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 |
Equinix
EQIX
|
+$56.5M |
| 2 |
Digital Realty Trust
DLR
|
+$55M |
| 3 |
American Tower
AMT
|
+$49.4M |
| 4 |
Simon Property Group
SPG
|
+$47.4M |
| 5 |
SFR
Starwood Waypoint Homes
SFR
|
+$40.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Public Storage
PSA
|
+$36.7M |
| 2 |
GGP
GGP Inc.
GGP
|
+$24.9M |
| 3 |
Brixmor Property Group
BRX
|
+$15.9M |
| 4 |
Acadia Realty Trust
AKR
|
+$9.25M |
| 5 |
Urban Edge Properties
UE
|
+$8.87M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 97.25% |
| 2 | Communication Services | 2.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Equinix
EQIX
$104B
| $215M | 10.71% |
537,083
+148,751
| +38% | +$56.5M |
2015 Q4
5 quarters
|
|
2
Prologis
PLD
$122B
| $179M | 8.93% |
3,455,429
+609,698
| +21% | +$31M |
2013 Q2
15 quarters
|
|
|
3
Simon Property Group
SPG
$75.1B
| $174M | 8.65% |
1,009,326
+265,085
| +36% | +$47.4M |
2013 Q2
15 quarters
|
|
4
Kilroy Realty
KRC
$4.19B
| $131M | 6.51% |
1,813,523
+108,458
| +6% | +$8.03M |
2013 Q2
15 quarters
|
|
5
Empire State Realty Trust
ESRT
$839M
| $117M | 5.84% |
5,678,278
+815,100
| +17% | +$16.8M |
2013 Q4
13 quarters
|
|
6
Equity Lifestyle Properties
ELS
$12.1B
| $107M | 5.33% |
2,777,068
+452,100
| +19% | +$17.1M |
2013 Q2
15 quarters
|
|
7
Alexandria Real Estate Equities
ARE
$7.64B
| $94.8M | 4.72% |
857,999
+5,897
| +0.7% | +$666K |
2016 Q1
4 quarters
|
|
|
GGP
8
DELISTED
GGP Inc.
GGP
| $93.3M | 4.65% |
4,024,856
-1,017,035
| -20% | -$24.9M |
2013 Q2
15 quarters
|
|
|
9
American Tower
AMT
$88.9B
| $87.7M | 4.37% |
721,825
+449,410
| +165% | +$49.4M |
2016 Q3
2 quarters
|
|
10
DELISTED
Equity Commonwealth
EQC
| $78.6M | 3.91% |
2,516,487
+306,100
| +14% | +$9.5M |
2016 Q3
2 quarters
|
|
11
Douglas Emmett
DEI
$1.66B
| $76.5M | 3.81% |
1,992,285
+105,385
| +6% | +$4.04M |
2013 Q4
13 quarters
|
|
12
Diamondrock Hospitality Co
DRH
$2.95B
| $73M | 3.64% |
6,547,808
+471,562
| +8% | +$5.29M |
2014 Q3
10 quarters
|
|
13
Essex Property Trust
ESS
$17.6B
| $67.6M | 3.37% |
292,177
-2,571
| -0.9% | -$590K |
2013 Q2
15 quarters
|
|
14
DELISTED
Elme Communities
ELME
| $63.1M | 3.14% |
2,017,055
+247,600
| +14% | +$7.9M |
2016 Q3
2 quarters
|
|
|
15
Digital Realty Trust
DLR
$68.1B
| $55.6M | 2.77% |
+522,834
| New | +$55M |
2017 Q1
0 quarters
|
|
|
INXN
16
DELISTED
Interxion Holding N.V.
INXN
| $55.2M | 2.75% |
1,394,876
+216,565
| +18% | +$8.31M |
2016 Q2
3 quarters
|
|
17
Boston Properties
BXP
$10.2B
| $43.4M | 2.16% |
327,572
-49,421
| -13% | -$6.55M |
2016 Q4
1 quarter
|
|
|
SFR
18
DELISTED
Starwood Waypoint Homes
SFR
| $43.2M | 2.15% |
+1,273,647
| New | +$40.5M |
2017 Q1
0 quarters
|
|
19
Ventas
VTR
$47B
| $43.2M | 2.15% |
663,816
-22,451
| -3% | -$1.4M |
2013 Q4
13 quarters
|
|
|
20
Public Storage
PSA
$62.1B
| $40.7M | 2.03% |
186,102
-165,751
| -47% | -$36.7M |
2016 Q2
3 quarters
|
|
21
Terreno Realty
TRNO
$7.35B
| $38.8M | 1.93% |
1,385,981
+122,700
| +10% | +$3.39M |
2014 Q1
12 quarters
|
|
|
ACC
22
DELISTED
American Campus Communities, Inc.
ACC
| $34.5M | 1.72% |
724,819
-117,396
| -14% | -$5.73M |
2016 Q1
4 quarters
|
|
|
23
Brixmor Property Group
BRX
$9.3B
| $27.9M | 1.39% |
1,301,201
-681,875
| -34% | -$15.9M |
2016 Q3
2 quarters
|
|
24
Federal Realty Investment Trust
FRT
$9.7B
| $24.2M | 1.21% |
+181,465
| New | +$25.1M |
2017 Q1
0 quarters
|
|
|
25
Acadia Realty Trust
AKR
$2.79B
| $17.7M | 0.88% |
590,039
-293,423
| -33% | -$9.25M |
2013 Q2
15 quarters
|
|
Similar funds
Resolution Capital's Q1 2017 Portfolio in Review
As of Q1 2017, Resolution Capital held 27 positions worth $2.01B, up 17% from $1.71B the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Resolution Capital deployed $275M of net new capital in Q1 2017, opening 3 new positions and adding to 14 existing holdings. Its largest new stake was Digital Realty Trust: 522,834 shares worth $55.6M.
By sector, the portfolio is most concentrated in Real Estate at 97% of assets, down from 98% a quarter earlier, followed by Communication Services.
On the sell side, the largest reduction was Public Storage, an estimated $36.7M trimmed.
- Resolution Capital's largest Q1 2017 buy was Digital Realty Trust: 522,834 shares worth $55.6M.
- Resolution Capital added most to Equinix in Q1 2017, an estimated $56.5M increase.
- Resolution Capital's biggest Q1 2017 reduction was Public Storage, cutting an estimated $36.7M.
- Resolution Capital's ten largest holdings make up 64% of its $2.01B portfolio in Q1 2017.
- Resolution Capital opened 3 new positions and closed 0 in Q1 2017.
- Resolution Capital's portfolio value rose 17% quarter-over-quarter to $2.01B.
Based on Resolution Capital's 13F filing for Q1 2017, filed 9 May 2017.