HC
HGI Capital Management, LLC Historical SEC 13F Holdings & Archive (Q3 2025)
HGI Capital Management, LLCCIK: 0001595907
High-turnover traderSector-focusedContrarian
Total reported value
$36.4M
Reporting period: 2025-09-30 · Number of holdings: 21
HGI Capital Management, LLC disclosed 21 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $36.4M and a quarterly turnover rate of 141.0%.
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Personality snowflake
- Concentration
- 19.85
- Portfolio Stability
- 100
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 42
- Sizing Uniformity
- 97.89
HGI Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.050 — mathematically equivalent to about 20 equally-sized positions, close to its 21 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.21), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 2.4 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 6% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim EQR
-57.6% -$5.3M
Trim VICI
-43.0% -$4.6M
Add EXR
-47.7% $202.6K
Trim FR
-41.1% -$4.7M
Trim VTR
-49.0% -$4.3M
Trim NMRK
-75.9% -$2.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | EQIX | Equinix Inc | Stock-Real Estate | 6.57% | +6.57% | NEW | |
| 2 | CBRE | Cbre Group Inc - A | Stock-Real Estate | 6.33% | +1.40% | -45.31% | |
| 3 | FR | First Industrial Realty Tr | Stock-Real Estate | 5.57% | -2.77% | -41.09% | |
| 4 | DLR | Digital Realty Trust Inc | Stock-Real Estate | 5.54% | +5.54% | NEW | |
| 5 | HD | Home Depot Inc | Stock-Consumer Disc | 5.50% | +5.50% | NEW | |
| 6 | EXR | Extra Space Storage Inc | Stock-Real Estate | 5.46% | +3.23% | -47.70% | |
| 7 | PSA | Public Storage | Stock-Real Estate | 5.28% | +1.33% | -50.92% | |
| 8 | ARE | Alexandria Real Estate Equit | Stock-Real Estate | 5.21% | +5.21% | NEW | |
| 9 | PLD | Prologis Inc | Stock-Real Estate | 5.14% | +5.14% | NEW | |
| 10 | ESS | Essex Property Trust Inc | Stock-Real Estate | 5.10% | +0.10% | -47.53% | |
| 11 | VTR | Ventas Inc | Stock-Real Estate | 4.83% | -2.75% | -48.97% | |
| 12 | UDR | Udr Inc | Stock-Real Estate | 4.66% | +0.86% | -57.58% | |
| 13 | EQR | Equity Residential | Stock-Real Estate | 4.47% | -4.17% | -57.59% | |
| 14 | PECO | Phillips Edison & Company In | Stock-Real Estate | 4.46% | +4.46% | NEW | |
| 15 | VRSK | Verisk Analytics, Inc. | Stock-Industrials | 4.41% | -0.97% | — | |
| 16 | OHI | Omega Healthcare Investors | Stock-Real Estate | 4.26% | +4.26% | NEW | |
| 17 | VICI | Vici Properties Inc | Stock-Real Estate | 4.21% | -3.44% | -42.98% | |
| 18 | HST | Host Hotels & Resorts Inc | Stock-Real Estate | 3.72% | +3.72% | NEW | |
| 19 | NMRK | Newmark Group Inc-class A | Stock-Other | 3.62% | -1.68% | -75.85% | |
| 20 | BNL | Broadstone Net Lease Inc | Stock-Real Estate | 3.37% | +3.37% | NEW | |
| 21 | BRX | Brixmor Property Group Inc | Stock-Real Estate | 2.29% | +2.29% | NEW |
Portfolio Performance
Performance for Q3 2026
+4.9%
Performance Last 4 Quarters
