Adelante Capital Management
ALAMEDA, CAfiles as Adelante Capital Management LLC
$1.5bn in 42 US stocks at the end of 30 June 2026. The top 10 are 64.0% of the money. It changed about 11.4% of the portfolio this quarter.
Value
$1.5bn
Stocks
42
Top 10 share
64.0%
Turnover
11.4%
What changed this quarter
New
Bought for the first time this quarter.
- Federal Realty Investment TrustFRT1.8% of the fund
- Healthpeak PropertiesDOC1.4% of the fund
- Essex Property TrustESS1.3% of the fund
- SBA CommunicationsSBAC0.2% of the fund
- WeyerhaeuserWY0.1% of the fund
Added
Bought more of a stock they already held.
- Equity Lifestyle PropertiesELS2.6% of the fund+11%
- Vici PropertiesVICI2.3% of the fund+8%
- CareTrust REITCTRE1.4% of the fund+55%
- Lamar AdvertisingLAMR1.3% of the fund+134%
- Janus LivingJAN1.0% of the fund+76%
- InvenTrust PropertiesIVT0.9% of the fund+15%
- MacerichMAC0.8% of the fund+16%
- First Industrial Realty TrustFR0.8% of the fund+6%
- BXPBXP0.4% of the fund+7%
- Hilton Worldwide HoldingsHLT<0.1% of the fund+19%
Cut
Sold some of their stake.
- WelltowerWELL14.5% of the fund-6%
- PrologisPLD11.4% of the fund-4%
- EquinixEQIX8.5% of the fund-6%
- Simon Property GroupSPG6.1% of the fund-7%
- Realty IncomeO4.7% of the fund-2%
- Avalonbay CommunitiesAVB3.6% of the fund-10%
- VentasVTR3.5% of the fund-4%
- Vivmark ResidentialVMRK3.2% of the fund-19%
- Iron MountainIRM2.7% of the fund-9%
- Brixmor Property GroupBRX2.4% of the fund-9%
- Agree RealtyADC2.1% of the fund-2%
- American Homes 4 RentAMH1.9% of the fund-6%
- Extra Space StorageEXR1.8% of the fund-3%
- Vornado Realty TrustVNO1.8% of the fund-14%
- Ryman Hospitality PropertiesRHP1.7% of the fund-9%
- Kimco RealtyKIM1.2% of the fund-61%
- Essential Properties Realty TrustEPRT1.1% of the fund-15%
- Millrose PropertiesMRP0.8% of the fund-7%
- Public StoragePSA0.7% of the fund-8%
- Eastgroup PropertiesEGP0.6% of the fund-7%
- American TowerAMT0.6% of the fund-4%
- Brookdale Senior LivingBKD0.5% of the fund-51%
- Alexandria Real Estate EquitiesARE0.2% of the fund-81%
Sold out
Sold their entire stake.
- Americold Realty TrustCOLD-100%
- Sun CommunitiesSUI-100%
- CenterspaceCSR-100%
- Crown CastleCCI-100%
- RayonierRYN-100%
Holdings
- Avalonbay CommunitiesAVB
- Share
- 3.6%
- Value
- $55m
- Shares
- 291,487
-10%
- Janus LivingJAN
- Share
- 1.0%
- Value
- $16m
- Shares
- 544,072
+76%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| WelltowerWELL | 14.5% | $221m | 972,469 | -6% |
| PrologisPLD | 11.4% | $173m | 1,274,473 | -4% |
| EquinixEQIX | 8.5% | $129m | 123,901 | -6% |
| Simon Property GroupSPG | 6.1% | $93m | 417,092 | -7% |
| Digital Realty TrustDLR | 5.8% | $88m | 487,419 | Held |
| Realty IncomeO | 4.7% | $72m | 1,163,890 | -2% |
| Avalonbay CommunitiesAVB | 3.6% | $55m | 291,487 | -10% |
| VentasVTR | 3.5% | $53m | 593,888 | -4% |
| Vivmark ResidentialVMRK | 3.2% | $49m | 723,095 | -19% |
| Iron MountainIRM | 2.7% | $41m | 325,641 | -9% |
| Equity Lifestyle PropertiesELS | 2.6% | $40m | 615,154 | +11% |
| Brixmor Property GroupBRX | 2.4% | $36m | 1,148,695 | -9% |
| Vici PropertiesVICI | 2.3% | $36m | 1,338,445 | +8% |
| Agree RealtyADC | 2.1% | $33m | 430,209 | -2% |
| American Homes 4 RentAMH | 1.9% | $28m | 846,202 | -6% |
| Extra Space StorageEXR | 1.8% | $28m | 189,610 | -3% |
| Federal Realty Investment TrustFRT | 1.8% | $27m | 222,622 | New |
| Vornado Realty TrustVNO | 1.8% | $27m | 687,780 | -14% |
| Ryman Hospitality PropertiesRHP | 1.7% | $26m | 199,884 | -9% |
| CareTrust REITCTRE | 1.4% | $22m | 545,493 | +55% |
| MID America Apartment CommunitiesMAA | 1.4% | $22m | 157,364 | Held |
| Healthpeak PropertiesDOC | 1.4% | $22m | 1,009,623 | New |
| Essex Property TrustESS | 1.3% | $20m | 67,992 | New |
| Lamar AdvertisingLAMR | 1.3% | $19m | 122,594 | +134% |
| Kimco RealtyKIM | 1.2% | $19m | 739,084 | -61% |
| Essential Properties Realty TrustEPRT | 1.1% | $16m | 549,615 | -15% |
| Janus LivingJAN | 1.0% | $16m | 544,072 | +76% |
| InvenTrust PropertiesIVT | 0.9% | $13m | 378,545 | +15% |
| MacerichMAC | 0.8% | $13m | 499,198 | +16% |
| Millrose PropertiesMRP | 0.8% | $12m | 410,847 | -7% |
| First Industrial Realty TrustFR | 0.8% | $11m | 576,611 | +6% |
| Public StoragePSA | 0.7% | $10m | 245,064 | -8% |
| Eastgroup PropertiesEGP | 0.6% | $9m | 43,962 | -7% |
| American TowerAMT | 0.6% | $9m | 52,165 | -4% |
| Brookdale Senior LivingBKD | 0.5% | $8m | 504,410 | -51% |
| Cbre GroupCBRE | 0.4% | $6m | 133,209 | Held |
| BXPBXP | 0.4% | $6m | 84,018 | +7% |
| SL Green RealtySLG | 0.4% | $5m | 106,160 | Held |
| Alexandria Real Estate EquitiesARE | 0.2% | $4m | 68,285 | -81% |
| SBA CommunicationsSBAC | 0.2% | $3m | 15,505 | New |
| WeyerhaeuserWY | 0.1% | $2m | 64,703 | New |
| Hilton Worldwide HoldingsHLT | <0.1% | $1m | 72,219 | +19% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 12.0% since 30 June 2025.
Where the money is
Real estate99.4%
Health care0.5%
Retail & consumer0.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.