HGI Capital Management, LLC

CIK

1595907

Location

New York, NY

Portfolio Value

Micro $36,393,976

Diversification

Diversified

Filing Date

Global Rank

#6,875 / 7,976 ▼ 936

Top Industry

REIT - Industrial 21.5%

3Y Alpha vs SPY

-11.4%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 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

+31.0%

SPY

+76.3%

Annualised alpha

-11.4%

Max drawdown

−18.7%

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

21 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

6.6%

+0.6 pts

Top 5

29.5%

+1.6 pts

Top 10

55.7%

+2.6 pts

HHI

496

Diversified+28

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Real Estate	94.5%	$34,390,717	20
Consumer Cyclical	5.5%	$2,003,259	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
EQIX	Equinix Inc	+291	3,053	$2,391,231
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
NMRK	Newmark Group, Inc.	−222,069	70,688	$1,318,331
HST	Host Hotels & Resorts, Inc.	−145,075	79,502	$1,353,124
UDR	UDR, Inc.	−61,819	45,536	$1,696,671
VICI	Vici Properties Inc.	−35,381	46,931	$1,530,419
EQR	Equity Residential	−34,126	25,128	$1,626,535
FR	First Industrial Realty Trust Inc	−27,462	39,373	$2,026,528
VTR	Ventas, Inc.	−24,127	25,138	$1,759,408
EXR	Extra Space Storage Inc.	−12,867	14,110	$1,988,663
DLR	Digital Realty Trust, Inc.	−12,518	11,661	$2,015,953
CBRE	Cbre Group, Inc.	−12,122	14,632	$2,305,417
PSA	Public Storage	−6,903	6,654	$1,922,007
ESS	Essex Property Trust, Inc.	−6,277	6,930	$1,854,883
PLD	Prologis, Inc.	−5,623	16,330	$1,870,111
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
HD	Home Depot, Inc.	4,944	$2,003,259
ARE	Alexandria Real Estate Equities, Inc.	22,773	$1,897,901
PECO	Phillips Edison & Company, Inc.	47,268	$1,622,710
OHI	Omega Healthcare Investors Inc	36,722	$1,550,402
BNL	Broadstone Net Lease, Inc.	68,558	$1,225,131
BRX	Brixmor Property Group Inc.	30,050	$831,784
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
ESRT	Empire State Realty Trust, Inc.	494,696	$4,002,090
INVH	Invitation Homes Inc.	110,106	$3,611,476
CPT	Camden Property Trust	31,590	$3,559,877
KRG	Kite Realty Group Trust	150,618	$3,411,497
VNO	Vornado Realty Trust	88,686	$3,391,352
ELS	Equity Lifestyle Properties Inc	47,474	$2,927,721
ADC	Agree Realty Corp	26,176	$1,912,418
RLJ	RLJ Lodging Trust	115,818	$843,155
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

21 positions · $36,393,976 total · as of Sep 30, 2025

All sectors Consumer Cyclical Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
EQIX	Equinix Inc Real Estate	Added	3,053	+291	$2,391,231	+8.8%	6.57%
CBRE	Cbre Group, Inc. Real Estate	Reduced	14,632	-12,122	$2,305,417	−38.5%	6.33%
FR	First Industrial Realty Trust Inc Real Estate	Reduced	39,373	-27,462	$2,026,528	−37.0%	5.57%
DLR	Digital Realty Trust, Inc. Real Estate	Reduced	11,661	-12,518	$2,015,953	−52.2%	5.54%
HD	Home Depot, Inc. Consumer Cyclical	NEW	4,944	NEW	$2,003,259	NEW	5.50%
EXR	Extra Space Storage Inc. Real Estate	Reduced	14,110	-12,867	$1,988,663	−50.0%	5.46%
PSA	Public Storage Real Estate	Reduced	6,654	-6,903	$1,922,007	−51.7%	5.28%
ARE	Alexandria Real Estate Equities, Inc. Real Estate	NEW	22,773	NEW	$1,897,901	NEW	5.21%
PLD	Prologis, Inc. Real Estate	Reduced	16,330	-5,623	$1,870,111	−19.0%	5.14%
ESS	Essex Property Trust, Inc. Real Estate	Reduced	6,930	-6,277	$1,854,883	−50.4%	5.10%
VTR	Ventas, Inc. Real Estate	Reduced	25,138	-24,127	$1,759,408	−43.4%	4.83%
UDR	UDR, Inc. Real Estate	Reduced	45,536	-61,819	$1,696,671	−61.3%	4.66%
EQR	Equity Residential Real Estate	Reduced	25,128	-34,126	$1,626,535	−59.3%	4.47%
PECO	Phillips Edison & Company, Inc. Real Estate	NEW	47,268	NEW	$1,622,710	NEW	4.46%
VRE	Veris Residential, Inc. Real Estate	Held	105,494	0	$1,603,508	+2.1%	4.41%
OHI	Omega Healthcare Investors Inc Real Estate	NEW	36,722	NEW	$1,550,402	NEW	4.26%
VICI	Vici Properties Inc. Real Estate	Reduced	46,931	-35,381	$1,530,419	−43.0%	4.21%
HST	Host Hotels & Resorts, Inc. Real Estate	Reduced	79,502	-145,075	$1,353,124	−60.8%	3.72%
NMRK	Newmark Group, Inc. Real Estate	Reduced	70,688	-222,069	$1,318,331	−62.9%	3.62%
BNL	Broadstone Net Lease, Inc. Real Estate	NEW	68,558	NEW	$1,225,131	NEW	3.37%
BRX	Brixmor Property Group Inc. Real Estate	NEW	30,050	NEW	$831,784	NEW	2.29%