# Hill Winds Capital LP

> Institutional holdings reported to the SEC as of Q4 2022 on Form 13F. CIK 1683073. Source: https://holderbook.com/funds/1683073-hill-winds-capital-lp/

- Reported value: $196.9M
- Positions: 37
- Weight of the ten largest: 50.1%
- Filed: 2023-02-03

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 |
|---|---|---|---|---|---|
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $13.8M | 122,500 | 7.0% | 2 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $13.0M | 575,000 | 6.6% | 8 |
| HEALTHPEAK PROPERTIES INC | [DOC](https://holderbook.com/stocks/DOC/) | $10.9M | 435,000 | 5.5% | 2 |
| HIGHWOODS PPTYS INC | [HIW](https://holderbook.com/stocks/HIW/) | $10.8M | 385,000 | 5.5% | 3 |
| REXFORD INDL RLTY INC | [REXR](https://holderbook.com/stocks/REXR/) | $10.1M | 185,000 | 5.1% | 9 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $8.7M | 31,000 | 4.4% | 2 |
| ESSENTIAL PPTYS RLTY TR INC | [EPRT](https://holderbook.com/stocks/EPRT/) | $8.2M | 350,000 | 4.2% | 4 |
| NETSTREIT CORP | [NTST](https://holderbook.com/stocks/NTST/) | $8.0M | 435,000 | 4.0% | 6 |
| SPIRIT RLTY CAP INC NEW | [SRC](https://holderbook.com/stocks/SRC/) | $7.6M | 190,000 | 3.9% | 2 |
| SUN CMNTYS INC | [SUI](https://holderbook.com/stocks/SUI/) | $7.5M | 52,500 | 3.8% | 2 |
| INDEPENDENCE RLTY TR INC | [IRT](https://holderbook.com/stocks/IRT/) | $6.5M | 385,000 | 3.3% | 1 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $6.5M | 55,000 | 3.3% | 1 |
| HEALTHCARE RLTY TR | [HR](https://holderbook.com/stocks/HR/) | $5.8M | 300,000 | 2.9% | 2 |
| LIFE STORAGE INC | [LSI](https://holderbook.com/stocks/LSI/) | $5.4M | 55,000 | 2.8% | 6 |
| ACADIA RLTY TR | [AKR](https://holderbook.com/stocks/AKR/) | $5.4M | 375,000 | 2.7% | 5 |
| STAG INDUSTRIAL INC | [STAG](https://holderbook.com/stocks/STAG/) | $4.8M | 150,000 | 2.5% | 14 |
| KITE REALTY GROUP TRUST | [KRG](https://holderbook.com/stocks/KRG/) | $4.6M | 220,000 | 2.4% | 1 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $4.5M | 100,000 | 2.3% | 6 |
| DOUGLAS EMMETT INC | [DEI](https://holderbook.com/stocks/DEI/) | $4.5M | 285,000 | 2.3% | 2 |
| HOST HOTELS & RESORTS INC | [HST](https://holderbook.com/stocks/HST/) | $4.4M | 275,000 | 2.2% | 4 |
| BROADSTONE NET LEASE INC | [BNL](https://holderbook.com/stocks/BNL/) | $4.3M | 265,000 | 2.2% | 1 |
| WYNDHAM HOTELS & RESORTS INC | [WH](https://holderbook.com/stocks/WH/) | $4.3M | 60,000 | 2.2% | 2 |
| BXP INC | [BXP](https://holderbook.com/stocks/BXP/) | $4.2M | 62,500 | 2.1% | 8 |
| APARTMENT INCOME REIT CORP | [AIRC](https://holderbook.com/stocks/AIRC/) | $3.9M | 115,000 | 2.0% | 1 |
| ESSEX PPTY TR INC | [ESS](https://holderbook.com/stocks/ESS/) | $3.9M | 18,500 | 2.0% | 5 |
| KILROY REALTY CORP | [KRC](https://holderbook.com/stocks/KRC/) | $3.9M | 100,000 | 2.0% | 10 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $3.4M | 30,000 | 1.7% | 1 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $3.0M | 30,000 | 1.5% | 2 |
| SUNSTONE HOTEL INVS INC NEW | [SHO](https://holderbook.com/stocks/SHO/) | $2.9M | 300,000 | 1.5% | 3 |
| REGENCY CTRS CORP | [REG](https://holderbook.com/stocks/REG/) | $2.5M | 40,000 | 1.3% | 3 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $2.1M | 65,000 | 1.1% | 3 |
| SL GREEN RLTY CORP | [SLG](https://holderbook.com/stocks/SLG/) | $1.9M | 55,000 | 0.9% | 1 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $1.8M | 22,500 | 0.9% | 4 |
| GETTY RLTY CORP NEW | [GTY](https://holderbook.com/stocks/GTY/) | $1.4M | 40,000 | 0.7% | 7 |
| EMPIRE ST RLTY TR INC | [ESRT](https://holderbook.com/stocks/ESRT/) | $1.2M | 180,000 | 0.6% | 2 |
| OMEGA HEALTHCARE INVS INC | [OHI](https://holderbook.com/stocks/OHI/) | $838.5K | 30,000 | 0.4% | 2 |
| INDUSTRIAL LOGISTICS PPTYS T | [ILPT](https://holderbook.com/stocks/ILPT/) | $408.8K | 125,000 | 0.2% | 1 |

## 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 |
|---|---|---|---|---|
| Q4 2022 | +3.0% | +7.1% | -4.0% | 100% |
| Q3 2022 | -8.9% | -5.3% | -3.6% | 100% |
| Q2 2022 | -20.4% | -16.5% | -3.9% | 97% |
| Q1 2022 | -3.4% | -4.9% | +1.5% | 100% |
| Q4 2021 | +13.8% | +10.7% | +3.1% | 98% |
| Q3 2021 | -1.0% | +0.3% | -1.2% | 100% |
| Q2 2021 | +11.2% | +8.0% | +3.2% | 98% |
| Q1 2021 | +11.1% | +6.0% | +5.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2022 | $196.9M | 37 |
| Q3 2022 | $224.7M | 40 |
| Q2 2022 | $207.4M | 35 |
| Q1 2022 | $251.8M | 36 |
| Q4 2021 | $393.8M | 49 |
| Q3 2021 | $212.3M | 47 |
| Q2 2021 | $188.6M | 42 |
| Q1 2021 | $182.5M | 39 |
| Q4 2020 | $135.4M | 31 |
| Q3 2020 | $125.6M | 31 |
| Q2 2020 | $69.6M | 29 |
| Q1 2020 | $13.1M | 14 |