Adelante Capital Management LLC

CIK

1067926

Location

ALAMEDA, CA

Portfolio Value

Mid $1,528,692,687

Diversification

Diversified

Filing Date

Global Rank

#1,155 / 8,232 ▲ 134

Top Industry

REIT - Industrial 21.0%

3Y Alpha vs SPY

-7.6%

Period ended 2 months ago

Filed May 18, 2026 · 26d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+45.4%

SPY

+76.5%

Annualised alpha

-7.6%

Max drawdown

−19.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

42 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

13.3%

+0.6 pts

Top 5

44.3%

+2.1 pts

Top 10

64.0%

+1.6 pts

HHI

579

Diversified+27

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Real Estate	97.9%	$1,496,134,393	40
Consumer Cyclical	1.2%	$18,503,572	1
Healthcare	0.9%	$14,054,722	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

22 positions

Ticker	Company	Δ Shares	Shares	Value
EPRT	Essential Properties Realty Trust, Inc.	+238,816	650,129	$19,737,916
MRP	Millrose Properties, Inc.	+223,423	443,990	$12,431,720
VNO	Vornado Realty Trust	+150,327	798,184	$20,744,802
FR	First Industrial Realty Trust Inc	+70,543	544,609	$31,505,630
MAA	Mid America Apartment Communities Inc.	+40,404	156,165	$19,070,869
EQR	Equity Residential	+38,734	894,206	$52,892,284
RHP	Ryman Hospitality Properties, Inc.	+34,451	218,849	$20,193,197
PSA	Public Storage	+24,232	265,447	$71,904,283
WELL	Welltower Inc.	+23,149	1,029,079	$203,459,209
CBRE	Cbre Group, Inc.	+23,000	132,094	$17,893,453
IRM	Iron Mountain Inc	+17,707	356,934	$36,457,238
SLG	Sl Green Realty Corp	+8,135	104,960	$3,877,222
AVB	Avalonbay Communities Inc	+7,271	325,177	$53,117,662
LAMR	Lamar Advertising Co/New	+3,639	52,290	$6,623,051
EQIX	Equinix Inc	+3,434	131,207	$128,614,349
BXP	BXP, Inc.	+3,000	78,363	$4,067,039
DLR	Digital Realty Trust, Inc.	+1,866	478,296	$86,193,722
ADC	Agree Realty Corp	+1,766	440,181	$33,180,843
BRX	Brixmor Property Group Inc.	+691	1,257,485	$36,215,568
COLD	Americold Realty Trust	+671	670,972	$7,689,339
IVT	InvenTrust Properties Corp.	+253	330,036	$10,052,896
CSR	Centerspace	+142	72,201	$4,147,947
No positions match the current search.

Trimmed

Positions the filer reduced

16 positions

Ticker	Company	Δ Shares	Shares	Value
AMH	American Homes 4 Rent	−396,348	903,999	$25,239,652
VICI	Vici Properties Inc.	−254,801	1,235,626	$33,757,302
VTR	Ventas, Inc.	−79,031	616,206	$50,393,326
KIM	Kimco Realty Corp	−73,574	1,906,033	$42,828,561
BKD	Brookdale Senior Living Inc.	−61,153	1,027,392	$14,054,722
ARE	Alexandria Real Estate Equities, Inc.	−39,839	357,450	$16,592,829
CTRE	CareTrust REIT, Inc.	−39,473	352,462	$12,917,732
SPG	Simon Property Group Inc.	−33,710	449,333	$83,814,084
ELS	Equity Lifestyle Properties Inc	−26,817	553,063	$34,522,192
EXR	Extra Space Storage Inc.	−25,271	196,160	$25,722,460
EGP	Eastgroup Properties Inc	−20,570	47,333	$8,760,864
O	Realty Income Corp	−16,540	1,193,546	$73,021,144
PLD	Prologis, Inc.	−8,415	1,321,965	$174,737,333
HLT	Hilton Worldwide Holdings Inc.	−6,643	60,851	$18,503,572
AMT	American Tower Corp /Ma/	−2,551	54,289	$9,369,195
CCI	Crown Castle Inc.	−1,964	38,976	$3,169,138
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
MAC	Macerich Co	430,485	$8,136,166
JAN	Janus Living, Inc.	309,963	$7,305,827
SUI	Sun Communities Inc	32,940	$4,149,122
RYN	Rayonier Inc	78,915	$1,627,227
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
VRE	Veris Residential, Inc.	737,176	$10,969,178
CUZ	Cousins Properties Inc	285,108	$7,350,084
KRC	Kilroy Realty Corp	136,904	$5,116,102
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

