WELL neutral conv. top manter Welltower Inc.
Mega Fast Grower
Senior housing-focused REIT. Beneficiário primário de aging
demographics (baby boomers e 80-plus population growth
expected to accelerate). Fundamentals improving (rent increases
+ occupancy gains) contra muted supply growth (financing
punitivo + construction costs elevadas). Cost of capital
advantage permite highly accretive acquisitions. Expense
pressures (labor) largely abated. Mantém tilt máximo entre
holdings.
AMT bullish conv. top aumentar American Tower Corporation
Mega Stalwart
Leading blue-chip wireless tower REIT. Gestora reacquired
shares em 2025 após período de cautela 2022-2024 (financing
cost headwinds + 5G post-deployment slowdown). Long-term
optimism mantido sobre business model, returns on capital
e secular demand para tower infrastructure. T2: gestora exited
Crown Castle dado executive turnover + slow fiber/small cell
sale process + lower growth profile, consolidando exposure em
American Tower como blue-chip player.
Re-adquirido em 2025
EQIX bullish conv. top aumentar Equinix, Inc.
Mega Fast Grower -0,3% contrib.
Premier global operator de 270 network-dense, carrier-neutral
colocation data centers em 36 países, 6 continentes. T2: fund
adicionou ao compelling valuation level; shares retrenched após
Investor Day quando management actualizou estimativa 5Y de lucros abaixo
de expectations dado capex ramp para new facilities. Visão
Baron: "short-term pain for long-term gain" — capex hoje para
capturar AI/cloud demand signals. Inter-connected ecosystem
com premium pricing e outsized returns. Balance sheet bem
posicionada sem necessidade de external equity.
PLD neutral conv. top manter Prologis, Inc.
Mega Stalwart -0,5% contrib.
Best-in-class industrial REIT com encontro CEO Hamid Moghadam a
reafirmar tese multi-year: in-place rents 30% abaixo de market
(embedded growth significativo), secular demand tailwinds
(e-commerce, supply chain logistics, inventory safety stock,
nearshoring/onshoring). Slower leasing T2 por tariff uncertainty
mas pent-up demand a unleash com business confidence. Data
center development pipeline em already-owned land emergente
como source accretivo de growth. Runway de cash flow e
crescimento de lucros nos próximos vários anos.
Re-adquirido em T1 2025
SPG neutral conv. core manter Simon Property Group, Inc.
Mega Stalwart
Premier mall REIT com fundamentals robustos para high-quality
mall e outlet real estate: tenant demand robust, shortage de
desirable retail space (high occupancy + dearth de new mall
developments), favorable demand/supply imbalance a permitir
raise rents, valuations atractivas. Mall REITs = 5,8% NAV (com
Macerich).
EGP neutral conv. core manter EastGroup Properties, Inc.
Large Stalwart
Industrial REIT re-adquirido em T1 2025 em conjunto com
Prologis como expressão de positive inflection. Beneficia de
compelling multi-year demand/supply/rent growth, embedded growth
potential com in-place rents abaixo de market, e secular
tailwinds (e-commerce, supply chain logistics, just-in-time
safety stock, onshoring).
Re-adquirido em T1 2025
BN neutral conv. top manter Brookfield Corporation
Mega Stalwart +0,6% contrib.
Leading global owner/operator de real assets (real estate +
infrastructure). Global reach, large-scale capital, synergies
entre businesses sustentam significant growth opportunities.
Management (credible/conservative) estima NAV $100/sh hoje e
$176/sh em 5 anos vs preço de ~$62 (T2 2025). As quatro
Brookfield publics (BAM, BIP, BEP, BBU) valem ~$52/sh; non-public
investments + insurance + carried interest worth ≥$25/sh
adicional. Significant value gap.
Target: Management NAV: $100/sh (today) e $176/sh em 5Y vs preço ~$62
SMA bullish conv. core nova posição SmartStop Self Storage REIT, Inc.
Small Fast Grower +0,6% contrib.
Self-storage REIT (171 properties em 22 states US + 3 Canadian
provinces). Fund participou no IPO T2 a $30/sh, ~30% discount
a NAV management $42. Cinco pilares: (1) self-storage = less
cyclical demand, pricing power, low capital intensity;
(2) scale advantages amplificadas por data/tech/revenue
management; (3) outsized growth — 15% cash flow do Greater
Toronto Area + acquisitive ambition + JV pipeline com
SmartCentres; (4) proven CEO Michael Schwartz (5% stake);
(5) executando como prometido no primeiro trimestre público.
