Q3 2023
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| WH | Buy | WYNDHAM HOTELS & RESORTS INC | $47,436,573 | +5.6% | 682,148 | +4.2% | 8.39% | +5.0% |
| AMT | Buy | AMERICAN TOWER CORP NEW | $37,851,126 | +103.8% | 230,168 | +140.3% | 6.70% | +102.5% |
| BRX | Buy | BRIXMOR PPTY GROUP INC | $36,927,472 | -1.4% | 1,777,068 | +4.3% | 6.53% | -2.0% |
| REXR | Buy | REXFORD INDL RLTY INC | $33,114,492 | -1.5% | 671,013 | +4.2% | 5.86% | -2.1% |
| VTR | Buy | VENTAS INC | $32,421,353 | +24.6% | 769,555 | +39.8% | 5.74% | +23.8% |
| ADC | New | AGREE RLTY CORP | $30,172,253 | – | 546,203 | – | 5.34% | – |
| VICI | Buy | VICI PPTYS INC | $29,693,902 | +1301.8% | 1,020,409 | +1414.0% | 5.25% | +1293.6% |
| EGP | Buy | EASTGROUP PPTYS INC | $28,835,337 | +0.0% | 173,154 | +4.3% | 5.10% | -0.6% |
| WFG | Sell | WEST FRASER TIMBER CO LTD | $28,828,991 | -24.4% | 397,422 | -10.5% | 5.10% | -24.9% |
| COLD | Sell | AMERICOLD REALTY TRUST INC | $26,756,117 | -37.8% | 879,846 | -33.9% | 4.73% | -38.2% |
| KRG | Sell | KITE RLTY GROUP TR | $21,986,795 | -25.1% | 1,026,461 | -21.9% | 3.89% | -25.5% |
| Sell | DIGITALBRIDGE GROUP INCcl a new | $21,813,844 | -18.8% | 1,240,833 | -32.1% | 3.86% | -19.4% | |
| AMH | Buy | AMERICAN HOMES 4 RENTcl a | $20,576,910 | -1.5% | 610,772 | +3.6% | 3.64% | -2.1% |
| SBRA | New | SABRA HEALTH CARE REIT INC | $19,984,914 | – | 1,433,638 | – | 3.54% | – |
| AVB | Buy | AVALONBAY CMNTYS INC | $18,606,827 | +13.2% | 108,343 | +24.7% | 3.29% | +12.5% |
| HLT | New | HILTON WORLDWIDE HLDGS INC | $17,489,812 | – | 116,459 | – | 3.09% | – |
| RCL | New | ROYAL CARIBBEAN GROUP | $17,247,409 | – | 187,187 | – | 3.05% | – |
| New | HEALTHCARE RLTY TR | $17,249,985 | – | 1,129,665 | – | 3.05% | – | |
| HST | Buy | HOST HOTELS & RESORTS INC | $15,598,200 | -0.1% | 970,641 | +4.6% | 2.76% | -0.7% |
| New | FEDERAL RLTY INVT TR NEWsh ben int new | $15,520,478 | – | 171,251 | – | 2.75% | – | |
| OHI | New | OMEGA HEALTHCARE INVS INC | $13,012,547 | – | 392,417 | – | 2.30% | – |
| SKT | Sell | TANGER FACTORY OUTLET CTRS I | $12,748,027 | -36.3% | 564,072 | -37.8% | 2.26% | -36.7% |
| DHI | New | D R HORTON INC | $9,863,597 | – | 91,780 | – | 1.74% | – |
| SBAC | Sell | SBA COMMUNICATIONS CORP NEWcl a | $2,788,768 | -91.9% | 13,932 | -90.6% | 0.49% | -91.9% |
| DLR | Sell | DIGITAL RLTY TR INC | $1,203,665 | -94.3% | 9,946 | -94.7% | 0.21% | -94.4% |
| WELL | Exit | WELLTOWER INC | $0 | – | -16,912 | – | -0.24% | – |
| CUZ | Exit | COUSINS PPTYS INC | $0 | – | -649,047 | – | -2.64% | – |
| ENSG | Exit | ENSIGN GROUP INC | $0 | – | -160,926 | – | -2.74% | – |
| Exit | SAFEHOLD INC | $0 | – | -829,490 | – | -3.50% | – | |
| JLL | Exit | JONES LANG LASALLE INC | $0 | – | -128,830 | – | -3.57% | – |
| ESS | Exit | ESSEX PPTY TR INC | $0 | – | -105,207 | – | -4.39% | – |
Q2 2023
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| WH | New | WYNDHAM HOTELS & RESORTS INC | $44,902,653 | – | 654,844 | – | 7.99% | – |
| COLD | New | AMERICOLD REALTY TRUST INC | $43,002,444 | – | 1,331,345 | – | 7.66% | – |
| WFG | New | WEST FRASER TIMBER CO LTD | $38,158,096 | – | 443,802 | – | 6.79% | – |
| BRX | New | BRIXMOR PPTY GROUP INC | $37,466,220 | – | 1,703,010 | – | 6.67% | – |
| SBAC | New | SBA COMMUNICATIONS CORP NEWcl a | $34,313,227 | – | 148,055 | – | 6.11% | – |
| REXR | New | REXFORD INDL RLTY INC | $33,627,069 | – | 643,950 | – | 5.99% | – |
| KRG | New | KITE RLTY GROUP TR | $29,342,474 | – | 1,313,450 | – | 5.22% | – |
| EGP | New | EASTGROUP PPTYS INC | $28,831,836 | – | 166,082 | – | 5.13% | – |
| New | DIGITALBRIDGE GROUP INCcl a new | $26,874,273 | – | 1,826,939 | – | 4.78% | – | |
| VTR | New | VENTAS INC | $26,022,608 | – | 550,510 | – | 4.63% | – |
| ESS | New | ESSEX PPTY TR INC | $24,650,001 | – | 105,207 | – | 4.39% | – |
| DLR | New | DIGITAL RLTY TR INC | $21,245,865 | – | 186,580 | – | 3.78% | – |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $20,890,472 | – | 589,294 | – | 3.72% | – |
| JLL | New | JONES LANG LASALLE INC | $20,071,714 | – | 128,830 | – | 3.57% | – |
| SKT | New | TANGER FACTORY OUTLET CTRS I | $20,009,875 | – | 906,655 | – | 3.56% | – |
| New | SAFEHOLD INC | $19,683,798 | – | 829,490 | – | 3.50% | – | |
| AMT | New | AMERICAN TOWER CORP NEW | $18,574,411 | – | 95,774 | – | 3.31% | – |
| AVB | New | AVALONBAY CMNTYS INC | $16,443,210 | – | 86,877 | – | 2.93% | – |
| HST | New | HOST HOTELS & RESORTS INC | $15,617,213 | – | 927,939 | – | 2.78% | – |
| ENSG | New | ENSIGN GROUP INC | $15,361,995 | – | 160,926 | – | 2.74% | – |
| CUZ | New | COUSINS PPTYS INC | $14,798,272 | – | 649,047 | – | 2.64% | – |
| PSA | New | PUBLIC STORAGE | $2,306,728 | – | 7,903 | – | 0.41% | – |
| EQIX | New | EQUINIX INC | $2,227,174 | – | 2,841 | – | 0.40% | – |
| VICI | New | VICI PPTYS INC | $2,118,319 | – | 67,398 | – | 0.38% | – |
| SUI | New | SUN CMNTYS INC | $1,617,704 | – | 12,400 | – | 0.29% | – |
| VAC | New | MARRIOTT VACATIONS WORLDWIDE | $1,382,441 | – | 11,265 | – | 0.25% | – |
| WELL | New | WELLTOWER INC | $1,368,012 | – | 16,912 | – | 0.24% | – |
| INVH | New | INVITATION HOMES INC | $786,350 | – | 22,859 | – | 0.14% | – |
Q4 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Exit | DIGITALBRIDGE GROUP INC | $0 | – | -88,225 | – | -0.34% | – | |
| INVH | Exit | INVITATION HOMES INC | $0 | – | -51,905 | – | -0.53% | – |
| GLPI | Exit | GAMING & LEISURE PPTYS INC | $0 | – | -43,423 | – | -0.58% | – |
| DHI | Exit | D R HORTON INC | $0 | – | -94,479 | – | -1.94% | – |
| EQIX | Exit | EQUINIX INC | $0 | – | -11,300 | – | -1.96% | – |
| RHP | Exit | RYMAN HOSPITALITY PPTYS INC | $0 | – | -95,288 | – | -2.13% | – |
| Exit | TRICON RESIDENTIAL INC | $0 | – | -971,508 | – | -2.56% | – | |
| RADI | Exit | RADIUS GLOBAL INFRASTRCTRE I | $0 | – | -900,019 | – | -2.58% | – |
| COLD | Exit | AMERICOLD REALTY TRUST INC | $0 | – | -401,429 | – | -3.00% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -47,786 | – | -3.12% | – |
| MAA | Exit | MID-AMER APT CMNTYS INC | $0 | – | -66,878 | – | -3.16% | – |
| O | Exit | REALTY INCOME CORP | $0 | – | -179,350 | – | -3.18% | – |
| TNL | Exit | TRAVEL PLUS LEISURE CO | $0 | – | -311,776 | – | -3.24% | – |
| NTST | Exit | NETSTREIT CORP | $0 | – | -679,341 | – | -3.68% | – |
| MTH | Exit | MERITAGE HOMES CORP | $0 | – | -179,077 | – | -3.83% | – |
| SAFE | Exit | SAFEHOLD INC | $0 | – | -499,264 | – | -4.02% | – |
| JLL | Exit | JONES LANG LASALLE INC | $0 | – | -92,241 | – | -4.24% | – |
| VTR | Exit | VENTAS INC | $0 | – | -379,353 | – | -4.64% | – |
| IRT | Exit | INDEPENDENCE RLTY TR INC | $0 | – | -926,781 | – | -4.72% | – |
| REG | Exit | REGENCY CTRS CORP | $0 | – | -295,542 | – | -4.84% | – |
| DOC | Exit | PHYSICIANS RLTY TR | $0 | – | -1,131,523 | – | -5.18% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -328,558 | – | -5.20% | – |
| HLT | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -156,019 | – | -5.73% | – |
| CTRE | Exit | CARETRUST REIT INC | $0 | – | -1,085,322 | – | -5.98% | – |
| KRG | Exit | KITE RLTY GROUP TR | $0 | – | -1,157,821 | – | -6.07% | – |
| DLR | Exit | DIGITAL RLTY TR INC | $0 | – | -222,124 | – | -6.70% | – |
| WFG | Exit | WEST FRASER TIMBER CO LTD | $0 | – | -310,825 | – | -6.86% | – |
Q3 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| WFG | Buy | WEST FRASER TIMBER CO LTD | $22,533,000 | +48.4% | 310,825 | +57.0% | 6.86% | +53.8% |
| DLR | Buy | DIGITAL RLTY TR INC | $22,029,000 | +10.5% | 222,124 | +44.6% | 6.70% | +14.5% |
| CTRE | Buy | CARETRUST REIT INC | $19,655,000 | +113.8% | 1,085,322 | +117.7% | 5.98% | +121.6% |
| HLT | Buy | HILTON WORLDWIDE HLDGS INC | $18,818,000 | +14.2% | 156,019 | +5.5% | 5.73% | +18.4% |
| DOC | New | PHYSICIANS RLTY TR | $17,017,000 | – | 1,131,523 | – | 5.18% | – |
| REG | New | REGENCY CTRS CORP | $15,915,000 | – | 295,542 | – | 4.84% | – |
| IRT | Sell | INDEPENDENCE RLTY TR INC | $15,505,000 | -20.8% | 926,781 | -1.9% | 4.72% | -17.9% |
| VTR | Buy | VENTAS INC | $15,239,000 | +1352.7% | 379,353 | +1759.6% | 4.64% | +1405.5% |
| JLL | Buy | JONES LANG LASALLE INC | $13,934,000 | +43.0% | 92,241 | +65.5% | 4.24% | +48.3% |
| SAFE | Buy | SAFEHOLD INC | $13,210,000 | +174.7% | 499,264 | +267.2% | 4.02% | +184.7% |
| MTH | Sell | MERITAGE HOMES CORP | $12,584,000 | -37.6% | 179,077 | -35.7% | 3.83% | -35.3% |
| NTST | New | NETSTREIT CORP | $12,099,000 | – | 679,341 | – | 3.68% | – |
| TNL | Buy | TRAVEL PLUS LEISURE CO | $10,637,000 | -8.0% | 311,776 | +4.7% | 3.24% | -4.6% |
| O | New | REALTY INCOME CORP | $10,438,000 | – | 179,350 | – | 3.18% | – |
| AMT | Sell | AMERICAN TOWER CORP NEW | $10,260,000 | -49.7% | 47,786 | -40.1% | 3.12% | -47.9% |
| COLD | Sell | AMERICOLD REALTY TRUST INC | $9,876,000 | -48.0% | 401,429 | -36.5% | 3.00% | -46.1% |
| RADI | Buy | RADIUS GLOBAL INFRASTRCTRE I | $8,479,000 | -36.9% | 900,019 | +2.3% | 2.58% | -34.6% |
| Buy | TRICON RESIDENTIAL INC | $8,404,000 | +365.9% | 971,508 | +446.1% | 2.56% | +382.5% | |
| RHP | Sell | RYMAN HOSPITALITY PPTYS INC | $7,013,000 | -40.9% | 95,288 | -39.0% | 2.13% | -38.8% |
| EQIX | New | EQUINIX INC | $6,428,000 | – | 11,300 | – | 1.96% | – |
| GLPI | Sell | GAMING & LEISURE PPTYS INC | $1,921,000 | -30.9% | 43,423 | -28.4% | 0.58% | -28.3% |
| INVH | Sell | INVITATION HOMES INC | $1,753,000 | -21.4% | 51,905 | -17.2% | 0.53% | -18.6% |
| New | DIGITALBRIDGE GROUP INC | $1,104,000 | – | 88,225 | – | 0.34% | – | |
| RLJ | Exit | RLJ LODGING TR | $0 | – | -114,500 | – | -0.37% | – |
| DBRG | Exit | DIGITALBRIDGE GROUP INC | $0 | – | -297,000 | – | -0.42% | – |
