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 |
Healthcare Realty Trust Incorporated
HR
|
+$87.3M |
| 2 |
Healthpeak Properties
DOC
|
+$82.8M |
| 3 |
Vivmark Residential
VMRK
|
+$76.4M |
| 4 |
Boston Properties
BXP
|
+$68M |
| 5 |
Host Hotels & Resorts
HST
|
+$30.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Douglas Emmett
DEI
|
+$22.6M |
| 2 |
Prologis
PLD
|
+$16.4M |
| 3 |
INXN
Interxion Holding N.V.
INXN
|
+$7.25M |
| 4 |
GGP
GGP Inc.
GGP
|
+$6.63M |
| 5 |
Regency Centers
REG
|
+$5.56M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 98.3% |
| 2 | Communication Services | 1.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Simon Property Group
SPG
$75.7B
| $320M | 11.26% |
1,882,540
+54,466
| +3% | +$8.67M |
2013 Q2
20 quarters
|
|
|
2
Vivmark Residential
VMRK
$49.9B
| $228M | 8.01% |
3,579,025
+1,225,200
| +52% | +$76.4M |
2015 Q3
11 quarters
|
|
|
3
Prologis
PLD
$123B
| $212M | 7.46% |
3,230,738
-254,885
| -7% | -$16.4M |
2013 Q2
20 quarters
|
|
|
4
Healthpeak Properties
DOC
$13.9B
| $167M | 5.88% |
6,481,980
+3,509,889
| +118% | +$82.8M |
2018 Q1
1 quarter
|
|
|
5
Boston Properties
BXP
$10.1B
| $152M | 5.35% |
1,214,443
+560,624
| +86% | +$68M |
2016 Q4
6 quarters
|
|
6
Empire State Realty Trust
ESRT
$835M
| $149M | 5.22% |
8,685,500
+1,369,762
| +19% | +$23.1M |
2013 Q4
18 quarters
|
|
7
Kilroy Realty
KRC
$4.19B
| $143M | 5.01% |
1,885,377
+274,000
| +17% | +$20.1M |
2013 Q2
20 quarters
|
|
8
Essex Property Trust
ESS
$17.6B
| $142M | 4.98% |
592,127
+127,645
| +27% | +$30.4M |
2013 Q2
20 quarters
|
|
9
Federal Realty Investment Trust
FRT
$9.7B
| $139M | 4.87% |
1,095,092
+253,410
| +30% | +$29.9M |
2017 Q1
5 quarters
|
|
10
Equity Lifestyle Properties
ELS
$12B
| $106M | 3.74% |
2,312,450
+337,000
| +17% | +$15.1M |
2013 Q2
20 quarters
|
|
11
Alexandria Real Estate Equities
ARE
$7.66B
| $101M | 3.54% |
798,629
+23,119
| +3% | +$2.89M |
2016 Q1
9 quarters
|
|
12
Diamondrock Hospitality Co
DRH
$2.94B
| $100M | 3.52% |
8,149,876
+1,040,600
| +15% | +$12.2M |
2014 Q3
15 quarters
|
|
13
Brandywine Realty Trust
BDN
$520M
| $100M | 3.52% |
5,925,765
+533,000
| +10% | +$8.55M |
2017 Q3
3 quarters
|
|
14
Digital Realty Trust
DLR
$69.1B
| $99.4M | 3.5% |
891,292
+99,579
| +13% | +$10.6M |
2017 Q1
5 quarters
|
|
|
15
DELISTED
Healthcare Realty Trust Incorporated
HR
| $92.4M | 3.25% |
+3,176,684
| New | +$87.3M |
2018 Q2
0 quarters
|
|
|
16
Regency Centers
REG
$13.9B
| $89.7M | 3.15% |
1,444,983
-94,707
| -6% | -$5.56M |
2017 Q2
4 quarters
|
|
|
17
Host Hotels & Resorts
HST
$17.5B
| $86.4M | 3.04% |
4,101,659
+1,504,500
| +58% | +$30.7M |
2017 Q3
3 quarters
|
|
18
DELISTED
Equity Commonwealth
EQC
| $72.1M | 2.53% |
2,288,415
+441,300
| +24% | +$13.6M |
2016 Q3
7 quarters
|
|
|
19
Douglas Emmett
DEI
$1.66B
| $69.3M | 2.43% |
1,723,871
-598,700
| -26% | -$22.6M |
2013 Q4
18 quarters
|
|
20
American Tower
AMT
$88.3B
| $56.1M | 1.97% |
389,379
+163,104
| +72% | +$22.7M |
2016 Q3
7 quarters
|
|
|
RPAI
21
DELISTED
RETAIL PROPERTIES OF AMERICA, INC.
RPAI
| $52M | 1.83% |
4,066,379
+351,100
| +9% | +$4.2M |
2018 Q1
1 quarter
|
|
22
DELISTED
Elme Communities
ELME
| $50.2M | 1.76% |
1,654,558
+605,070
| +58% | +$17.3M |
2016 Q3
7 quarters
|
|
|
INXN
23
DELISTED
Interxion Holding N.V.
INXN
| $48.5M | 1.7% |
776,778
-113,338
| -13% | -$7.25M |
2016 Q2
8 quarters
|
|
24
Terreno Realty
TRNO
$7.36B
| $42.7M | 1.5% |
1,132,578
+151,600
| +15% | +$5.58M |
2014 Q1
17 quarters
|
|
|
ACC
25
DELISTED
American Campus Communities, Inc.
ACC
| $27.3M | 0.96% |
636,689
-9,389
| -1% | -$375K |
2016 Q1
9 quarters
|
|
Similar funds
Resolution Capital's Q2 2018 Portfolio in Review
As of Q2 2018, Resolution Capital held 26 positions worth $2.84B, up 31% from $2.18B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Resolution Capital deployed $511M of net new capital in Q2 2018, opening 1 new position and adding to 19 existing holdings. Its largest new stake was Healthcare Realty Trust Incorporated: 3,176,684 shares worth $92.4M.
By sector, the portfolio is most concentrated in Real Estate at 98% of assets, up from 97% a quarter earlier, followed by Communication Services.
On the sell side, the largest reduction was Douglas Emmett, an estimated $22.6M trimmed.
- Resolution Capital's largest Q2 2018 buy was Healthcare Realty Trust Incorporated: 3,176,684 shares worth $92.4M.
- Resolution Capital added most to Healthpeak Properties in Q2 2018, an estimated $82.8M increase.
- Resolution Capital's biggest Q2 2018 reduction was Douglas Emmett, cutting an estimated $22.6M.
- Resolution Capital fully exited GGP Inc. in Q2 2018, selling an estimated $6.63M.
- Resolution Capital's ten largest holdings make up 62% of its $2.84B portfolio in Q2 2018.
- Resolution Capital opened 1 new position and closed 1 in Q2 2018.
- Resolution Capital's portfolio value rose 31% quarter-over-quarter to $2.84B.
Based on Resolution Capital's 13F filing for Q2 2018, filed 27 Jul 2018.