42 positions · $1,528,692,687 total · as of Mar 31, 2026

All sectors Consumer Cyclical Healthcare Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WELL	Welltower Inc. Real Estate	Added	1,029,079	+23,149	$203,459,209	+9.0%	13.31%
PLD	Prologis, Inc. Real Estate	Reduced	1,321,965	-8,415	$174,737,333	+2.9%	11.43%
EQIX	Equinix Inc Real Estate	Added	131,207	+3,434	$128,614,349	+31.4%	8.41%
DLR	Digital Realty Trust, Inc. Real Estate	Added	478,296	+1,866	$86,193,722	+16.9%	5.64%
SPG	Simon Property Group Inc. Real Estate	Reduced	449,333	-33,710	$83,814,084	−6.3%	5.48%
O	Realty Income Corp Real Estate	Reduced	1,193,546	-16,540	$73,021,144	+7.0%	4.78%
PSA	Public Storage Real Estate	Added	265,447	+24,232	$71,904,283	+14.9%	4.70%
AVB	Avalonbay Communities Inc Real Estate	Added	325,177	+7,271	$53,117,662	−7.8%	3.47%
EQR	Equity Residential Real Estate	Added	894,206	+38,734	$52,892,284	−1.9%	3.46%
VTR	Ventas, Inc. Real Estate	Reduced	616,206	-79,031	$50,393,326	−6.3%	3.30%
KIM	Kimco Realty Corp Real Estate	Reduced	1,906,033	-73,574	$42,828,561	+6.7%	2.80%
IRM	Iron Mountain Inc Real Estate	Added	356,934	+17,707	$36,457,238	+29.6%	2.38%
BRX	Brixmor Property Group Inc. Real Estate	Added	1,257,485	+691	$36,215,568	+9.9%	2.37%
ELS	Equity Lifestyle Properties Inc Real Estate	Reduced	553,063	-26,817	$34,522,192	−1.8%	2.26%
VICI	Vici Properties Inc. Real Estate	Reduced	1,235,626	-254,801	$33,757,302	−19.5%	2.21%
ADC	Agree Realty Corp Real Estate	Added	440,181	+1,766	$33,180,843	+5.1%	2.17%
FR	First Industrial Realty Trust Inc Real Estate	Added	544,609	+70,543	$31,505,630	+16.0%	2.06%
EXR	Extra Space Storage Inc. Real Estate	Reduced	196,160	-25,271	$25,722,460	−10.8%	1.68%
AMH	American Homes 4 Rent Real Estate	Reduced	903,999	-396,348	$25,239,652	−39.5%	1.65%
VNO	Vornado Realty Trust Real Estate	Added	798,184	+150,327	$20,744,802	−3.8%	1.36%
RHP	Ryman Hospitality Properties, Inc. Real Estate	Added	218,849	+34,451	$20,193,197	+15.7%	1.32%
EPRT	Essential Properties Realty Trust, Inc. Real Estate	Added	650,129	+238,816	$19,737,916	+61.8%	1.29%
MAA	Mid America Apartment Communities Inc. Real Estate	Added	156,165	+40,404	$19,070,869	+18.6%	1.25%
HLT	Hilton Worldwide Holdings Inc. Consumer Cyclical	Reduced	60,851	-6,643	$18,503,572	−4.6%	1.21%
CBRE	Cbre Group, Inc. Real Estate	Added	132,094	+23,000	$17,893,453	+2.0%	1.17%
ARE	Alexandria Real Estate Equities, Inc. Real Estate	Reduced	357,450	-39,839	$16,592,829	−14.7%	1.09%
BKD	Brookdale Senior Living Inc. Healthcare	Reduced	1,027,392	-61,153	$14,054,722	+19.7%	0.92%
CTRE	CareTrust REIT, Inc. Real Estate	Reduced	352,462	-39,473	$12,917,732	−8.9%	0.85%
MRP	Millrose Properties, Inc. Real Estate	Added	443,990	+223,423	$12,431,720	+88.7%	0.81%
IVT	InvenTrust Properties Corp. Real Estate	Added	330,036	+253	$10,052,896	+8.1%	0.66%
AMT	American Tower Corp /Ma/ Real Estate	Reduced	54,289	-2,551	$9,369,195	−6.1%	0.61%
EGP	Eastgroup Properties Inc Real Estate	Reduced	47,333	-20,570	$8,760,864	−27.6%	0.57%
MAC	Macerich Co Real Estate	NEW	430,485	NEW	$8,136,166	NEW	0.53%
COLD	Americold Realty Trust Real Estate	Added	670,972	+671	$7,689,339	−10.8%	0.50%
JAN	Janus Living, Inc. Real Estate	NEW	309,963	NEW	$7,305,827	NEW	0.48%
LAMR	Lamar Advertising Co/New Real Estate	Added	52,290	+3,639	$6,623,051	+7.5%	0.43%
SUI	Sun Communities Inc Real Estate	NEW	32,940	NEW	$4,149,122	NEW	0.27%
CSR	Centerspace Real Estate	Added	72,201	+142	$4,147,947	−13.7%	0.27%
BXP	BXP, Inc. Real Estate	Added	78,363	+3,000	$4,067,039	−20.0%	0.27%
SLG	Sl Green Realty Corp Real Estate	Added	104,960	+8,135	$3,877,222	−12.7%	0.25%
CCI	Crown Castle Inc. Real Estate	Reduced	38,976	-1,964	$3,169,138	−12.9%	0.21%
RYN	Rayonier Inc Real Estate	NEW	78,915	NEW	$1,627,227	NEW	0.11%