CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC
Long book
$6.75B
Q1 2026
Positions
96
Top-10 weight
40%
concentration
Last quarter
+8.7%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsCBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC is a diversified fundamental manager, specialised in real_estate (66% of the long book), running a $6.75B US long book across 96 positions.
The portfolio is moderately concentrated (top 10 ≈ 40% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: WELLTOWER INC, EQUINIX INC, PROLOGIS INC, SIMON PROPERTY GROUP INC, XCEL ENERGY INC.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.3%
Q2 2024
+16.1%
Q3 2024
-6.8%
Q4 2024
+2.1%
Q1 2025
-1.4%
Q2 2025
+4.5%
Q3 2025
-1.5%
Q4 2025
+7.3%
Q1 2026
+8.7%
Sector allocation
Utilities 97%
Industrials 1%
Services media 1%
Real estate 1%
Long book by quarter
What does CBRE INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| XEL XCEL ENERGY INC | Utilities | 2.6M | $206.4M | 3.1% | +11.7% |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 2.2M | $178.2M | 2.6% | +13.1% |
| PPL PPL CORP | Utilities | 4.6M | $176.5M | 2.6% | +33.6% |
| WEC WEC ENERGY GROUP INC | Utilities | 1.4M | $159.3M | 2.4% | +3.0% |
| LNG CHENIERE ENERGY INC | Utilities | 509.7K | $144.6M | 2.1% | -33.0% |
| ATO ATMOS ENERGY CORP | Utilities | 758.0K | $140.0M | 2.1% | +43.2% |
| ETR ENTERGY CORP | Utilities | 1.2M | $138.4M | 2.1% | -30.4% |
| PCG P G & E CORP | Utilities | 6.8M | $120.1M | 1.8% | -1.6% |
| CEG CONSTELLATION ENERGY | Utilities | 415.0K | $115.9M | 1.7% | +85.7% |
| EVRG EVERGY INC | Utilities | 1.4M | $113.8M | 1.7% | New |
| CMS CMS ENERGY CORP | Utilities | 1.3M | $103.4M | 1.5% | -10.0% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 751.6K | $98.5M | 1.5% | New |
| OGE OGE ENERGY CORP | Utilities | 1.8M | $87.1M | 1.3% | -18.1% |
| TRGP TARGA RESOURCES CORP | Utilities | 335.9K | $84.2M | 1.2% | -46.2% |
| SO SOUTHERN CO/THE | Utilities | 745.1K | $71.9M | 1.1% | +303.5% |
| AES AES CORP | Utilities | 4.4M | $62.0M | 0.9% | -44.1% |
| UNP UNION PACIFIC CORP | Industrials | 136.0K | $33.0M | 0.5% | -83.9% |
| CPK CHESAPEAKE UTILITIES CORP | Utilities | 256.8K | $32.5M | 0.5% | +27.0% |
| OGS ONE GAS INC | Utilities | 371.3K | $32.0M | 0.5% | New |
| CWT CALIFORNIA WATER SERVICE GRP | Utilities | 647.5K | $29.4M | 0.4% | -10.4% |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 201.2K | $27.4M | 0.4% | +838.8% |
| OKE ONEOK INC | Utilities | 292.8K | $26.5M | 0.4% | Held |
| HLT HILTON WORLDWIDE HOLDINGS IN | Services media | 82.8K | $25.2M | 0.4% | +124.0% |
| D DOMINION ENERGY INC | Utilities | 369.5K | $22.8M | 0.3% | Held |
| WTRG ESSENTIAL UTILITIES INC | Utilities | 301.6K | $12.1M | 0.2% | -84.7% |
| PEB PEBBLEBROOK HOTEL TRUST | Real estate | 542.0K | $10.5M | 0.2% | Held |
| XIFR XPLR INFRASTRUCTURE LP | Utilities | 794.9K | $8.4M | 0.1% | Held |
| PEB PEBBLEBROOK HOTEL TRUST | Real estate | 383.6K | $7.4M | 0.1% | Held |
| NEE NEXTERA ENERGY INC | Utilities | 31.6K | $2.9M | 0.0% | -96.4% |
| WMB WILLIAMS COS INC | Utilities | 16.3K | $1.2M | 0.0% | +25.4% |
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 2.8K | $913K | 0.0% | -47.2% |
| AEE AMEREN CORPORATION | Utilities | 7.3K | $800K | 0.0% | +20.0% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 2.4K | $680K | 0.0% | -16.6% |
| CNP CENTERPOINT ENERGY INC | Utilities | 7.4K | $319K | 0.0% | -99.3% |
| KMI KINDER MORGAN INC | Utilities | 6.3K | $210K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 96 | $6.75B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 97 | $6.81B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 105 | $7.01B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 107 | $6.60B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 110 | $6.53B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 113 | $5.65B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 110 | $6.29B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 110 | $5.46B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 109 | $5.40B | canonical | SEC ↗ |
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