Resolution Capital Portfolio holdings
Resolution Capital is an Australian fund manager that invests only in listed real estate and infrastructure around the world. The firm was founded in 2004, though its investment approach and the core of its team go back to 1995. Its direct owner, Foray Enterprises, is majority owned by employees, with the rest held by Pinnacle Investment Management, which also provides distribution and business development services. It builds concentrated portfolios of higher quality assets with sound balance sheets and disciplined management, and focuses on the risks of each investment rather than on how far it strays from a benchmark. Two of its funds trade on the ASX as active ETFs, one in global property securities and one in global listed infrastructure, and its clients include public and corporate pension plans.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Diamondrock Hospitality Co
DRH
|
+$19.2M |
| 2 |
Simon Property Group
SPG
|
+$14.9M |
| 3 |
Acadia Realty Trust
AKR
|
+$14M |
| 4 |
AvalonBay Communities
AVB
|
+$12.8M |
| 5 |
Terreno Realty
TRNO
|
+$9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alexandria Real Estate Equities
ARE
|
+$29.3M |
| 2 |
Hudson Pacific Properties
HPP
|
+$8.61M |
| 3 |
Boston Properties
BXP
|
+$8.39M |
| 4 |
SL Green Realty
SLG
|
+$6.12M |
| 5 |
Prologis
PLD
|
+$4.14M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Simon Property Group
SPG
$75.1B
| $140M | 14.38% |
854,028
+88,557
| +12% | +$14.9M |
2013 Q2
5 quarters
|
|
|
2
Prologis
PLD
$122B
| $103M | 10.53% |
2,727,659
-102,323
| -4% | -$4.14M |
2013 Q2
5 quarters
|
|
|
3
DELISTED
AvalonBay Communities
AVB
| $90.3M | 9.25% |
640,779
+86,437
| +16% | +$12.8M |
2013 Q2
5 quarters
|
|
|
4
SL Green Realty
SLG
$3.48B
| $85.1M | 8.71% |
867,696
-58,530
| -6% | -$6.12M |
2013 Q2
5 quarters
|
|
5
Host Hotels & Resorts
HST
$17.5B
| $78.8M | 8.07% |
3,696,602
-7,485
| -0.2% | -$167K |
2013 Q2
5 quarters
|
|
6
Kilroy Realty
KRC
$4.19B
| $60.7M | 6.21% |
1,021,165
-15,372
| -1% | -$954K |
2013 Q2
5 quarters
|
|
7
Equity Lifestyle Properties
ELS
$12.1B
| $60.5M | 6.19% |
2,855,578
+282,024
| +11% | +$6.25M |
2013 Q2
5 quarters
|
|
8
Ventas
VTR
$47B
| $58.2M | 5.96% |
822,415
+88,166
| +12% | +$6.44M |
2013 Q4
3 quarters
|
|
9
Empire State Realty Trust
ESRT
$839M
| $44.3M | 4.53% |
2,948,741
+215,616
| +8% | +$3.49M |
2013 Q4
3 quarters
|
|
10
Federal Realty Investment Trust
FRT
$9.7B
| $33.3M | 3.41% |
281,352
+23,636
| +9% | +$2.9M |
2013 Q2
5 quarters
|
|
|
GGP
11
DELISTED
GGP Inc.
GGP
| $31.5M | 3.22% |
1,337,008
+310,592
| +30% | +$7.45M |
2013 Q2
5 quarters
|
|
12
Essex Property Trust
ESS
$17.6B
| $26.1M | 2.67% |
146,055
+948
| +0.7% | +$179K |
2013 Q2
5 quarters
|
|
|
13
Acadia Realty Trust
AKR
$2.79B
| $25.8M | 2.64% |
936,377
+491,920
| +111% | +$14M |
2013 Q2
5 quarters
|
|
|
14
Terreno Realty
TRNO
$7.35B
| $25.4M | 2.6% |
1,346,486
+464,428
| +53% | +$9M |
2014 Q1
2 quarters
|
|
15
Douglas Emmett
DEI
$1.66B
| $25.2M | 2.58% |
982,654
+77,795
| +9% | +$2.19M |
2013 Q4
3 quarters
|
|
|
HME
16
DELISTED
HOME PROPERTIES, INC
HME
| $24M | 2.46% |
412,157
+26,652
| +7% | +$1.68M |
2013 Q2
5 quarters
|
|
|
17
Diamondrock Hospitality Co
DRH
$2.95B
| $18.8M | 1.93% |
+1,483,770
| New | +$19.2M |
2014 Q3
0 quarters
|
|
18
Macerich
MAC
$7.11B
| $17.6M | 1.8% |
275,198
+35,818
| +15% | +$2.36M |
2013 Q4
3 quarters
|
|
|
19
Hudson Pacific Properties
HPP
$481M
| $15.1M | 1.55% |
87,418
-47,396
| -35% | -$8.61M |
2014 Q1
2 quarters
|
|
20
CubeSmart
CUBE
$10B
| $12.7M | 1.3% |
706,033
-11,162
| -2% | -$206K |
2013 Q2
5 quarters
|
|
|
21
Alexandria Real Estate Equities
ARE
$7.64B
| – | – |
-356,159
| Closed | -$29.3M | – |
|
|
22
Boston Properties
BXP
$10.2B
| – | – |
-67,000
| Closed | -$8.39M | – |
|
23
Public Storage
PSA
$62.1B
| – | – |
-8,400
| Closed | -$1.52M | – |
|
Similar funds
Resolution Capital's Q3 2014 Portfolio in Review
As of Q3 2014, Resolution Capital held 23 positions worth $977M, down 5.4% from $1.03B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Resolution Capital deployed $43.4M of net new capital in Q3 2014, opening 1 new position and adding to 13 existing holdings. Its largest new stake was Diamondrock Hospitality Co: 1,483,770 shares worth $18.8M.
By sector, the portfolio is most concentrated in Real Estate at 100% of assets, unchanged from a quarter earlier.
On the sell side, the largest reduction was Hudson Pacific Properties, an estimated $8.61M trimmed.
- Resolution Capital's largest Q3 2014 buy was Diamondrock Hospitality Co: 1,483,770 shares worth $18.8M.
- Resolution Capital added most to Simon Property Group in Q3 2014, an estimated $14.9M increase.
- Resolution Capital's biggest Q3 2014 reduction was Hudson Pacific Properties, cutting an estimated $8.61M.
- Resolution Capital fully exited Alexandria Real Estate Equities in Q3 2014, selling an estimated $29.3M.
- Resolution Capital's ten largest holdings make up 77% of its $977M portfolio in Q3 2014.
- Resolution Capital opened 1 new position and closed 3 in Q3 2014.
- Resolution Capital's portfolio value fell 5.4% quarter-over-quarter to $977M.
Based on Resolution Capital's 13F filing for Q3 2014, filed 6 Nov 2014.