Adquirido no IPO T2 2025 · Target: 30% discount ao NAV management $42/sh ao IPO price $30/sh
DLR bullish conv. core aumentar Digital Realty Trust, Inc.
Mega Fast Grower +0,4% contrib.
Data center REIT global. Fund increased allocation no T1 2025
após desempenho fraco do preço da acção no T1. Beneficiária de
record low vacancy, demand outpacing supply, more constrained
power availability, rising rental rates, e significant
pre-leasing antes de capital spend. Secular demand vectors
broadening: IT outsourcing, cloud computing, mobile data growth,
AI como new wave de demand. Contribuidor positivo T2.
VNO neutral conv. core manter Vornado Realty Trust
Small Cyclical
Owner/developer de premier office e street retail properties
concentradas em New York City. Gestora remains optimistic sobre
long-term prospects da company. Office REITs = 5,1% NAV (a
par com BXP nova posição); selective bullish em office com
foco em high-quality NYC e West Coast portfolios que tradem a
significant discount vs private market value e replacement
cost.
VTR neutral conv. core manter Ventas, Inc.
Large Stalwart -0,3% contrib.
Operator de senior housing, life science e medical office
buildings, parte do core senior housing tilt do fundo.
Beneficiária de aging demographics e supply muted. Detrator
no T2 mas tese long-term (cyclical + secular growth) intacta.
ADC neutral conv. core manter Agree Realty Corporation
Slow Grower
Triple-net REIT com high-quality retail real estate portfolio
e tenant base investment grade. Cost of capital advantage para
accretive acquisitions e opportunity para triplicar tamanho do
portfolio. Founder-led com insider ownership aligned. Outsized
beneficiary de decline em interest rates dada ability para
drive EPS growth via accretive M&A e long-duration nature de
cash flows.
IRM bullish conv. core nova posição Iron Mountain Incorporated
Large Stalwart
Records storage management company com evolving fast-growing
data center segment. Posição exited em T1 2025 (tax loss
harvest); re-adquirida T2 a valuation mais compelling. CFO
Barry Hytinen mantém visão de growth ~10% em overall cash flow
e high single digits per share nos próximos vários anos. Core
records management drives growth previsível enquanto data
center business tem visibility para mais que triplicar
operational capacity.
Re-adquirido no T2 2025 após exit em T1
BXP bullish conv. starter nova posição BXP, Inc.
Large Cyclical
Blue-chip office REIT (formerly Boston Properties) com portfolio
de premier office properties em coastal US markets (Boston, NYC,
San Francisco, Washington DC, LA, Seattle). Gestora começou a
acumular shares em T2. Growth prospects likely to accelerate em
2026 e valuation compelling vs replacement cost e private
market valuations. Parte do selective bullish em high-quality
urban office.
Adquirido no T2 2025
HST bullish conv. starter nova posição Host Hotels & Resorts, Inc.
Large Cyclical
World's largest lodging REIT com portfolio de premier hotels
em attractive geographic markets que devem gerar strong growth
over time. Management mantém strong/liquid investment-grade
balance sheet. Valuation current vista como compelling. Hotel
REITs = 2,5% NAV no fundo.
Adquirido no T2 2025
WY bearish conv. em observação sair Weyerhaeuser Company
Large Cyclical -0,4% contrib.
Timber + wood products company. Posição exited no T2 com capital
realocado para higher return prospects. Shares continuaram a
trade a significant discount vs NAV, mas softer-than-expected
residential housing market 2025 weighed em lumber/wood products
prices, pesando no business e no stock. Gestora pode re-engage
no appropriate time.
AVB bearish conv. em observação sair AvalonBay Communities, Inc.
Large Cyclical
Multi-family apartment REIT. Posição exited no T2 dado less
favorable economics para development, near-term dilutive
portfolio reshaping e modest growth prospects. Capital
realocado para higher conviction investment ideas.
CCI bearish conv. em observação sair Crown Castle Inc.
Large Cyclical
Wireless tower REIT. Posição exited no T2 dado continued
executive turnover, elongated sale process das suas fiber e
small cell businesses, e lower growth profile da company.
Gestora consolidou tower exposure em leading blue-chip
American Tower Corporation.
IRT bearish conv. core reduzir Independence Realty Trust, Inc.
Small Cyclical -0,7% contrib.
Apartment REIT com 33.000 unidades a cater a more affordable
income demographic. Maior detrator T2 com tariff concerns sobre
lower-income consumers, softer-than-expected pricing power em
new leases, e mixed investor reception de acquisitions. Return
prospects continuam attractive dado discount vs private market
transactions e peers, "value-add" program com enhanced growth,
abating supply deliveries e superior management.