CIK: 0001067926
Total reported value
$1.5B
Reporting period: 2026-03-31 · Number of holdings: 42
Adelante Capital Management LLC disclosed 42 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.5B and a quarterly turnover rate of 22.3%.
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Adelante Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.061 — mathematically equivalent to about 16 equally-sized positions, well below its 42 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.27), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 0% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim PSA
+10.0% -$51.4M
Add EQIX
+2.7% $30.7M
Trim EXR
-11.4% -$25.0M
Add FR
+14.9% $21.9M
Add WELL
+2.3% $16.7M
Trim HLT
-9.8% -$18.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | WELL | Welltower INC | Stock-Real Estate | 13.91% | +1.33% | +2.30% | |
| 2 | PLD | Prologis INC | Stock-Real Estate | 11.95% | +0.51% | -0.63% | |
| 3 | EQIX | Equinix INC | Stock-Real Estate | 8.79% | +2.19% | +2.69% | |
| 4 | DLR | Digital Realty Trust INC | Stock-Real Estate | 5.89% | +0.92% | +0.39% | |
| 5 | SPG | Simon Property Group INC | Stock-Real Estate | 5.73% | -0.29% | -6.98% | |
| 6 | O | Realty Income CORP | Stock-Real Estate | 4.99% | +0.39% | -1.37% | |
| 7 | AVB | Avalonbay Communities INC | Stock-Real Estate | 3.63% | -0.25% | +2.29% | |
| 8 | EQR | Equity Residential | Stock-Real Estate | 3.62% | -0.01% | +4.53% | |
| 9 | VTR | Ventas INC | Stock-Real Estate | 3.45% | -0.17% | -11.37% | |
| 10 | BKD | Brookdale Senior Living INC | Stock-Other | 3.26% | -0.14% | -5.62% | |
| 11 | KIM | Kimco Realty CORP | Stock-Real Estate | 2.93% | +0.23% | -3.72% | |
| 12 | IRM | Iron Mountain INC | Stock-Real Estate | 2.49% | +0.59% | +5.22% | |
| 13 | BRX | Brixmor Property Group INC | Stock-Real Estate | 2.48% | +0.26% | +0.06% | |
| 14 | ELS | Equity Lifestyle Properties | Stock-Real Estate | 2.36% | -0.01% | -4.62% | |
| 15 | VICI | Vici Properties INC | Stock-Real Estate | 2.31% | -0.51% | -17.10% | |
| 16 | ADC | Agree Realty CORP | Stock-Real Estate | 2.27% | +0.14% | +0.40% | |
| 17 | FR | First Industrial Realty Tr | Stock-Real Estate | 2.15% | +1.50% | +14.88% | |
| 18 | AMH | American Homes 4 Rent- A | Stock-Real Estate | 1.73% | -1.08% | -30.48% | |
| 19 | VNO | Vornado Realty Trust | Stock-Real Estate | 1.42% | -0.03% | +23.20% | |
| 20 | RHP | Ryman Hospitality Properties | Stock-Real Estate | 1.38% | +0.20% | +18.68% | |
| 21 | EPRT | Essential Properties Realty | Stock-Real Estate | 1.35% | +0.80% | +58.06% | |
| 22 | MAA | Mid-america Apartment Comm | Stock-Real Estate | 1.30% | +0.22% | +34.90% | |
| 23 | CBRE | Cbre Group INC - A | Stock-Real Estate | 1.22% | +0.04% | +21.08% | |
| 24 | ARE | Alexandria Real Estate Equit | Stock-Real Estate | 1.13% | -0.18% | -10.03% | |
| 25 | CTRE | Caretrust Reit INC | Stock-Real Estate | 0.88% | -0.08% | -10.07% | |
| 26 | MRP | Millrose Properties | Stock-Real Estate | 0.85% | +0.41% | +101.29% | |
| 27 | PSA | Public Storage | Stock-Real Estate | 0.77% | -3.45% | +10.05% | |
| 28 | IVT | Inventrust Properties CORP | Stock-Other | 0.69% | +0.06% | +0.08% | |
| 29 | AMT | American Tower CORP | Stock-Real Estate | 0.64% | -0.03% | -4.49% | |
| 30 | EGP | Eastgroup Properties INC | Stock-Real Estate | 0.60% | -0.22% | -30.29% | |
