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 |
Invitation Homes
INVH
|
+$36.6M |
| 2 |
Boston Properties
BXP
|
+$31.9M |
| 3 |
Simon Property Group
SPG
|
+$29.1M |
| 4 |
Brandywine Realty Trust
BDN
|
+$13.9M |
| 5 |
Diamondrock Hospitality Co
DRH
|
+$13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SFR
Starwood Waypoint Homes
SFR
|
+$75M |
| 2 |
American Tower
AMT
|
+$32.2M |
| 3 |
Elme Communities
ELME
|
+$22.2M |
| 4 |
Vornado Realty Trust
VNO
|
+$17.4M |
| 5 |
Equity Commonwealth
EQC
|
+$16.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 96.52% |
| 2 | Communication Services | 3.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Simon Property Group
SPG
$75.3B
| $321M | 14.33% |
1,868,352
+178,938
| +11% | +$29.1M |
2013 Q2
18 quarters
|
|
2
Prologis
PLD
$122B
| $183M | 8.18% |
2,838,309
-160,141
| -5% | -$10.5M |
2013 Q2
18 quarters
|
|
3
Equinix
EQIX
$106B
| $155M | 6.94% |
342,771
-26,027
| -7% | -$12M |
2015 Q4
8 quarters
|
|
4
Kilroy Realty
KRC
$4.17B
| $142M | 6.35% |
1,905,227
-82,675
| -4% | -$6.08M |
2013 Q2
18 quarters
|
|
5
Alexandria Real Estate Equities
ARE
$7.72B
| $135M | 6.03% |
1,033,381
+35,805
| +4% | +$4.51M |
2016 Q1
7 quarters
|
|
6
Empire State Realty Trust
ESRT
$827M
| $132M | 5.88% |
6,408,038
+356,916
| +6% | +$7.3M |
2013 Q4
16 quarters
|
|
7
Equity Lifestyle Properties
ELS
$12B
| $108M | 4.83% |
2,429,360
+204,794
| +9% | +$9.11M |
2013 Q2
18 quarters
|
|
8
Vivmark Residential
VMRK
$49.5B
| $101M | 4.52% |
1,586,004
+134,395
| +9% | +$8.97M |
2015 Q3
9 quarters
|
|
|
9
Diamondrock Hospitality Co
DRH
$2.94B
| $94.8M | 4.24% |
8,397,378
+1,164,594
| +16% | +$13M |
2014 Q3
13 quarters
|
|
10
Douglas Emmett
DEI
$1.65B
| $87.8M | 3.92% |
2,138,943
+120,676
| +6% | +$4.87M |
2013 Q4
16 quarters
|
|
11
Essex Property Trust
ESS
$17.5B
| $86.1M | 3.85% |
356,612
-3,624
| -1% | -$914K |
2013 Q2
18 quarters
|
|
12
Federal Realty Investment Trust
FRT
$9.7B
| $82.8M | 3.7% |
623,528
+77,078
| +14% | +$9.9M |
2017 Q1
3 quarters
|
|
|
INXN
13
DELISTED
Interxion Holding N.V.
INXN
| $77.9M | 3.48% |
1,322,676
+1,423
| +0.1% | +$78.8K |
2016 Q2
6 quarters
|
|
|
14
American Tower
AMT
$88B
| $67.4M | 3.01% |
472,487
-225,324
| -32% | -$32.2M |
2016 Q3
5 quarters
|
|
15
Regency Centers
REG
$13.9B
| $66M | 2.95% |
953,424
+178,833
| +23% | +$11.8M |
2017 Q2
2 quarters
|
|
|
16
Boston Properties
BXP
$10B
| $65.8M | 2.94% |
505,898
+254,092
| +101% | +$31.9M |
2016 Q4
4 quarters
|
|
|
17
Brandywine Realty Trust
BDN
$520M
| $53M | 2.37% |
2,912,263
+786,207
| +37% | +$13.9M |
2017 Q3
1 quarter
|
|
18
Digital Realty Trust
DLR
$69.4B
| $48.9M | 2.18% |
429,103
+22,527
| +6% | +$2.65M |
2017 Q1
3 quarters
|
|
|
19
DELISTED
Equity Commonwealth
EQC
| $46.5M | 2.08% |
1,524,574
-531,684
| -26% | -$16.1M |
2016 Q3
5 quarters
|
|
|
20
Invitation Homes
INVH
$15.4B
| $37.3M | 1.67% |
+1,582,631
| New | +$36.6M |
2017 Q4
0 quarters
|
|
21
Terreno Realty
TRNO
$7.3B
| $34.1M | 1.52% |
971,778
-50,830
| -5% | -$1.87M |
2014 Q1
15 quarters
|
|
22
Host Hotels & Resorts
HST
$17.5B
| $30.6M | 1.37% |
1,541,303
+239,426
| +18% | +$4.69M |
2017 Q3
1 quarter
|
|
|
23
DELISTED
Elme Communities
ELME
| $29.7M | 1.33% |
953,388
-682,838
| -42% | -$22.2M |
2016 Q3
5 quarters
|
|
|
ACC
24
DELISTED
American Campus Communities, Inc.
ACC
| $18.4M | 0.82% |
448,423
-10,788
| -2% | -$461K |
2016 Q1
7 quarters
|
|
|
GGP
25
DELISTED
GGP Inc.
GGP
| $17M | 0.76% |
724,720
-283,022
| -28% | -$6.3M |
2013 Q2
18 quarters
|
|
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Resolution Capital's Q4 2017 Portfolio in Review
As of Q4 2017, Resolution Capital held 29 positions worth $2.24B, up 3% from $2.17B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Resolution Capital's Q4 2017 filing shows 2 new, 15 increased, 10 reduced and 2 closed positions. Its largest new stake was Invitation Homes: 1,582,631 shares worth $37.3M. The largest sale was Starwood Waypoint Homes, an estimated $75M.
By sector, the portfolio is most concentrated in Real Estate at 97% of assets, down from 97% a quarter earlier, followed by Communication Services.
- Resolution Capital's largest Q4 2017 buy was Invitation Homes: 1,582,631 shares worth $37.3M.
- Resolution Capital added most to Boston Properties in Q4 2017, an estimated $31.9M increase.
- Resolution Capital's biggest Q4 2017 reduction was American Tower, cutting an estimated $32.2M.
- Resolution Capital fully exited Starwood Waypoint Homes in Q4 2017, selling an estimated $75M.
- Resolution Capital's ten largest holdings make up 65% of its $2.24B portfolio in Q4 2017.
- Resolution Capital opened 2 new positions and closed 2 in Q4 2017.
- Resolution Capital's portfolio value rose 3% quarter-over-quarter to $2.24B.
Based on Resolution Capital's 13F filing for Q4 2017, filed 2 Feb 2018.