Hill Winds Capital LP

CIK

1683073

Location

NEW YORK, NY

Portfolio Value

Small $185,372,685

Diversification

Diversified

Filing Date

Global Rank

#4,476 / 7,091 ▼ 502 · as of Dec 2022

Top Industry

REIT - Retail 27.5%

Period ended 3 years ago

Filed Feb 3, 2023 · 3y

12 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Dec 31, 2022, never from the firm's own description.

Style

Diversified active

Top 10 weight 52.6%, 25.0 effective positions, active share 96.7% against the S&P MidCap 400 as of 2022-12-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

139.5% over the last four quarters (100%+)

Horizon

Horizon unknown

The value-weighted holding period is at least 4.0 quarters, but 2.6% of the book was already held when coverage starts

Closest benchmark: the S&P MidCap 400 as of 2022-12-30, active share 96.7%; sector active share 91.4% against the combined 13F book's sector weights.

Over time 12 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

37 tracked positions · as of Dec 31, 2022 · Δ vs Sep 30, 2022

Top Position

7.4%

+1.2 pts

Top 5

31.6%

+3.3 pts

Top 10

52.6%

+4.9 pts

HHI

401

Diversified+41

Portfolio Trend

12 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2022

Sector	% Portfolio	Value	Positions
Real Estate	94.8%	$175,676,585	33
Unclassified	2.9%	$5,417,500	3
Consumer Cyclical	2.3%	$4,278,600	1

Last Quarter's Activity

Export CSV

Dec 31, 2022 vs Sep 30, 2022

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
AKR	Acadia Realty Trust	+350,000	375,000	$5,381,250
SHO	Sunstone Hotel Investors, Inc.	+200,000	300,000	$2,898,000
HIW	Highwoods Properties, Inc.	+160,000	385,000	$10,772,300
STAG	STAG Industrial, Inc.	+75,000	150,000	$4,846,500
EPRT	Essential Properties Realty Trust, Inc.	+65,000	350,000	$8,214,500
REXR	Rexford Industrial Realty, Inc.	+60,000	185,000	$10,108,400
HST	Host Hotels & Resorts, Inc.	+50,000	275,000	$4,413,750
DOC	Healthpeak Properties, Inc.	+10,000	435,000	$10,905,450
SUI	Sun Communities Inc	+2,500	52,500	$7,507,500
No positions match the current search.

Trimmed

Positions the filer reduced

19 positions

Ticker	Company	Δ Shares	Shares	Value
ESRT	Empire State Realty Trust, Inc.	−670,000	180,000	$1,213,200
GTY	Getty Realty Corp	−200,000	40,000	$1,354,000
NTST	NETSTREIT Corp.	−90,000	435,000	$7,973,550
BRX	Brixmor Property Group Inc.	−85,000	575,000	$13,035,250
BXP	BXP, Inc.	−77,500	62,500	$4,223,750
OHI	Omega Healthcare Investors Inc	−70,000	30,000	$838,500
VICI	Vici Properties Inc.	−60,000	65,000	$2,106,000
DEI	Douglas Emmett Inc	−55,000	285,000	$4,468,800
DLR	Digital Realty Trust, Inc.	−50,000	30,000	$3,008,100
KRC	Kilroy Realty Corp	−42,500	100,000	$3,867,000
WH	Wyndham Hotels & Resorts, Inc.	−40,000	60,000	$4,278,600
REG	Regency Centers Corp	−35,000	40,000	$2,500,000
HR	Healthcare Realty Trust Inc	−35,000	300,000	$5,781,000
ESS	Essex Property Trust, Inc.	−34,000	18,500	$3,920,520
RHP	Ryman Hospitality Properties, Inc.	−17,500	22,500	$1,840,050
—		−10,000	190,000	$0
PSA	Public Storage	−9,000	31,000	$8,685,890
PLD	Prologis, Inc.	−8,500	122,500	$13,809,425
—		−5,000	55,000	$5,417,500
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
IRT	Independence Realty Trust, Inc.	385,000	$6,491,100
SPG	Simon Property Group Inc.	55,000	$6,461,400
KRG	Kite Realty Group Trust	220,000	$4,631,000
BNL	Broadstone Net Lease, Inc.	265,000	$4,295,650
CPT	Camden Property Trust	30,000	$3,356,400
SLG	Sl Green Realty Corp	55,000	$1,854,600
ILPT	Industrial Logistics Properties Trust	125,000	$408,750
—		115,000	$0
No positions match the current search.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
INVH	Invitation Homes Inc.	215,000	$7,260,550
—		27,500	$5,065,224
CUBE	CubeSmart	115,000	$4,606,900
PEB	Pebblebrook Hotel Trust	275,000	$3,990,250
CSR	Centerspace	40,000	$2,692,800
UE	Urban Edge Properties	200,000	$2,668,000
FRT	Federal Realty Investment Trust	27,500	$2,478,300
VMRK	Vivmark Residential	30,000	$2,016,600
H	Hyatt Hotels Corp	20,000	$1,619,200
—		100,000	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

37 tracked positions · $185,372,685 total · filing declares 37 positions · $196,905,035 · as of Dec 31, 2022

