Adelante Capital Management LLC

hedge fundUpdated 24 days ago

Managed by Adelante Capital Management Llc • Latest filing Q2 2026

Portfolio value

$1.5B

Q2 2026

Filings

17

Quarterly 13F history

Top-10 concentration

64.0%

Weight of largest holdings

Annualized return

-6.8%

Implied from 13F holdings

Portfolio value history

13F-disclosed portfolio value over 17 quarters

Show data table

Period	Portfolio value
Q2 2022	$2B
Q3 2022	$1.3B
Q4 2022	$1.2B
Q1 2023	$1.1B
Q2 2023	$1.1B
Q3 2023	$1.2B
Q4 2023	$1.4B
Q1 2024	$1.5B
Q2 2024	$1.3B
Q3 2024	$2.1B
Q4 2024	$1.5B
Q1 2025	$1.3B
Q2 2025	$1.4B
Q3 2025	$1.5B
Q4 2025	$1.5B
Q1 2026	$1.5B
Q2 2026	$1.5B

Top holdings

42 positions as of Q2 2026

#	Stock	Value	Shares	% Portfolio	Change
1	W WELL Welltower Inc.	$220.7M	972.5K	14.51%	Trimmed(-5.5%)
2	P PLDGP ProLogis Inc.	$172.7M	1.27M	11.35%	Trimmed(-3.6%)
3	E EQIX Equinix Inc.	$129.2M	123.9K	8.49%	Trimmed(-5.6%)
4	S SPG-PJ Simon Property Group, Inc.	$93.3M	417.1K	6.13%	Trimmed(-7.2%)
5	D DLR-PJ Digital Realty Trust	$87.5M	487.4K	5.75%	Added(+1.9%)
6	O O Realty Income	$72.1M	1.16M	4.74%	Trimmed(-2.5%)
7	A AVB AvalonBay Communities, Inc.	$55M	291.5K	3.62%	Trimmed(-10.4%)
8	V VTR Ventas, Inc.	$52.7M	593.9K	3.47%	Trimmed(-3.6%)
9	E EQR Equity Residential	$49.1M	723.1K	3.23%	Trimmed(-19.1%)
10	I IRM Iron Mountain	$41.1M	325.6K	2.70%	Trimmed(-8.8%)
11	E ELS Equity Lifestyle Properties	$39.6M	615.2K	2.61%	Added(+11.2%)
12	B BRX Brixmor Property Group	$36.2M	1.15M	2.38%	Trimmed(-8.7%)
13	V VICI Vici Properties	$35.5M	1.34M	2.34%	Added(+8.3%)
14	A ADC-PA Agree Realty Corporation	$32.6M	430.2K	2.14%	Trimmed(-2.3%)
15	A AMH-PH American Homes 4 Rent	$28.4M	846.2K	1.86%	Trimmed(-6.4%)
16	E EXR Extra Space Storage, Inc.	$27.6M	189.6K	1.81%	Trimmed(-3.3%)
17	F FRT-PC Federal Realty Investment Trus	$27.5M	222.6K	1.81%	—
18	V VNO-PO Vornado Realty Trust	$27M	687.8K	1.78%	Trimmed(-13.8%)
19	R RHP Ryman Hospitality Properties	$25.7M	199.9K	1.69%	Trimmed(-8.7%)
20	C CTRE Caretrust REIT Inc	$22M	545.5K	1.45%	Added(+54.8%)

W

Welltower Inc.

-5.5%

Value

$220.7M

Shares

972.5K

% Port

14.51%

P

ProLogis Inc.

-3.6%

Value

$172.7M

Shares

1.27M

% Port

11.35%

E

Equinix Inc.

-5.6%

Value

$129.2M

Shares

123.9K

% Port

8.49%

S

Simon Property Group, Inc.

-7.2%

Value

$93.3M

Shares

417.1K

% Port

6.13%

D

Digital Realty Trust

+1.9%

Value

$87.5M

Shares

487.4K

% Port

5.75%

O

6.O

Realty Income

-2.5%

Value

$72.1M

Shares

1.16M

% Port

4.74%

A

AvalonBay Communities, Inc.

-10.4%

Value

$55M

Shares

291.5K

% Port

3.62%

V

Ventas, Inc.

-3.6%

Value

$52.7M

Shares

593.9K

% Port

3.47%

E

Equity Residential

-19.1%

Value

$49.1M

Shares

723.1K

% Port

3.23%

I

10.IRM

Iron Mountain

-8.8%

Value

$41.1M

Shares

325.6K

% Port

2.70%

E

11.ELS

Equity Lifestyle Properties

+11.2%

Value

$39.6M

Shares

615.2K

% Port

2.61%

B

12.BRX

Brixmor Property Group

-8.7%

Value

$36.2M

Shares

1.15M

% Port

2.38%

V

Vici Properties

+8.3%

Value

$35.5M

Shares

1.34M

% Port

2.34%

A

Agree Realty Corporation

-2.3%

Value

$32.6M

Shares

430.2K

% Port

2.14%

A

American Homes 4 Rent

-6.4%

Value

$28.4M

Shares

846.2K

% Port

1.86%

E

16.EXR

Extra Space Storage, Inc.

-3.3%

Value

$27.6M

Shares

189.6K

% Port

1.81%

F

Federal Realty Investment Trus

Value

$27.5M

Shares

222.6K

% Port

1.81%

V

Vornado Realty Trust

-13.8%

Value

$27M

Shares

687.8K

% Port

1.78%

R

19.RHP

Ryman Hospitality Properties

-8.7%

Value

$25.7M

Shares

199.9K

% Port

1.69%

C

Caretrust REIT Inc

+54.8%

Value

$22M

Shares

545.5K

% Port

1.45%

View full portfolio (42 holdings) →

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