Adelante Capital Management LLC

Portfolio Overview

Adelante Capital Management LLC disclosed 42 positions worth $1.5B in its Form 13F-HR for Q2 2026, led by $WELL (WELLTOWER INC.) at 14.5% of the equity portfolio, followed by $PLD and $EQIX. During the quarter the fund opened 5 new positions and exited 5 — including a new stake in $FRT and a full exit from $COLD. The portfolio is most concentrated in Real Estate (99.4% of disclosed assets). All figures are sourced directly from Adelante Capital Management LLC’s Form 13F-HR filing with the SEC under CIK 1067926.

• 

  WELLTOWER INC.

  $WELL

  59.8#905

  Quality

  $220.7M972,469 sh
• 

  Prologis, Inc.

  $PLD

  68.3#292

  Quality

  $172.7M1,274,473 sh
• 

  EQUINIX INC

  $EQIX

  59.0#964

  Quality

  $129.2M123,901 sh
• 

  SIMON PROPERTY GROUP INC.

  $SPG

  76.7

  Quality

  $93.3M417,092 sh
• 

  DIGITAL REALTY TRUST, INC.

  $DLR

  72.8

  Quality

  $87.5M487,419 sh
• 

  REALTY INCOME CORP

  $O

  73.7

  Quality

  $72.1M1,163,890 sh
• 

  AVALONBAY COMMUNITIES INC

  $AVB

  65.5

  Quality

  $55.0M291,487 sh
• 

  Ventas, Inc.

  $VTR

  62.5

  Quality

  $52.7M593,888 sh
• 

  VIVMARK RESIDENTIAL

  $VMRK

  64.0

  Quality

  $49.1M723,095 sh
• 

  IRON MOUNTAIN INC

  $IRM

  62.9

  Quality

  $41.1M325,641 sh

Company	Quality	Value	Shares
WELLTOWER INC.$WELL	59.8#905	$220.7M	972,469
Prologis, Inc.$PLD	68.3#292	$172.7M	1,274,473
EQUINIX INC$EQIX	59.0#964	$129.2M	123,901
SIMON PROPERTY GROUP INC.$SPG	76.7	$93.3M	417,092
DIGITAL REALTY TRUST, INC.$DLR	72.8	$87.5M	487,419
REALTY INCOME CORP$O	73.7	$72.1M	1,163,890
AVALONBAY COMMUNITIES INC$AVB	65.5	$55.0M	291,487
Ventas, Inc.$VTR	62.5	$52.7M	593,888
VIVMARK RESIDENTIAL$VMRK	64.0	$49.1M	723,095
IRON MOUNTAIN INC$IRM	62.9	$41.1M	325,641

Showing top 10 of 42 holdings.

Full Holdings — Adelante Capital Management LLC (Q2 2026)

All 42 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$WELL	WELLTOWER INC.	$220.7M	14.5%	-6%	59.8
2	$PLD	Prologis, Inc.	$172.7M	11.3%	-4%	68.3
3	$EQIX	EQUINIX INC	$129.2M	8.5%	-6%	59
4	$SPG	SIMON PROPERTY GROUP INC.	$93.3M	6.1%	-7%	76.7
5	$DLR	DIGITAL REALTY TRUST, INC.	$87.5M	5.8%	+2%	72.8
6	$O	REALTY INCOME CORP	$72.1M	4.7%	-2%	73.7
7	$AVB	AVALONBAY COMMUNITIES INC	$55.0M	3.6%	-10%	65.5
8	$VTR	Ventas, Inc.	$52.7M	3.5%	-4%	62.5
9	$VMRK	VIVMARK RESIDENTIAL	$49.1M	3.2%	-19%	64
10	$IRM	IRON MOUNTAIN INC	$41.1M	2.7%	-9%	62.9
11	$ELS	EQUITY LIFESTYLE PROPERTIES INC	$39.6M	2.6%	+11%	64.2
12	$BRX	Brixmor Property Group Inc.	$36.2M	2.4%	-9%	64.2
13	$VICI	VICI PROPERTIES INC.	$35.5M	2.3%	+8%	65.8
14	$ADC	AGREE REALTY CORP	$32.6M	2.1%	-2%	53.5
15	$AMH	American Homes 4 Rent	$28.4M	1.9%	-6%	64.1
16	$EXR	Extra Space Storage Inc.	$27.6M	1.8%	-3%	64.3
17	$FRT	FEDERAL REALTY INVESTMENT TRUST	$27.5M	1.8%	NEW	69.9
18	$VNO	VORNADO REALTY TRUST	$27.0M	1.8%	-14%	50.1
19	$RHP	Ryman Hospitality Properties, Inc.	$25.7M	1.7%	-9%	65.1
20	$CTRE	CareTrust REIT, Inc.	$22.0M	1.4%	+55%	74.1
21	$MAA	MID AMERICA APARTMENT COMMUNITIES INC.	$21.9M	1.4%	+1%	61.2
22	$DOC	HEALTHPEAK PROPERTIES, INC.	$21.6M	1.4%	NEW	63.9
23	$ESS	ESSEX PROPERTY TRUST, INC.	$19.8M	1.3%	NEW	64.2
24	$LAMR	LAMAR ADVERTISING CO/NEW	$19.1M	1.3%	+134%	65.4
25	$KIM	KIMCO REALTY CORP	$18.7M	1.2%	-61%	64.5
26	$EPRT	ESSENTIAL PROPERTIES REALTY TRUST, INC.	$16.4M	1.1%	-15%	69.5
27	$JAN	Janus Living, Inc.	$15.6M	1.0%	+76%	64.7
28	$IVT	InvenTrust Properties Corp.	$13.4M	0.9%	+15%	56.8
29	$MAC	MACERICH CO	$12.6M	0.8%	+16%	47.3
30	$MRP	Millrose Properties, Inc.	$12.3M	0.8%	-7%	82.3
31	$FR	FIRST INDUSTRIAL REALTY TRUST INC	$11.4M	0.8%	+6%	64.8
32	$PSA	Public Storage	$10.3M	0.7%	-8%	69.1
33	$EGP	EASTGROUP PROPERTIES INC	$8.9M	0.6%	-7%	68.7
34	$AMT	AMERICAN TOWER CORP /MA/	$8.5M	0.6%	-4%	66.3
35	$BKD	Brookdale Senior Living Inc.	$8.1M	0.5%	-51%	44.1
36	$CBRE	CBRE GROUP, INC.	$6.2M	0.4%	+1%	62.3
37	$BXP	BXP, Inc.	$5.6M	0.4%	+7%	59.2
38	$SLG	SL GREEN REALTY CORP	$5.5M	0.4%	+1%	42.5
39	$ARE	ALEXANDRIA REAL ESTATE EQUITIES, INC.	$3.6M	0.2%	-81%	43
40	$SBAC	SBA COMMUNICATIONS CORP	$2.7M	0.2%	NEW	63.7
41	$WY	WEYERHAEUSER CO	$1.5M	0.1%	NEW	51.3
42	$HLT	Hilton Worldwide Holdings Inc.	$1.5M	0.1%	+19%	63.3