Data as of Q4 2025 (Dec 31, 2025)

Adelante Capital Management LLC

•CIK: 1067926•Filing: Q4 2025

**Adelante Capital Management LLC** manages $1.5B across a concentrated portfolio of 42 positions. The fund exhibits significant conviction in technology and infrastructure, evidenced by top holdings including WELL at $186.7M and PLD at $169.8M. Notable allocations also include substantial positions in EQIX ($97.9M) and SPG ($89.4M). This structure suggests a focused, high-conviction approach to identifying market leaders.

Total AUM
$1.5B
QoQ Performance
-0.8%
Positions
42
Top 10 Concentration
61.6%
Latest Filing
Q4 2025

Top Holdings Allocation

WELL
PLD
EQIX
SPG
WELL12.6%
PLD11.4%
EQIX6.6%
SPG6.0%
FQI5.0%
O4.6%
PSA4.2%
AVB3.9%

📈 Biggest Buys

HLT
Hilton, Inc.
NEW
1.3% of portfolio
ARE
Alexandria Real Estate Equitie
+448.7%
1.3% of portfolio
CBRE
CBRE Group
+312.2%
1.2% of portfolio
AMH
American Homes 4 Rent
+42.6%
2.8% of portfolio
VNO
Vornado Realty Trust
+74.7%
1.5% of portfolio

📉 Biggest Sells

BXP
BXP, Inc.
-73.6%
0.3% of portfolio
KRC
Kilroy Realty
-58.2%
0.3% of portfolio
AVB
AvalonBay Communities, Inc.
-6.6%
3.9% of portfolio
IRM
Iron Mountain
-12.2%
1.9% of portfolio
ELS
Equity Lifestyle Properties
-8.5%
2.4% of portfolio

Sector Breakdown

Other65.5%
Real Estate33.2%
Consumer1.3%

🚪 Exited Positionssold since Q3 2025

DOC
Healthpeak Properties
SOLD
$26.5M
HST
Host Hotels & Resorts, Inc.
SOLD
$22.9M
TRNO
Terreno Realty Corp
SOLD
$16.1M
INVH
Invitation Homes Inc
SOLD
$14.0M
OHI
Omega Healthcare Investors
SOLD
$352.8K

Changes from Q3 2025

NEW4 new positions
↑19 increased
↓19 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

WELL12.6%
Welltower Inc.
$186.7M
PLD11.4%
ProLogis Inc.
$169.8M
EQIX6.6%
Equinix Inc.
$97.9M
SPG6.0%
Simon Property Group, Inc.
$89.4M
FQI5.0%
Digital Realty Trust
$73.7M

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