HGI Capital Management
NEW YORK, NYfiles as HGI Capital Management, LLC
$36m in 21 US stocks at the end of 30 September 2025. The top 10 are 55.7% of the money. It changed about 36.7% of the portfolio this quarter.
Value
$36m
Stocks
21
Top 10 share
55.7%
Turnover
36.7%
What changed this quarter
New
Bought for the first time this quarter.
- Home DepotHD5.5% of the fund
- Alexandria Real Estate EquitiesARE5.2% of the fund
- Phillips Edison & CompanyPECO4.5% of the fund
- Omega Healthcare InvestorsOHI4.3% of the fund
- Broadstone Net LeaseBNL3.4% of the fund
- Brixmor Property GroupBRX2.3% of the fund
Added
Bought more of a stock they already held.
- EquinixEQIX6.6% of the fund+11%
Cut
Sold some of their stake.
- Cbre GroupCBRE6.3% of the fund-45%
- First Industrial Realty TrustFR5.6% of the fund-41%
- Digital Realty TrustDLR5.5% of the fund-52%
- Extra Space StorageEXR5.5% of the fund-48%
- Public StoragePSA5.3% of the fund-51%
- PrologisPLD5.1% of the fund-26%
- Essex Property TrustESS5.1% of the fund-48%
- VentasVTR4.8% of the fund-49%
- UDRUDR4.7% of the fund-58%
- Vivmark ResidentialVMRK4.5% of the fund-58%
- Vici PropertiesVICI4.2% of the fund-43%
- Host Hotels & ResortsHST3.7% of the fund-65%
- Newmark GroupNMRK3.6% of the fund-76%
Sold out
Sold their entire stake.
Holdings
- Veris Residential INC.com
- Share
- 4.4%
- Value
- $2m
- Shares
- 105,494
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| EquinixEQIX | 6.6% | $2m | 3,053 | +11% |
| Cbre GroupCBRE | 6.3% | $2m | 14,632 | -45% |
| First Industrial Realty TrustFR | 5.6% | $2m | 39,373 | -41% |
| Digital Realty TrustDLR | 5.5% | $2m | 11,661 | -52% |
| Home DepotHD | 5.5% | $2m | 4,944 | New |
| Extra Space StorageEXR | 5.5% | $2m | 14,110 | -48% |
| Public StoragePSA | 5.3% | $2m | 6,654 | -51% |
| Alexandria Real Estate EquitiesARE | 5.2% | $2m | 22,773 | New |
| PrologisPLD | 5.1% | $2m | 16,330 | -26% |
| Essex Property TrustESS | 5.1% | $2m | 6,930 | -48% |
| VentasVTR | 4.8% | $2m | 25,138 | -49% |
| UDRUDR | 4.7% | $2m | 45,536 | -58% |
| Vivmark ResidentialVMRK | 4.5% | $2m | 25,128 | -58% |
| Phillips Edison & CompanyPECO | 4.5% | $2m | 47,268 | New |
| Veris Residential INC.com | 4.4% | $2m | 105,494 | Held |
| Omega Healthcare InvestorsOHI | 4.3% | $2m | 36,722 | New |
| Vici PropertiesVICI | 4.2% | $2m | 46,931 | -43% |
| Host Hotels & ResortsHST | 3.7% | $1m | 79,502 | -65% |
| Newmark GroupNMRK | 3.6% | $1m | 70,688 | -76% |
| Broadstone Net LeaseBNL | 3.4% | $1m | 68,558 | New |
| Brixmor Property GroupBRX | 2.3% | $831,784 | 30,050 | New |
Over time and by industry
Value over time
Sep '25
Value is down 50.7% since 30 June 2025.
Where the money is
Real estate90.1%
Retail & consumer5.5%
Other4.4%
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.