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Adelante Capital Management LLC

Q3 2025 · Filed 2025-11-17
Market Value
$1.5B
+10.1%
Holdings
48
+6
New Purchases
6
Added To
18
Closed
5
Reduced
19
Top 10 Concentration
59.6%
Turnover
22.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PLD 9.74% 1.53% +8.21% $146M
BKD 3.14% 0.57% +2.57% $47M
BRX 2.06% 0.00% +2.06% $31M
HST 1.53% 0.00% +1.53% $23M
SPG 5.64% 4.35% +1.28% $84M
TRNO 1.07% 0.00% +1.07% $16M
KRC 0.93% 0.00% +0.93% $14M
CTRE 0.79% 0.00% +0.79% $12M
DOC 1.77% 0.99% +0.77% $26M
BXP 1.42% 0.65% +0.77% $21M
WELL 11.67% 11.11% +0.56% $174M
CCI 0.27% 0.00% +0.27% $4M
VTR 3.10% 2.85% +0.25% $46M
INVH 0.94% 0.70% +0.24% $14M
CBRE 0.28% 0.10% +0.18% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
HPP 0.00% 4.44% -4.44% $0
EXR 0.32% 2.64% -2.32% $5M
REG 0.00% 1.97% -1.97% $0
EQIX 6.56% 8.20% -1.64% $98M
EGP 0.86% 2.36% -1.50% $13M
CUZ 0.56% 2.00% -1.44% $8M
RHP 1.03% 1.89% -0.86% $15M
MAR 0.00% 0.78% -0.78% $0
PSA 4.54% 5.29% -0.75% $68M
AVB 4.40% 5.12% -0.73% $66M
ARE 0.40% 1.08% -0.68% $6M
SKT 0.00% 0.60% -0.60% $0
VICI 3.32% 3.92% -0.60% $50M
ELS 2.57% 3.06% -0.49% $38M
IRM 2.63% 3.04% -0.41% $39M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 29 $1.2B 81.1%
Mid Cap 17 $271M 18.1%
Small Cap 2 $11M 0.8%

Portfolio Analytics

Avg Market Cap
$28.8B
Median Market Cap
$14.4B
Avg P/E
37.6
Median P/E
28.2
Avg Dividend Yield
0.04%
Avg Beta
0.86
# Stocks
48
# ETFs / Funds
0

Top Holdings (48 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 WELL 11.67% 979,382 $174M $178.14 $24M -2,208 -0.2%
2 PLD 9.74% 1,272,288 $146M $114.52 $125M +104,410 +8.9%
3 EQIX 6.56% 125,234 $98M $783.24 -$13M -14,772 -10.6%
4 SPG 5.64% 449,344 $84M $187.67 $25M +81,342 +22.1%
5 DLR 5.35% 463,235 $80M $172.88 $9M +56,099 +13.8%
6 O 4.61% 1,135,259 $69M $60.79 $7M +53,853 +5.0%
7 PSA 4.54% 235,117 $68M $288.85 -$4M -9,740 -4.0%
8 AVB 4.40% 340,288 $66M $193.17 -$4M -1,567 -0.5%
9 EQR 3.80% 878,252 $57M $64.73 $4M +97,920 +12.6%
10 VICI 3.32% 1,521,457 $50M $32.61 -$4M -110,455 -6.8%
11 BKD 3.14% 1,013,181 $47M $46.35 $39M -106,289 -9.5%
12 VTR 3.10% 661,909 $46M $69.99 $8M +48,494 +7.9%
13 KIM 2.92% 2,000,750 $44M $21.85 -$1M -134,016 -6.3%
14 IRM 2.63% 386,285 $39M $101.94 -$2M -16,920 -4.2%
15 ELS 2.57% 634,055 $38M $60.70 -$3M -40,370 -6.0%
16 ADC 2.10% 441,605 $31M $71.04 $131K +13,995 +3.3%
17 BRX 2.06% 1,113,830 $31M $27.68 +1,113,830 NEW
18 AMH 2.03% 912,001 $30M $33.25 $367K +81,459 +9.8%
19 DOC 1.77% 1,305,556 $26M $20.27 $13M +533,970 +69.2%
20 HST 1.53% 1,343,133 $23M $17.02 +1,343,133 NEW
21 BXP 1.42% 285,339 $21M $74.34 $12M +153,998 +117.2%
22 FR 1.37% 397,648 $20M $51.47 $1M +3,203 +0.8%
23 MAA 1.10% 117,764 $16M $139.73 -$3M -10,825 -8.4%
24 TRNO 1.07% 283,173 $16M $56.75 +283,173 NEW
25 RHP 1.03% 171,496 $15M $89.59 -$10M -88,682 -34.1%
26 EPRT 1.01% 506,994 $15M $29.76 -$465K +19,599 +4.0%
27 VNO 1.01% 370,941 $15M $40.53 $1M +8,993 +2.5%
28 INVH 0.94% 478,893 $14M $29.33 $5M +11,440 +2.5%
29 KRC 0.93% 327,909 $14M $42.25 +327,909 NEW
30 EGP 0.86% 75,778 $13M $169.26 -$19M -116,071 -60.5%
31 CTRE 0.79% 340,197 $12M $34.68 +340,197 NEW
32 VRE 0.76% 752,225 $11M $15.20 $445K +14,280 +1.9%
33 AMT 0.74% 57,567 $11M $192.32 -$3M -5,431 -8.6%
34 IVT 0.64% 335,032 $10M $28.62 -$393K -29,254 -8.0%
35 CUZ 0.56% 289,203 $8M $28.94 -$19M -613,709 -68.0%
36 COLD 0.47% 574,892 $7M $12.24 -$770K +105,481 +22.5%
37 ARE 0.40% 72,405 $6M $83.34 -$9M -130,321 -64.3%
38 LAMR 0.39% 47,825 $6M $122.43 $686K +5,236 +12.3%
39 EXR 0.32% 238,341 $5M $19.80 -$31M -4,729 -1.9%
40 CBRE 0.28% 26,465 $4M $157.57 $3M -1,400 -5.0%
41 CCI 0.27% 42,486 $4M $96.48 +42,486 NEW
42 PCH 0.15% 53,345 $2M $40.75 $308K +4,723 +9.7%
43 OHI 0.02% 8,357 $353K $42.22 -$5M -139,848 -94.4%
44 SBAC —% -$3M -13,765 -100.0% SOLD
45 MAR —% -$11M -38,637 -100.0% SOLD
46 SKT —% -$8M -268,040 -100.0% SOLD
47 HPP —% -$60M -3,043,383 -100.0% SOLD
48 REG —% -$27M -376,117 -100.0% SOLD

New Positions

SymbolValue% Port
BRX $31M 2.06%
HST $23M 1.53%
TRNO $16M 1.07%
KRC $14M 0.93%
CTRE $12M 0.79%
CCI $4M 0.27%

Sold Out Positions

SymbolValue% Port
HPP —%
SKT —%
MAR —%
SBAC —%
REG —%
View SEC EDGAR Filings for Adelante Capital Management LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms