Adelante Capital Management LLC
Long book
$1.46B
Q1 2026
Positions
42
Top-10 weight
65%
concentration
Last quarter
+12.9%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsAdelante Capital Management LLC is a concentrated fundamental stock-picker, specialised in real_estate (97% of the long book), running a $1.46B US long book across 42 positions.
The portfolio is concentrated: the top 10 names carry 65% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: WELLTOWER INC, PROLOGIS INC, EQUINIX INC, DIGITAL REALTY TRUST INC, SIMON PROPERTY GROUP INC.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.2%
Q2 2024
+15.7%
Q3 2024
-4.9%
Q4 2024
+1.0%
Q1 2025
-1.0%
Q2 2025
+3.3%
Q3 2025
-0.3%
Q4 2025
+5.7%
Q1 2026
+12.9%
Sector allocation
Healthcare 71%
Real estate 27%
Services media 2%
Long book by quarter
What does Adelante Capital own?
Q1 2026 13F13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 42 | $1.46B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 18, 2026 | 42 | $1.48B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 17, 2025 | 43 | $1.50B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 42 | $1.36T | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 16, 2025 | 41 | $1.32B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 45 | $1.52B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Feb 24, 2025 | 42 | $1.55B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 42 | $2.1M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 42 | $1.27B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 43 | $1.52B | $K fixed canonical | SEC ↗ |
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