2026 Q2 Portfolio Activity
In 2026 Q2, Adelante Capital Management LLC maintained a portfolio of 47 distinct positions. The most significant new addition was Federal Realty Investment Trus, now representing 1.81% of the total fund value. They heavily accumulated shares in Lamar Advertising Co-A, increasing the position by 134.5%. The fund also reduced its exposure to Brookdale Senior Living by 50.9%.
Position History
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Total Positions
47
Quarter
2026 Q2
Top Holding
WELL (14.5%)
Top 10 Concentration
64.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-47 of 47
Adelante Capital Management LLC Full Holdings List — 2026 Q2
| 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 | 14.51% | 13.91% |
#1
Prev: #1
|
6.5 |
—
|
-56,610 | -5.5% |
P
S
|
972,469 | $220,721,194 | 2015 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
PLD
ProLogis Inc.
|
Real Estate | 11.35% | 11.95% |
#2
Prev: #2
|
6.0 |
—
|
-47,492 | -3.6% |
P
S
|
1,274,473 | $172,652,546 | 2011 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EQIX
Equinix Inc.
|
Real Estate | 8.49% | 8.79% |
#3
Prev: #3
|
4.9 |
—
|
-7,306 | -5.6% |
P
S
|
123,901 | $129,153,523 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
SPG
Simon Property ...
|
Real Estate | 6.13% | 5.73% |
#4
1
Prev: #5
|
3.5 |
—
|
-32,241 | -7.2% |
P
S
|
417,092 | $93,282,206 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
DLR
Digital Realty ...
|
Real Estate | 5.75% | 5.89% |
#5
1
Prev: #4
|
3.3 |
—
|
9,123 | 1.9% |
P
S
|
487,419 | $87,530,906 | 2009 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
O
Realty Income
|
Real Estate | 4.74% | 4.99% |
#6
Prev: #6
|
2.4 |
—
|
-29,656 | -2.5% |
P
S
|
1,163,890 | $72,114,766 | 2016 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
AVB
AvalonBay Commu...
|
Real Estate | 3.62% | 3.63% |
#7
Prev: #7
|
1.9 |
—
|
-33,690 | -10.4% |
P
S
|
291,487 | $55,000,778 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
VTR
Ventas, Inc.
|
Real Estate | 3.47% | 3.45% |
#8
1
Prev: #9
|
1.9 |
—
|
-22,318 | -3.6% |
P
S
|
593,888 | $52,736,858 | 2002 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EQR
Equity Resident...
|
Real Estate | 3.23% | 3.62% |
#9
1
Prev: #8
|
1.8 |
—
|
-171,111 | -19.1% |
P
S
|
723,095 | $49,119,870 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
IRM
Iron Mountain
|
Real Estate | 2.70% | 2.49% |
#10
2
Prev: #12
|
1.6 |
—
|
-31,293 | -8.8% |
P
S
|
325,641 | $41,131,393 | 2023 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ELS
Equity Lifestyl...
|
Real Estate | 2.61% | 2.36% |
#11
3
Prev: #14
|
3.0 |
—
|
62,091 | 11.2% |
P
S
|
615,154 | $39,646,711 | 2006 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BRX
Brixmor Propert...
|
Real Estate | 2.38% | 2.48% |
#12
1
Prev: #13
|
1.5 |
—
|
-108,790 | -8.7% |
P
S
|
1,148,695 | $36,218,540 | 2013 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
VICI
Vici Properties
|
Real Estate | 2.34% | 2.31% |
#13
2
Prev: #15
|
2.9 |
—
|
102,819 | 8.3% |
P
S
|
1,338,445 | $35,535,654 | 2018 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ADC
Agree Realty Co...
|
Real Estate | 2.14% | 2.27% |
#14
2
Prev: #16
|
1.4 |
—
|
-9,972 | -2.3% |
P
S
|
430,209 | $32,583,857 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
AMH
American Homes ...
|
Real Estate | 1.86% | 1.73% |
#15
3
Prev: #18
|
1.2 |
—
|
-57,797 | -6.4% |
P
S
|
846,202 | $28,364,765 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EXR
Extra Space Sto...
|
Real Estate | 1.81% | 0.27% |
#16
22
Prev: #38
|
1.2 |
—
|
-6,550 | -3.3% |
P
S
|
189,610 | $27,550,276 | 2009 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
FRT
Federal Realty ...
|
Real Estate | 1.81% | — |
#17
Prev: #—
|
4.2 |
—
|
222,622 | — |
NEW
|
222,622 | $27,480,152 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
VNO
Vornado Realty ...
|
Real Estate | 1.78% | 1.42% |
#18
1
Prev: #19
|
1.2 |
—
|
-110,404 | -13.8% |
P
S
|
687,780 | $27,030,047 | 1999 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
RHP
Ryman Hospitali...
|
Real Estate | 1.69% | 1.38% |
#19
1
Prev: #20
|
1.2 |
—
|
-18,965 | -8.7% |
P
S
|
199,884 | $25,694,739 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CTRE
Caretrust REIT ...
|
Real Estate | 1.45% | 0.88% |
#20
5
Prev: #25
|
3.6 |
—
|
193,031 | 54.8% |
P
S
|
545,493 | $22,010,785 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
MAA
Mid-America Apa...
|
Real Estate | 1.44% | 1.30% |
#21
1
Prev: #22
|
1.1 |
—
|
1,199 | 0.8% |
P
S
|
157,364 | $21,864,519 | 2018 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
DOC
Healthpeak Prop...
|
Real Estate | 1.42% | — |
#22
Prev: #—
|
4.1 |
—
|
1,009,623 | — |
NEW
|
1,009,623 | $21,605,458 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ESS
Essex Property ...