| PSA | Exit | PUBLIC STORAGE | $0 | – | -5,330 | – | -0.49% | – |
| CBRE | Exit | CBRE GROUP INCcl a | $0 | – | -68,036 | – | -1.47% | – |
| DEI | Exit | DOUGLAS EMMETT INC | $0 | – | -336,177 | – | -2.21% | – |
| CHCT | Exit | COMMUNITY HEALTHCARE TR INC | $0 | – | -239,412 | – | -2.54% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -103,728 | – | -2.89% | – |
| ROIC | Exit | RETAIL OPPORTUNITY INVTS COR | $0 | – | -696,169 | – | -3.22% | – |
| WELL | Exit | WELLTOWER INC | $0 | – | -175,572 | – | -4.24% | – |
| NSA | Exit | NATIONAL STORAGE AFFILIATES | $0 | – | -472,805 | – | -6.95% | – |
Q2 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NSA | New | NATIONAL STORAGE AFFILIATES | $23,674,000 | – | 472,805 | – | 6.95% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $20,404,000 | – | 79,828 | – | 5.99% | – |
| MTH | New | MERITAGE HOMES CORP | $20,177,000 | – | 278,312 | – | 5.92% | – |
| KRG | New | KITE RLTY GROUP TR | $20,018,000 | – | 1,157,821 | – | 5.88% | – |
| DLR | New | DIGITAL RLTY TR INC | $19,944,000 | – | 153,624 | – | 5.86% | – |
| IRT | New | INDEPENDENCE RLTY TR INC | $19,581,000 | – | 944,595 | – | 5.75% | – |
| COLD | New | AMERICOLD REALTY TRUST INC | $18,986,000 | – | 632,029 | – | 5.57% | – |
| REXR | New | REXFORD INDL RLTY INC | $18,921,000 | – | 328,558 | – | 5.55% | – |
| HLT | New | HILTON WORLDWIDE HLDGS INC | $16,478,000 | – | 147,869 | – | 4.84% | – |
| WFG | New | WEST FRASER TIMBER CO LTD | $15,187,000 | – | 197,925 | – | 4.46% | – |
| WELL | New | WELLTOWER INC | $14,459,000 | – | 175,572 | – | 4.24% | – |
| RADI | New | RADIUS GLOBAL INFRASTRCTRE I | $13,429,000 | – | 880,019 | – | 3.94% | – |
| RHP | New | RYMAN HOSPITALITY PPTYS INC | $11,875,000 | – | 156,188 | – | 3.49% | – |
| MAA | New | MID-AMER APT CMNTYS INC | $11,680,000 | – | 66,878 | – | 3.43% | – |
| TNL | New | TRAVEL PLUS LEISURE CO | $11,560,000 | – | 297,776 | – | 3.39% | – |
| ROIC | New | RETAIL OPPORTUNITY INVTS COR | $10,985,000 | – | 696,169 | – | 3.22% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $9,846,000 | – | 103,728 | – | 2.89% | – |
| JLL | New | JONES LANG LASALLE INC | $9,744,000 | – | 55,726 | – | 2.86% | – |
| CTRE | New | CARETRUST REIT INC | $9,194,000 | – | 498,605 | – | 2.70% | – |
| CHCT | New | COMMUNITY HEALTHCARE TR INC | $8,669,000 | – | 239,412 | – | 2.54% | – |
| DEI | New | DOUGLAS EMMETT INC | $7,524,000 | – | 336,177 | – | 2.21% | – |
| DHI | New | D R HORTON INC | $6,253,000 | – | 94,479 | – | 1.84% | – |
| CBRE | New | CBRE GROUP INCcl a | $5,008,000 | – | 68,036 | – | 1.47% | – |
| SAFE | New | SAFEHOLD INC | $4,809,000 | – | 135,961 | – | 1.41% | – |
| GLPI | New | GAMING & LEISURE PPTYS INC | $2,780,000 | – | 60,623 | – | 0.82% | – |
| INVH | New | INVITATION HOMES INC | $2,231,000 | – | 62,700 | – | 0.66% | – |
| New | TRICON RESIDENTIAL INC | $1,804,000 | – | 177,908 | – | 0.53% | – | |
| PSA | New | PUBLIC STORAGE | $1,667,000 | – | 5,330 | – | 0.49% | – |
| DBRG | New | DIGITALBRIDGE GROUP INC | $1,449,000 | – | 297,000 | – | 0.42% | – |
| RLJ | New | RLJ LODGING TR | $1,263,000 | – | 114,500 | – | 0.37% | – |
| VTR | New | VENTAS INC | $1,049,000 | – | 20,400 | – | 0.31% | – |
Q4 2021
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| AKR | Exit | ACADIA RLTY TR | $0 | – | -84,334 | – | -0.70% | – |
| WD | Exit | WALKER & DUNLOP INC | $0 | – | -29,600 | – | -1.36% | – |
| DRH | Exit | DIAMONDROCK HOSPITALITY CO | $0 | – | -389,539 | – | -1.49% | – |
| FRT | Exit | FEDERAL RLTY INVT TRsh ben int new | $0 | – | -43,532 | – | -2.08% | – |
| SUI | Exit | SUN CMNTYS INC | $0 | – | -29,544 | – | -2.22% | – |
| PK | Exit | PARK HOTELS & RESORTS INC | $0 | – | -298,477 | – | -2.32% | – |
| RHP | Exit | RYMAN HOSPITALITY PPTYS INC | $0 | – | -70,821 | – | -2.40% | – |
| XHR | Exit | XENIA HOTELS & RESORTS INC | $0 | – | -360,350 | – | -2.59% | – |
| O | Exit | REALTY INCOME CORP | $0 | – | -101,694 | – | -2.67% | – |
| SAFE | Exit | SAFEHOLD INC | $0 | – | -98,067 | – | -2.86% | – |
| LSI | Exit | LIFE STORAGE INC | $0 | – | -62,800 | – | -2.92% | – |
| RADI | Exit | RADIUS GLOBAL INFRASTRCTRE I | $0 | – | -450,533 | – | -2.98% | – |
| INVH | Exit | INVITATION HOMES INC | $0 | – | -200,000 | – | -3.11% | – |
| VICI | Exit | VICI PPTYS INC | $0 | – | -277,500 | – | -3.19% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP NEWcl a | $0 | – | -24,985 | – | -3.35% | – |
| COR | Exit | CORESITE RLTY CORP | $0 | – | -67,882 | – | -3.81% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -75,825 | – | -3.99% | – |
| GMRE | Exit | GLOBAL MED REIT INC | $0 | – | -694,669 | – | -4.14% | – |
| VNO | Exit | VORNADO RLTY TRsh ben int | $0 | – | -246,121 | – | -4.19% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -39,176 | – | -4.21% | – |
| WFG | Exit | WEST FRASER TIMBER CO LTD | $0 | – | -129,040 | – | -4.40% | – |
| ESS | Exit | ESSEX PPTY TR INC | $0 | – | -36,800 | – | -4.77% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -218,996 | – | -5.04% | – |
| VTR | Exit | VENTAS INC | $0 | – | -229,806 | – | -5.14% | – |
| JLL | Exit | JONES LANG LASALLE INC | $0 | – | -55,307 | – | -5.56% | – |
| NSA | Exit | NATIONAL STORAGE AFFILIATES | $0 | – | -265,071 | – | -5.67% | – |
| KIM | Exit | KIMCO RLTY CORP | $0 | – | -737,080 | – | -6.20% | – |
| MAA | Exit | MID-AMER APT CMNTYS INC | $0 | – | -88,048 | – | -6.66% | – |
Q3 2021
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MAA | Buy | MID-AMER APT CMNTYS INC | $16,443,000 | +220.1% | 88,048 | +188.7% | 6.66% | +104.0% |
| KIM | New | KIMCO RLTY CORP | $15,294,000 | – | 737,080 | – | 6.20% | – |
| NSA | Buy | NATIONAL STORAGE AFFILIATES | $13,993,000 | +25.5% | 265,071 | +20.2% | 5.67% | -20.0% |
| JLL | Buy | JONES LANG LASALLE INC | $13,721,000 | +295.5% | 55,307 | +211.6% | 5.56% | +152.0% |
| VTR | Buy | VENTAS INC | $12,688,000 | +155.4% | 229,806 | +164.1% | 5.14% | +62.7% |
| REXR | Buy | REXFORD INDL RLTY INC | $12,428,000 | +53.7% | 218,996 | +54.2% | 5.04% | -2.1% |
| ESS | New | ESSEX PPTY TR INC | $11,766,000 | – | 36,800 | – | 4.77% | – |
| WFG | Buy | WEST FRASER TIMBER CO LTD | $10,869,000 | +157.8% | 129,040 | +119.4% | 4.40% | +64.2% |
| AMT | Buy | AMERICAN TOWER CORP NEW | $10,398,000 | +63.5% | 39,176 | +66.4% | 4.21% | +4.2% |
| VNO | New | VORNADO RLTY TRsh ben int | $10,340,000 | – | 246,121 | – | 4.19% | – |
| GMRE | Buy | GLOBAL MED REIT INC | $10,212,000 | +109.5% | 694,669 | +110.4% | 4.14% | +33.5% |
| SPG | Buy | SIMON PPTY GROUP INC NEW | $9,855,000 | +41.7% | 75,825 | +42.3% | 3.99% | -9.7% |
| COR | New | CORESITE RLTY CORP | $9,404,000 | – | 67,882 | – | 3.81% | – |
| SBAC | Sell | SBA COMMUNICATIONS CORP NEWcl a | $8,260,000 | -1.5% | 24,985 | -5.0% | 3.35% | -37.2% |
| VICI | New | VICI PPTYS INC | $7,884,000 | – | 277,500 | – | 3.19% | – |
| INVH | Buy | INVITATION HOMES INC | $7,666,000 | +29.6% | 200,000 | +26.0% | 3.11% | -17.4% |
| RADI | New | RADIUS GLOBAL INFRASTRCTRE I | $7,357,000 | – | 450,533 | – | 2.98% | – |
| LSI | New | LIFE STORAGE INC | $7,206,000 | – | 62,800 | – | 2.92% | – |
| SAFE | Buy | SAFEHOLD INC | $7,050,000 | +11.0% | 98,067 | +21.2% | 2.86% | -29.3% |
| O | New | REALTY INCOME CORP | $6,596,000 | – | 101,694 | – | 2.67% | – |
| XHR | Buy | XENIA HOTELS & RESORTS INC | $6,392,000 | +100.8% | 360,350 | +112.0% | 2.59% | +27.9% |
| RHP | Sell | RYMAN HOSPITALITY PPTYS INC | $5,928,000 | -25.8% | 70,821 | -30.0% | 2.40% | -52.7% |
| PK | New | PARK HOTELS & RESORTS INC | $5,713,000 | – | 298,477 | – | 2.32% | – |
| SUI | Sell | SUN CMNTYS INC | $5,469,000 | -6.7% | 29,544 | -13.6% | 2.22% | -40.5% |
| FRT | Sell | FEDERAL RLTY INVT TRsh ben int new | $5,137,000 | -20.4% | 43,532 | -21.0% | 2.08% | -49.3% |
| DRH | Sell | DIAMONDROCK HOSPITALITY CO | $3,681,000 | -40.2% | 389,539 | -38.7% | 1.49% | -61.9% |
| WD | New | WALKER & DUNLOP INC | $3,360,000 | – | 29,600 | – | 1.36% | – |
| AKR | New | ACADIA RLTY TR | $1,721,000 | – | 84,334 | – | 0.70% | – |
| BRX | Exit | BRIXMOR PPTY GROUP INC | $0 | – | -144,000 | – | -2.10% | – |
| PHM | Exit | PULTE GROUP INC | $0 | – | -72,533 | – | -2.52% | – |
| MTH | Exit | MERITAGE HOMES CORP | $0 | – | -46,600 | – | -2.79% | – |
| HIW | Exit | HIGHWOODS PPTYS INC | $0 | – | -106,000 | – | -3.04% | – |
| CTRE | Exit | CARETRUST REIT INC | $0 | – | -208,100 | – | -3.07% | – |
| HGV | Exit | HILTON GRAND VACATIONS INC | $0 | – | -152,325 | – | -4.01% | – |
| AIRC | Exit | APARTMENT INCOME REIT CORP | $0 | – | -145,354 | – | -4.38% | – |
| LHCG | Exit | LHC GROUP INC | $0 | – | -38,086 | – | -4.85% | – |
| MGP | Exit | MGM GROWTH PPTYS LLC | $0 | – | -264,064 | – | -6.15% | – |
Q2 2021
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NSA | New | NATIONAL STORAGE AFFILIATES | $11,149,000 | – | 220,503 | – | 7.09% | – |
| MGP | New | MGM GROWTH PPTYS LLC | $9,670,000 | – | 264,064 | – | 6.15% | – |
| SBAC | New | SBA COMMUNICATIONS CORP NEWcl a | $8,382,000 | – | 26,300 | – | 5.33% | – |
| REXR | New | REXFORD INDL RLTY INC | $8,087,000 | – | 141,996 | – | 5.14% | – |
| RHP | New | RYMAN HOSPITALITY PPTYS INC | $7,988,000 | – | 101,164 | – | 5.08% | – |
| LHCG | New | LHC GROUP INC | $7,627,000 | – | 38,086 | – | 4.85% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $6,955,000 | – | 53,300 | – | 4.42% | – |
| AIRC | New | APARTMENT INCOME REIT CORP | $6,894,000 | – | 145,354 | – | 4.38% | – |
| FRT | New | FEDERAL RLTY INVT TRsh ben int new | $6,456,000 | – | 55,100 | – | 4.10% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $6,358,000 | – | 23,537 | – | 4.04% | – |
