SEC 13F Intelligence

Managers / Q1 2026

Adelante Capital Management LLC

CIK 0001067926 · 1101 MARINA VILLAGE PARKWAY, SUITE 201, ALAMEDA, CA, 94501 · 510-986-2100

Reported Value
$1.5B
Q1 2026
Positions
42
Filings on Record
32
2019–present window
Filed
May 18, 2026
original filing

Summary

Adelante Capital Management LLC reported $1.5B in U.S.-listed holdings across 42 positions for Q1 2026.

Its largest position, WELL, represents 13.9% of the portfolio.

Compared with Q4 2025, the fund opened 4 new positions and exited 4.

Portfolio Metrics

Turnover
+10.4%
vs prior filed quarter
Top-10 Concentration
+65.2%
share of reported value
Largest Position
+13.9%
Welltower
New / Exited
4 / 4
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.8BQ4 ’18Q1 ’19: $2.0BQ2 ’19: $1.9BQ3 ’19: $2.0BQ4 ’19: $2.0BQ4 ’19Q1 ’20: $1.6BQ2 ’20: $1.7BQ3 ’20: $1.7BQ4 ’20: $1.5BQ4 ’20Q1 ’21: $1.6BQ2 ’21: $1.9BQ3 ’21: $2.0BQ4 ’21: $2.3BQ4 ’21Q1 ’22: $2.0BQ2 ’22: $1.7BQ3 ’22: $1.3BQ1 ’23: $1MQ1 ’23Q2 ’23: $1MQ3 ’23: $1MQ4 ’23: $1MQ1 ’24: $2MQ1 ’24Q2 ’24: $1MQ3 ’24: $2MQ4 ’24: $2MQ1 ’25: $1MQ1 ’25Q2 ’25: $1MQ4 ’25: $1.5BQ1 ’26: $1.5Bfilingsflow.com

Portfolio Composition

By security type
REIT: 94.4%Common Stock: 5.6%
  • REIT · 94.4% · $1.4B
  • Common Stock · 5.6% · $82M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MACThe Macerich CompanyNEW+430.5K430.5K+$8M$8M
JAN1EURJanus Living IncNEW+310.0K310.0K+$7M$7M
Sun Communities, Inc.NEW+32.9K32.9K+$4M$4M
RYNRayonier IncNEW+78.9K78.9K+$2M$2M
MRPMillrose PropertiesADDED+223.4K444.0K+$6M$12M
Veris Residential, Inc.SOLD OUT−737.2K0−$11M$0
CUZCousins Properties, Inc.SOLD OUT−285.1K0−$7M$0
KRCKilroy RealtySOLD OUT−136.9K0−$5M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1WELLWelltower Inc.history →COM13.91%$203M1.03M
2PLDProLogis Inc.history →COM11.95%$175M1.32M
3EQIXEquinix Inc.history →COM8.79%$129M131.2K
4FQIDigital Realty Trusthistory →COM5.89%$86M478.3K
5SPGSimon Property Group, Inc.history →COM5.73%$84M449.3K
6ORealty Incomehistory →COM4.99%$73M1.19M
7AvalonBay Communities, Inc.COM3.63%$53M325.2K
8EQREquity Residentialhistory →COM3.62%$53M894.2K
9VENVentas, Inc.history →COM3.45%$50M616.2K
10B7SBrookdale Senior Livinghistory →COM3.26%$48M1.03M
11KIMKimco Realty Corp.history →COM2.93%$43M1.91M
12Iron MountainCOM2.49%$36M356.9K
13BRXBrixmor Property Grouphistory →COM2.48%$36M1.26M
14ELSEquity Lifestyle Propertieshistory →COM2.36%$35M553.1K
15VICIVici Propertieshistory →COM2.31%$34M1.24M
16ADCAgree Realty Corporationhistory →COM2.27%$33M440.2K
17First Industrial Realty Trust,COM2.15%$32M544.6K
18AMHAmerican Homes 4 Renthistory →COM1.73%$25M904.0K
19VNOVornado Realty Trusthistory →COM1.42%$21M798.2K
20RHPRyman Hospitality Propertieshistory →COM1.38%$20M218.8K
21EPRTEssential Properties Realtyhistory →COM1.35%$20M650.1K
22Mid-America Apartment CommunitCOM1.30%$19M156.2K
23CBRECBRE Grouphistory →COM1.22%$18M132.1K
24AREAlexandria Real Estate Equitiehistory →COM1.13%$17M357.4K
25CTRECaretrust REIT Inchistory →COM0.88%$13M352.5K
26MRPMillrose Propertieshistory →COM0.85%$12M444.0K
27PSAPublic Storagehistory →COM0.77%$11M265.4K
28IVTInventrust Propertieshistory →COM0.69%$10M330.0K
29AMTAmerican Tower Corp.COM0.64%$9M54.3K
30EGPEastgroup PropertiesCOM0.60%$9M47.3K
31MACThe Macerich CompanyCOM0.56%$8M430.5K
32COLDEURAmericold Realty TrustCOM0.53%$8M671.0K
33JAN1EURJanus Living IncCOM0.50%$7M310.0K
34LAMRLamar Advertising Co-ACOM0.45%$7M52.3K
35Sun Communities, Inc.COM0.28%$4M32.9K
36CSRCenterspaceCOM0.28%$4M72.2K
37BXPBXP, Inc.COM0.28%$4M78.4K
38EXRExtra Space Storage, Inc.COM0.27%$4M196.2K
39SLGSL Green Realty Corp.COM0.27%$4M105.0K
408CWCrown Castle IncCOM0.22%$3M39.0K
41RYNRayonier IncCOM0.11%$2M78.9K
42HLTHilton, Inc.COM0.08%$1M60.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.5B42May 18, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.5B42Feb 18, 202613F-HRchanges · EDGAR ↗
Q3 2025under review43Nov 17, 202513F-HRchanges · EDGAR ↗
Q2 2025$1M42Aug 15, 202513F-HRchanges · EDGAR ↗
Q1 2025$1M41May 16, 202513F-HRchanges · EDGAR ↗
Q4 2024$2M42Feb 24, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$2M42Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$1M42Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$2M43May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$1M44Feb 15, 202413F-HRchanges · EDGAR ↗
Q3 2023$1M44Nov 15, 202313F-HRchanges · EDGAR ↗
Q2 2023$1M45Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$1M44May 16, 202313F-HRchanges · EDGAR ↗
Q4 2022under review43Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.3B44Nov 15, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.7B43Aug 17, 2022RESTATEMENTchanges · EDGAR ↗
Q1 2022$2.0B45May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.3B48Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$2.0B44Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.9B44Aug 17, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.6B35May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.5B39Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.7B38Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.7B39Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.6B37May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$2.0B38Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.0B37Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.9B36Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.0B38May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.8B45Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.