|
Real Estate | 1.30% | — |
#23
Prev: #—
|
4.0 |
—
|
67,992 | — |
NEW
|
67,992 | $19,826,023 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
LAMR
Lamar Advertisi...
|
Real Estate | 1.26% | 0.45% |
#24
10
Prev: #34
|
3.5 |
—
|
70,304 | 134.5% |
P
S
|
122,594 | $19,122,343 | 2021 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
KIM
Kimco Realty Co...
|
Real Estate | 1.23% | 2.93% |
#25
14
Prev: #11
|
0.5 |
—
|
-1,166,949 | -61.2% |
P
S
|
739,084 | $18,736,000 | 2001 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EPRT
Essential Prope...
|
Real Estate | 1.08% | 1.35% |
#26
5
Prev: #21
|
0.9 |
—
|
-100,514 | -15.5% |
P
S
|
549,615 | $16,406,000 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
N/A
Janus Living In...
|
|
Unknown | 1.03% | 0.50% |
#27
6
Prev: #33
|
3.4 |
—
|
234,109 | 75.5% |
P
S
|
544,072 | $15,636,561 | — | 13F Filing | 2026-06-30 | 2026-08-17 | ||
|
IVT
Inventrust Prop...
|
Real Estate | 0.88% | 0.69% |
#28
Prev: #28
|
2.4 |
—
|
48,509 | 14.7% |
P
S
|
378,545 | $13,400,200 | 2023 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
MAC
The Macerich Co...
|
Real Estate | 0.83% | 0.56% |
#29
2
Prev: #31
|
2.3 |
—
|
68,713 | 16.0% |
P
S
|
499,198 | $12,574,621 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
MRP
Millrose Proper...
|
Real Estate | 0.81% | 0.85% |
#30
4
Prev: #26
|
0.8 |
—
|
-33,143 | -7.5% |
P
S
|
410,847 | $12,345,771 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
FR
First Industria...
|
Real Estate | 0.75% | 2.15% |
#31
14
Prev: #17
|
2.3 |
—
|
32,002 | 5.9% |
P
S
|
576,611 | $11,416,898 | 2015 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
PSA
Public Storage
|
Real Estate | 0.68% | 0.77% |
#32
5
Prev: #27
|
0.8 |
—
|
-20,383 | -7.7% |
P
S
|
245,064 | $10,346,602 | 2002 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EGP
Eastgroup Prope...
|
Real Estate | 0.59% | 0.60% |
#33
3
Prev: #30
|
0.7 |
—
|
-3,371 | -7.1% |
P
S
|
43,962 | $8,904,000 | 2008 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
AMT
American Tower ...
|
Real Estate | 0.56% | 0.64% |
#34
5
Prev: #29
|
0.7 |
—
|
-2,124 | -3.9% |
P
S
|
52,165 | $8,533,000 | 2012 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BKD
Brookdale Senio...
|
Healthcare | 0.53% | 3.26% |
#35
25
Prev: #10
|
0.2 |
—
|
-522,982 | -50.9% |
P
S
|
504,410 | $8,116,080 | 2014 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CBRE
CBRE Group
|
Real Estate | 0.41% | 1.22% |
#36
13
Prev: #23
|
0.7 |
—
|
1,115 | 0.8% |
P
S
|
133,209 | $6,174,237 | 2023 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BXP
BXP, Inc.
|
Real Estate | 0.37% | 0.28% |
#37
Prev: #37
|
2.1 |
—
|
5,655 | 7.2% |
P
S
|
84,018 | $5,571,000 | 1999 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
SLG
SL Green Realty...
|
Real Estate | 0.36% | 0.27% |
#38
1
Prev: #39
|
0.6 |
—
|
1,200 | 1.1% |
P
S
|
106,160 | $5,496,000 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ARE
Alexandria Real...
|
Real Estate | 0.24% | 1.13% |
#39
15
Prev: #24
|
0.1 |
—
|
-289,165 | -80.9% |
P
S
|
68,285 | $3,609,000 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
SBAC
SBA Communicati...
|
Real Estate | 0.18% | — |
#40
Prev: #—
|
3.6 |
—
|
15,505 | — |
NEW
|
15,505 | $2,736,000 | 2021 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
WY
Weyerhauser
|
Real Estate | 0.10% | — |
#41
Prev: #—
|
3.5 |
—
|
64,703 | — |
NEW
|
64,703 | $1,549,000 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
HLT
Hilton, Inc.
|
Consumer Cyclical | 0.10% | 0.08% |
#42
Prev: #42
|
2.0 |
—
|
11,368 | 18.7% |
P
S
|
72,219 | $1,463,879 | 2006 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
RYN
Rayonier Inc
|
Real Estate | 0.00% | 0.11% |
Sold All 😨
(Was: #41) |
0.0 |
—
|
-78,915 | -100.0% |
CLOSED
|
— | $— | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CCI
Crown Castle In...
|
Real Estate | 0.00% | 0.22% |
Sold All 😨
(Was: #40) |
0.0 |
—
|
-38,976 | -100.0% |
CLOSED
|
— | $— | 2021 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CSR
Centerspace
|
Real Estate | 0.00% | 0.28% |
Sold All 😨
(Was: #36) |
0.0 |
—
|
-72,201 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
SUI
Sun Communities...
|
Real Estate | 0.00% | 0.28% |
Sold All 😨
(Was: #35) |
0.0 |
—
|
-32,940 | -100.0% |
CLOSED
|
— | $— | 2016 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
COLD
Americold Realt...
|
Real Estate | 0.00% | 0.53% |
Sold All 😨
(Was: #32) |
0.0 |
—
|
-670,972 | -100.0% |
CLOSED
|
— | $— | 2018 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 |
Showing 1-47 of 47 holdings