Adelante Capital Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 17, 2026), Adelante Capital Management LLC reported 42 stock positions worth $1.5 billion. Its top holding was Welltower (WELL) at 14.5% of the portfolio, followed by Prologis (PLD, 11.4%) and Equinix (EQIX, 8.5%). Compared with Q1 2026, it opened 5 new positions, sold out of 5, added to 14 and reduced 23. The biggest buy was a new position in Federal Realty Invs Trust (FRT) and the biggest sale Brookdale Senior Living (BKD, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q2 2026)
- SEC Filing
- 0001067926-26-000005 ↗ filed Aug 17, 2026
Holdings Value
Holdings 42 stocks · $1.5B
| WELL Welltower Inc. | 14.51% | 972,469 | $220.7M | Reduce -5.5% |
| PLD Prologis Inc. | 11.35% | 1,274,473 | $172.7M | Reduce -3.6% |
| EQIX Equinix Inc. | 8.49% | 123,901 | $129.2M | Reduce -5.6% |
| SPG Simon Property Group Inc. | 6.13% | 417,092 | $93.3M | Reduce -7.2% |
| DLR Digital Realty Trust Inc. | 5.75% | 487,419 | $87.5M | Add +1.9% |
| O Realty Income Corp. | 4.74% | 1,163,890 | $72.1M | Reduce -2.5% |
| AVB Avalonbay Communities Inc. | 3.62% | 291,487 | $55.0M | Reduce -10.4% |
| VTR Ventas Inc. | 3.47% | 593,888 | $52.7M | Reduce -3.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.23% | 723,095 | $49.1M | Reduce -19.1% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.70% | 325,641 | $41.1M | Reduce -8.8% |
| ELS Equity Lifestyle Properties | 2.61% | 615,154 | $39.6M | Add +11.2% |
| BRX Brixmor Property Group Inc. | 2.38% | 1,148,695 | $36.2M | Reduce -8.7% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.34% | 1,338,445 | $35.5M | Add +8.3% |
| ADC Agree Realty Corp. | 2.14% | 430,209 | $32.6M | Reduce -2.3% |
| AMH American Homes 4 Rent- A | 1.86% | 846,202 | $28.4M | Reduce -6.4% |
| EXR Extra Space Storage Inc. | 1.81% | 189,610 | $27.6M | Reduce -3.3% |
| FRT Federal Realty Invs Trust | 1.81% | 222,622 | $27.5M | New |
| VNO Vornado Realty Trust | 1.78% | 687,780 | $27.0M | Reduce -13.8% |
| RHP Ryman Hospitality Properties | 1.69% | 199,884 | $25.7M | Reduce -8.7% |
| CTRE Caretrust REIT Inc. | 1.45% | 545,493 | $22.0M | Add +54.8% |
| MAA Mid-America Apartment Comm | 1.44% | 157,364 | $21.9M | Add +0.8% |
| DOC Healthpeak Properties Inc. | 1.42% | 1,009,623 | $21.6M | New |
| ESS Essex Property Trust Inc. | 1.30% | 67,992 | $19.8M | New |
| LAMR Lamar Advertising Co. Class A | 1.26% | 122,594 | $19.1M | Add +134.4% |
| KIM Kimco Realty Corp. | 1.23% | 739,084 | $18.7M | Reduce -61.2% |
| EPRT Essential Properties Realty | 1.08% | 549,615 | $16.4M | Reduce -15.5% |
| JAN Janus Living Inc. Class-A-1 | 1.03% | 544,072 | $15.6M | Add +75.5% |
| IVT Inventrust Properties Corp. | 0.88% | 378,545 | $13.4M | Add +14.7% |
| MAC The Macerich Co. | 0.83% | 499,198 | $12.6M | Add +16.0% |
| MRP Millrose Properties | 0.81% | 410,847 | $12.3M | Reduce -7.5% |
| FR First Industrial Realty TR | 0.75% | 576,611 | $11.4M | Add +5.9% |
| PSA Public Storage | 0.68% | 245,064 | $10.3M | Reduce -7.7% |
| EGP Eastgroup Properties Inc. | 0.59% | 43,962 | $8.9M | Reduce -7.1% |
| AMT American Tower Corp. | 0.56% | 52,165 | $8.5M | Reduce -3.9% |
| BKD Brookdale Senior Living Inc. | 0.53% | 504,410 | $8.1M | Reduce -50.9% |
| CBRE CBRE Group Inc. Class A | 0.41% | 133,209 | $6.2M | Add +0.8% |
| BXP BXP Inc. | 0.37% | 84,018 | $5.6M | Add +7.2% |
| SLG SL Green Realty Corp. | 0.36% | 106,160 | $5.5M | Add +1.1% |
| ARE Alexandria Real Estate Equit | 0.24% | 68,285 | $3.6M | Reduce -80.9% |
| SBAC SBA Communications Corp. | 0.18% | 15,505 | $2.7M | New |
