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 |
Ventas
VTR
|
+$121M |
| 2 |
Equinix
EQIX
|
+$40M |
| 3 |
Alexandria Real Estate Equities
ARE
|
+$29.3M |
| 4 |
Urban Edge Properties
UE
|
+$28.1M |
| 5 |
Vivmark Residential
VMRK
|
+$21.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AvalonBay Communities
AVB
|
+$123M |
| 2 |
SL Green Realty
SLG
|
+$47.8M |
| 3 |
Equity Lifestyle Properties
ELS
|
+$32.4M |
| 4 |
Prologis
PLD
|
+$24.9M |
| 5 |
Federal Realty Investment Trust
FRT
|
+$19.1M |
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
| $233M | 16.49% |
1,124,207
+45,417
| +4% | +$8.72M |
2013 Q2
11 quarters
|
|
|
2
Ventas
VTR
$46.9B
| $150M | 10.58% |
2,379,895
+2,144,542
| +911% | +$121M |
2013 Q4
9 quarters
|
|
|
3
Vivmark Residential
VMRK
$50.7B
| $132M | 9.34% |
1,762,095
+286,630
| +19% | +$21.4M |
2015 Q3
2 quarters
|
|
|
GGP
4
DELISTED
GGP Inc.
GGP
| $102M | 7.23% |
3,444,962
-492,367
| -13% | -$13.5M |
2013 Q2
11 quarters
|
|
|
5
Equinix
EQIX
$100B
| $90.5M | 6.39% |
273,750
+131,600
| +93% | +$40M |
2015 Q4
1 quarter
|
|
|
6
Federal Realty Investment Trust
FRT
$9.7B
| $82.8M | 5.85% |
530,797
-127,493
| -19% | -$19.1M |
2013 Q2
11 quarters
|
|
7
Empire State Realty Trust
ESRT
$894M
| $71.3M | 5.04% |
4,067,249
-278,000
| -6% | -$4.59M |
2013 Q4
9 quarters
|
|
8
Diamondrock Hospitality Co
DRH
$2.87B
| $71.1M | 5.02% |
7,024,707
+2,035,011
| +41% | +$18.1M |
2014 Q3
6 quarters
|
|
9
Kilroy Realty
KRC
$4.17B
| $71.1M | 5.02% |
1,148,907
+204,550
| +22% | +$11.5M |
2013 Q2
11 quarters
|
|
|
10
Urban Edge Properties
UE
$2.58B
| $70.3M | 4.96% |
2,719,793
+1,168,598
| +75% | +$28.1M |
2015 Q2
3 quarters
|
|
|
11
Equity Lifestyle Properties
ELS
$12.3B
| $69.9M | 4.94% |
1,923,484
-945,176
| -33% | -$32.4M |
2013 Q2
11 quarters
|
|
12
Douglas Emmett
DEI
$1.7B
| $56.7M | 4.01% |
1,883,196
-211,931
| -10% | -$6M |
2013 Q4
9 quarters
|
|
13
Acadia Realty Trust
AKR
$2.74B
| $42.2M | 2.98% |
1,200,440
+451,171
| +60% | +$15M |
2013 Q2
11 quarters
|
|
14
CubeSmart
CUBE
$10.1B
| $34.5M | 2.44% |
1,035,271
+434,295
| +72% | +$13.3M |
2013 Q2
11 quarters
|
|
|
15
Alexandria Real Estate Equities
ARE
$7.8B
| $32.8M | 2.31% |
+360,374
| New | +$29.3M |
2016 Q1
0 quarters
|
|
|
16
Prologis
PLD
$121B
| $28.5M | 2.01% |
644,357
-621,339
| -49% | -$24.9M |
2013 Q2
11 quarters
|
|
17
Essex Property Trust
ESS
$17.5B
| $23.5M | 1.66% |
100,440
-72,493
| -42% | -$15.9M |
2013 Q2
11 quarters
|
|
18
Terreno Realty
TRNO
$7.29B
| $23.1M | 1.63% |
984,269
-423,283
| -30% | -$9.43M |
2014 Q1
8 quarters
|
|
|
ACC
19
DELISTED
American Campus Communities, Inc.
ACC
| $20.5M | 1.45% |
+435,739
| New | +$18.8M |
2016 Q1
0 quarters
|
|
|
20
SL Green Realty
SLG
$3.6B
| $7.14M | 0.5% |
76,112
-522,700
| -87% | -$47.8M |
2013 Q2
11 quarters
|
|
|
21
DELISTED
AvalonBay Communities
AVB
| $1.9M | 0.13% |
9,999
-693,837
| -99% | -$123M |
2013 Q2
11 quarters
|
|
22
Host Hotels & Resorts
HST
$16.9B
| – | – |
-1,182,555
| Closed | -$18.1M | – |
|
23
SITE Centers
SITC
$35.1M
| – | – |
-616,750
| Closed | -$13.4M | – |
|
Similar funds
Resolution Capital's Q1 2016 Portfolio in Review
As of Q1 2016, Resolution Capital held 23 positions worth $1.42B, up 3.3% from $1.37B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Resolution Capital's Q1 2016 filing shows 2 new, 9 increased, 10 reduced and 2 closed positions. Its largest new stake was Alexandria Real Estate Equities: 360,374 shares worth $32.8M. The largest sale was AvalonBay Communities, an estimated $123M.
By sector, the portfolio is most concentrated in Real Estate at 100% of assets, unchanged from a quarter earlier.
- Resolution Capital's largest Q1 2016 buy was Alexandria Real Estate Equities: 360,374 shares worth $32.8M.
- Resolution Capital added most to Ventas in Q1 2016, an estimated $121M increase.
- Resolution Capital's biggest Q1 2016 reduction was AvalonBay Communities, cutting an estimated $123M.
- Resolution Capital fully exited Host Hotels & Resorts in Q1 2016, selling an estimated $18.1M.
- Resolution Capital's ten largest holdings make up 76% of its $1.42B portfolio in Q1 2016.
- Resolution Capital opened 2 new positions and closed 2 in Q1 2016.
- Resolution Capital's portfolio value rose 3.3% quarter-over-quarter to $1.42B.
Based on Resolution Capital's 13F filing for Q1 2016, filed 2 May 2016.