6.21% up ×4
VTR $22,546,586 6.17% up ×4
IRM $19,508,580 5.34% up ×4
EXR $15,926,478 4.36% up ×4
EQR $12,200,975 3.34% up ×4
HST $8,435,307 2.31% up ×4
DOC $7,594,453 2.08% up ×4
REG $7,001,890 1.92% up ×4
UDR $6,395,024 1.75% up ×4
ELS $6,036,903 1.65% up ×4
FRT $5,021,292 1.37% up ×4
BRX $4,724,928 1.29% up ×4
ARE $4,231,805 1.16% up ×4
STAG $3,703,504 1.01% up ×4
VNO $3,321,086 0.91% up ×4

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPG Bought more +5K +$5.8M
WELL Bought more +8K +$5.1M
IRM Bought more +8K +$4.6M
VTR Bought more +19K +$3.3M
AVB Bought more +4K +$2.4M
ESS Bought more +2K +$2.2M
EXR Bought more +4K +$2.1M
DOC Bought more +9K +$1.9M
HST Bought more +15K +$1.9M
EQR Bought more +3K +$1.8M

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 144,068 $1,290,849 22.9%
ALEX March 31, 2026 34,138 $704,608 No longer tracked
VRE June 30, 2026 26,298 $496,243 No longer tracked
RLJ Dec. 31, 2025 67,864 $488,621 50.6%