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LPC
Long Pond Capital Portfolio holdings
AUM
$1.05B
1-Year Est. Return
16.49%
This Fund
S&P 500
This Quarter
Est. Return
+11.87%
1 Year Est. Return
-16.49%
3 Year Est. Return
-22.94%
5 Year Est. Return
-43.76%
10 Year Est. Return
-51.53%
AUM
$1.24B
AUM Growth
-$508M
(-29%)
Cap. Flow
-$631M
Cap. Flow
% of AUM
-50.76%
Top 10 Holdings %
Top 10 Hldgs %
62.78%
Holding
40
New
12
Increased
4
Reduced
14
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mid-America Apartment Communities
MAA
|
+$109M |
| 2 |
W.P. Carey
WPC
|
+$55.8M |
| 3 |
VICI Properties
VICI
|
+$50M |
| 4 |
Agree Realty
ADC
|
+$28.2M |
| 5 |
AIRC
Apartment Income REIT Corp.
AIRC
|
+$28.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Extra Space Storage
EXR
|
+$133M |
| 2 |
Rexford Industrial Realty
REXR
|
+$88.6M |
| 3 |
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
|
+$77.3M |
| 4 |
Independence Realty Trust
IRT
|
+$76.6M |
| 5 |
Marriott Vacations Worldwide
VAC
|
+$72.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 84.54% |
| 2 | Consumer Discretionary | 11.45% |
| 3 | Communication Services | 3.2% |
| 4 | Technology | 0.81% |
| 5 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Camden Property Trust
CPT
$11B
| $200M | 16.04% |
2,009,385
+238,104
| +13% | +$22.1M |
|
|
JBGS
2
JBG SMITH
JBGS
$818M
| $120M | 9.61% |
7,028,426
-632,130
| -8% | -$9.21M |
|
|
3
Mid-America Apartment Communities
MAA
$15.4B
| $115M | 9.28% |
+858,425
| New | +$109M |
|
|
4
W.P. Carey
WPC
$16.8B
| $62.7M | 5.04% |
+967,987
| New | +$55.8M |
|
|
SAFE
5
Safehold
SAFE
$1.16B
| $58.3M | 4.69% |
2,490,556
-2,127,226
| -46% | -$40.1M |
|
|
6
VICI Properties
VICI
$29B
| $54.3M | 4.37% |
+1,704,100
| New | +$50M |
|
|
7
Independence Realty Trust
IRT
$3.92B
| $52.3M | 4.2% |
3,418,118
-5,528,725
| -62% | -$76.6M |
|
|
AIRC
8
DELISTED
Apartment Income REIT Corp.
AIRC
| $49.3M | 3.96% |
1,418,584
+896,266
| +172% | +$28.1M |
|
|
PLYA
9
DELISTED
Playa Hotels & Resorts
PLYA
| $37M | 2.97% |
4,275,398
+432,742
| +11% | +$3.26M |
|
|
AIV
10
Aimco
AIV
$387M
| $32.5M | 2.61% |
4,152,140
| – | – |
|
11
CBRE Group
CBRE
$42.5B
| $32.3M | 2.6% |
347,430
-84,379
| -20% | -$6.56M |
|
|
NTST
12
NETSTREIT Corp
NTST
$2.09B
| $31.8M | 2.55% |
+1,779,999
| New | +$27.9M |
|
13
Hilton Grand Vacations
HGV
$3.62B
| $31.6M | 2.54% |
786,592
-584,052
| -43% | -$21.9M |
|
14
Melco Resorts & Entertainment
MLCO
$2.22B
| $31.3M | 2.51% |
3,524,251
-12,770
| -0.4% | -$104K |
|
15
LXP Industrial Trust
LXP
$3.57B
| $30.9M | 2.48% |
+622,352
| New | +$27.2M |
|
|
16
Agree Realty
ADC
$9.34B
| $30.6M | 2.46% |
+486,388
| New | +$28.2M |
|
17
Forestar Group
FOR
$1.44B
| $29.8M | 2.39% |
899,609
-833,668
| -48% | -$24.2M |
|
18
Madison Square Garden
MSGS
$9.48B
| $24.5M | 1.97% |
134,756
+43,020
| +47% | +$7.45M |
|
|
19
Rexford Industrial Realty
REXR
$8.42B
| $24.3M | 1.95% |
433,257
-1,808,866
| -81% | -$88.6M |
|
20
Travel + Leisure Co
TNL
$4.66B
| $23.9M | 1.92% |
612,141
-220,150
| -26% | -$7.98M |
|
21
Essential Properties Realty Trust
EPRT
$6.77B
| $21.9M | 1.76% |
+857,695
| New | +$19.9M |
|
|
NLOP
22
Net Lease Office Properties
NLOP
$173M
| $20.1M | 1.61% |
+1,086,462
| New | +$18.1M |
|
23
Vesta Real Estate
VTMX
$3.2B
| $19.6M | 1.57% |
+494,221
| New | +$17.3M |
|
24
D.R. Horton
DHI
$40B
| $18.6M | 1.5% |
122,485
-395,118
| -76% | -$48.7M |
|
25
Equity Residential
EQR
$24.9B
| $16.5M | 1.33% |
+270,000
| New | +$15.6M |
|
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Long Pond Capital's Q4 2023 Portfolio in Review
As of Q4 2023, Long Pond Capital held 40 positions worth $1.24B, down 29% from $1.75B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Long Pond Capital withdrew a net $631M in Q4 2023, closing 9 positions and reducing 14 holdings. Its most notable exit was Extra Space Storage, an estimated $133M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 85% of assets, up from 64% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Long Pond Capital opened a new position in Mid-America Apartment Communities worth $115M.
- Long Pond Capital's largest Q4 2023 buy was Mid-America Apartment Communities: 858,425 shares worth $115M.
- Long Pond Capital added most to Apartment Income REIT Corp. in Q4 2023, an estimated $28.1M increase.
- Long Pond Capital's biggest Q4 2023 reduction was Rexford Industrial Realty, cutting an estimated $88.6M.
- Long Pond Capital fully exited Extra Space Storage in Q4 2023, selling an estimated $133M.
- Long Pond Capital's ten largest holdings make up 63% of its $1.24B portfolio in Q4 2023.
- Long Pond Capital opened 12 new positions and closed 9 in Q4 2023.
- Long Pond Capital's portfolio value fell 29% quarter-over-quarter to $1.24B.
Based on Long Pond Capital's 13F filing for Q4 2023, filed 14 Feb 2024.