| 31 | MAC | Macerich Co/the | Stock-Other | 0.56% | +0.56% | NEW | |
| 32 | COLD | Americold Realty Trust INC | Stock-Real Estate | 0.53% | -0.05% | +0.10% | |
| 33 | JAN | Janus Living INC Cl-a-1 | Stock-Other | 0.50% | +0.50% | NEW | |
| 34 | LAMR | Lamar Advertising Co-a | Stock-Real Estate | 0.45% | +0.04% | +7.48% | |
| 35 | SUI | Sun Communities INC | Stock-Real Estate | 0.28% | +0.28% | NEW | |
| 36 | CSR | Centerspace | Stock-Other | 0.28% | -0.04% | +0.20% | |
| 37 | BXP | Bxp INC | Stock-Real Estate | 0.28% | -0.06% | +3.98% | |
| 38 | EXR | Extra Space Storage INC | Stock-Real Estate | 0.27% | -1.67% | -11.41% | |
| 39 | SLG | Sl Green Realty CORP | Stock-Real Estate | 0.27% | -0.03% | +8.40% | |
| 40 | CCI | Crown Castle INC | Stock-Real Estate | 0.22% | -0.03% | -4.80% | |
| 41 | RYN | Rayonier INC | Stock-Real Estate | 0.11% | +0.11% | NEW | |
| 42 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 0.08% | -1.23% | -9.84% |
Performance for Q3 2026
+5.9%
Performance Last 4 Quarters
+24.9%
Based on 86% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 42 | $1.5B | 22 | |
| 2025-12-31 | 42 | $1.5B | 23 | |
| 2025-09-30 | 43 | $1.5B | 39 | |
| 2025-06-30 | 42 | $1.4B | 0 | |
| 2025-03-31 | 41 | $1.3B | 100 | |
| 2024-12-31 | 45 | $1.5B | 0 | |
| 2024-09-30 | 42 | $1.5B | 0 | |
| 2024-06-30 | 42 | $1.3B | 0 | |
| 2024-03-31 | 43 | $1.5B | 0 | |
| 2023-12-31 | 44 | $1.4B | 0 | |
| 2023-09-30 | 44 | $1.2B | 0 | |
| 2023-06-30 | 45 | $1.1B | 0 | |
| 2023-03-31 | 44 | $1.1B | 0 | |
| 2022-12-31 | 43 | $1.2B | 0 | |
| 2022-09-30 | 44 | $1.3B | 0 | |
| 2022-06-30 | 43 | $1.7B | 0 | |
| 2022-03-31 | 45 | $2.0B | 0 | |
| 2021-12-31 | 48 | $2.3B | 0 | |
| 2021-09-30 | 44 | $2.0B | 0 | |
| 2021-06-30 | 44 | $1.9B | 26 | |
| 2021-03-31 | 35 | $1.6B | 25 | |
| 2020-12-31 | 39 | $1.5B | 26 | |
| 2020-09-30 | 38 | $1.7B | 18 | |
| 2020-06-30 | 39 | $1.7B | 26 | |
| 2020-03-31 | 37 | $1.6B | 38 | |
| 2019-12-31 | 38 | $2.0B | 30 | |
| 2019-09-30 | 37 | $2.0B | 19 | |
| 2019-06-30 | 36 | $1.9B | 17 | |
| 2019-03-31 | 38 | $2.0B | 31 | |
| 2018-12-31 | 45 | $1.8B | 34 | |
| 2018-09-30 | 43 | $1.8B | 27 | |
| 2018-06-30 | 43 | $1.7B | 19 | |
| 2018-03-31 | 39 | $1.7B | 19 | |
| 2017-12-31 | 43 | $1.8B | 19 | |
| 2017-09-30 | 40 | $1.8B | 19 | |
| 2017-06-30 | 41 | $1.8B | 18 | |
| 2017-03-31 | 42 | $1.9B | 29 | |
| 2016-12-31 | 43 | $2.0B | 33 | |
| 2016-09-30 | 45 | $2.1B | 31 | |
| 2016-06-30 | 44 | $2.2B | 20 | |
| 2016-03-31 | 42 | $2.1B | 20 | |
| 2015-12-31 | 41 | $2.1B | 16 | |
| 2015-09-30 | 41 | $2.1B | 36 | |
| 2015-06-30 | 42 | $2.0B | 22 | |
| 2015-03-31 | 42 | $2.2B | 18 | |
| 2014-12-31 | 38 | $2.2B | 39 | |
| 2014-09-30 | 40 | $2.0B | 26 | |
| 2014-06-30 | 45 | $1.9B | 11 | |
| 2014-03-31 | 40 | $1.8B | 18 | |
| 2013-12-31 | 42 | $1.7B | 14 | |
| 2013-09-30 | 40 | $1.7B | 19 | |
| 2013-06-30 | 41 | $1.8B | 0 |
Adelante Capital Management LLC's most significant position changes for 2026-03-31: Sold out: Verisk Analytics, Inc. (VRSK); New buy: Macerich Co/the (MAC); Sold out: Cousins Properties INC (CUZ); New buy: Janus Living INC Cl-a-1 (JAN); Sold out: Kilroy Realty CORP (KRC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EQIX | Equinix INC | +2.2% | +2.69% | Add |
