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 |
Brixmor Property Group
BRX
|
+$55.8M |
| 2 |
Public Storage
PSA
|
+$51.6M |
| 3 |
Equity Commonwealth
EQC
|
+$50.3M |
| 4 |
Iron Mountain
IRM
|
+$33.7M |
| 5 |
GGP
GGP Inc.
GGP
|
+$20.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ventas
VTR
|
+$74M |
| 2 |
Vivmark Residential
VMRK
|
+$45.9M |
| 3 |
Federal Realty Investment Trust
FRT
|
+$36.2M |
| 4 |
CubeSmart
CUBE
|
+$22.3M |
| 5 |
Urban Edge Properties
UE
|
+$12.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 97.73% |
| 2 | Communication Services | 2.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Simon Property Group
SPG
$73.9B
| $221M | 14.16% |
1,066,572
+24,943
| +2% | +$5.41M |
2013 Q2
13 quarters
|
|
|
GGP
2
DELISTED
GGP Inc.
GGP
| $145M | 9.28% |
5,241,727
+692,900
| +15% | +$20.7M |
2013 Q2
13 quarters
|
|
3
Equinix
EQIX
$100B
| $107M | 6.83% |
295,795
-5,097
| -2% | -$1.89M |
2015 Q4
3 quarters
|
|
4
Kilroy Realty
KRC
$4.17B
| $102M | 6.54% |
1,469,866
+154,047
| +12% | +$10.8M |
2013 Q2
13 quarters
|
|
5
Empire State Realty Trust
ESRT
$894M
| $102M | 6.52% |
4,850,871
+705,550
| +17% | +$14.6M |
2013 Q4
11 quarters
|
|
6
Alexandria Real Estate Equities
ARE
$7.8B
| $86.5M | 5.55% |
794,894
+85,247
| +12% | +$9.29M |
2016 Q1
2 quarters
|
|
7
Equity Lifestyle Properties
ELS
$12.3B
| $77.7M | 4.98% |
2,013,372
-124,900
| -6% | -$4.96M |
2013 Q2
13 quarters
|
|
8
Diamondrock Hospitality Co
DRH
$2.87B
| $60.3M | 3.87% |
6,624,112
-262,845
| -4% | -$2.56M |
2014 Q3
8 quarters
|
|
|
9
Public Storage
PSA
$63.1B
| $59.7M | 3.83% |
267,501
+220,909
| +474% | +$51.6M |
2016 Q2
1 quarter
|
|
|
10
Brixmor Property Group
BRX
$9.21B
| $55.7M | 3.58% |
+2,005,757
| New | +$55.8M |
2016 Q3
0 quarters
|
|
11
Douglas Emmett
DEI
$1.7B
| $54M | 3.47% |
1,474,834
-161,350
| -10% | -$5.97M |
2013 Q4
11 quarters
|
|
|
12
DELISTED
Equity Commonwealth
EQC
| $50.3M | 3.23% |
+1,664,438
| New | +$50.3M |
2016 Q3
0 quarters
|
|
|
13
Ventas
VTR
$46.9B
| $48.3M | 3.1% |
683,434
-1,019,350
| -60% | -$74M |
2013 Q4
11 quarters
|
|
|
14
Iron Mountain
IRM
$31.7B
| $47.7M | 3.06% |
1,271,018
+874,144
| +220% | +$33.7M |
2016 Q2
1 quarter
|
|
15
Acadia Realty Trust
AKR
$2.74B
| $47.2M | 3.03% |
1,302,733
+38,500
| +3% | +$1.41M |
2013 Q2
13 quarters
|
|
|
16
Urban Edge Properties
UE
$2.58B
| $45M | 2.88% |
1,597,943
-426,352
| -21% | -$12.3M |
2015 Q2
5 quarters
|
|
17
Prologis
PLD
$121B
| $40.4M | 2.59% |
754,712
-14,100
| -2% | -$744K |
2013 Q2
13 quarters
|
|
|
ACC
18
DELISTED
American Campus Communities, Inc.
ACC
| $36.9M | 2.37% |
725,429
+21,400
| +3% | +$1.1M |
2016 Q1
2 quarters
|
|
|
INXN
19
DELISTED
Interxion Holding N.V.
INXN
| $35.3M | 2.27% |
975,783
+55,350
| +6% | +$2.06M |
2016 Q2
1 quarter
|
|
20
Terreno Realty
TRNO
$7.29B
| $30.5M | 1.96% |
1,110,214
+42,700
| +4% | +$1.14M |
2014 Q1
10 quarters
|
|
|
21
Vivmark Residential
VMRK
$50.7B
| $25M | 1.6% |
388,325
-688,631
| -64% | -$45.9M |
2015 Q3
4 quarters
|
|
|
22
CubeSmart
CUBE
$10.1B
| $21.2M | 1.36% |
777,260
-777,775
| -50% | -$22.3M |
2013 Q2
13 quarters
|
|
|
23
Federal Realty Investment Trust
FRT
$9.7B
| $21.1M | 1.35% |
137,225
-223,712
| -62% | -$36.2M |
2013 Q2
13 quarters
|
|
|
ELME
24
DELISTED
Elme Communities
ELME
| $19M | 1.22% |
+610,868
| New | +$19.8M |
2016 Q3
0 quarters
|
|
25
Essex Property Trust
ESS
$17.5B
| $12.2M | 0.78% |
54,874
-7,026
| -11% | -$1.6M |
2013 Q2
13 quarters
|
|
Similar funds
Resolution Capital's Q3 2016 Portfolio in Review
As of Q3 2016, Resolution Capital held 27 positions worth $1.56B, up 2.6% from $1.52B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Resolution Capital deployed $71.9M of net new capital in Q3 2016, opening 4 new positions and adding to 11 existing holdings. Its largest new stake was Brixmor Property Group: 2,005,757 shares worth $55.7M.
By sector, the portfolio is most concentrated in Real Estate at 98% of assets, down from 98% a quarter earlier, followed by Communication Services.
On the sell side, the largest reduction was Ventas, an estimated $74M trimmed.
- Resolution Capital's largest Q3 2016 buy was Brixmor Property Group: 2,005,757 shares worth $55.7M.
- Resolution Capital added most to Public Storage in Q3 2016, an estimated $51.6M increase.
- Resolution Capital's biggest Q3 2016 reduction was Ventas, cutting an estimated $74M.
- Resolution Capital fully exited Digital Realty Trust in Q3 2016, selling an estimated $6.85M.
- Resolution Capital's ten largest holdings make up 65% of its $1.56B portfolio in Q3 2016.
- Resolution Capital opened 4 new positions and closed 1 in Q3 2016.
- Resolution Capital's portfolio value rose 2.6% quarter-over-quarter to $1.56B.
Based on Resolution Capital's 13F filing for Q3 2016, filed 21 Oct 2016.