# Adelante Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1067926. Source: https://holderbook.com/funds/1067926-adelante-capital-management-llc/

- Reported value: $1.5B
- Positions: 42
- Weight of the ten largest: 64.0%
- Filed: 2026-08-17

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $220.7M | 972,469 | 14.5% | 26 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $172.7M | 1,274,473 | 11.4% | 12 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $129.2M | 123,901 | 8.5% | 31 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $93.3M | 417,092 | 6.1% | 10 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $87.5M | 487,419 | 5.8% | 17 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $72.1M | 1,163,890 | 4.7% | 16 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $55.0M | 291,487 | 3.6% | 16 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $52.7M | 593,888 | 3.5% | 8 |
| EQUITY RESIDENTIAL | [EQR](https://holderbook.com/stocks/EQR/) | $49.1M | 723,095 | 3.2% | 31 |
| IRON MTN INC DEL | [IRM](https://holderbook.com/stocks/IRM/) | $41.1M | 325,641 | 2.7% | 14 |
| EQUITY LIFESTYLE PROPERTIES | [ELS](https://holderbook.com/stocks/ELS/) | $39.6M | 615,154 | 2.6% | 26 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $36.2M | 1,148,695 | 2.4% | 4 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $35.5M | 1,338,445 | 2.3% | 16 |
| AGREE RLTY CORP | [ADC](https://holderbook.com/stocks/ADC/) | $32.6M | 430,209 | 2.1% | 7 |
| AMERICAN HOMES 4 RENT | [AMH](https://holderbook.com/stocks/AMH/) | $28.4M | 846,202 | 1.9% | 27 |
| EXTRA SPACE STORAGE INC | [EXR](https://holderbook.com/stocks/EXR/) | $27.6M | 189,610 | 1.8% | 31 |
| FEDERAL RLTY INVT TR NEW | [FRT](https://holderbook.com/stocks/FRT/) | $27.5M | 222,622 | 1.8% | 1 |
| VORNADO RLTY TR | [VNO](https://holderbook.com/stocks/VNO/) | $27.0M | 687,780 | 1.8% | 10 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $25.7M | 199,884 | 1.7% | 8 |
| CARETRUST REIT INC | [CTRE](https://holderbook.com/stocks/CTRE/) | $22.0M | 545,493 | 1.4% | 4 |
| MID-AMER APT CMNTYS INC | [MAA](https://holderbook.com/stocks/MAA/) | $21.9M | 157,364 | 1.4% | 15 |
| HEALTHPEAK PROPERTIES INC | [DOC](https://holderbook.com/stocks/DOC/) | $21.6M | 1,009,623 | 1.4% | 1 |
| ESSEX PPTY TR INC | [ESS](https://holderbook.com/stocks/ESS/) | $19.8M | 67,992 | 1.3% | 1 |
| LAMAR ADVERTISING CO | [LAMR](https://holderbook.com/stocks/LAMR/) | $19.1M | 122,594 | 1.3% | 21 |
| KIMCO REALTY CORP | [KIM](https://holderbook.com/stocks/KIM/) | $18.7M | 739,084 | 1.2% | 31 |
| ESSENTIAL PPTYS RLTY TR INC | [EPRT](https://holderbook.com/stocks/EPRT/) | $16.4M | 549,615 | 1.1% | 10 |
| JANUS LIVING INC | [JAN](https://holderbook.com/stocks/JAN/) | $15.6M | 544,072 | 1.0% | 2 |
| INVENTRUST PPTYS CORP | [IVT](https://holderbook.com/stocks/IVT/) | $13.4M | 378,545 | 0.9% | 12 |
| MACERICH CO | [MAC](https://holderbook.com/stocks/MAC/) | $12.6M | 499,198 | 0.8% | 2 |
| MILLROSE PPTYS INC | [MRP](https://holderbook.com/stocks/MRP/) | $12.3M | 410,847 | 0.8% | 3 |
| FIRST INDL RLTY TR INC | [FR](https://holderbook.com/stocks/FR/) | $11.4M | 576,611 | 0.8% | 16 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $10.3M | 245,064 | 0.7% | 11 |
| EASTGROUP PPTYS INC | [EGP](https://holderbook.com/stocks/EGP/) | $8.9M | 43,962 | 0.6% | 25 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $8.5M | 52,165 | 0.6% | 31 |
| BROOKDALE SR LIVING INC | [BKD](https://holderbook.com/stocks/BKD/) | $8.1M | 504,410 | 0.5% | 8 |
| CBRE GROUP INC | [CBRE](https://holderbook.com/stocks/CBRE/) | $6.2M | 133,209 | 0.4% | 8 |
| BXP INC | [BXP](https://holderbook.com/stocks/BXP/) | $5.6M | 84,018 | 0.4% | 31 |
| SL GREEN RLTY CORP | [SLG](https://holderbook.com/stocks/SLG/) | $5.5M | 106,160 | 0.4% | 3 |
| ALEXANDRIA REAL ESTATE EQ IN | [ARE](https://holderbook.com/stocks/ARE/) | $3.6M | 68,285 | 0.2% | 31 |
| SBA COMMUNICATIONS CORP | [SBAC](https://holderbook.com/stocks/SBAC/) | $2.7M | 15,505 | 0.2% | 1 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $1.5M | 64,703 | 0.1% | 1 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $1.5M | 72,219 | 0.1% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +10.7% | +14.8% | -4.2% | 103% |
| Q1 2026 | +4.3% | -4.6% | +8.9% | 99% |
| Q4 2025 | -2.0% | +2.4% | -4.4% | 99% |
| Q3 2025 | +2.8% | +7.8% | -5.0% | 104% |
| Q2 2025 | -1.6% | +10.5% | -12.1% | 102% |
| Q1 2025 | -0.8% | -4.6% | +3.7% | 99% |
| Q4 2024 | -5.6% | +2.1% | -7.8% | 102% |
| Q3 2024 | +14.5% | +5.4% | +9.1% | 105% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.5B | 42 |
| Q1 2026 | $1.5B | 42 |
| Q4 2025 | $1.5B | 42 |
| Q3 2025 | $1.5B | 43 |
| Q2 2025 | $1.4B | 42 |
| Q1 2025 | $1.3B | 41 |
| Q4 2024 | $1.5B | 45 |
| Q3 2024 | $1.5B | 42 |
| Q2 2024 | $1.3B | 40 |
| Q1 2024 | $1.5B | 41 |
| Q4 2023 | $1.4B | 42 |
| Q3 2023 | $1.2B | 41 |