CIK: 0001843527
Total reported value
$294.1M
Reporting period: 2026-03-31 · Number of holdings: 24
B&I Capital AG disclosed 24 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $294.1M and a quarterly turnover rate of 29.2%.
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B&I Capital AG's disclosed holdings carry a Herfindahl concentration index of 0.071 — mathematically equivalent to about 14 equally-sized positions, well below its 24 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.86), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add PSA
+90.8% $10.0M
Trim AMT
-14.3% -$4.9M
Add EQIX
+6.5% $6.0M
Trim IRT
-42.4% -$4.5M
Add PLD
+11.8% $6.0M
Add IRM
+1.5% $2.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PLD | Prologis INC | Stock-Real Estate | 14.96% | +1.44% | +11.76% | |
| 2 | WELL | Welltower INC | Stock-Real Estate | 11.86% | -0.14% | -3.01% | |
| 3 | AMT | American Tower CORP | Stock-Real Estate | 9.01% | -2.17% | -14.28% | |
| 4 | EQIX | Equinix INC | Stock-Real Estate | 7.62% | +1.77% | +6.52% | |
| 5 | PSA | Public Storage | Stock-Real Estate | 6.85% | +3.25% | +90.77% | |
| 6 | SPG | Simon Property Group INC | Stock-Real Estate | 4.40% | -0.17% | — | |
| 7 | DLR | Digital Realty Trust INC | Stock-Real Estate | 4.09% | +0.24% | -4.71% | |
| 8 | IRM | Iron Mountain INC | Stock-Real Estate | 4.05% | +0.67% | +1.52% | |
| 9 | AHR | American Healthcare Reit INC | Stock-Real Estate | 4.01% | +0.22% | +10.24% | |
| 10 | CTRE | Caretrust Reit INC | Stock-Real Estate | 3.81% | -0.10% | +0.66% | |
| 11 | AVB | Avalonbay Communities INC | Stock-Real Estate | 3.81% | +3.81% | NEW | |
| 12 | PECO | Phillips Edison & Company In | Stock-Real Estate | 3.54% | +0.02% | — | |
| 13 | IVT | Inventrust Properties CORP | Stock-Other | 3.21% | +0.21% | +3.68% | |
| 14 | FCPT | Four Corners Property Trust | Stock-Real Estate | 2.91% | +0.27% | +12.26% | |
| 15 | EPRT | Essential Properties Realty | Stock-Real Estate | 2.90% | +0.23% | +10.97% | |
| 16 | ELS | Equity Lifestyle Properties | Stock-Real Estate | 2.64% | +0.16% | +8.26% | |
| 17 | MAA | Mid-america Apartment Comm | Stock-Real Estate | 2.50% | -0.22% | +9.55% | |
| 18 | AMH | American Homes 4 Rent- A | Stock-Real Estate | 1.76% | -0.51% | -6.68% | |
| 19 | IRT | Independence Realty Trust In | Stock-Real Estate | 1.49% | -1.69% | -42.36% | |
| 20 | MAC | Macerich Co/the | Stock-Other | 1.44% | +0.07% | +7.17% | |
| 21 | SLG | Sl Green Realty CORP | Stock-Real Estate | 1.31% | +1.31% | NEW | |
| 22 | CUZ | Cousins Properties INC | Stock-Real Estate | 1.25% | -0.65% | -21.24% | |
| 23 | VICI | Vici Properties INC | Stock-Real Estate | 0.43% | -0.08% | -10.32% | |
| 24 | CBRE | Cbre Group INC - A | Stock-Real Estate | 0.16% | +0.16% | NEW |
Performance for Q3 2026
+5.4%
Performance Last 4 Quarters
+21.8%
Based on 87% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 24 | $294.1M | 29 | |
| 2025-12-31 | 25 | $281.2M | 38 | |
| 2025-09-30 | 29 | $288.9M | 29 | |
| 2025-06-30 | 31 | $294.0M | 0 | |
| 2025-03-31 | 30 | $307.5M | 100 | |
| 2024-12-31 | 27 | $306.9M | 0 | |
| 2024-09-30 | 27 | $345.0M | 0 | |
| 2024-06-30 | 27 | $312.6M | 0 | |
| 2024-03-31 | 25 | $315.6M | 0 | |