-4.8%
- Stdev
- +15.2%
- Beta
- +0.66
- Alpha
- -7.1%
- Max Drawdown
- -15.6%
- Annualized Perf
- +5%
- Batting Avg vs S&P
- +27.8%
- Sortino
- +0.62
- Stutzer
- +0.12
- Treynor
- +0.09
- Sterling
- +0.29
- Calmar
- +0.32
- Information Ratio
- -1.05
- Tracking Error
- +13.3%
- Stdev Down
- +9.7%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +33.1%
- Worst 12 Months
- -13.4%
- Efficiency Ratio
- +0.12
- Sharpe
- +0.4
- Stdev Sectors
- 0%
- Skewness
- -0.02
- Kurtosis
- -0.72
- Upside Potential
- +2.57
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q3 | 21 | $36.4M | 100 | ||
| 2025 Q2 | 23 | $73.8M | 0 | ||
| 2025 Q1 | 22 | $80.2M | 100 | ||
| 2024 Q4 | 18 | $97.2M | 0 | ||
| 2024 Q3 | 17 | $114.6M | 0 | ||
| 2024 Q2 | 19 | $106.5M | 0 | ||
| 2024 Q1 | 43 | $92.8M | 0 | ||
| 2023 Q4 | 40 | $88.0M | 0 | ||
| 2023 Q3 | 41 | $88.0M | 0 | ||
| 2023 Q2 | 38 | $208.1M | 0 | ||
| 2023 Q1 | 27 | $151.3M | 0 | ||
| 2022 Q4 | 31 | $350.1M | 0 | ||
| 2022 Q3 | 35 | $313.5M | 0 | ||
| 2022 Q2 | 33 | $239.5M | 0 | ||
| 2022 Q1 | 66 | $324.2M | 0 | ||
| 2021 Q4 | 70 | $278.8M | 0 | ||
| 2021 Q3 | 64 | $247.8M | 0 | ||
| 2021 Q2 | 72 | $287.2M | 90 | ||
| 2021 Q1 | 59 | $235.5M | 69 | ||
| 2020 Q4 | 58 | $213.8M | 80 | ||
| 2020 Q3 | 54 | $170.4M | 80 | ||
| 2020 Q2 | 52 | $162.2M | 95 | ||
| 2020 Q1 | 51 | $105.6M | 100 | ||
| 2019 Q4 | 63 | $206.7M | 75 | ||
| 2019 Q3 | 60 | $181.9M | 79 | ||
| 2019 Q2 | 67 | $220.1M | 60 | ||
| 2019 Q1 | 58 | $190.2M | 93 | ||
| 2018 Q4 | 47 | $117.0M | 73 | ||
| 2018 Q3 | 53 | $144.5M | 85 | ||
| 2018 Q2 | 42 | $220.1M | 63 | ||
| 2018 Q1 | 38 | $187.0M | 76 | ||
| 2017 Q4 | 33 | $157.2M | 69 | ||
| 2017 Q3 | 27 | $104.9M | 100 | ||
| 2017 Q2 | 23 | $81.5M | 87 | ||
| 2017 Q1 | 22 | $67.9M | 88 | ||
| 2016 Q4 | 21 | $72.1M | 94 | ||
| 2016 Q3 | 25 | $60.5M | 70 | ||
| 2016 Q2 | 26 | $61.8M | 83 | ||
| 2016 Q1 | 23 | $62.7M | 100 | ||
| 2015 Q4 | 20 | $65.1M | 0 |
Holding changes this quarter
HGI Capital Management, LLC's most significant position changes for 2025-09-30: Sold out: Walker & Dunlop Inc (WD); Sold out: Whitestone Reit (WSR); Sold out: Safehold Inc (SAFE); Sold out: Sl Green Realty CORP (SLG); Sold out: Camden Property Trust (CPT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EXR | Extra Space Storage Inc | +3.2% | -47.70% | Add |
| 2 | CBRE | Cbre Group Inc - A | +1.4% | -45.31% | Trim |
| 3 | PSA | Public Storage | +1.3% | -50.92% | Trim |
| 4 | UDR | Udr Inc | +0.9% | -57.58% | Trim |
| 5 | ESS | Essex Property Trust Inc | +0.1% | -47.53% | Trim |
| 6 | VRSK | Verisk Analytics, Inc. | -1% | — | Trim |
| 7 | NMRK | Newmark Group Inc-class A | -1.7% | -75.85% | Trim |
| 8 | VTR | Ventas Inc | -2.8% | -48.97% | Trim |
| 9 | FR | First Industrial Realty Tr | -2.8% | -41.09% | Trim |
| 10 | VICI | Vici Properties Inc | -3.4% | -42.98% | Trim |
| 11 | EQR | Equity Residential | -4.2% | -57.59% | Trim |
| 12 | WD | Walker & Dunlop Inc | — | EXIT | Sold out |
