HEITMAN REAL ESTATE SECURITIES LLC
"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.
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 32 quarters, returned +1.7% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 40.6% of quarters (excess t = -1.15, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 57 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| WELL | $161M | | TRIM |
| EQIX | $135M | | HOLD |
| PLD | $130M | | TRIM |
| O | $73M | | ADD |
| SPG | $62M | | TRIM |
| VTR | $59M | | TRIM |
| EQR | $52M | | ADD |
| DLR | $51M | | ADD |
| EXR | $42M | | ADD |
| FR | $34M | | ADD |
| ESS | $34M | | ADD |
| NTST | $32M | | ADD |
| PSA | $28M | | TRIM |
| MAA | $28M | | TRIM |
| IRM | $27M | | TRIM |
| DOC | $26M | | ADD |
| AKR | $25M | | TRIM |
| DRH | $25M | | NEW |
| STAG | $25M | | TRIM |
| CUZ | $22M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.