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 |
Prologis
PLD
|
+$106M |
| 2 |
Essex Property Trust
ESS
|
+$51.9M |
| 3 |
Boston Properties
BXP
|
+$46.9M |
| 4 |
ELME
Elme Communities
ELME
|
+$35.4M |
| 5 |
Equinix
EQIX
|
+$32.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Simon Property Group
SPG
|
+$59.9M |
| 2 |
Iron Mountain
IRM
|
+$47.7M |
| 3 |
CubeSmart
CUBE
|
+$21.2M |
| 4 |
Federal Realty Investment Trust
FRT
|
+$21.1M |
| 5 |
Urban Edge Properties
UE
|
+$17.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 97.59% |
| 2 | Communication Services | 2.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Prologis
PLD
$121B
| $150M | 8.78% |
2,845,731
+2,091,019
| +277% | +$106M |
2013 Q2
14 quarters
|
|
|
2
Equinix
EQIX
$100B
| $139M | 8.11% |
388,332
+92,537
| +31% | +$32.3M |
2015 Q4
4 quarters
|
|
|
3
Simon Property Group
SPG
$73.9B
| $132M | 7.73% |
744,241
-322,331
| -30% | -$59.9M |
2013 Q2
14 quarters
|
|
|
GGP
4
DELISTED
GGP Inc.
GGP
| $126M | 7.36% |
5,041,891
-199,836
| -4% | -$5.11M |
2013 Q2
14 quarters
|
|
5
Kilroy Realty
KRC
$4.17B
| $125M | 7.3% |
1,705,065
+235,199
| +16% | +$16.8M |
2013 Q2
14 quarters
|
|
6
Empire State Realty Trust
ESRT
$894M
| $98.2M | 5.74% |
4,863,178
+12,307
| +0.3% | +$244K |
2013 Q4
12 quarters
|
|
7
Alexandria Real Estate Equities
ARE
$7.8B
| $94.7M | 5.53% |
852,102
+57,208
| +7% | +$6.14M |
2016 Q1
3 quarters
|
|
8
Equity Lifestyle Properties
ELS
$12.3B
| $83.8M | 4.9% |
2,324,968
+311,596
| +15% | +$11.1M |
2013 Q2
14 quarters
|
|
9
Public Storage
PSA
$63.1B
| $78.6M | 4.6% |
351,853
+84,352
| +32% | +$17.9M |
2016 Q2
2 quarters
|
|
10
Diamondrock Hospitality Co
DRH
$2.87B
| $70.1M | 4.09% |
6,076,246
-547,866
| -8% | -$5.54M |
2014 Q3
9 quarters
|
|
11
Douglas Emmett
DEI
$1.7B
| $69M | 4.03% |
1,886,900
+412,066
| +28% | +$14.9M |
2013 Q4
12 quarters
|
|
|
12
Essex Property Trust
ESS
$17.5B
| $68.5M | 4% |
294,748
+239,874
| +437% | +$51.9M |
2013 Q2
14 quarters
|
|
13
DELISTED
Equity Commonwealth
EQC
| $66.8M | 3.91% |
2,210,387
+545,949
| +33% | +$16.2M |
2016 Q3
1 quarter
|
|
|
ELME
14
DELISTED
Elme Communities
ELME
| $57.8M | 3.38% |
1,769,455
+1,158,587
| +190% | +$35.4M |
2016 Q3
1 quarter
|
|
15
Brixmor Property Group
BRX
$9.21B
| $48.4M | 2.83% |
1,983,076
-22,681
| -1% | -$566K |
2016 Q3
1 quarter
|
|
|
16
Boston Properties
BXP
$10.4B
| $47.4M | 2.77% |
+376,993
| New | +$46.9M |
2016 Q4
0 quarters
|
|
17
Ventas
VTR
$46.9B
| $42.9M | 2.51% |
686,267
+2,833
| +0.4% | +$179K |
2013 Q4
12 quarters
|
|
|
ACC
18
DELISTED
American Campus Communities, Inc.
ACC
| $41.9M | 2.45% |
842,215
+116,786
| +16% | +$5.63M |
2016 Q1
3 quarters
|
|
|
INXN
19
DELISTED
Interxion Holding N.V.
INXN
| $41.3M | 2.41% |
1,178,311
+202,528
| +21% | +$7.21M |
2016 Q2
2 quarters
|
|
20
Terreno Realty
TRNO
$7.29B
| $36M | 2.1% |
1,263,281
+153,067
| +14% | +$4.09M |
2014 Q1
11 quarters
|
|
21
Acadia Realty Trust
AKR
$2.74B
| $28.9M | 1.69% |
883,462
-419,271
| -32% | -$14M |
2013 Q2
14 quarters
|
|
22
American Tower
AMT
$87.6B
| $28.8M | 1.68% |
272,415
+188,931
| +226% | +$20.5M |
2016 Q3
1 quarter
|
|
|
23
Urban Edge Properties
UE
$2.58B
| $25.9M | 1.51% |
940,849
-657,094
| -41% | -$17.4M |
2015 Q2
6 quarters
|
|
24
Vivmark Residential
VMRK
$50.7B
| $10.2M | 0.6% |
158,915
-229,410
| -59% | -$14.1M |
2015 Q3
5 quarters
|
|
|
25
CubeSmart
CUBE
$10.1B
| – | – |
-777,260
| Closed | -$21.2M | – |
|
Similar funds
Resolution Capital's Q4 2016 Portfolio in Review
As of Q4 2016, Resolution Capital held 27 positions worth $1.71B, up 9.8% from $1.56B the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Resolution Capital deployed $187M of net new capital in Q4 2016, opening 1 new position and adding to 16 existing holdings. Its largest new stake was Boston Properties: 376,993 shares worth $47.4M.
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 Simon Property Group, an estimated $59.9M trimmed.
- Resolution Capital's largest Q4 2016 buy was Boston Properties: 376,993 shares worth $47.4M.
- Resolution Capital added most to Prologis in Q4 2016, an estimated $106M increase.
- Resolution Capital's biggest Q4 2016 reduction was Simon Property Group, cutting an estimated $59.9M.
- Resolution Capital fully exited Iron Mountain in Q4 2016, selling an estimated $47.7M.
- Resolution Capital's ten largest holdings make up 64% of its $1.71B portfolio in Q4 2016.
- Resolution Capital opened 1 new position and closed 3 in Q4 2016.
- Resolution Capital's portfolio value rose 9.8% quarter-over-quarter to $1.71B.
Based on Resolution Capital's 13F filing for Q4 2016, filed 27 Jan 2017.