| WY Weyerhaeuser Co. | 0.10% | 64,703 | $1.5M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.10% | 72,219 | $1.5M | Add +18.7% |
Portfolio Sells Q1 2026 → Q2 2026
| BKD Brookdale Senior Living Inc. | Reduce -50.9% | 0.53% | −2.72 |
| KIM Kimco Realty Corp. | Reduce -61.2% | 1.23% | −1.70 |
| ARE Alexandria Real Estate Equit | Reduce -80.9% | 0.24% | −0.90 |
| PLD Prologis Inc. | Reduce -3.6% | 11.35% | −0.60 |
| COLD Americold Realty Trust Inc. | Sold out | 0.00% | −0.53 |
| VMRK Vivmark Residential | Reduce -19.1% | 3.23% | −0.39 |
| EQIX Equinix Inc. | Reduce -5.6% | 8.49% | −0.30 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −0.28 |
| CSR Centerspace | Sold out | 0.00% | −0.28 |
| EPRT Essential Properties Realty | Reduce -15.5% | 1.08% | −0.27 |
| O Realty Income Corp. | Reduce -2.5% | 4.74% | −0.25 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.22 |
| ADC Agree Realty Corp. | Reduce -2.3% | 2.14% | −0.13 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.11 |
| BRX Brixmor Property Group Inc. | Reduce -8.7% | 2.38% | −0.10 |
| PSA Public Storage | Reduce -7.7% | 0.68% | −0.09 |
| AMT American Tower Corp. | Reduce -3.9% | 0.56% | −0.08 |
| MRP Millrose Properties | Reduce -7.5% | 0.81% | −0.04 |
| AVB Avalonbay Communities Inc. | Reduce -10.4% | 3.62% | −0.02 |
| EGP Eastgroup Properties Inc. | Reduce -7.1% | 0.59% | −0.01 |
| VTR Ventas Inc. | Reduce -3.6% | 3.47% | +0.02 |
| AMH American Homes 4 Rent- A | Reduce -6.4% | 1.86% | +0.14 |
| IRM Iron Mountain Inc. | Reduce -8.8% | 2.70% | +0.21 |
| RHP Ryman Hospitality Properties | Reduce -8.7% | 1.69% | +0.31 |
| VNO Vornado Realty Trust | Reduce -13.8% | 1.78% | +0.36 |
| SPG Simon Property Group Inc. | Reduce -7.2% | 6.13% | +0.40 |
| WELL Welltower Inc. | Reduce -5.5% | 14.51% | +0.60 |
| EXR Extra Space Storage Inc. | Reduce -3.3% | 1.81% | +1.55 |
Portfolio Buys Q1 2026 → Q2 2026
| FRT Federal Realty Invs Trust | New | 1.81% | +1.81 |
| DOC Healthpeak Properties Inc. | New | 1.42% | +1.42 |
| ESS Essex Property Trust Inc. | New | 1.30% | +1.30 |
| LAMR Lamar Advertising Co. Class A | Add +134.4% | 1.26% | +0.80 |
| CTRE Caretrust REIT Inc. | Add +54.8% | 1.45% | +0.56 |
| JAN Janus Living Inc. Class-A-1 | Add +75.5% | 1.03% | +0.53 |
| MAC The Macerich Co. | Add +16.0% | 0.83% | +0.27 |
| ELS Equity Lifestyle Properties | Add +11.2% | 2.61% | +0.25 |
| IVT Inventrust Properties Corp. | Add +14.7% | 0.88% | +0.19 |
| SBAC SBA Communications Corp. | New | 0.18% | +0.18 |
| MAA Mid-America Apartment Comm | Add +0.8% | 1.44% | +0.13 |
| WY Weyerhaeuser Co. | New | 0.10% | +0.10 |
| SLG SL Green Realty Corp. | Add +1.1% | 0.36% | +0.10 |
| BXP BXP Inc. | Add +7.2% | 0.37% | +0.09 |
| VICI Vici Properties Inc. | Add +8.3% | 2.34% | +0.03 |
| HLT Hilton Worldwide Holdings Inc. | Add +18.7% | 0.10% | +0.01 |
| DLR Digital Realty Trust Inc. | Add +1.9% | 5.75% | −0.14 |
| CBRE CBRE Group Inc. Class A | Add +0.8% | 0.41% | −0.82 |
| FR First Industrial Realty TR | Add +5.9% | 0.75% | −1.40 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 42 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q1 2026 | 42 | $1.5B | WELL, PLD, EQIX, DLR, SPG |
| Q4 2025 | 42 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q3 2025 | 43 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q2 2025 | 42 | $1.4B | WELL, EQIX, PSA, DLR, AVB |
| Q1 2025 | 41 | $1.3B | WELL, PLD, EQIX, AVB, VMRK |
| Q4 2024 | 45 | $1.5B | PLD, WELL, EQIX, SPG, DLR |
| Q3 2024Amended | 42 | $1.5B | PLD, WELL, EQIX, PSA, AVB |
| Q2 2024 | 42 | $1.3B | PLD, EQIX, WELL, SPG, PSA |
| Q1 2024 | 43 | $1.5B | PLD, EQIX, WELL, SPG, PSA |