2026 Q1 Portfolio Activity
In 2026 Q1, Adelante Capital Management LLC maintained a portfolio of 46 distinct positions. The most significant new addition was The Macerich Company, now representing 0.56% of the total fund value. They heavily accumulated shares in First Industrial Realty Trust,, increasing the position by 14.9%. The fund also reduced its exposure to American Homes 4 Rent by 30.5%.
Position History
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Total Positions
46
Quarter
2026 Q1
Top Holding
WELL (13.9%)
Top 10 Concentration
65.2%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-46 of 46
Adelante Capital Management LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
WELL
Welltower Inc.
|
Real Estate | 13.91% | 12.58% |
#1
Prev: #1
|
6.5 |
—
|
23,149 | 2.3% |
P
S
|
1,029,079 | $203,459,330 | 2015 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
PLD
ProLogis Inc.
|
Real Estate | 11.95% | 11.44% |
#2
Prev: #2
|
6.0 |
—
|
-8,415 | -0.6% |
P
S
|
1,321,965 | $174,737,806 | 2011 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
EQIX
Equinix Inc.
|
Real Estate | 8.79% | 6.60% |
#3
Prev: #3
|
5.0 |
—
|
3,434 | 2.7% |
P
S
|
131,207 | $128,614,248 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
DLR
Digital Realty ...
|
Real Estate | 5.89% | 4.97% |
#4
1
Prev: #5
|
3.4 |
—
|
1,866 | 0.4% |
P
S
|
478,296 | $86,194,139 | 2009 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
SPG
Simon Property ...
|
Real Estate | 5.73% | 6.03% |
#5
1
Prev: #4
|
3.3 |
—
|
-33,710 | -7.0% |
P
S
|
449,333 | $83,814,225 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
O
Realty Income
|
Real Estate | 4.99% | 4.60% |
#6
Prev: #6
|
2.5 |
—
|
-16,540 | -1.4% |
P
S
|
1,193,546 | $73,021,090 | 2016 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
AVB
AvalonBay Commu...
|
Real Estate | 3.63% | 3.88% |
#7
1
Prev: #8
|
2.0 |
—
|
7,271 | 2.3% |
P
S
|
325,177 | $53,117,231 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
EQR
Equity Resident...
|
Real Estate | 3.62% | 3.63% |
#8
1
Prev: #9
|
1.9 |
—
|
38,734 | 4.5% |
P
S
|
894,206 | $52,892,750 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
VTR
Ventas, Inc.
|
Real Estate | 3.45% | 3.62% |
#9
1
Prev: #10
|
1.9 |
—
|
-79,031 | -11.4% |
P
S
|
616,206 | $50,393,597 | 2002 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BKD
Brookdale Senio...
|
Healthcare | 3.26% | 3.40% |
#10
1
Prev: #11
|
1.8 |
—
|
-61,153 | -5.6% |
P
S
|
1,027,392 | $47,619,619 | 2014 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
KIM
Kimco Realty Co...
|
Real Estate | 2.93% | 2.70% |
#11
3
Prev: #14
|
1.7 |
—
|
-73,574 | -3.7% |
P
S
|
1,906,033 | $42,828,681 | 2001 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
IRM
Iron Mountain
|
Real Estate | 2.49% | 1.90% |
#12
7
Prev: #19
|
3.0 |
—
|
17,707 | 5.2% |
P
S
|
356,934 | $36,456,882 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BRX
Brixmor Propert...
|
Real Estate | 2.48% | 2.22% |
#13
3
Prev: #16
|
1.5 |
—
|
691 | 0.1% |
P
S
|
1,257,485 | $36,215,719 | 2013 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
ELS
Equity Lifestyl...
|
Real Estate | 2.36% | 2.37% |
#14
1
Prev: #15
|
1.4 |
—
|
-26,817 | -4.6% |
P
S
|
553,063 | $34,522,570 | 2006 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
VICI
Vici Properties
|
Real Estate | 2.31% | 2.82% |
#15
3
Prev: #12
|
1.4 |
—
|
-254,801 | -17.1% |
P
S
|
1,235,626 | $33,757,523 | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
ADC
Agree Realty Co...
|
Real Estate | 2.27% | 2.13% |
#16
1
Prev: #17
|
1.4 |
—
|
1,766 | 0.4% |
P
S
|
440,181 | $33,181,119 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
FR
First Industria...
|
Real Estate | 2.15% | 0.65% |
#17
13
Prev: #30
|
2.9 |
—
|
70,543 | 14.9% |
P
S
|
544,609 | $31,506,008 | 2015 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
AMH
American Homes ...
|
Real Estate | 1.73% | 2.81% |
#18
5
Prev: #13
|
0.7 |
—
|
-396,348 | -30.5% |
P
S
|
903,999 | $25,239,655 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
VNO
Vornado Realty ...
|
Real Estate | 1.42% | 1.45% |
#19
1
Prev: #20
|
3.1 |
—
|
150,327 | 23.2% |
P
S
|
798,184 | $20,744,438 | 1999 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
RHP
Ryman Hospitali...
|
Real Estate | 1.38% | 1.18% |
#20
4
Prev: #24
|
2.6 |
—
|
34,451 | 18.7% |
P
S
|
218,849 | $20,193,306 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
EPRT
Essential Prope...
|
Real Estate | 1.35% | 0.55% |
#21
12
Prev: #33
|
3.5 |
—
|
238,816 | 58.1% |
P
S
|
650,129 | $19,737,579 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MAA
Mid-America Apa...