| SAFE | New | SAFEHOLD INC | $6,351,000 | – | 80,907 | – | 4.04% | – |
| HGV | New | HILTON GRAND VACATIONS INC | $6,305,000 | – | 152,325 | – | 4.01% | – |
| DRH | New | DIAMONDROCK HOSPITALITY CO | $6,160,000 | – | 635,067 | – | 3.92% | – |
| INVH | New | INVITATION HOMES INC | $5,917,000 | – | 158,679 | – | 3.76% | – |
| SUI | New | SUN CMNTYS INC | $5,862,000 | – | 34,200 | – | 3.73% | – |
| MAA | New | MID-AMER APT CMNTYS INC | $5,137,000 | – | 30,500 | – | 3.27% | – |
| VTR | New | VENTAS INC | $4,968,000 | – | 87,000 | – | 3.16% | – |
| GMRE | New | GLOBAL MED REIT INC | $4,874,000 | – | 330,203 | – | 3.10% | – |
| CTRE | New | CARETRUST REIT INC | $4,834,000 | – | 208,100 | – | 3.07% | – |
| HIW | New | HIGHWOODS PPTYS INC | $4,788,000 | – | 106,000 | – | 3.04% | – |
| MTH | New | MERITAGE HOMES CORP | $4,384,000 | – | 46,600 | – | 2.79% | – |
| WFG | New | WEST FRASER TIMBER CO LTD | $4,216,000 | – | 58,820 | – | 2.68% | – |
| PHM | New | PULTE GROUP INC | $3,958,000 | – | 72,533 | – | 2.52% | – |
| JLL | New | JONES LANG LASALLE INC | $3,469,000 | – | 17,747 | – | 2.21% | – |
| BRX | New | BRIXMOR PPTY GROUP INC | $3,296,000 | – | 144,000 | – | 2.10% | – |
| XHR | New | XENIA HOTELS & RESORTS INC | $3,184,000 | – | 170,000 | – | 2.02% | – |
Q4 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Exit | BLACKSTONE MTG TR INCnote 4.375% 5/0 | $0 | – | -2,181,000 | – | -1.08% | – | |
| TMHC | Exit | TAYLOR MORRISON HOME CORP | $0 | – | -117,400 | – | -1.48% | – |
| HLT | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -41,500 | – | -1.82% | – |
| NREF | Exit | NEXPOINT REAL ESTATE FIN INC | $0 | – | -250,000 | – | -1.88% | – |
| AIV | Exit | APARTMENT INVT & MGMT COcl a | $0 | – | -117,000 | – | -2.03% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -77,942 | – | -2.14% | – |
| KBH | Exit | KB HOME | $0 | – | -115,500 | – | -2.28% | – |
| COLD | Exit | AMERICOLD RLTY TR | $0 | – | -159,939 | – | -2.94% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -92,740 | – | -3.08% | – |
| ENSG | Exit | ENSIGN GROUP INC | $0 | – | -111,713 | – | -3.27% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -27,175 | – | -3.37% | – |
| VTR | Exit | VENTAS INC | $0 | – | -157,274 | – | -3.39% | – |
| SRC | Exit | SPIRIT RLTY CAP INC NEW | $0 | – | -218,000 | – | -3.78% | – |
| PHM | Exit | PULTE GROUP INC | $0 | – | -159,800 | – | -3.80% | – |
| SAFE | Exit | SAFEHOLD INC | $0 | – | -120,335 | – | -3.84% | – |
| CCL | Exit | CARNIVAL CORPunit 99/99/9999 | $0 | – | -507,000 | – | -3.95% | – |
| ADC | Exit | AGREE REALTY CORP | $0 | – | -123,500 | – | -4.04% | – |
| WH | Exit | WYNDHAM HOTELS & RESORTS INC | $0 | – | -157,363 | – | -4.08% | – |
| NSA | Exit | NATIONAL STORAGE AFFILIATES | $0 | – | -248,900 | – | -4.18% | – |
| WY | Exit | WEYERHAEUSER CO MTN BE | $0 | – | -296,500 | – | -4.34% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -212,608 | – | -5.00% | – |
| AMH | Exit | AMERICAN HOMES 4 RENTcl a | $0 | – | -345,707 | – | -5.06% | – |
| LSI | Exit | LIFE STORAGE INC | $0 | – | -109,000 | – | -5.89% | – |
| CLNY | Exit | COLONY CAP INC NEW | $0 | – | -4,949,600 | – | -6.94% | – |
| WRI | Exit | WEINGARTEN RLTY INVSsh ben int | $0 | – | -898,445 | – | -7.83% | – |
| KRC | Exit | KILROY RLTY CORP | $0 | – | -318,778 | – | -8.51% | – |
Q3 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KRC | Buy | KILROY RLTY CORP | $16,564,000 | +4.6% | 318,778 | +18.2% | 8.51% | -4.0% |
| WRI | Buy | WEINGARTEN RLTY INVSsh ben int | $15,238,000 | +156.7% | 898,445 | +186.5% | 7.83% | +135.6% |
| CLNY | New | COLONY CAP INC NEW | $13,512,000 | – | 4,949,600 | – | 6.94% | – |
| LSI | Buy | LIFE STORAGE INC | $11,474,000 | +38.6% | 109,000 | +25.0% | 5.89% | +27.2% |
| AMH | Sell | AMERICAN HOMES 4 RENTcl a | $9,846,000 | -18.1% | 345,707 | -22.6% | 5.06% | -24.8% |
| REXR | Sell | REXFORD INDL RLTY INC | $9,729,000 | -38.1% | 212,608 | -44.0% | 5.00% | -43.2% |
| WY | New | WEYERHAEUSER CO MTN BE | $8,456,000 | – | 296,500 | – | 4.34% | – |
| NSA | New | NATIONAL STORAGE AFFILIATES | $8,142,000 | – | 248,900 | – | 4.18% | – |
| WH | Sell | WYNDHAM HOTELS & RESORTS INC | $7,947,000 | -40.8% | 157,363 | -50.0% | 4.08% | -45.6% |
| CCL | New | CARNIVAL CORPunit 99/99/9999 | $7,696,000 | – | 507,000 | – | 3.95% | – |
| PHM | Sell | PULTE GROUP INC | $7,397,000 | -36.6% | 159,800 | -53.4% | 3.80% | -41.8% |
| SRC | New | SPIRIT RLTY CAP INC NEW | $7,358,000 | – | 218,000 | – | 3.78% | – |
| VTR | Buy | VENTAS INC | $6,599,000 | +32.9% | 157,274 | +16.0% | 3.39% | +22.0% |
| AMT | New | AMERICAN TOWER CORP NEW | $6,569,000 | – | 27,175 | – | 3.37% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $5,998,000 | – | 92,740 | – | 3.08% | – |
| COLD | Sell | AMERICOLD RLTY TR | $5,718,000 | -38.8% | 159,939 | -37.8% | 2.94% | -43.8% |
| KBH | New | KB HOME | $4,434,000 | – | 115,500 | – | 2.28% | – |
| H | Sell | HYATT HOTELS CORP | $4,160,000 | -27.0% | 77,942 | -31.2% | 2.14% | -32.9% |
| AIV | New | APARTMENT INVT & MGMT COcl a | $3,945,000 | – | 117,000 | – | 2.03% | – |
| HLT | Sell | HILTON WORLDWIDE HLDGS INC | $3,541,000 | -32.1% | 41,500 | -41.5% | 1.82% | -37.7% |
| TMHC | Sell | TAYLOR MORRISON HOME CORP | $2,887,000 | -25.4% | 117,400 | -41.5% | 1.48% | -31.5% |
| NVR | Exit | NVR INC | $0 | – | -1,214 | – | -2.21% | – |
| NNN | Exit | NATIONAL RETAIL PROPERTIES I | $0 | – | -112,000 | – | -2.22% | – |
| INVH | Exit | INVITATION HOMES INC | $0 | – | -156,942 | – | -2.42% | – |
| SITC | Exit | SITE CENTERS CORP | $0 | – | -688,713 | – | -3.12% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -400,020 | – | -5.63% | – |
| EQIX | Exit | EQUINIX INC | $0 | – | -18,363 | – | -7.22% | – |
Q2 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KRC | New | KILROY RLTY CORP | $15,834,000 | – | 269,750 | – | 8.86% | – |
| REXR | New | REXFORD INDL RLTY INC | $15,727,000 | – | 379,613 | – | 8.80% | – |
| WH | New | WYNDHAM HOTELS & RESORTS INC | $13,419,000 | – | 314,863 | – | 7.51% | – |
| EQIX | New | EQUINIX INC | $12,896,000 | – | 18,363 | – | 7.22% | – |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $12,016,000 | – | 446,707 | – | 6.72% | – |
| PHM | New | PULTE GROUP INC | $11,672,000 | – | 343,000 | – | 6.53% | – |
| HPP | New | HUDSON PAC PPTYS INC | $10,065,000 | – | 400,020 | – | 5.63% | – |
| COLD | New | AMERICOLD RLTY TR | $9,337,000 | – | 257,208 | – | 5.23% | – |
| LSI | New | LIFE STORAGE INC | $8,280,000 | – | 87,200 | – | 4.63% | – |
| ADC | New | AGREE REALTY CORP | $8,115,000 | – | 123,500 | – | 4.54% | – |
| SAFE | New | SAFEHOLD INC | $6,918,000 | – | 120,335 | – | 3.87% | – |
| WRI | New | WEINGARTEN RLTY INVSsh ben int | $5,936,000 | – | 313,583 | – | 3.32% | – |
| H | New | HYATT HOTELS CORP | $5,695,000 | – | 113,250 | – | 3.19% | – |
| SITC | New | SITE CENTERS CORP | $5,579,000 | – | 688,713 | – | 3.12% | – |
| HLT | New | HILTON WORLDWIDE HLDGS INC | $5,215,000 | – | 71,000 | – | 2.92% | – |
| VTR | New | VENTAS INC | $4,966,000 | – | 135,600 | – | 2.78% | – |
| ENSG | New | ENSIGN GROUP INC | $4,675,000 | – | 111,713 | – | 2.62% | – |
| INVH | New | INVITATION HOMES INC | $4,321,000 | – | 156,942 | – | 2.42% | – |
| NREF | New | NEXPOINT REAL ESTATE FIN INC | $4,188,000 | – | 250,000 | – | 2.34% | – |
| NNN | New | NATIONAL RETAIL PROPERTIES I | $3,974,000 | – | 112,000 | – | 2.22% | – |
| NVR | New | NVR INC | $3,956,000 | – | 1,214 | – | 2.21% | – |
| TMHC | New | TAYLOR MORRISON HOME CORP | $3,870,000 | – | 200,600 | – | 2.17% | – |
| New | BLACKSTONE MTG TR INCnote 4.375% 5/0 | $2,021,000 | – | 2,181,000 | – | 1.13% | – |
Q4 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SAFE | Exit | SAFEHOLD INC | $0 | – | -62,500 | – | -1.07% | – |
| INXN | Exit | INTERXION HOLDING N.V | $0 | – | -58,900 | – | -2.70% | – |
| ENSG | Exit | ENSIGN GROUP INC | $0 | – | -112,838 | – | -3.01% | – |
| WH | Exit | WYNDHAM HOTELS & RESORTS INC | $0 | – | -105,249 | – | -3.06% | – |
| NSA | Exit | NATIONAL STORAGE AFFILIATES | $0 | – | -168,512 | – | -3.16% | – |
| CONE | Exit | CYRUSONE INC | $0 | – | -72,643 | – | -3.23% | – |
| HGV | Exit | HILTON GRAND VACATIONS INC | $0 | – | -229,805 | – | -4.14% | – |
| NCLH | Exit | NORWEGIAN CRUISE LINE HLDG L | $0 | – | -149,940 | – | -4.36% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -216,571 | – | -4.37% | – |
| CUZ | Exit | COUSINS PPTYS INC | $0 | – | -218,660 | – | -4.62% | – |
| AKR | Exit | ACADIA RLTY TR | $0 | – | -325,725 | – | -5.24% | – |
| EQR | Exit | EQUITY RESIDENTIALsh ben int | $0 | – | -115,300 | – | -5.59% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -307,375 | – | -5.78% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -239,163 | – | -5.92% | – |
| TCO | Exit | TAUBMAN CTRS INC | $0 | – | -317,868 | – | -7.30% | – |
| COLD | Exit | AMERICOLD RLTY TR | $0 | – | -377,340 | – | -7.87% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -211,219 | – | -8.75% | – |
| INVH | Exit | INVITATION HOMES INC | $0 | – | -562,700 | – | -9.37% | – |
| WRI | Exit | WEINGARTEN RLTY INVSsh ben int | $0 | – | -638,298 | – | -10.46% | – |
Q3 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| WRI | Buy | WEINGARTEN RLTY INVSsh ben int | $18,594,000 | +172.5% | 638,298 | +156.5% | 10.46% | +159.1% |
| INVH | Sell | INVITATION HOMES INC | $16,662,000 | +6.9% | 562,700 | -3.5% | 9.37% | +1.6% |
| H | Buy | HYATT HOTELS CORP | $15,561,000 | +23.7% | 211,219 | +27.8% | 8.75% | +17.6% |
| COLD | Sell | AMERICOLD RLTY TR | $13,988,000 | +0.1% | 377,340 | -12.5% | 7.87% | -4.9% |
