PLD neutral conv. top manter Prologis, Inc.
Mega Stalwart +1,2% contrib.
Best-in-class industrial REIT com strong Q3 "beat and raise" e
robust multi-year panorama. Leasing activity stabilized e a
acelerar como antecipado. In-place rents generally >20% abaixo
de market e 40% abaixo de replacement (embedded growth
significativo). Secular demand drivers (e-commerce, supply
chain logistics, inventory safety stock, nearshoring/onshoring)
e growing pipeline de data center development. Compound de
resultados ~10% por ano nos próximos 5 anos. Undemanding
valuation.
WELL neutral conv. top manter Welltower Inc.
Mega Fast Grower +0,4% contrib.
Senior housing-focused REIT que a gestora prevê crescer lucros
15-20% anualmente nos próximos anos. Beneficiário primário de
aging demographics (80+ population dos fastest-growing aging
groups segundo OECD/US Census) e supply muted que sustenta
favorable growth durante several anos. Combinação rara de
cyclical + secular growth com supply backdrop favorável.
Cost of capital advantage permite accretive acquisitions.
VTR bullish conv. top aumentar Ventas, Inc.
Large Stalwart +0,5% contrib.
Operator de senior housing, life science e medical office
buildings. Adição ao senior housing theme suportada por robust
fundamental results, growing momentum em external growth
pipeline (>$2,5B esperado para o ano) e increasing openness
para shed slower growth assets para redeploy em higher growth
areas. Valuation atractivo dado ~10% crescimento subjacente
per share esperado, mix crescente de senior housing operating
assets (~50% cash flow) e declining leverage levels.
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: (i) tenant demand robust; (ii)
shortage de desirable retail space (high occupancy e dearth de
new mall developments); (iii) favorable demand/supply imbalance
permite landlords raise rents; (iv) valuations atractivas.
Mall REITs = 8,0% NAV do fundo, terceiro maior REIT tilt.
BN neutral conv. core manter Brookfield Corporation
Mega Stalwart
Leading real estate-focused alternative asset manager incluído
no segmento non-REIT real estate companies (25,0% NAV).
Opportunity para increase market share num pie crescente,
suportado por impressive investment track record e global scale
advantages. Posicionada para beneficiar de secular growth
opportunity para alternative assets dada track record de
retornos atractivos com perceived lower volatility.
JLL neutral conv. core manter Jones Lang LaSalle Incorporated
Large Fast Grower +0,5% contrib.
Leading commercial real estate services company com "beat and
raise" no Q3 e broad-based strength em todos os segmentos.
Gestora projecta EPS growth mid- to high teens nos próximos
anos via secular tailwinds: outsourcing de CRE, institucionalização
do mercado, e market share gain em mercado highly fragmented.
Trading a <17x next year lucros vs 22x closest peer para
comparable growth — discount injustificado dado setup de
rebound em CRE sales e leasing.
EGP neutral conv. core manter EastGroup Properties, Inc.
Large Stalwart
Industrial REIT re-adquirido pela gestora em Q1 2025, em
conjunto com Prologis, como expressão do positive inflection
em industrial REITs. Beneficia de compelling multi-year demand/
supply/rent growth, embedded growth potential com in-place
rents 20-30% abaixo de market, e secular tailwinds (e-commerce,
supply chain logistics, just-in-time safety stock, onshoring).
Re-adquirido em Q1 2025
EQIX neutral conv. core manter Equinix, Inc.
Mega Fast Grower
Líder global em data centers e beneficiário primário do AI
capex surge. Gestora identifica data centers como AI winners
via Magnificent 7 workloads (Microsoft, Meta, Amazon). Low
vacancy, demand outpacing supply, constrained power
availability, rising rental rates e significant pre-leasing
antes de capital spend. Secular demand vectors a broaden:
IT outsourcing, cloud computing, mobile data growth, AI como
nova wave de demand. Trimmed na exposição T4 mas long-term
bullish.
AMT bearish conv. core reduzir American Tower Corporation
Mega Stalwart -0,4% contrib.
Global owner de 150.000 wireless tower communication sites com
heavy emphasis em developed markets. Detrator no T4 com DISH
contractual concerns após EchoStar divestiture (DISH = 2% de
revenues; American Tower filed lawsuit). Trimmed posição após
strong desempenho Q1. Atractivamente valued em absolute basis
e vs data infrastructure peers; bookings a improving;
mid-single-digit per share organic growth + capital allocation
optionality + 4% dividend yield. Top net sale T4: $9,3M (#1).
ADC neutral conv. core manter Agree Realty Corporation
Slow Grower
Triple-net REIT com high-quality retail real estate portfolio,
investment grade tenant base, cost of capital advantage para
accretive acquisitions, e opportunity para triplicar o
tamanho do current portfolio. Founder-led com insider ownership
aligned com shareholders. Outsized beneficiary de decline em
interest rates dada ability para drive EPS growth via accretive
M&A e long-duration nature de cash flows.
WY bullish conv. starter nova posição Weyerhaeuser Company
Large Turnaround
Um dos maiores owners de timberlands globalmente: ~10M acres nos
EUA e 13M acres licenced em Canadá. Large manufacturer de wood
products (lumber, OSB, plywood) para new housing construction
e R&R. Trading a ~40% discount vs NAV (mid-teens histórico).
Tese: lumber capacity curtailments, upward pricing momentum
(Canadian duties/tariffs implemented), government housing
initiatives e eventual pickup em housing construction drive
share price gains medium-to-long term.
Adquirido no T4 2025
EXR bullish conv. core nova posição Extra Space Storage Inc.
Large Fast Grower
Best-in-class self-storage REIT com portfolio de 4.200+
properties nos EUA (14% market share). Re-adquirido após
gestora se tornar mais bullish em self-storage. Cinco pilares:
(1) growth inflection 2026/2027, (2) self-storage atractivo
long-term (less cyclical demand, pricing power, low capital
intensity), (3) scale advantages amplified por AI, (4) proven
management (CEO Joe Margolis), (5) cap rate >6% vs private
market low-5%.
Re-adquirido no T4 2025
SHO bullish conv. starter nova posição Sunstone Hotel Investors, Inc.
Small Cyclical
Owner de $4B portfolio de mostly upper-scale full-service
hotels. Adquirida no T4 como expressão da view favorável em
Hotel REITs (3,5% NAV). Gestora indicará detalhes em future
shareholder letters. Setup beneficia de travel-related real
estate secular shift de consumer spending towards travel.
Adquirido no T4 2025
VNO bearish conv. em observação sair Vornado Realty Trust
Small Cyclical
Owner e developer de premier office e street retail properties
concentradas em Nova Iorque. Saída no T4 com capital realocado
para real estate companies com superior near-term growth.
Gestora remains optimistic sobre prospects long-term e pode
revisitar a company no futuro.
IRM bearish conv. em observação sair Iron Mountain Incorporated
Large Cyclical -0,8% contrib.
Records storage management company com evolving fast-growing
data center segment. Maior detrator no T4 (-0,78bps) por
bookings desapontantes no data center segment e short report
a questionar accounting adjustments e overall leverage levels.
Gestora discorda do short report e believes em compelling
long-term growth prospects mas harvested losses, exited e
reallocated capital para higher conviction ideas. Pode
revisitar later.