| 2023-12-31 | 27 | $317.6M | 0 | |
| 2023-09-30 | 27 | $276.4M | 0 | |
| 2023-06-30 | 27 | $300.4M | 0 | |
| 2023-03-31 | 25 | $301.9M | 0 | |
| 2022-12-31 | 26 | $285.0M | 0 | |
| 2022-09-30 | 26 | $253.2M | 0 | |
| 2022-06-30 | 29 | $309.3M | 0 | |
| 2022-03-31 | 33 | $382.1M | 0 | |
| 2021-12-31 | 34 | $420.0M | 0 | |
| 2021-09-30 | 38 | $375.1M | 0 | |
| 2021-06-30 | 33 | $376.4M | 100 | |
| 2021-03-31 | 29 | $344.5M | 13 | |
| 2020-12-31 | 28 | $336.8M | — |
B&I Capital AG's most significant position changes for 2026-03-31: New buy: Avalonbay Communities INC (AVB); Sold out: Cubesmart (CUBE); Sold out: Udr INC (UDR); Sold out: Highwoods Properties INC (HIW); New buy: Sl Green Realty CORP (SLG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PSA | Public Storage | +3.3% | +90.77% | Add |
| 2 | EQIX | Equinix INC | +1.8% | +6.52% | Add |
| 3 | PLD | Prologis INC | +1.4% | +11.76% | Add |
| 4 | IRM | Iron Mountain INC | +0.7% | +1.52% | Add |
| 5 | FCPT | Four Corners Property Trust | +0.3% | +12.26% | Add |
| 6 | DLR | Digital Realty Trust INC | +0.2% | -4.71% | Trim |
| 7 | EPRT | Essential Properties Realty | +0.2% | +10.97% | Add |
| 8 | AHR | American Healthcare Reit INC | +0.2% | +10.24% | Add |
| 9 | IVT | Inventrust Properties CORP | +0.2% | +3.68% | Add |
| 10 | ELS | Equity Lifestyle Properties | +0.2% | +8.26% | Add |
| 11 | MAC | Macerich Co/the | +0.1% | +7.17% | Add |
| 12 | PECO | Phillips Edison & Company In | 0% | — | Unchanged |
| 13 | VICI | Vici Properties INC | -0.1% | -10.32% | Trim |
| 14 | CTRE | Caretrust Reit INC | -0.1% | +0.66% | Add |
| 15 | WELL | Welltower INC | -0.1% | -3.01% | Trim |
| 16 | SPG | Simon Property Group INC | -0.2% | — | Unchanged |
| 17 | MAA | Mid-america Apartment Comm | -0.2% | +9.55% | Add |
| 18 | AMH | American Homes 4 Rent- A | -0.5% | -6.68% | Trim |
| 19 | CUZ | Cousins Properties INC | -0.7% | -21.24% | Trim |
| 20 | IRT | Independence Realty Trust In | -1.7% | -42.36% | Trim |
| 21 | AMT | American Tower CORP | -2.2% | -14.28% | Trim |
| 22 | AVB | Avalonbay Communities INC | — | NEW | New buy |
| 23 | CUBE | Cubesmart | — | EXIT | Sold out |
| 24 | UDR | Udr INC | — | EXIT | Sold out |
| 25 | HIW | Highwoods Properties INC | — | EXIT | Sold out |
| 26 | SLG | Sl Green Realty CORP | — | NEW | New buy |
| 27 | VRSK | Verisk Analytics, Inc. | — | EXIT | Sold out |
| 28 | CBRE | Cbre Group INC - A | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-06 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-26 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-06 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-29 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-07 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-23 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-29 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-27 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-05 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-03 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-27 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-18 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
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