| TCO | Buy | TAUBMAN CTRS INC | $12,979,000 | +125.0% | 317,868 | +125.0% | 7.30% | +113.9% |
| HPP | Buy | HUDSON PAC PPTYS INC | $10,285,000 | +214.5% | 307,375 | +212.8% | 5.78% | +199.1% |
| EQR | New | EQUITY RESIDENTIALsh ben int | $9,946,000 | – | 115,300 | – | 5.59% | – |
| AKR | Buy | ACADIA RLTY TR | $9,309,000 | +25.2% | 325,725 | +19.9% | 5.24% | +19.0% |
| CUZ | New | COUSINS PPTYS INC | $8,219,000 | – | 218,660 | – | 4.62% | – |
| BXMT | Sell | BLACKSTONE MTG TR INC | $7,764,000 | -41.3% | 216,571 | -41.7% | 4.37% | -44.2% |
| NCLH | Buy | NORWEGIAN CRUISE LINE HLDG L | $7,762,000 | +79.9% | 149,940 | +86.4% | 4.36% | +71.0% |
| HGV | Sell | HILTON GRAND VACATIONS INC | $7,354,000 | -2.2% | 229,805 | -2.8% | 4.14% | -7.1% |
| CONE | New | CYRUSONE INC | $5,746,000 | – | 72,643 | – | 3.23% | – |
| NSA | Sell | NATIONAL STORAGE AFFILIATES | $5,623,000 | -16.0% | 168,512 | -27.2% | 3.16% | -20.2% |
| WH | New | WYNDHAM HOTELS & RESORTS INC | $5,446,000 | – | 105,249 | – | 3.06% | – |
| ENSG | New | ENSIGN GROUP INC | $5,352,000 | – | 112,838 | – | 3.01% | – |
| INXN | Buy | INTERXION HOLDING N.V | $4,798,000 | +80.2% | 58,900 | +68.3% | 2.70% | +71.3% |
| SAFE | New | SAFEHOLD INC | $1,906,000 | – | 62,500 | – | 1.07% | – |
| KSS | Exit | KOHLS CORP | $0 | – | -74,270 | – | -2.09% | – |
| KRC | Exit | KILROY RLTY CORP | $0 | – | -68,138 | – | -2.98% | – |
| AMH | Exit | AMERICAN HOMES 4 RENTcl a | $0 | – | -219,955 | – | -3.16% | – |
| CTRE | Exit | CARETRUST REIT INC | $0 | – | -237,093 | – | -3.34% | – |
| TMHC | Exit | TAYLOR MORRISON HOME CORP | $0 | – | -277,000 | – | -3.43% | – |
| AAT | Exit | AMERICAN ASSETS TR INC | $0 | – | -125,000 | – | -3.48% | – |
| SITC | Exit | SITE CENTERS CORP | $0 | – | -533,972 | – | -4.18% | – |
| EQIX | Exit | EQUINIX INC | $0 | – | -15,183 | – | -4.53% | – |
| VTR | Exit | VENTAS INC | $0 | – | -198,500 | – | -8.02% | – |
Q2 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| INVH | New | INVITATION HOMES INC | $15,586,000 | – | 583,100 | – | 9.22% | – |
| COLD | New | AMERICOLD RLTY TR | $13,981,000 | – | 431,240 | – | 8.27% | – |
| VTR | New | VENTAS INC | $13,567,000 | – | 198,500 | – | 8.02% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $13,220,000 | – | 371,571 | – | 7.82% | – |
| H | New | HYATT HOTELS CORP | $12,584,000 | – | 165,297 | – | 7.44% | – |
| REXR | New | REXFORD INDL RLTY INC | $9,655,000 | – | 239,163 | – | 5.71% | – |
| EQIX | New | EQUINIX INC | $7,657,000 | – | 15,183 | – | 4.53% | – |
| HGV | New | HILTON GRAND VACATIONS INC | $7,523,000 | – | 236,409 | – | 4.45% | – |
| AKR | New | ACADIA RLTY TR | $7,437,000 | – | 271,725 | – | 4.40% | – |
| SITC | New | SITE CENTERS CORP | $7,070,000 | – | 533,972 | – | 4.18% | – |
| WRI | New | WEINGARTEN RLTY INVSsh ben int | $6,824,000 | – | 248,881 | – | 4.04% | – |
| NSA | New | NATIONAL STORAGE AFFILIATES | $6,697,000 | – | 231,425 | – | 3.96% | – |
| AAT | New | AMERICAN ASSETS TR INC | $5,890,000 | – | 125,000 | – | 3.48% | – |
| TMHC | New | TAYLOR MORRISON HOME CORP | $5,806,000 | – | 277,000 | – | 3.43% | – |
| TCO | New | TAUBMAN CTRS INC | $5,769,000 | – | 141,282 | – | 3.41% | – |
| CTRE | New | CARETRUST REIT INC | $5,638,000 | – | 237,093 | – | 3.34% | – |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $5,347,000 | – | 219,955 | – | 3.16% | – |
| KRC | New | KILROY RLTY CORP | $5,029,000 | – | 68,138 | – | 2.98% | – |
| NCLH | New | NORWEGIAN CRUISE LINE HLDG L | $4,314,000 | – | 80,440 | – | 2.55% | – |
| KSS | New | KOHLS CORP | $3,532,000 | – | 74,270 | – | 2.09% | – |
| HPP | New | HUDSON PAC PPTYS INC | $3,270,000 | – | 98,275 | – | 1.93% | – |
| INXN | New | INTERXION HOLDING N.V | $2,663,000 | – | 35,000 | – | 1.58% | – |
Q4 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| CPLG | Exit | COREPOINT LODGING INC | $0 | – | -170,339 | – | -2.01% | – |
| HCP | Exit | HCP INC | $0 | – | -149,643 | – | -2.39% | – |
| AVHI | Exit | AV HOMES INC | $0 | – | -203,240 | – | -2.47% | – |
| MTN | Exit | VAIL RESORTS INC | $0 | – | -14,950 | – | -2.49% | – |
| REG | Exit | REGENCY CTRS CORP | $0 | – | -65,868 | – | -2.59% | – |
| NSA | Exit | NATIONAL STORAGE AFFILIATES | $0 | – | -200,817 | – | -3.10% | – |
| SUI | Exit | SUN CMNTYS INC | $0 | – | -56,471 | – | -3.48% | – |
| COLD | Exit | AMERICOLD RLTY TR | $0 | – | -240,419 | – | -3.66% | – |
| INXN | Exit | INTERXION HOLDING N.V | $0 | – | -93,679 | – | -3.83% | – |
| ZAYO | Exit | ZAYO GROUP HLDGS INC | $0 | – | -183,802 | – | -3.88% | – |
| ELS | Exit | EQUITY LIFESTYLE PPTYS INC | $0 | – | -66,614 | – | -3.90% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -97,477 | – | -4.72% | – |
| CCS | Exit | CENTURY CMNTYS INC | $0 | – | -316,677 | – | -5.05% | – |
| HLT | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -113,098 | – | -5.55% | – |
| WRI | Exit | WEINGARTEN RLTY INVSsh ben int | $0 | – | -308,230 | – | -5.58% | – |
| KRC | Exit | KILROY RLTY CORP | $0 | – | -128,628 | – | -5.60% | – |
| LEN | Exit | LENNAR CORPcl a | $0 | – | -200,004 | – | -5.68% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -319,818 | – | -6.21% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -314,097 | – | -6.40% | – |
| BXP | Exit | BOSTON PROPERTIES INC | $0 | – | -88,352 | – | -6.61% | – |
| AMH | Exit | AMERICAN HOMES 4 RENTcl a | $0 | – | -533,695 | – | -7.10% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP NEWcl a | $0 | – | -78,630 | – | -7.68% | – |
Q3 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SBAC | Buy | SBA COMMUNICATIONS CORP NEWcl a | $12,630,000 | +19.4% | 78,630 | +22.7% | 7.68% | +21.1% |
| AMH | Sell | AMERICAN HOMES 4 RENTcl a | $11,683,000 | -3.9% | 533,695 | -2.6% | 7.10% | -2.5% |
| BXP | Sell | BOSTON PROPERTIES INC | $10,875,000 | -14.4% | 88,352 | -12.7% | 6.61% | -13.1% |
| BXMT | Sell | BLACKSTONE MTG TR INC | $10,525,000 | +3.7% | 314,097 | -2.8% | 6.40% | +5.1% |
| REXR | Buy | REXFORD INDL RLTY INC | $10,221,000 | +17.5% | 319,818 | +15.4% | 6.21% | +19.2% |
| LEN | Buy | LENNAR CORPcl a | $9,338,000 | -8.9% | 200,004 | +2.4% | 5.68% | -7.6% |
| KRC | New | KILROY RLTY CORP | $9,221,000 | – | 128,628 | – | 5.60% | – |
| WRI | Buy | WEINGARTEN RLTY INVSsh ben int | $9,173,000 | -1.1% | 308,230 | +2.4% | 5.58% | +0.4% |
| HLT | Buy | HILTON WORLDWIDE HLDGS INC | $9,136,000 | +431.8% | 113,098 | +421.2% | 5.55% | +439.1% |
| CCS | Buy | CENTURY CMNTYS INC | $8,313,000 | -14.8% | 316,677 | +2.4% | 5.05% | -13.6% |
| H | Buy | HYATT HOTELS CORP | $7,758,000 | +5.7% | 97,477 | +2.4% | 4.72% | +7.2% |
| ELS | New | EQUITY LIFESTYLE PPTYS INC | $6,425,000 | – | 66,614 | – | 3.90% | – |
| ZAYO | Buy | ZAYO GROUP HLDGS INC | $6,382,000 | +76.9% | 183,802 | +85.8% | 3.88% | +79.4% |
| INXN | New | INTERXION HOLDING N.V | $6,305,000 | – | 93,679 | – | 3.83% | – |
| COLD | New | AMERICOLD RLTY TR | $6,015,000 | – | 240,419 | – | 3.66% | – |
| SUI | Sell | SUN CMNTYS INC | $5,734,000 | -38.9% | 56,471 | -41.1% | 3.48% | -38.0% |
| NSA | New | NATIONAL STORAGE AFFILIATES | $5,109,000 | – | 200,817 | – | 3.10% | – |
| REG | New | REGENCY CTRS CORP | $4,260,000 | – | 65,868 | – | 2.59% | – |
| MTN | Buy | VAIL RESORTS INC | $4,103,000 | +2.5% | 14,950 | +2.4% | 2.49% | +4.0% |
| AVHI | New | AV HOMES INC | $4,065,000 | – | 203,240 | – | 2.47% | – |
| HCP | New | HCP INC | $3,939,000 | – | 149,643 | – | 2.39% | – |
| CPLG | Sell | COREPOINT LODGING INC | $3,313,000 | -57.9% | 170,339 | -43.9% | 2.01% | -57.2% |
| XHR | Exit | XENIA HOTELS & RESORTS INC | $0 | – | -176,653 | – | -2.58% | – |
| LPT | Exit | LIBERTY PPTY TRsh ben int | $0 | – | -107,744 | – | -2.86% | – |
| HT | Exit | HERSHA HOSPITALITY TR | $0 | – | -281,000 | – | -3.61% | – |
| CUBE | Exit | CUBESMART | $0 | – | -214,800 | – | -4.15% | – |
| CONE | Exit | CYRUSONE INC | $0 | – | -141,200 | – | -4.94% | – |
| INVH | Exit | INVITATION HOMES INC | $0 | – | -375,736 | – | -5.19% | – |
| EQIX | Exit | EQUINIX INC | $0 | – | -24,340 | – | -6.27% | – |
Q2 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BXP | New | BOSTON PROPERTIES INC | $12,700,000 | – | 101,260 | – | 7.61% | – |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $12,155,000 | – | 548,000 | – | 7.28% | – |
| SBAC | New | SBA COMMUNICATIONS CORP NEWcl a | $10,581,000 | – | 64,079 | – | 6.34% | – |
| EQIX | New | EQUINIX INC | $10,464,000 | – | 24,340 | – | 6.27% | – |
| LEN | New | LENNAR CORPcl a | $10,250,000 | – | 195,236 | – | 6.14% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $10,154,000 | – | 323,081 | – | 6.08% | – |
| CCS | New | CENTURY CMNTYS INC | $9,755,000 | – | 309,180 | – | 5.85% | – |
| SUI | New | SUN CMNTYS INC | $9,382,000 | – | 95,850 | – | 5.62% | – |
| WRI | New | WEINGARTEN RLTY INVSsh ben int | $9,272,000 | – | 300,957 | – | 5.56% | – |
| REXR | New | REXFORD INDL RLTY INC | $8,699,000 | – | 277,128 | – | 5.21% | – |
| INVH | New | INVITATION HOMES INC | $8,664,000 | – | 375,736 | – | 5.19% | – |
| CONE | New | CYRUSONE INC | $8,240,000 | – | 141,200 | – | 4.94% | – |
| CPLG | New | COREPOINT LODGING INC | $7,862,000 | – | 303,570 | – | 4.71% | – |
| H | New | HYATT HOTELS CORP | $7,343,000 | – | 95,174 | – | 4.40% | – |
| CUBE | New | CUBESMART | $6,921,000 | – | 214,800 | – | 4.15% | – |
| HT | New | HERSHA HOSPITALITY TR | $6,027,000 | – | 281,000 | – | 3.61% | – |
| LPT | New | LIBERTY PPTY TRsh ben int | $4,776,000 | – | 107,744 | – | 2.86% | – |
| XHR | New | XENIA HOTELS & RESORTS INC | $4,303,000 | – | 176,653 | – | 2.58% | – |
| MTN | New | VAIL RESORTS INC | $4,002,000 | – | 14,597 | – | 2.40% | – |
