Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.46%
baseline attrition
Rally response
-0.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PLDPrologis, Inc. | $2.57B | 19.8% | +22.3% | 10.5 yr |
| DLRDigital Realty Trust, In | $1.56B | 12.0% | +29.4% | 10.5 yr |
| EQIXEquinix, Inc. | $1.19B | 9.2% | +23.0% | 6.3 yr |
| VTRVentas, Inc. | $928M | 7.1% | +21.4% | 10.5 yr |
| EQREquity Residential | $647M | 5.0% | -14.7% | 10.5 yr |
| PSAPublic Storage | $579M | 4.5% | -5.7% | 10.5 yr |
| ORealty Income Corporatio | $553M | 4.3% | +11.5% | 9.3 yr |
| HYGiShares iBoxx $ High Yie | $492M | 3.8% | — | 2.5 yr |
| INVHInvitation Homes Inc. | $397M | 3.1% | -26.5% | 9.3 yr |
| MAAMid-America Apartment Co | $379M | 2.9% | -24.0% | 10.5 yr |
| BXPBXP, Inc. | $368M | 2.8% | -20.1% | 10.5 yr |
| EXRExtra Space Storage Inc. | $362M | 2.8% | -7.6% | 10.5 yr |
| WELLWelltower Inc. | $337M | 2.6% | +31.2% | 3.3 yr |
| KIMKimco Realty Corporation | $332M | 2.6% | +10.9% | 10.5 yr |
| AREAlexandria Real Estate E | $302M | 2.3% | -47.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Industrial28.9%+1.7pp$3.76B
REIT - Specialty22.5%+4.1pp$2.93B
REIT - Residential12.9%-3.4pp$1.68B
REIT - Healthcare Facilities12.0%+2.0pp$1.56B
REIT - Retail10.5%+1.5pp$1.37B
REIT - Office7.6%-4.0pp$989M
Asset Management - Bonds4.4%+0.7pp$568M
REIT - Hotel & Motel0.6%+0.2pp$73M
REIT - Diversified0.4%-0.4pp$56M
Asset Management0.1%-0.2pp$10M
Country
US100.0%+0.3pp
Top 5: 53.1% · Top 10: 71.6% · Top 25: 94.4%
Top buys this quarter · 15
| KIM Kimco Realty Corporation | +$48M |
| AVB AvalonBay Communities, Inc. | +$46M |
| REG Regency Centers Corporation | +$44M |
| SPG Simon Property Group, Inc. | +$42M |
| HST Host Hotels & Resorts, Inc. | +$36M |
| GLPI Gaming and Leisure Properties,new | +$32M |
| ELS Equity LifeStyle Properties, I | +$24M |
| CTRE CareTrust REIT, Inc.new | +$20M |
| EXR Extra Space Storage Inc. | +$20M |
| CUBE CubeSmart | +$17M |
Top sells this quarter · 15
| PLD Prologis, Inc. | −$2.51B |
| SBRA Sabra Health Care REIT, Inc. | −$46M |
| HR Healthcare Realty Trust Incorp | −$37M |
| VTR Ventas, Inc. | −$910M |
| PSA Public Storage | −$573M |
| SKT Tanger Inc.exit | −$30M |
| EQR Equity Residential | −$29M |
| UDR UDR, Inc. | −$28M |
| CURB Curbline Properties Corp.exit | −$20M |
| WPC W. P. Carey Inc. | −$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.98B | 59 | +3.92% | +17.59% | -13.67% | -0.29B |
| 2025-12-31 | $12.77B | 57 | -1.02% | +17.72% | -18.74% | -0.49B |
| 2025-09-30 | $13.56B | 184 | -4.55% | +17.52% | -22.06% | -0.29B |
| 2025-06-30 | $13.37B | 189 | +2.43% | +14.94% | -12.52% | +0.48B |
| 2025-03-31 | $13.05B | 203 | +3.37% | +8.30% | -4.93% | +0.01B |
| 2024-12-31 | $13.18B | 205 | +4.56% | +24.89% | -20.33% | -0.75B |
| 2024-09-30 | $14.78B | 156 | +28.10% | +36.04% | -7.94% | -4.63B |
| 2024-06-30 | $17.46B | 168 | +7.19% | +24.49% | -17.30% | +0.25B |
| 2024-03-31 | $17.27B | 171 | +11.50% | +29.62% | -18.13% | +0.19B |
| 2023-12-31 | $17.06B | 224 | +13.13% | +26.18% | -13.05% | +3.95B |
| 2023-09-30 | $11.35B | 39 | +2.02% | +21.57% | -19.55% | -0.29B |
| 2023-06-30 | $12.52B | 39 | -3.01% | +19.42% | -22.43% | -0.18B |
| 2023-03-31 | $12.25B | 39 | -23.43% | -7.82% | -15.61% | -0.31B |
| 2022-12-31 | $12.37B | 38 | +4.20% | +7.56% | -3.36% | -0.40B |
| 2022-09-30 | $12.25B | 40 | -11.59% | -4.93% | -6.66% | -0.69B |
| 2022-06-30 | $14.64B | 44 | -18.17% | -16.11% | -2.06% | -0.06B |