| 2 | FR | First Industrial Realty Tr | +1.5% | +14.88% | Add |
| 3 | WELL | Welltower INC | +1.3% | +2.30% | Add |
| 4 | DLR | Digital Realty Trust INC | +0.9% | +0.39% | Add |
| 5 | EPRT | Essential Properties Realty | +0.8% | +58.06% | Add |
| 6 | IRM | Iron Mountain INC | +0.6% | +5.22% | Add |
| 7 | PLD | Prologis INC | +0.5% | -0.63% | Trim |
| 8 | MRP | Millrose Properties | +0.4% | +101.29% | Add |
| 9 | O | Realty Income CORP | +0.4% | -1.37% | Trim |
| 10 | BRX | Brixmor Property Group INC | +0.3% | +0.06% | Add |
| 11 | KIM | Kimco Realty CORP | +0.2% | -3.72% | Trim |
| 12 | MAA | Mid-america Apartment Comm | +0.2% | +34.90% | Add |
| 13 | RHP | Ryman Hospitality Properties | +0.2% | +18.68% | Add |
| 14 | ADC | Agree Realty CORP | +0.1% | +0.40% | Add |
| 15 | IVT | Inventrust Properties CORP | +0.1% | +0.08% | Add |
| 16 | LAMR | Lamar Advertising Co-a | 0% | +7.48% | Add |
| 17 | CBRE | Cbre Group INC - A | 0% | +21.08% | Add |
| 18 | EQR | Equity Residential | 0% | +4.53% | Add |
| 19 | ELS | Equity Lifestyle Properties | 0% | -4.62% | Trim |
| 20 | VNO | Vornado Realty Trust | 0% | +23.20% | Add |
| 21 | AMT | American Tower CORP | 0% | -4.49% | Trim |
| 22 | SLG | Sl Green Realty CORP | 0% | +8.40% | Add |
| 23 | CCI | Crown Castle INC | 0% | -4.80% | Trim |
| 24 | CSR | Centerspace | 0% | +0.20% | Add |
| 25 | COLD | Americold Realty Trust INC | -0.1% | +0.10% | Add |
| 26 | BXP | Bxp INC | -0.1% | +3.98% | Add |
| 27 | CTRE | Caretrust Reit INC | -0.1% | -10.07% | Trim |
| 28 | BKD | Brookdale Senior Living INC | -0.1% | -5.62% | Trim |
| 29 | VTR | Ventas INC | -0.2% | -11.37% | Trim |
| 30 | ARE | Alexandria Real Estate Equit | -0.2% | -10.03% | Trim |
| 31 | EGP | Eastgroup Properties INC | -0.2% | -30.29% | Trim |
| 32 | AVB | Avalonbay Communities INC | -0.3% | +2.29% | Add |
| 33 | SPG | Simon Property Group INC | -0.3% | -6.98% | Trim |
| 34 | VICI | Vici Properties INC | -0.5% | -17.10% | Trim |
| 35 | AMH | American Homes 4 Rent- A | -1.1% | -30.48% | Trim |
| 36 | HLT | Hilton Worldwide Holdings In | -1.2% | -9.84% | Trim |
| 37 | EXR | Extra Space Storage INC | -1.7% | -11.41% | Trim |
| 38 | PSA | Public Storage | -3.5% | +10.05% | Add |
| 39 | VRSK | Verisk Analytics, Inc. | — | EXIT | Sold out |
| 40 | MAC | Macerich Co/the | — | NEW | New buy |
| 41 | CUZ | Cousins Properties INC | — | EXIT | Sold out |
| 42 | JAN | Janus Living INC Cl-a-1 | — | NEW | New buy |
| 43 | KRC | Kilroy Realty CORP | — | EXIT | Sold out |
| 44 | SUI | Sun Communities INC | — | NEW | New buy |
| 45 | PCH | Potlatchdeltic CORP | — | EXIT | Sold out |
| 46 | RYN | Rayonier INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-18 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-15 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-16 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2025-02-24 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-15 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-15 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-16 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-17 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-17 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-15 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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