|
Real Estate | 1.30% | 1.08% |
#22
3
Prev: #25
|
3.0 |
—
|
40,404 | 34.9% |
P
S
|
156,165 | $19,071,061 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CBRE
CBRE Group
|
Real Estate | 1.22% | 1.18% |
#23
Prev: #23
|
3.0 |
—
|
23,000 | 21.1% |
P
S
|
132,094 | $17,893,342 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
ARE
Alexandria Real...
|
Real Estate | 1.13% | 1.31% |
#24
3
Prev: #21
|
1.0 |
—
|
-39,839 | -10.0% |
P
S
|
357,450 | $16,592,406 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CTRE
Caretrust REIT ...
|
Real Estate | 0.88% | 0.95% |
#25
1
Prev: #26
|
0.9 |
—
|
-39,473 | -10.1% |
P
S
|
352,462 | $12,918,163 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MRP
Millrose Proper...
|
Real Estate | 0.85% | 0.44% |
#26
9
Prev: #35
|
3.3 |
—
|
223,423 | 101.3% |
P
S
|
443,990 | $12,431,432 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
PSA
Public Storage
|
Real Estate | 0.77% | 4.22% |
#27
20
Prev: #7
|
2.3 |
—
|
24,232 | 10.0% |
P
S
|
265,447 | $11,207,172 | 2002 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
IVT
Inventrust Prop...
|
Real Estate | 0.69% | 0.63% |
#28
3
Prev: #31
|
0.8 |
—
|
253 | 0.1% |
P
S
|
330,036 | $10,053,259 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
AMT
American Tower ...
|
Real Estate | 0.64% | 0.67% |
#29
Prev: #29
|
0.8 |
—
|
-2,551 | -4.5% |
P
S
|
54,289 | $9,369,000 | 2012 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
EGP
Eastgroup Prope...
|
Real Estate | 0.60% | 0.82% |
#30
3
Prev: #27
|
0.2 |
—
|
-20,570 | -30.3% |
P
S
|
47,333 | $8,761,000 | 2008 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MAC
The Macerich Co...
|
Real Estate | 0.56% | — |
#31
Prev: #—
|
3.7 |
—
|
430,485 | — |
NEW
|
430,485 | $8,136,227 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
COLD
Americold Realt...
|
Real Estate | 0.53% | 0.58% |
#32
Prev: #32
|
0.7 |
—
|
671 | 0.1% |
P
S
|
670,972 | $7,689,019 | 2018 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
N/A
Janus Living In...
|
|
Unknown | 0.50% | — |
#33
Prev: #—
|
3.7 |
—
|
309,963 | — |
NEW
|
309,963 | $7,305,846 | — | 13F Filing | 2026-03-31 | 2026-05-18 | ||
|
LAMR
Lamar Advertisi...
|
Real Estate | 0.45% | 0.41% |
#34
2
Prev: #36
|
2.2 |
—
|
3,639 | 7.5% |
P
S
|
52,290 | $6,623,000 | 2021 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
SUI
Sun Communities...
|
Real Estate | 0.28% | — |
#35
Prev: #—
|
3.6 |
—
|
32,940 | — |
NEW
|
32,940 | $4,149,503 | 2016 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CSR
Centerspace
|
Real Estate | 0.28% | 0.32% |
#36
3
Prev: #39
|
0.6 |
—
|
142 | 0.2% |
P
S
|
72,201 | $4,148,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BXP
BXP, Inc.
|
Real Estate | 0.28% | 0.34% |
#37
1
Prev: #38
|
0.6 |
—
|
3,000 | 4.0% |
P
S
|
78,363 | $4,067,000 | 1999 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
EXR
Extra Space Sto...
|
Real Estate | 0.27% | 1.94% |
#38
20
Prev: #18
|
0.6 |
—
|
-25,271 | -11.4% |
P
S
|
196,160 | $3,883,968 | 2009 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
SLG
SL Green Realty...
|
Real Estate | 0.27% | 0.30% |
#39
1
Prev: #40
|
2.1 |
—
|
8,135 | 8.4% |
P
S
|
104,960 | $3,877,000 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CCI
Crown Castle In...
|
Real Estate | 0.22% | 0.25% |
#40
1
Prev: #41
|
0.6 |
—
|
-1,964 | -4.8% |
P
S
|
38,976 | $3,169,000 | 2021 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
RYN
Rayonier Inc
|
Real Estate | 0.11% | — |
#41
Prev: #—
|
3.5 |
—
|
78,915 | — |
NEW
|
78,915 | $1,627,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
HLT
Hilton, Inc.
|
Consumer Cyclical | 0.08% | 1.31% |
#42
20
Prev: #22
|
0.5 |
—
|
-6,643 | -9.8% |
P
S
|
60,851 | $1,233,450 | 2006 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
PCH
Potlach Corp
|
Unknown | 0.00% | 0.13% |
Sold All 😨
(Was: #42) |
0.0 |
—
|
-45,393 | -100.0% |
CLOSED
|
— | $— | 2021 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
KRC
Kilroy Realty
|
Real Estate | 0.00% | 0.34% |
Sold All 😨
(Was: #37) |
0.0 |
—
|
-136,904 | -100.0% |
CLOSED
|
— | $— | 2001 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CUZ
Cousins Propert...
|
Real Estate | 0.00% | 0.50% |
Sold All 😨
(Was: #34) |
0.0 |
—
|
-285,108 | -100.0% |
CLOSED
|
— | $— | 2020 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
VRE
Veris Residenti...
|
Real Estate | 0.00% | 0.74% |
Sold All 😨
(Was: #28) |
0.0 |
—
|
-737,176 | -100.0% |
CLOSED
|
— | $— | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 |
Showing 1-46 of 46 holdings