SEC 13F Intelligence

Managers / Q1 2023 · view latest →

HGI Capital Management, LLC

CIK 0001595907 · 51 WEST 52ND STREET, 19TH FLOOR, NEW YORK, NY, 10019 · 212-644-0515

Reported Value
$151M
Q1 2023
Positions
27
Filings on Record
28
2019–present window
Filed
May 15, 2023
original filing

Summary

Hgi Capital Management, LLC reported $151M in U.S.-listed holdings across 27 positions for Q1 2023.

Its largest position, PLD, represents 9.1% of the portfolio.

Compared with Q4 2022, the fund opened 9 new positions and exited 13.

Portfolio Metrics

Turnover
+21.2%
vs prior filed quarter
Top-10 Concentration
+62.3%
share of reported value
Largest Position
+9.1%
Prologis
New / Exited
9 / 13
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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
Q1 ’19: $190MQ1 ’19Q2 ’19: $220MQ3 ’19: $182MQ4 ’19: $207MQ1 ’20: $106MQ1 ’20Q2 ’20: $162MQ3 ’20: $170MQ4 ’20: $214MQ1 ’21: $235MQ1 ’21Q2 ’21: $287MQ3 ’21: $248MQ4 ’21: $279MQ1 ’22: $324MQ1 ’22Q2 ’22: $239MQ3 ’22: $314MQ4 ’22: $350MQ1 ’23: $151MQ1 ’23Q2 ’23: $208MQ3 ’23: $88MQ4 ’23: $88MQ1 ’24: $93MQ1 ’24Q2 ’24: $107MQ3 ’24: $115MQ4 ’24: $97MQ1 ’25: $80MQ1 ’25Q2 ’25: $74MQ3 ’25: $36Mfilingsflow.com

Portfolio Composition

By security type
REIT: 94.3%Common Stock: 3.6%ETP: 2.1%
  • REIT · 94.3% · $143M
  • Common Stock · 3.6% · $5M
  • ETP · 2.1% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PLDPROLOGIS INC.NEW+110.5K110.5K+$14M$14M
EQIXEQUINIX INCNEW+13.1K13.1K+$9M$9M
NATIONAL STORAGE AFFILIATESNEW+173.2K173.2K+$7M$7M
INVHINVITATION HOMES INCNEW+208.0K208.0K+$6M$6M
SBACSBA COMMUNICATIONS CORP NEWNEW+17.2K17.2K+$4M$4M
HLTHILTON WORLDWIDE HLDGS INCNEW+24.8K24.8K+$3M$3M
BRXBRIXMOR PPTY GROUP INCNEW+146.1K146.1K+$3M$3M
FRFIRST INDL RLTY TR INCNEW+35.6K35.6K+$2M$2M

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

Holdings — Q1 2023

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PLDPROLOGIS INC.history →COM9.12%$14M110.5K
2EQREQUITY RESIDENTIALhistory →SH BEN INT8.20%$12M206.8K
3SUISUN CMNTYS INChistory →COM7.61%$12M81.7K
4WELLWELLTOWER INChistory →COM6.61%$10M139.5K
5REGREGENCY CTRS CORPhistory →COM6.31%$10M155.9K
6EQIXEQUINIX INChistory →COM6.26%$9M13.1K
7KIMKIMCO RLTY CORPhistory →COM5.19%$8M402.1K
8NATIONAL STORAGE AFFILIATESCOM SHS BEN IN4.78%$7M173.2K
9INVHINVITATION HOMES INChistory →COM4.29%$6M208.0K
10UDRUDR INChistory →COM3.92%$6M144.3K
11ADCAGREE RLTY CORPhistory →COM3.58%$5M79.0K
12VICIVICI PPTYS INChistory →COM3.58%$5M165.9K
13SBACSBA COMMUNICATIONS CORP NEWhistory →CL A2.97%$4M17.2K
14DLRDIGITAL RLTY TR INChistory →COM2.93%$4M45.1K
15HSTHOST HOTELS & RESORTS INChistory →COM2.84%$4M260.6K
16AREALEXANDRIA REAL ESTATE EQ INhistory →COM2.49%$4M30.0K
17HLTHILTON WORLDWIDE HLDGS INChistory →COM2.31%$3M24.8K
18ELSEQUITY LIFESTYLE PPTYS INChistory →COM2.29%$3M51.6K
19IRTINDEPENDENCE RLTY TR INChistory →COM2.25%$3M212.5K
20BRXBRIXMOR PPTY GROUP INChistory →COM2.08%$3M146.1K
21SPYSPDR S&P 500 ETF TRhistory →TR UNIT2.07%$3M7.6K
22REXRREXFORD INDL RLTY INChistory →COM2.01%$3M51.1K
23AMHAMERICAN HOMES 4 RENThistory →CL A1.50%$2M72.1K
24FUNSIX FLAGS ENTMT CORP NEWhistory →COM1.33%$2M75.2K
25FRFIRST INDL RLTY TR INChistory →COM1.25%$2M35.6K
26CUZCOUSINS PPTYS INChistory →COM NEW1.20%$2M85.0K
27MAAMID-AMER APT CMNTYS INChistory →COM1.04%$2M10.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2025$36M21Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$74M23Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$80M22May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$97M18Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$115M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$107M19Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$93M43May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$88M40Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$88M41Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$208M38Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$151M27May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$350M31Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$314M35Feb 22, 2023RESTATEMENTchanges · EDGAR ↗
Q2 2022$239M33Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$324M66May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$279M70Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$248M64Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$287M72Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$235M59May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$214M58Feb 4, 202113F-HRchanges · EDGAR ↗
Q3 2020$170M54Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$162M52Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$106M51May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$207M63Feb 5, 202013F-HRchanges · EDGAR ↗
Q3 2019$182M60Nov 5, 201913F-HRchanges · EDGAR ↗
Q2 2019$220M67Jul 26, 201913F-HRchanges · EDGAR ↗
Q1 2019$190M58May 10, 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 ↗.