| 13 | WSR | Whitestone Reit | — | EXIT | Sold out |
| 14 | SAFE | Safehold Inc | — | EXIT | Sold out |
| 15 | SLG | Sl Green Realty CORP | — | EXIT | Sold out |
| 16 | CPT | Camden Property Trust | — | EXIT | Sold out |
| 17 | VNO | Vornado Realty Trust | — | EXIT | Sold out |
| 18 | SUI | Sun Communities Inc | — | EXIT | Sold out |
| 19 | EQIX | Equinix Inc | — | NEW | New buy |
| 20 | DLR | Digital Realty Trust Inc | — | NEW | New buy |
| 21 | PEB | Pebblebrook Hotel Trust | — | EXIT | Sold out |
| 22 | HD | Home Depot Inc | — | NEW | New buy |
| 23 | ARE | Alexandria Real Estate Equit | — | NEW | New buy |
| 24 | PLD | Prologis Inc | — | NEW | New buy |
| 25 | AHRT | Ah Realty Trust Inc | — | EXIT | Sold out |
| 26 | PECO | Phillips Edison & Company In | — | NEW | New buy |
| 27 | OHI | Omega Healthcare Investors | — | NEW | New buy |
| 28 | HST | Host Hotels & Resorts Inc | — | NEW | New buy |
| 29 | BNL | Broadstone Net Lease Inc | — | NEW | New buy |
| 30 | DRH | Diamondrock Hospitality Co | — | EXIT | Sold out |
| 31 | BRX | Brixmor Property Group Inc | — | NEW | New buy |
| 32 | IYR | Ishares US Real Estate ETF | — | EXIT | Sold out |
Filing History
FAQ
What is HGI Capital Management, LLC and what type of investor is it?
HGI Capital Management, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $36.4M, spread across 21 disclosed positions.
What are HGI Capital Management, LLC's largest equity positions?
Based on the latest 13F filing, HGI Capital Management, LLC's top holdings by market value are:
1. Equinix Inc (EQIX) — $2.4M (6.6%)
2. Cbre Group Inc - A (CBRE) — $2.3M (6.3%)
3. First Industrial Realty Tr (FR) — $2.0M (5.6%)
4. Digital Realty Trust Inc (DLR) — $2.0M (5.5%)
5. Home Depot Inc (HD) — $2.0M (5.5%)
What changes did HGI Capital Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, HGI Capital Management, LLC made 32 notable position adjustments: 10 new positions were initiated, 1 existing holdings were added to, 10 positions were partially reduced, and 11 were completely exited. The largest of these moves: Sold out: Walker & Dunlop Inc (WD); Sold out: Whitestone Reit (WSR); Sold out: Safehold Inc (SAFE); Sold out: Sl Green Realty CORP (SLG); Sold out: Camden Property Trust (CPT)
What sectors does HGI Capital Management, LLC focus on?
HGI Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 100.0%
Investment Profile
HGI Capital Management, LLC returned an annualized 5.0% over the trailing 36 months — underperforming the S&P 500 by 7.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.66 (less volatile than the market) and a 28% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 100.0% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 100 over the past 4 quarters — a shift toward more active trading.
It has trimmed its EQR position for two straight quarters, cutting it by $5.3M while still holding $1.6M.
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