13F
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Adelante Capital Management LLC

13F equity value
$1.5B
Positions
42
Top 10 concentration
65.2%
Quarters / total new picks
25 / 76
13F equity value over time
$0M$1B$2B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 25 quarters, returned +2.3% per quarter — versus +2.2% per quarter from simply owning every 13F stock. It beat that baseline in only 52.0% of quarters (excess t = -0.37, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.8%
t-stat
-0.37
Quarterly win rate
52%
Annualized excess
-0.7%
$1 → follow vs universe
$1.49 vs $1.55
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190630: universe 1.02520190930: universe 1.10220191231: universe 0.88920200331: universe 1.07220200630: universe 1.18420210331: universe 1.19420210630: universe 1.29020210930: universe 1.15820211231: universe 0.98520220930: universe 1.05820221231: universe 0.98320230331: universe 1.03620230630: universe 0.99820230930: universe 1.13320231231: universe 1.18420240331: universe 1.21120240630: universe 1.32120240930: universe 1.30920241231: universe 1.22220250331: universe 1.33220250930: universe 1.49820251231: universe 1.550 20180630: follow 0.95720180930: follow 0.98120181231: follow 0.97520190630: follow 1.03720190930: follow 1.13120191231: follow 0.66120200331: follow 0.73620200630: follow 0.84220210331: follow 0.92720210630: follow 0.92420210930: follow 0.87720211231: follow 0.87420220930: follow 0.94120221231: follow 0.87020230331: follow 0.93620230630: follow 0.93020230930: follow 0.95320231231: follow 1.03320240331: follow 1.24320240630: follow 1.26120240930: follow 1.24020241231: follow 1.29620250331: follow 1.38820250930: follow 1.46020251231: follow 1.487 0.61 1.14 1.67 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 42 · 2026 Q1

Ticker Value Weight QoQ
WELL $203M
13.9%
ADD
PLD $175M
11.9%
HOLD
EQIX $129M
8.8%
ADD
DLR $86M
5.9%
HOLD
SPG $84M
5.7%
TRIM
O $73M
5.0%
HOLD
AVB $53M
3.6%
ADD
EQR $53M
3.6%
ADD
VTR $50M
3.5%
TRIM
BKD $48M
3.3%
TRIM
KIM $43M
2.9%
TRIM
IRM $36M
2.5%
ADD
BRX $36M
2.5%
HOLD
ELS $35M
2.4%
TRIM
VICI $34M
2.3%
TRIM
ADC $33M
2.3%
HOLD
FR $32M
2.1%
ADD
AMH $25M
1.7%
TRIM
VNO $21M
1.4%
ADD
RHP $20M
1.4%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

MACRYNSUI

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.