| ZAYO | New | ZAYO GROUP HLDGS INC | $3,608,000 | – | 98,902 | – | 2.16% | – |
| HLT | New | HILTON WORLDWIDE HLDGS INC | $1,718,000 | – | 21,700 | – | 1.03% | – |
Q4 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| INN | Exit | SUMMIT HOTEL PPTYS | $0 | – | -121,828 | – | -0.93% | – |
| QCP | Exit | QUALITY CARE PPTYS INC | $0 | – | -283,260 | – | -2.09% | – |
| OHI | Exit | OMEGA HEALTHCARE INVS INC | $0 | – | -141,000 | – | -2.14% | – |
| LHO | Exit | LASALLE HOTEL PPTYS | $0 | – | -193,500 | – | -2.67% | – |
| TCO | Exit | TAUBMAN CTRS INC | $0 | – | -127,300 | – | -3.01% | – |
| MTN | Exit | VAIL RESORTS INC | $0 | – | -27,740 | – | -3.01% | – |
| CPT | Exit | CAMDEN PPTY TRsh ben int | $0 | – | -70,800 | – | -3.08% | – |
| LEN | Exit | LENNAR CORPcl a | $0 | – | -124,778 | – | -3.14% | – |
| CUBE | Exit | CUBESMART | $0 | – | -256,500 | – | -3.17% | – |
| HLT | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -103,092 | – | -3.41% | – |
| ZAYO | Exit | ZAYO GROUP HLDGS INC | $0 | – | -208,256 | – | -3.41% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP NEWcl a | $0 | – | -50,988 | – | -3.50% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -253,700 | – | -3.75% | – |
| EQC | Exit | EQUITY COMWLTH | $0 | – | -276,291 | – | -4.00% | – |
| GGP | Exit | GGP INC | $0 | – | -455,734 | – | -4.51% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -350,238 | – | -4.77% | – |
| MGP | Exit | MGM GROWTH PPTYS LLC | $0 | – | -353,485 | – | -5.08% | – |
| SFR | Exit | STARWOOD WAYPOINT HOMES | $0 | – | -296,615 | – | -5.14% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -195,401 | – | -5.75% | – |
| RPAI | Exit | RETAIL PPTYS AMER INCcl a | $0 | – | -935,199 | – | -5.85% | – |
| SUI | Exit | SUN CMNTYS INC | $0 | – | -147,112 | – | -6.00% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -437,334 | – | -6.98% | – |
| AMH | Exit | AMERICAN HOMES 4 RENTcl a | $0 | – | -680,102 | – | -7.03% | – |
| LQ | Exit | LA QUINTA HLDGS INC | $0 | – | -907,982 | – | -7.57% | – |
Q3 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LQ | Sell | LA QUINTA HLDGS INC | $15,890,000 | -6.4% | 907,982 | -21.0% | 7.57% | -17.3% |
| AMH | Buy | AMERICAN HOMES 4 RENTcl a | $14,765,000 | +36.4% | 680,102 | +41.8% | 7.03% | +20.6% |
| HPP | Buy | HUDSON PAC PPTYS INC | $14,664,000 | +68.5% | 437,334 | +71.8% | 6.98% | +48.9% |
| SUI | Buy | SUN CMNTYS INC | $12,605,000 | +46.8% | 147,112 | +50.2% | 6.00% | +29.7% |
| H | Sell | HYATT HOTELS CORP | $12,074,000 | -5.8% | 195,401 | -14.3% | 5.75% | -16.8% |
| SFR | New | STARWOOD WAYPOINT HOMES | $10,788,000 | – | 296,615 | – | 5.14% | – |
| MGP | Buy | MGM GROWTH PPTYS LLC | $10,679,000 | +96.8% | 353,485 | +90.2% | 5.08% | +74.0% |
| REXR | Buy | REXFORD INDL RLTY INC | $10,024,000 | +86.4% | 350,238 | +78.7% | 4.77% | +64.7% |
| GGP | Sell | GGP INC | $9,466,000 | -13.0% | 455,734 | -1.4% | 4.51% | -23.2% |
| EQC | Sell | EQUITY COMWLTH | $8,399,000 | -23.1% | 276,291 | -20.0% | 4.00% | -32.0% |
| BXMT | New | BLACKSTONE MTG TR INC | $7,870,000 | – | 253,700 | – | 3.75% | – |
| SBAC | Sell | SBA COMMUNICATIONS CORP NEWcl a | $7,345,000 | -43.5% | 50,988 | -47.1% | 3.50% | -50.1% |
| HLT | Sell | HILTON WORLDWIDE HLDGS INC | $7,160,000 | -33.1% | 103,092 | -40.4% | 3.41% | -40.9% |
| CUBE | New | CUBESMART | $6,659,000 | – | 256,500 | – | 3.17% | – |
| LEN | New | LENNAR CORPcl a | $6,588,000 | – | 124,778 | – | 3.14% | – |
| CPT | New | CAMDEN PPTY TRsh ben int | $6,475,000 | – | 70,800 | – | 3.08% | – |
| TCO | New | TAUBMAN CTRS INC | $6,327,000 | – | 127,300 | – | 3.01% | – |
| LHO | New | LASALLE HOTEL PPTYS | $5,615,000 | – | 193,500 | – | 2.67% | – |
| OHI | New | OMEGA HEALTHCARE INVS INC | $4,499,000 | – | 141,000 | – | 2.14% | – |
| QCP | New | QUALITY CARE PPTYS INC | $4,391,000 | – | 283,260 | – | 2.09% | – |
| INN | New | SUMMIT HOTEL PPTYS | $1,948,000 | – | 121,828 | – | 0.93% | – |
| NYRT | Exit | NEW YORK REIT INC | $0 | – | -627,006 | – | -2.92% | – |
| MAS | Exit | MASCO CORP | $0 | – | -225,822 | – | -4.65% | – |
| SFR | Exit | COLONY STARWOOD HOMES | $0 | – | -316,587 | – | -5.85% | – |
| MAC | Exit | MACERICH CO | $0 | – | -188,700 | – | -5.90% | – |
| PLD | Exit | PROLOGIS INC | $0 | – | -205,200 | – | -6.48% | – |
Q2 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LQ | New | LA QUINTA HLDGS INC | $16,976,000 | – | 1,149,382 | – | 9.15% | – |
| SBAC | New | SBA COMMUNICATIONS CORP NEWcl a | $13,003,000 | – | 96,388 | – | 7.01% | – |
| H | New | HYATT HOTELS CORP | $12,823,000 | – | 228,122 | – | 6.91% | – |
| PLD | New | PROLOGIS INC | $12,033,000 | – | 205,200 | – | 6.48% | – |
| RPAI | New | RETAIL PPTYS AMER INCcl a | $11,419,000 | – | 935,199 | – | 6.15% | – |
| MAC | New | MACERICH CO | $10,956,000 | – | 188,700 | – | 5.90% | – |
| EQC | New | EQUITY COMWLTH | $10,919,000 | – | 345,551 | – | 5.88% | – |
| GGP | New | GGP INC | $10,886,000 | – | 462,034 | – | 5.86% | – |
| SFR | New | COLONY STARWOOD HOMES | $10,862,000 | – | 316,587 | – | 5.85% | – |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $10,824,000 | – | 479,588 | – | 5.83% | – |
| HLT | New | HILTON WORLDWIDE HLDGS INC | $10,700,000 | – | 172,992 | – | 5.76% | – |
| HPP | New | HUDSON PAC PPTYS INC | $8,703,000 | – | 254,534 | – | 4.69% | – |
| MAS | New | MASCO CORP | $8,629,000 | – | 225,822 | – | 4.65% | – |
| SUI | New | SUN CMNTYS INC | $8,586,000 | – | 97,912 | – | 4.63% | – |
| ZAYO | New | ZAYO GROUP HLDGS INC | $6,435,000 | – | 208,256 | – | 3.47% | – |
| MTN | New | VAIL RESORTS INC | $5,627,000 | – | 27,740 | – | 3.03% | – |
| MGP | New | MGM GROWTH PPTYS LLC | $5,425,000 | – | 185,856 | – | 2.92% | – |
| NYRT | New | NEW YORK REIT INC | $5,417,000 | – | 627,006 | – | 2.92% | – |
| REXR | New | REXFORD INDL RLTY INC | $5,379,000 | – | 196,038 | – | 2.90% | – |
Q4 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| DRH | Exit | DIAMONDROCK HOSPITALITY CO | $0 | – | -658,557 | – | -1.45% | – |
| MTGE | Exit | AMERICAN CAP MTG INVT CORP | $0 | – | -352,200 | – | -1.46% | – |
| MAR | Exit | MARRIOTT INTL INC NEWcl a | $0 | – | -135,527 | – | -2.21% | – |
| RPAI | Exit | RETAIL PPTYS AMER INCcl a | $0 | – | -670,194 | – | -2.72% | – |
| SHO | Exit | SUNSTONE HOTEL INVS INC NEW | $0 | – | -903,381 | – | -2.80% | – |
| FRT | Exit | FEDERAL REALTY INVT TRsh ben int new | $0 | – | -91,210 | – | -3.40% | – |
| CAA | Exit | CALATLANTIC GROUP INC | $0 | – | -422,215 | – | -3.42% | – |
| MTN | Exit | VAIL RESORTS INC | $0 | – | -90,618 | – | -3.44% | – |
| INXN | Exit | INTERXION HOLDING N.V | $0 | – | -460,378 | – | -4.04% | – |
| RCL | Exit | ROYAL CARIBBEAN CRUISES LTD | $0 | – | -226,641 | – | -4.11% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -151,707 | – | -4.16% | – |
| GGP | Exit | GENERAL GROWTH PPTYS INC NEW | $0 | – | -657,596 | – | -4.39% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -563,742 | – | -4.48% | – |
| EQC | Exit | EQUITY COMWLTH | $0 | – | -617,537 | – | -4.52% | – |
| VNO | Exit | VORNADO RLTY TRsh ben int | $0 | – | -190,394 | – | -4.66% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP | $0 | – | -175,948 | – | -4.78% | – |
| MHK | Exit | MOHAWK INDS INC | $0 | – | -98,822 | – | -4.79% | – |
| CUBE | Exit | CUBESMART | $0 | – | -729,146 | – | -4.81% | – |
| TPH | Exit | TRI POINTE GROUP INC | $0 | – | -1,584,200 | – | -5.05% | – |
| REXR | Exit | REXFORD INDL RLTY INC | $0 | – | -955,158 | – | -5.29% | – |
| A104PS | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -953,676 | – | -5.29% | – |
| AMH | Exit | AMERICAN HOMES 4 RENTcl a | $0 | – | -1,132,959 | – | -5.93% | – |
| CONE | Exit | CYRUSONE INC | $0 | – | -530,869 | – | -6.11% | – |
| SRC | Exit | SPIRIT RLTY CAP INC NEW | $0 | – | -2,075,829 | – | -6.70% | – |
Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SRC | New | SPIRIT RLTY CAP INC NEW | $27,671,000 | – | 2,075,829 | – | 6.70% | – |
| CONE | Buy | CYRUSONE INC | $25,253,000 | -12.4% | 530,869 | +2.5% | 6.11% | -24.1% |
| AMH | Buy | AMERICAN HOMES 4 RENTcl a | $24,517,000 | +91.2% | 1,132,959 | +80.9% | 5.93% | +65.7% |
| A104PS | Buy | HILTON WORLDWIDE HLDGS INC | $21,868,000 | +22.1% | 953,676 | +20.0% | 5.29% | +5.8% |
| REXR | Buy | REXFORD INDL RLTY INC | $21,864,000 | +17.2% | 955,158 | +8.0% | 5.29% | +1.6% |
| TPH | Buy | TRI POINTE GROUP INC | $20,880,000 | +83.2% | 1,584,200 | +64.3% | 5.05% | +58.8% |
| CUBE | Buy | CUBESMART | $19,877,000 | +14.4% | 729,146 | +29.6% | 4.81% | -0.9% |
| MHK | New | MOHAWK INDS INC | $19,798,000 | – | 98,822 | – | 4.79% | – |
| SBAC | Buy | SBA COMMUNICATIONS CORP | $19,734,000 | +45.9% | 175,948 | +40.4% | 4.78% | +26.4% |
| VNO | Buy | VORNADO RLTY TRsh ben int | $19,270,000 | +104.1% | 190,394 | +101.9% | 4.66% | +76.9% |
| EQC | Sell | EQUITY COMWLTH | $18,662,000 | -5.4% | 617,537 | -8.8% | 4.52% | -18.0% |
| HPP | Sell | HUDSON PAC PPTYS INC | $18,530,000 | -11.5% | 563,742 | -21.4% | 4.48% | -23.3% |
| GGP | Sell | GENERAL GROWTH PPTYS INC NEW | $18,150,000 | -39.7% | 657,596 | -34.8% | 4.39% | -47.7% |
| AMT | Sell | AMERICAN TOWER CORP NEW | $17,193,000 | -14.7% | 151,707 | -14.5% | 4.16% | -26.1% |
| RCL | Buy | ROYAL CARIBBEAN CRUISES LTD | $16,987,000 | +114.8% | 226,641 | +92.4% | 4.11% | +86.1% |
| INXN | Sell | INTERXION HOLDING N.V | $16,675,000 | -11.1% | 460,378 | -9.5% | 4.04% | -23.0% |
| MTN | New | VAIL RESORTS INC | $14,216,000 | – | 90,618 | – | 3.44% | – |
| CAA | Buy | CALATLANTIC GROUP INC | $14,119,000 | +27.4% | 422,215 | +39.9% | 3.42% | +10.4% |
| FRT | Sell | FEDERAL REALTY INVT TRsh ben int new | $14,040,000 | -15.2% | 91,210 | -8.8% | 3.40% | -26.5% |