All sectors Consumer Cyclical Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
PLD	Prologis, Inc. Real Estate	Reduced	122,500	-8,500	$13,809,425	+3.8%	2	$124.02	7.45%
BRX	Brixmor Property Group Inc. Real Estate	Reduced	575,000	-85,000	$13,035,250	+6.9%	8	$21.04	7.03%
DOC	Healthpeak Properties, Inc. Real Estate	Added	435,000	+10,000	$10,905,450	+12.0%	2	$26.36	5.88%
HIW	Highwoods Properties, Inc. Real Estate	Added	385,000	+160,000	$10,772,300	+77.6%	3	$32.57	5.81%
REXR	Rexford Industrial Realty, Inc. Real Estate	Added	185,000	+60,000	$10,108,400	+55.5%	9	$55.24	5.45%
PSA	Public Storage Real Estate	Reduced	31,000	-9,000	$8,685,890	−25.8%	2	$325.28	4.69%
EPRT	Essential Properties Realty Trust, Inc. Real Estate	Added	350,000	+65,000	$8,214,500	+48.2%	4	$23.56	4.43%
NTST	NETSTREIT Corp. Real Estate	Reduced	435,000	-90,000	$7,973,550	−14.7%	6	$22.45	4.30%
SUI	Sun Communities Inc Real Estate	Added	52,500	+2,500	$7,507,500	+11.0%	2	$157.14	4.05%
IRT	Independence Realty Trust, Inc. Real Estate	NEW	385,000	NEW	$6,491,100	NEW	1	$16.91	3.50%
SPG	Simon Property Group Inc. Real Estate	NEW	55,000	NEW	$6,461,400	NEW	1	$111.14	3.49%
HR	Healthcare Realty Trust Inc Real Estate	Reduced	300,000	-35,000	$5,781,000	−17.2%	2	$24.72	3.12%
		Reduced	55,000	-5,000	$5,417,500	−18.5%	6	unpriced	2.92%
AKR	Acadia Realty Trust Real Estate	Added	375,000	+350,000	$5,381,250	+1605.6%	5	$14.62	2.90%
STAG	STAG Industrial, Inc. Real Estate	Added	150,000	+75,000	$4,846,500	+127.3%	12+	before history	2.61%
KRG	Kite Realty Group Trust Real Estate	NEW	220,000	NEW	$4,631,000	NEW	1	$20.39	2.50%
VTR	Ventas, Inc. Real Estate	Held	100,000	0	$4,505,000	+12.1%	6	$55.92	2.43%
DEI	Douglas Emmett Inc Real Estate	Reduced	285,000	-55,000	$4,468,800	−26.7%	2	$21.32	2.41%
HST	Host Hotels & Resorts, Inc. Real Estate	Added	275,000	+50,000	$4,413,750	+23.5%	4	$17.95	2.38%
BNL	Broadstone Net Lease, Inc. Real Estate	NEW	265,000	NEW	$4,295,650	NEW	1	$16.72	2.32%
WH	Wyndham Hotels & Resorts, Inc. Consumer Cyclical	Reduced	60,000	-40,000	$4,278,600	−30.3%	2	$66.95	2.31%
BXP	BXP, Inc. Real Estate	Reduced	62,500	-77,500	$4,223,750	−59.8%	8	$100.34	2.28%
ESS	Essex Property Trust, Inc. Real Estate	Reduced	18,500	-34,000	$3,920,520	−69.2%	5	$292.78	2.11%
KRC	Kilroy Realty Corp Real Estate	Reduced	100,000	-42,500	$3,867,000	−35.6%	10	$64.13	2.09%
CPT	Camden Property Trust Real Estate	NEW	30,000	NEW	$3,356,400	NEW	1	$114.45	1.81%
DLR	Digital Realty Trust, Inc. Real Estate	Reduced	30,000	-50,000	$3,008,100	−62.1%	2	$122.65	1.62%
SHO	Sunstone Hotel Investors, Inc. Real Estate	Added	300,000	+200,000	$2,898,000	+207.6%	3	$10.70	1.56%
REG	Regency Centers Corp Real Estate	Reduced	40,000	-35,000	$2,500,000	−38.1%	3	$66.31	1.35%
VICI	Vici Properties Inc. Real Estate	Reduced	65,000	-60,000	$2,106,000	−43.6%	3	$29.49	1.14%
SLG	Sl Green Realty Corp Real Estate	NEW	55,000	NEW	$1,854,600	NEW	1	$38.02	1.00%
RHP	Ryman Hospitality Properties, Inc. Real Estate	Reduced	22,500	-17,500	$1,840,050	−37.5%	4	$89.17	0.99%
GTY	Getty Realty Corp Real Estate	Reduced	40,000	-200,000	$1,354,000	−79.0%	7	$29.22	0.73%
ESRT	Empire State Realty Trust, Inc. Real Estate	Reduced	180,000	-670,000	$1,213,200	−78.2%	2	$7.42	0.65%
OHI	Omega Healthcare Investors Inc Real Estate	Reduced	30,000	-70,000	$838,500	−71.6%	2	$31.35	0.45%
ILPT	Industrial Logistics Properties Trust Real Estate	NEW	125,000	NEW	$408,750	NEW	1	$4.16	0.22%
		Reduced	190,000	-10,000	$0	—	2	unpriced	0.00%
		NEW	115,000	NEW	$0	NEW	1	unpriced	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.