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 |
Simon Property Group
SPG
|
+$40.2M |
| 2 |
GGP
GGP Inc.
GGP
|
+$30.3M |
| 3 |
AvalonBay Communities
AVB
|
+$28.7M |
| 4 |
Equity Lifestyle Properties
ELS
|
+$20M |
| 5 |
Federal Realty Investment Trust
FRT
|
+$19.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PGRE
Paramount Group
PGRE
|
+$39.6M |
| 2 |
Kilroy Realty
KRC
|
+$30.1M |
| 3 |
Macerich
MAC
|
+$8.58M |
| 4 |
HME
HOME PROPERTIES, INC
HME
|
+$3.89M |
| 5 |
Host Hotels & Resorts
HST
|
+$2.94M |
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
$73.9B
| $184M | 15.91% |
1,061,090
+218,712
| +26% | +$40.2M |
2013 Q2
8 quarters
|
|
|
2
DELISTED
AvalonBay Communities
AVB
| $153M | 13.22% |
954,244
+172,074
| +22% | +$28.7M |
2013 Q2
8 quarters
|
|
3
SL Green Realty
SLG
$3.6B
| $91.2M | 7.9% |
857,037
+1,745
| +0.2% | +$205K |
2013 Q2
8 quarters
|
|
|
GGP
4
DELISTED
GGP Inc.
GGP
| $79.1M | 6.86% |
3,083,347
+1,086,218
| +54% | +$30.3M |
2013 Q2
8 quarters
|
|
5
Empire State Realty Trust
ESRT
$894M
| $74.9M | 6.49% |
4,391,436
+1,072,371
| +32% | +$19.3M |
2013 Q4
6 quarters
|
|
|
6
Equity Lifestyle Properties
ELS
$12.3B
| $72.7M | 6.3% |
2,765,382
+743,800
| +37% | +$20M |
2013 Q2
8 quarters
|
|
7
Diamondrock Hospitality Co
DRH
$2.87B
| $60.6M | 5.26% |
4,732,404
+470,620
| +11% | +$6.35M |
2014 Q3
3 quarters
|
|
|
8
Federal Realty Investment Trust
FRT
$9.7B
| $59.8M | 5.19% |
467,133
+146,450
| +46% | +$19.9M |
2013 Q2
8 quarters
|
|
9
SITE Centers
SITC
$35.1M
| $58.8M | 5.1% |
2,950,730
+534,545
| +22% | +$11.8M |
2014 Q4
2 quarters
|
|
10
Prologis
PLD
$121B
| $53.5M | 4.64% |
1,442,905
+37,979
| +3% | +$1.54M |
2013 Q2
8 quarters
|
|
|
11
Kilroy Realty
KRC
$4.17B
| $46.5M | 4.03% |
692,843
-422,795
| -38% | -$30.1M |
2013 Q2
8 quarters
|
|
12
Essex Property Trust
ESS
$17.5B
| $42.5M | 3.68% |
200,019
+41,683
| +26% | +$9.23M |
2013 Q2
8 quarters
|
|
|
13
Host Hotels & Resorts
HST
$16.9B
| $40.8M | 3.53% |
2,055,314
-146,017
| -7% | -$2.94M |
2013 Q2
8 quarters
|
|
|
HME
14
DELISTED
HOME PROPERTIES, INC
HME
| $35.8M | 3.11% |
490,353
-53,590
| -10% | -$3.89M |
2013 Q2
8 quarters
|
|
15
Terreno Realty
TRNO
$7.29B
| $32.7M | 2.83% |
1,659,982
-46,766
| -3% | -$991K |
2014 Q1
5 quarters
|
|
16
Acadia Realty Trust
AKR
$2.74B
| $24.1M | 2.09% |
829,421
+54,366
| +7% | +$1.71M |
2013 Q2
8 quarters
|
|
17
Douglas Emmett
DEI
$1.7B
| $13.6M | 1.18% |
506,195
+129,746
| +34% | +$3.76M |
2013 Q4
6 quarters
|
|
18
CubeSmart
CUBE
$10.1B
| $12.6M | 1.09% |
544,076
+13,672
| +3% | +$322K |
2013 Q2
8 quarters
|
|
19
Ventas
VTR
$46.9B
| $11.1M | 0.96% |
156,966
+43,391
| +38% | +$3.39M |
2013 Q4
6 quarters
|
|
20
Urban Edge Properties
UE
$2.58B
| $6.97M | 0.6% |
+335,360
| New | +$7.55M |
2015 Q2
0 quarters
|
|
|
21
Macerich
MAC
$7.06B
| – | – |
-101,685
| Closed | -$8.58M | – |
|
|
PGRE
22
DELISTED
Paramount Group
PGRE
| – | – |
-2,049,199
| Closed | -$39.6M | – |
|
Similar funds
Resolution Capital's Q2 2015 Portfolio in Review
As of Q2 2015, Resolution Capital held 22 positions worth $1.15B, down 0.73% from $1.16B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Resolution Capital deployed $118M of net new capital in Q2 2015, opening 1 new position and adding to 15 existing holdings. Its largest new stake was Urban Edge Properties: 335,360 shares worth $6.97M.
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 Kilroy Realty, an estimated $30.1M trimmed.
- Resolution Capital's largest Q2 2015 buy was Urban Edge Properties: 335,360 shares worth $6.97M.
- Resolution Capital added most to Simon Property Group in Q2 2015, an estimated $40.2M increase.
- Resolution Capital's biggest Q2 2015 reduction was Kilroy Realty, cutting an estimated $30.1M.
- Resolution Capital fully exited Paramount Group in Q2 2015, selling an estimated $39.6M.
- Resolution Capital's ten largest holdings make up 77% of its $1.15B portfolio in Q2 2015.
- Resolution Capital opened 1 new position and closed 2 in Q2 2015.
- Resolution Capital's portfolio value fell 0.73% quarter-over-quarter to $1.15B.
Based on Resolution Capital's 13F filing for Q2 2015, filed 11 Aug 2015.