| SHO | Buy | SUNSTONE HOTEL INVS INC NEW | $11,554,000 | +9.1% | 903,381 | +2.9% | 2.80% | -5.5% |
| RPAI | New | RETAIL PPTYS AMER INCcl a | $11,259,000 | – | 670,194 | – | 2.72% | – |
| MAR | New | MARRIOTT INTL INC NEWcl a | $9,125,000 | – | 135,527 | – | 2.21% | – |
| MTGE | Sell | AMERICAN CAP MTG INVT CORP | $6,054,000 | -21.6% | 352,200 | -28.0% | 1.46% | -32.1% |
| DRH | New | DIAMONDROCK HOSPITALITY CO | $5,993,000 | – | 658,557 | – | 1.45% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -173,226 | – | -1.34% | – |
| O | Exit | REALTY INCOME CORP | $0 | – | -105,500 | – | -2.04% | – |
| NNN | Exit | NATIONAL RETAIL PPTYS INC | $0 | – | -188,600 | – | -2.72% | – |
| LOW | Exit | LOWES COS INC | $0 | – | -149,339 | – | -3.30% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -289,400 | – | -3.97% | – |
| DHI | Exit | D R HORTON INC | $0 | – | -533,758 | – | -4.69% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| GGP | New | GENERAL GROWTH PPTYS INC NEW | $30,076,000 | – | 1,008,600 | – | 8.40% | – |
| CONE | New | CYRUSONE INC | $28,832,000 | – | 518,000 | – | 8.05% | – |
| HPP | New | HUDSON PAC PPTYS INC | $20,927,000 | – | 717,166 | – | 5.84% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $20,156,000 | – | 177,411 | – | 5.63% | – |
| EQC | New | EQUITY COMWLTH | $19,723,000 | – | 677,054 | – | 5.51% | – |
| INXN | New | INTERXION HOLDING N.V | $18,764,000 | – | 508,790 | – | 5.24% | – |
| REXR | New | REXFORD INDL RLTY INC | $18,655,000 | – | 884,563 | – | 5.21% | – |
| A104PS | New | HILTON WORLDWIDE HLDGS INC | $17,905,000 | – | 794,700 | – | 5.00% | – |
| CUBE | New | CUBESMART | $17,376,000 | – | 562,687 | – | 4.85% | – |
| DHI | New | D R HORTON INC | $16,803,000 | – | 533,758 | – | 4.69% | – |
| FRT | New | FEDERAL REALTY INVT TRsh ben int new | $16,555,000 | – | 100,000 | – | 4.62% | – |
| H | New | HYATT HOTELS CORP | $14,221,000 | – | 289,400 | – | 3.97% | – |
| SBAC | New | SBA COMMUNICATIONS CORP | $13,528,000 | – | 125,331 | – | 3.78% | – |
| AMH | New | AMERICAN HOMES 4 RENTcl a | $12,823,000 | – | 626,141 | – | 3.58% | – |
| LOW | New | LOWES COS INC | $11,823,000 | – | 149,339 | – | 3.30% | – |
| TPH | New | TRI POINTE GROUP INC | $11,398,000 | – | 964,300 | – | 3.18% | – |
| CAA | New | CALATLANTIC GROUP INC | $11,079,000 | – | 301,800 | – | 3.09% | – |
| SHO | New | SUNSTONE HOTEL INVS INC NEW | $10,594,000 | – | 877,700 | – | 2.96% | – |
| NNN | New | NATIONAL RETAIL PPTYS INC | $9,754,000 | – | 188,600 | – | 2.72% | – |
| VNO | New | VORNADO RLTY TRsh ben int | $9,441,000 | – | 94,300 | – | 2.64% | – |
| RCL | New | ROYAL CARIBBEAN CRUISES LTD | $7,910,000 | – | 117,800 | – | 2.21% | – |
| MTGE | New | AMERICAN CAP MTG INVT CORP | $7,724,000 | – | 489,200 | – | 2.16% | – |
| O | New | REALTY INCOME CORP | $7,317,000 | – | 105,500 | – | 2.04% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $4,793,000 | – | 173,226 | – | 1.34% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| CLI | Exit | MACK CALI RLTY CORP | $0 | – | -618,900 | – | -1.38% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -436,462 | – | -1.42% | – |
| CLNY | Exit | COLONY CAP INCcl a | $0 | – | -733,025 | – | -1.70% | – |
| STAR | Exit | ISTAR INC | $0 | – | -1,183,086 | – | -1.76% | – |
| MTN | Exit | VAIL RESORTS INC | $0 | – | -160,503 | – | -1.99% | – |
| SHW | Exit | SHERWIN WILLIAMS CO | $0 | – | -80,400 | – | -2.12% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP | $0 | – | -191,331 | – | -2.37% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -250,361 | – | -2.60% | – |
| WRI | Exit | WEINGARTEN RLTY INVSsh ben int | $0 | – | -699,700 | – | -2.74% | – |
| CBLAQ | Exit | CBL & ASSOC PPTYS INC | $0 | – | -1,692,200 | – | -2.75% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -833,479 | – | -2.84% | – |
| RCL | Exit | ROYAL CARIBBEAN CRUISES LTD | $0 | – | -289,500 | – | -3.05% | – |
| HT | Exit | HERSHA HOSPITALITY TR | $0 | – | -1,142,324 | – | -3.06% | – |
| HHC | Exit | HOWARD HUGHES CORP | $0 | – | -248,800 | – | -3.37% | – |
| DHI | Exit | D R HORTON INC | $0 | – | -984,777 | – | -3.42% | – |
| SPY | Exit | SPDR S&P 500 ETF TRput | $0 | – | -170,900 | – | -3.87% | – |
| GGP | Exit | GENERAL GROWTH PPTYS INC NEW | $0 | – | -1,364,900 | – | -4.19% | – |
| M | Exit | MACYS INC | $0 | – | -705,700 | – | -4.28% | – |
| TCO | Exit | TAUBMAN CTRS INC | $0 | – | -532,900 | – | -4.35% | – |
| RLGY | Exit | REALOGY HLDGS CORP | $0 | – | -979,900 | – | -4.36% | – |
| FR | Exit | FIRST INDUSTRIAL REALTY TRUS | $0 | – | -1,760,147 | – | -4.36% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLD | $0 | – | -564,307 | – | -4.43% | – |
| CUBE | Exit | CUBESMART | $0 | – | -1,392,700 | – | -4.48% | – |
| SRC | Exit | SPIRIT RLTY CAP INC NEW | $0 | – | -4,341,200 | – | -4.69% | – |
| IWM | Exit | ISHARES TRput | $0 | – | -371,100 | – | -4.79% | – |
| EQC | Exit | EQUITY COMWLTH | $0 | – | -1,720,554 | – | -5.54% | – |
| AVB | Exit | AVALONBAY CMNTYS INC | $0 | – | -296,800 | – | -6.13% | – |
| A104PS | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -2,940,700 | – | -7.97% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| A104PS | Buy | HILTON WORLDWIDE HLDGS INC | $67,460,000 | +31.3% | 2,940,700 | +57.7% | 7.97% | +48.1% |
| AVB | Buy | AVALONBAY CMNTYS INC | $51,887,000 | +33.2% | 296,800 | +21.8% | 6.13% | +50.2% |
| EQC | Buy | EQUITY COMWLTH | $46,868,000 | +75.7% | 1,720,554 | +65.5% | 5.54% | +98.1% |
| IWM | Buy | ISHARES TRput | $40,524,000 | -9.9% | 371,100 | +3.0% | 4.79% | +1.6% |
| SRC | Buy | SPIRIT RLTY CAP INC NEW | $39,679,000 | -2.7% | 4,341,200 | +3.0% | 4.69% | +9.8% |
| CUBE | Buy | CUBESMART | $37,895,000 | +21.0% | 1,392,700 | +3.0% | 4.48% | +36.4% |
| HOT | Sell | STARWOOD HOTELS&RESORTS WRLD | $37,515,000 | -30.1% | 564,307 | -14.8% | 4.43% | -21.2% |
| FR | Buy | FIRST INDUSTRIAL REALTY TRUS | $36,875,000 | +15.3% | 1,760,147 | +3.1% | 4.36% | +30.0% |
| RLGY | Buy | REALOGY HLDGS CORP | $36,874,000 | +43.2% | 979,900 | +77.8% | 4.36% | +61.5% |
| TCO | Buy | TAUBMAN CTRS INC | $36,813,000 | +8.5% | 532,900 | +9.2% | 4.35% | +22.4% |
| M | Buy | MACYS INC | $36,217,000 | -2.4% | 705,700 | +28.3% | 4.28% | +10.1% |
| GGP | Buy | GENERAL GROWTH PPTYS INC NEW | $35,446,000 | +119.5% | 1,364,900 | +116.9% | 4.19% | +147.6% |
| SPY | New | SPDR S&P 500 ETF TRput | $32,750,000 | – | 170,900 | – | 3.87% | – |
| DHI | Sell | D R HORTON INC | $28,913,000 | -39.3% | 984,777 | -43.4% | 3.42% | -31.5% |
| HHC | Buy | HOWARD HUGHES CORP | $28,547,000 | -14.5% | 248,800 | +6.9% | 3.37% | -3.6% |
| HT | Sell | HERSHA HOSPITALITY TR | $25,885,000 | -62.8% | 1,142,324 | -57.9% | 3.06% | -58.1% |
| RCL | Sell | ROYAL CARIBBEAN CRUISES LTD | $25,792,000 | -38.0% | 289,500 | -45.3% | 3.05% | -30.1% |
| HPP | Sell | HUDSON PAC PPTYS INC | $23,996,000 | -37.4% | 833,479 | -38.3% | 2.84% | -29.4% |
| CBLAQ | Sell | CBL & ASSOC PPTYS INC | $23,268,000 | -25.5% | 1,692,200 | -12.2% | 2.75% | -16.0% |
| WRI | New | WEINGARTEN RLTY INVSsh ben int | $23,167,000 | – | 699,700 | – | 2.74% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $22,027,000 | – | 250,361 | – | 2.60% | – |
| SBAC | Sell | SBA COMMUNICATIONS CORP | $20,040,000 | -63.7% | 191,331 | -60.2% | 2.37% | -59.1% |
| SHW | New | SHERWIN WILLIAMS CO | $17,912,000 | – | 80,400 | – | 2.12% | – |
| MTN | Sell | VAIL RESORTS INC | $16,801,000 | -41.5% | 160,503 | -38.9% | 1.99% | -34.0% |
| STAR | Sell | ISTAR INC | $14,883,000 | -62.6% | 1,183,086 | -60.3% | 1.76% | -57.8% |
| CLNY | Sell | COLONY CAP INCcl a | $14,338,000 | -28.3% | 733,025 | -17.0% | 1.70% | -19.2% |
| BXMT | New | BLACKSTONE MTG TR INC | $11,977,000 | – | 436,462 | – | 1.42% | – |
| CLI | New | MACK CALI RLTY CORP | $11,685,000 | – | 618,900 | – | 1.38% | – |
| AHT | Exit | ASHFORD HOSPITALITY TR INC | $0 | – | -1,092,000 | – | -0.97% | – |
| LOW | Exit | LOWES COS INC | $0 | – | -232,600 | – | -1.63% | – |
| PLD | Exit | PROLOGIS INC | $0 | – | -678,700 | – | -2.64% | – |
| IYR | Exit | ISHARES TRput | $0 | – | -923,700 | – | -6.90% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| HT | New | HERSHA HOSPITALITY TR | $69,639,000 | – | 2,716,024 | – | 7.30% | – |
| IYR | New | ISHARES TRput | $65,860,000 | – | 923,700 | – | 6.90% | – |
| SBAC | New | SBA COMMUNICATIONS CORP | $55,237,000 | – | 480,450 | – | 5.79% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLD | $53,706,000 | – | 662,307 | – | 5.63% | – |
| A104PS | New | HILTON WORLDWIDE HLDGS INC | $51,378,000 | – | 1,864,900 | – | 5.38% | – |
| DHI | New | D R HORTON INC | $47,615,000 | – | 1,740,300 | – | 4.99% | – |
| IWM | New | ISHARES TRput | $44,987,000 | – | 360,300 | – | 4.72% | – |
| RCL | New | ROYAL CARIBBEAN CRUISES LTD | $41,627,000 | – | 529,000 | – | 4.36% | – |
| SRC | New | SPIRIT RLTY CAP INC NEW | $40,765,000 | – | 4,215,600 | – | 4.27% | – |
| STAR | New | ISTAR FINL INC | $39,743,000 | – | 2,983,686 | – | 4.16% | – |
| AVB | New | AVALONBAY CMNTYS INC | $38,944,000 | – | 243,600 | – | 4.08% | – |
| HPP | New | HUDSON PAC PPTYS INC | $38,336,000 | – | 1,351,279 | – | 4.02% | – |
| M | New | MACYS INC | $37,115,000 | – | 550,100 | – | 3.89% | – |
| TCO | New | TAUBMAN CTRS INC | $33,930,000 | – | 488,200 | – | 3.56% | – |
| HHC | New | HOWARD HUGHES CORP | $33,402,000 | – | 232,700 | – | 3.50% | – |
| FR | New | FIRST INDUSTRIAL REALTY TRUS | $31,982,000 | – | 1,707,547 | – | 3.35% | – |
| CUBE | New | CUBESMART | $31,322,000 | – | 1,352,400 | – | 3.28% | – |
| CBLAQ | New | CBL & ASSOC PPTYS INC | $31,222,000 | – | 1,927,300 | – | 3.27% | – |
| MTN | New | VAIL RESORTS INC | $28,709,000 | – | 262,903 | – | 3.01% | – |
| EQC | New | EQUITY COMWLTH | $26,681,000 | – | 1,039,400 | – | 2.80% | – |
| RLGY | New | REALOGY HLDGS CORP | $25,752,000 | – | 551,200 | – | 2.70% | – |
| PLD | New | PROLOGIS INC | $25,180,000 | – | 678,700 | – | 2.64% | – |
| CLNY | New | COLONY CAP INCcl a | $20,007,000 | – | 883,295 | – | 2.10% | – |
| GGP | New | GENERAL GROWTH PPTYS INC NEW | $16,148,000 | – | 629,300 | – | 1.69% | – |
| LOW | New | LOWES COS INC | $15,577,000 | – | 232,600 | – | 1.63% | – |
| AHT | New | ASHFORD HOSPITALITY TR INC | $9,238,000 | – | 1,092,000 | – | 0.97% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| VNO | Exit | VORNADO RLTY TRsh ben int | $0 | – | -251,303 | – | -1.55% | – |
| LEN | Exit | LENNAR CORPcl a | $0 | – | -796,700 | – | -1.91% | – |
| RLJ | Exit | RLJ LODGING TR | $0 | – | -1,119,900 | – | -1.97% | – |
| SRC | Exit | SPIRIT RLTY CAP INC NEW | $0 | – | -3,151,000 | – | -2.13% | – |
| HHC | Exit | HOWARD HUGHES CORP | $0 | – | -290,800 | – | -2.69% | – |
| VAC | Exit | MARRIOTT VACATIONS WRLDWDE C | $0 | – | -700,700 | – | -2.74% | – |
| CLNY | Exit | COLONY FINL INC | $0 | – | -2,037,900 | – | -2.82% | – |
| STAR | Exit | ISTAR FINL INC | $0 | – | -3,547,700 | – | -2.96% | – |
| HD | Exit | HOME DEPOT INC | $0 | – | -596,600 | – | -3.38% | – |
| M | Exit | MACYS INC | $0 | – | -944,100 | – | -3.39% | – |
| EXP | Exit | EAGLE MATERIALS INC | $0 | – | -564,900 | – | -3.55% | – |
| DHI | Exit | D R HORTON INC | $0 | – | -2,835,400 | – | -3.59% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -2,398,900 | – | -3.65% | – |
| WY | Exit | WEYERHAEUSER CO | $0 | – | -1,974,700 | – | -3.88% | – |
| FBHS | Exit | FORTUNE BRANDS HOME & SEC IN | $0 | – | -1,575,700 | – | -4.00% | – |
| MAC | Exit | MACERICH CO | $0 | – | -1,043,500 | – | -4.11% | – |
| MTN | Exit | VAIL RESORTS INC | $0 | – | -802,600 | – | -4.30% | – |
| DDR | Exit | DDR CORP | $0 | – | -4,356,700 | – | -4.50% | – |
| HT | Exit | HERSHA HOSPITALITY TRsh ben int a | $0 | – | -12,001,200 | – | -4.72% | – |
| GGP | Exit | GENERAL GROWTH PPTYS INC NEW | $0 | – | -3,256,800 | – | -4.74% | – |
| LOW | Exit | LOWES COS INC | $0 | – | -1,561,700 | – | -5.10% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLD | $0 | – | -1,019,600 | – | -5.24% | – |
| A104PS | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -3,675,100 | – | -5.59% | – |
| CBLAQ | Exit | CBL & ASSOC PPTYS INC | $0 | – | -5,549,300 | – | -6.13% | – |
| IWM | Exit | ISHARES TRput | $0 | – | -1,679,900 | – | -11.34% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| IWM | Buy | ISHARES TRput | $183,697,000 | -5.9% | 1,679,900 | +2.3% | 11.34% | -8.3% |
| CBLAQ | Buy | CBL & ASSOC PPTYS INC | $99,332,000 | +8.5% | 5,549,300 | +15.2% | 6.13% | +5.7% |
| A104PS | Buy | HILTON WORLDWIDE HLDGS INC | $90,518,000 | +24.2% | 3,675,100 | +17.5% | 5.59% | +20.9% |
| HOT | Sell | STARWOOD HOTELS&RESORTS WRLD | $84,841,000 | +1.0% | 1,019,600 | -1.9% | 5.24% | -1.7% |
| LOW | Buy | LOWES COS INC | $82,645,000 | +29.5% | 1,561,700 | +17.4% | 5.10% | +26.1% |
| GGP | Buy | GENERAL GROWTH PPTYS INC NEW | $76,698,000 | +17.4% | 3,256,800 | +17.5% | 4.74% | +14.3% |
| HT | Sell | HERSHA HOSPITALITY TRsh ben int a | $76,448,000 | -12.4% | 12,001,200 | -7.7% | 4.72% | -14.7% |
| DDR | Buy | DDR CORP | $72,888,000 | +11.5% | 4,356,700 | +17.5% | 4.50% | +8.5% |
| MTN | Buy | VAIL RESORTS INC | $69,634,000 | +21.5% | 802,600 | +8.1% | 4.30% | +18.4% |
| MAC | Sell | MACERICH CO | $66,607,000 | -12.0% | 1,043,500 | -7.9% | 4.11% | -14.3% |
| FBHS | Buy | FORTUNE BRANDS HOME & SEC IN | $64,777,000 | +19.7% | 1,575,700 | +16.3% | 4.00% | +16.6% |
| WY | Buy | WEYERHAEUSER CO | $62,914,000 | -0.6% | 1,974,700 | +3.3% | 3.88% | -3.1% |
| HPP | Sell | HUDSON PAC PPTYS INC | $59,157,000 | -5.4% | 2,398,900 | -2.8% | 3.65% | -7.8% |
| DHI | New | D R HORTON INC | $58,182,000 | – | 2,835,400 | – | 3.59% | – |
| EXP | Buy | EAGLE MATERIALS INC | $57,524,000 | +22.0% | 564,900 | +12.9% | 3.55% | +18.8% |
| M | Buy | MACYS INC | $54,928,000 | +128.9% | 944,100 | +128.3% | 3.39% | +122.9% |
| HD | Sell | HOME DEPOT INC | $54,732,000 | -0.8% | 596,600 | -12.4% | 3.38% | -3.4% |
| STAR | Buy | ISTAR FINL INC | $47,894,000 | +1.2% | 3,547,700 | +12.3% | 2.96% | -1.5% |
| CLNY | Buy | COLONY FINL INC | $45,608,000 | +15.7% | 2,037,900 | +20.0% | 2.82% | +12.7% |
| VAC | Buy | MARRIOTT VACATIONS WRLDWDE C | $44,431,000 | +27.1% | 700,700 | +17.5% | 2.74% | +23.7% |
| HHC | Buy | HOWARD HUGHES CORP | $43,620,000 | +11.6% | 290,800 | +17.4% | 2.69% | +8.7% |
| SRC | Buy | SPIRIT RLTY CAP INC NEW | $34,566,000 | +13.4% | 3,151,000 | +17.5% | 2.13% | +10.5% |
| RLJ | Sell | RLJ LODGING TR | $31,884,000 | -22.7% | 1,119,900 | -21.5% | 1.97% | -24.7% |
| LEN | Sell | LENNAR CORPcl a | $30,936,000 | -63.7% | 796,700 | -60.8% | 1.91% | -64.6% |
| VNO | New | VORNADO RLTY TRsh ben int | $25,120,000 | – | 251,303 | – | 1.55% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP | $0 | – | -227,484 | – | -1.48% | – |
| PLD | Exit | PROLOGIS INC | $0 | – | -846,600 | – | -2.20% | – |
| MTH | Exit | MERITAGE HOMES CORP | $0 | – | -875,300 | – | -2.34% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| IWM | New | ISHARESput | $195,134,000 | – | 1,642,400 | – | 12.37% | – |
| CBLAQ | New | CBL & ASSOC PPTYS INC | $91,555,000 | – | 4,818,700 | – | 5.80% | – |
| HT | New | HERSHA HOSPITALITY TRsh ben int a | $87,238,000 | – | 13,001,200 | – | 5.53% | – |
| LEN | New | LENNAR CORPcl a | $85,224,000 | – | 2,030,100 | – | 5.40% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLD | $84,004,000 | – | 1,039,400 | – | 5.33% | – |
| MAC | New | MACERICH CO | $75,668,000 | – | 1,133,600 | – | 4.80% | – |
| A104PS | New | HILTON WORLDWIDE HLDGS INC | $72,903,000 | – | 3,128,900 | – | 4.62% | – |
| DDR | New | DDR CORP | $65,393,000 | – | 3,709,200 | – | 4.15% | – |
| GGP | New | GENERAL GROWTH PPTYS INC NEW | $65,327,000 | – | 2,772,800 | – | 4.14% | – |
| LOW | New | LOWES COS INC | $63,812,000 | – | 1,329,700 | – | 4.05% | – |
| WY | New | WEYERHAEUSER CO | $63,268,000 | – | 1,912,000 | – | 4.01% | – |
| HPP | New | HUDSON PAC PPTYS INC | $62,532,000 | – | 2,467,700 | – | 3.96% | – |
| MTN | New | VAIL RESORTS INC | $57,291,000 | – | 742,300 | – | 3.63% | – |
| HD | New | HOME DEPOT INC | $55,158,000 | – | 681,300 | – | 3.50% | – |
| FBHS | New | FORTUNE BRANDS HOME & SEC IN | $54,121,000 | – | 1,355,400 | – | 3.43% | – |
| STAR | New | ISTAR FINL INC | $47,344,000 | – | 3,160,500 | – | 3.00% | – |
| EXP | New | EAGLE MATERIALS INC | $47,159,000 | – | 500,200 | – | 2.99% | – |
| RLJ | New | RLJ LODGING TR | $41,238,000 | – | 1,427,400 | – | 2.61% | – |
| CLNY | New | COLONY FINL INC | $39,418,000 | – | 1,697,600 | – | 2.50% | – |
| HHC | New | HOWARD HUGHES CORP | $39,079,000 | – | 247,600 | – | 2.48% | – |
| MTH | New | MERITAGE HOMES CORP | $36,946,000 | – | 875,300 | – | 2.34% | – |
| VAC | New | MARRIOTT VACATIONS WRLDWDE C | $34,961,000 | – | 596,300 | – | 2.22% | – |
| PLD | New | PROLOGIS INC | $34,787,000 | – | 846,600 | – | 2.20% | – |
| SRC | New | SPIRIT RLTY CAP INC NEW | $30,474,000 | – | 2,682,600 | – | 1.93% | – |
| M | New | MACYS INC | $23,997,000 | – | 413,600 | – | 1.52% | – |
| SBAC | New | SBA COMMUNICATIONS CORP | $23,272,000 | – | 227,484 | – | 1.48% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| DHI | Exit | D R HORTON INC | $0 | – | -435,000 | – | -0.38% | – |
| TWO | Exit | TWO HBRS INVT CORP | $0 | – | -1,358,300 | – | -0.60% | – |
| BEE | Exit | STRATEGIC HOTELS & RESORTS I | $0 | – | -1,613,500 | – | -0.64% | – |
| M | Exit | MACYS INC | $0 | – | -326,200 | – | -0.64% | – |
| STWD | Exit | STARWOOD PPTY TR INC | $0 | – | -618,300 | – | -0.67% | – |
| OEH | Exit | ORIENT-EXPRESS HOTELS LTDcl a | $0 | – | -1,182,100 | – | -0.70% | – |
| BRE | Exit | BRE PROPERTIES INCcl a | $0 | – | -304,300 | – | -0.70% | – |
| HHC | Exit | HOWARD HUGHES CORP | $0 | – | -152,900 | – | -0.78% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -824,900 | – | -0.94% | – |
| SPF | Exit | STANDARD PAC CORP NEW | $0 | – | -2,680,700 | – | -0.96% | – |
| PMT | Exit | PENNYMAC MTG INVT TR | $0 | – | -1,237,000 | – | -1.27% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -1,560,300 | – | -1.38% | – |
| VAC | Exit | MARRIOTT VACATIONS WRLDWDE C | $0 | – | -700,700 | – | -1.40% | – |
| RCL | Exit | ROYAL CARIBBEAN CRUISES LTDput | $0 | – | -814,800 | – | -1.42% | – |
| WY | Exit | WEYERHAEUSER CO | $0 | – | -1,170,500 | – | -1.52% | – |
| KRC | Exit | KILROY RLTY CORP | $0 | – | -677,400 | – | -1.54% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLDput | $0 | – | -533,200 | – | -1.61% | – |
| RLJ | Exit | RLJ LODGING TR | $0 | – | -1,522,000 | – | -1.62% | – |
| STAR | Exit | ISTAR FINL INC | $0 | – | -3,138,000 | – | -1.72% | – |
| IYR | Exit | ISHARESput | $0 | – | -628,900 | – | -1.82% | – |
| OCN | Exit | OCWEN FINL CORP | $0 | – | -797,700 | – | -2.02% | – |
| BXP | Exit | BOSTON PROPERTIES INC | $0 | – | -435,700 | – | -2.12% | – |
| FBHS | Exit | FORTUNE BRANDS HOME & SEC IN | $0 | – | -1,126,100 | – | -2.13% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -647,400 | – | -2.18% | – |
| SPY | Exit | SPDR S&P 500 ETF TRput | $0 | – | -291,900 | – | -2.23% | – |
| HT | Exit | HERSHA HOSPITALITY TRsh ben int a | $0 | – | -9,214,800 | – | -2.34% | – |
| EXP | Exit | EAGLE MATERIALS INC | $0 | – | -755,000 | – | -2.49% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -377,917 | – | -2.54% | – |
| DDR | Exit | DDR CORP | $0 | – | -3,820,600 | – | -2.73% | – |
| CCI | Exit | CROWN CASTLE INTL CORP | $0 | – | -832,700 | – | -2.76% | – |
| MAC | Exit | MACERICH CO | $0 | – | -1,165,200 | – | -2.99% | – |
| TOL | Exit | TOLL BROTHERS INC | $0 | – | -2,067,400 | – | -3.05% | – |
| LEN | Exit | LENNAR CORPcl a | $0 | – | -1,922,700 | – | -3.09% | – |
| RYL | Exit | RYLAND GROUP INC | $0 | – | -1,692,600 | – | -3.12% | – |
| LOW | Exit | LOWES COS INC | $0 | – | -1,510,500 | – | -3.27% | – |
| MAR | Exit | MARRIOTT INTL INC NEWcl a | $0 | – | -1,824,000 | – | -3.48% | – |
| HD | Exit | HOME DEPOT INC | $0 | – | -1,182,300 | – | -4.07% | – |
| CBLAQ | Exit | CBL & ASSOC PPTYS INC | $0 | – | -4,914,900 | – | -4.26% | – |
| GGP | Exit | GENERAL GROWTH PPTYS INC NEW | $0 | – | -5,319,900 | – | -4.66% | – |
| SBAC | Exit | SBA COMMUNICATIONS CORP | $0 | – | -1,515,000 | – | -5.54% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLD | $0 | – | -1,869,400 | – | -5.64% | – |
| IWM | Exit | ISHARESput | $0 | – | -2,264,800 | – | -10.97% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| IWM | Sell | ISHARESput | $241,450,000 | -15.5% | 2,264,800 | -23.5% | 10.97% | +0.5% |
| HOT | Sell | STARWOOD HOTELS&RESORTS WRLD | $124,222,000 | -17.9% | 1,869,400 | -21.9% | 5.64% | -2.3% |
| SBAC | Sell | SBA COMMUNICATIONS CORP | $121,897,000 | +5.1% | 1,515,000 | -3.2% | 5.54% | +25.0% |
| GGP | Sell | GENERAL GROWTH PPTYS INC NEW | $102,621,000 | -6.6% | 5,319,900 | -3.8% | 4.66% | +11.1% |
| CBLAQ | Buy | CBL & ASSOC PPTYS INC | $93,875,000 | +32.9% | 4,914,900 | +49.0% | 4.26% | +58.0% |
| HD | Sell | HOME DEPOT INC | $89,677,000 | -32.0% | 1,182,300 | -30.6% | 4.07% | -19.1% |
| MAR | Sell | MARRIOTT INTL INC NEWcl a | $76,717,000 | -17.5% | 1,824,000 | -20.8% | 3.48% | -1.9% |
| LOW | Buy | LOWES COS INC | $71,915,000 | +47.4% | 1,510,500 | +26.6% | 3.27% | +75.3% |
| RYL | New | RYLAND GROUP INC | $68,618,000 | – | 1,692,600 | – | 3.12% | – |
| LEN | Sell | LENNAR CORPcl a | $68,064,000 | -43.9% | 1,922,700 | -42.9% | 3.09% | -33.3% |
| TOL | Sell | TOLL BROTHERS INC | $67,046,000 | -0.6% | 2,067,400 | -0.0% | 3.05% | +18.2% |
| MAC | Sell | MACERICH CO | $65,764,000 | -26.8% | 1,165,200 | -20.9% | 2.99% | -12.9% |
| CCI | Buy | CROWN CASTLE INTL CORP | $60,812,000 | +40.3% | 832,700 | +39.1% | 2.76% | +66.9% |
| DDR | Buy | DDR CORP | $60,022,000 | -4.9% | 3,820,600 | +0.8% | 2.73% | +13.1% |
| SPG | Sell | SIMON PPTY GROUP INC NEW | $56,019,000 | -31.9% | 377,917 | -27.5% | 2.54% | -19.0% |
| EXP | Buy | EAGLE MATERIALS INC | $54,775,000 | +10.3% | 755,000 | +0.8% | 2.49% | +31.2% |
| HT | Buy | HERSHA HOSPITALITY TRsh ben int a | $51,511,000 | -0.1% | 9,214,800 | +0.8% | 2.34% | +18.8% |
| SPY | Sell | SPDR S&P 500 ETF TRput | $49,042,000 | -57.2% | 291,900 | -59.1% | 2.23% | -49.1% |
| AMT | Buy | AMERICAN TOWER CORP NEW | $47,992,000 | +2.1% | 647,400 | +0.8% | 2.18% | +21.4% |
| FBHS | Sell | FORTUNE BRANDS HOME & SEC IN | $46,880,000 | -29.5% | 1,126,100 | -34.4% | 2.13% | -16.2% |
| BXP | Buy | BOSTON PROPERTIES INC | $46,576,000 | +82.4% | 435,700 | +80.0% | 2.12% | +117.0% |
| OCN | Sell | OCWEN FINL CORP | $44,488,000 | +10.0% | 797,700 | -18.7% | 2.02% | +30.8% |
| IYR | Sell | ISHARESput | $40,118,000 | -68.7% | 628,900 | -67.4% | 1.82% | -62.7% |
| STAR | Buy | ISTAR FINL INC | $37,782,000 | +7.5% | 3,138,000 | +0.8% | 1.72% | +27.8% |
| RLJ | Buy | RLJ LODGING TR | $35,752,000 | +5.2% | 1,522,000 | +0.8% | 1.62% | +25.1% |
| HOT | Sell | STARWOOD HOTELS&RESORTS WRLDput | $35,431,000 | +1.9% | 533,200 | -3.1% | 1.61% | +21.2% |
| KRC | Sell | KILROY RLTY CORP | $33,836,000 | -38.6% | 677,400 | -34.8% | 1.54% | -26.9% |
| WY | Sell | WEYERHAEUSER CO | $33,511,000 | -45.2% | 1,170,500 | -45.5% | 1.52% | -34.9% |
| RCL | Buy | ROYAL CARIBBEAN CRUISES LTDput | $31,191,000 | +103.4% | 814,800 | +77.1% | 1.42% | +141.8% |
| VAC | Buy | MARRIOTT VACATIONS WRLDWDE C | $30,831,000 | +73.6% | 700,700 | +70.6% | 1.40% | +106.6% |
| HPP | Buy | HUDSON PAC PPTYS INC | $30,348,000 | -7.9% | 1,560,300 | +0.8% | 1.38% | +9.5% |
| PMT | Sell | PENNYMAC MTG INVT TR | $28,055,000 | -4.3% | 1,237,000 | -11.1% | 1.27% | +13.9% |
| SPF | New | STANDARD PAC CORP NEW | $21,204,000 | – | 2,680,700 | – | 0.96% | – |
| BXMT | Buy | BLACKSTONE MTG TR INC | $20,779,000 | +63.5% | 824,900 | +60.3% | 0.94% | +94.2% |
| HHC | New | HOWARD HUGHES CORP | $17,181,000 | – | 152,900 | – | 0.78% | – |
| BRE | Buy | BRE PROPERTIES INCcl a | $15,446,000 | +2.3% | 304,300 | +0.8% | 0.70% | +21.7% |
| OEH | Buy | ORIENT-EXPRESS HOTELS LTDcl a | $15,344,000 | +7.6% | 1,182,100 | +0.8% | 0.70% | +27.9% |
| STWD | Sell | STARWOOD PPTY TR INC | $14,821,000 | -33.4% | 618,300 | -31.2% | 0.67% | -20.8% |
| M | New | MACYS INC | $14,115,000 | – | 326,200 | – | 0.64% | – |
| BEE | Sell | STRATEGIC HOTELS & RESORTS I | $14,005,000 | -49.0% | 1,613,500 | -48.0% | 0.64% | -39.4% |
| TWO | Buy | TWO HBRS INVT CORP | $13,189,000 | -4.0% | 1,358,300 | +1.3% | 0.60% | +14.1% |
| DHI | Sell | D R HORTON INC | $8,452,000 | -81.8% | 435,000 | -80.1% | 0.38% | -78.4% |
| VTR | Exit | VENTAS INC | $0 | – | -63,491 | – | -0.17% | – |
| H | Exit | HYATT HOTELS CORP | $0 | – | -141,500 | – | -0.22% | – |
| SRC | Exit | SPIRIT RLTY CAP INC | $0 | – | -768,400 | – | -0.52% | – |
| DHI | Exit | D R HORTON INCput | $0 | – | -730,000 | – | -0.59% | – |
| LOW | Exit | LOWES COS INCput | $0 | – | -420,000 | – | -0.66% | – |
| SLG | Exit | SL GREEN RLTY CORP | $0 | – | -298,100 | – | -1.00% | – |
| PHM | Exit | PULTE GROUP INCput | $0 | – | -1,800,000 | – | -1.30% | – |
| EQR | Exit | EQUITY RESIDENTIALsh ben int | $0 | – | -612,000 | – | -1.36% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| IWM | New | ISHARES TRput | $285,751,000 | – | 2,958,700 | – | 10.92% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLD | $151,258,000 | – | 2,393,700 | – | 5.78% | – |
| HD | New | HOME DEPOT INC | $131,893,000 | – | 1,702,500 | – | 5.04% | – |
| IYR | New | ISHARES TRput | $128,037,000 | – | 1,927,400 | – | 4.89% | – |
| LEN | New | LENNAR CORPcl a | $121,368,000 | – | 3,367,600 | – | 4.64% | – |
| SBAC | New | SBA COMMUNICATIONS CORP | $116,013,000 | – | 1,565,200 | – | 4.43% | – |
| SPY | New | SPDR S&P 500 ETF TRput | $114,588,000 | – | 714,300 | – | 4.38% | – |
| GGP | New | GENERAL GROWTH PPTYS INC NEW | $109,881,000 | – | 5,530,000 | – | 4.20% | – |
| MAR | New | MARRIOTT INTL INC NEWcl a | $93,029,000 | – | 2,304,400 | – | 3.55% | – |
| MAC | New | MACERICH CO | $89,833,000 | – | 1,473,400 | – | 3.43% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $82,279,000 | – | 521,017 | – | 3.14% | – |
| CBLAQ | New | CBL & ASSOC PPTYS INC | $70,632,000 | – | 3,297,500 | – | 2.70% | – |
| TOL | New | TOLL BROTHERS INC | $67,476,000 | – | 2,067,900 | – | 2.58% | – |
| FBHS | New | FORTUNE BRANDS HOME & SEC IN | $66,540,000 | – | 1,717,600 | – | 2.54% | – |
| DDR | New | DDR CORP | $63,133,000 | – | 3,791,800 | – | 2.41% | – |
| WY | New | WEYERHAEUSER CO | $61,188,000 | – | 2,147,700 | – | 2.34% | – |
| KRC | New | KILROY RLTY CORP | $55,077,000 | – | 1,039,000 | – | 2.10% | – |
| HT | New | HERSHA HOSPITALITY TRsh ben int a | $51,579,000 | – | 9,145,300 | – | 1.97% | – |
| EXP | New | EAGLE MATERIALS INC | $49,656,000 | – | 749,300 | – | 1.90% | – |
| LOW | New | LOWES COS INC | $48,802,000 | – | 1,193,200 | – | 1.86% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $47,012,000 | – | 642,500 | – | 1.80% | – |
| DHI | New | D R HORTON INC | $46,539,000 | – | 2,187,000 | – | 1.78% | – |
| CCI | New | CROWN CASTLE INTL CORP | $43,340,000 | – | 598,700 | – | 1.66% | – |
| OCN | New | OCWEN FINL CORP | $40,445,000 | – | 981,200 | – | 1.54% | – |
| EQR | New | EQUITY RESIDENTIALsh ben int | $35,533,000 | – | 612,000 | – | 1.36% | – |
| STAR | New | ISTAR FINL INC | $35,160,000 | – | 3,114,300 | – | 1.34% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLDput | $34,755,000 | – | 550,000 | – | 1.33% | – |
| PHM | New | PULTE GROUP INCput | $34,146,000 | – | 1,800,000 | – | 1.30% | – |
| RLJ | New | RLJ LODGING TR | $33,971,000 | – | 1,510,500 | – | 1.30% | – |
| HPP | New | HUDSON PAC PPTYS INC | $32,954,000 | – | 1,548,600 | – | 1.26% | – |
| PMT | New | PENNYMAC MTG INVT TR | $29,302,000 | – | 1,392,000 | – | 1.12% | – |
| BEE | New | STRATEGIC HOTELS & RESORTS I | $27,469,000 | – | 3,100,300 | – | 1.05% | – |
| SLG | New | SL GREEN RLTY CORP | $26,289,000 | – | 298,100 | – | 1.00% | – |
| BXP | New | BOSTON PROPERTIES INC | $25,534,000 | – | 242,100 | – | 0.98% | – |
| STWD | New | STARWOOD PPTY TR INC | $22,245,000 | – | 898,800 | – | 0.85% | – |
| VAC | New | MARRIOTT VACATIONS WRLDWDE C | $17,763,000 | – | 410,800 | – | 0.68% | – |
| LOW | New | LOWES COS INCput | $17,178,000 | – | 420,000 | – | 0.66% | – |
| DHI | New | D R HORTON INCput | $15,534,000 | – | 730,000 | – | 0.59% | – |
| RCL | New | ROYAL CARIBBEAN CRUISES LTDput | $15,336,000 | – | 460,000 | – | 0.59% | – |
| BRE | New | BRE PROPERTIES INCcl a | $15,106,000 | – | 302,000 | – | 0.58% | – |
| OEH | New | ORIENT-EXPRESS HOTELS LTDcl a | $14,266,000 | – | 1,173,200 | – | 0.54% | – |
| TWO | New | TWO HBRS INVT CORP | $13,740,000 | – | 1,340,500 | – | 0.52% | – |
| SRC | New | SPIRIT RLTY CAP INC | $13,616,000 | – | 768,400 | – | 0.52% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $12,711,000 | – | 514,600 | – | 0.49% | – |
| H | New | HYATT HOTELS CORP | $5,711,000 | – | 141,500 | – | 0.22% | – |
| VTR | New | VENTAS INC | $4,410,000 | – | 63,491 | – | 0.17% | – |