SEC 13F Intelligence

Managers / Q3 2023 · view latest →

HGI Capital Management, LLC

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

Reported Value
$88M
Q3 2023
Positions
41
Filings on Record
28
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Hgi Capital Management, LLC reported $88M in U.S.-listed holdings across 41 positions for Q3 2023.

Its largest position, AMH, represents 6.6% of the portfolio.

Compared with Q2 2023, the fund opened 19 new positions and exited 16.

Portfolio Metrics

Turnover
+18.6%
vs prior filed quarter
Top-10 Concentration
+51.2%
share of reported value
Largest Position
+6.6%
American Homes 4 Rent
New / Exited
19 / 16
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: 89.5%Common Stock: 10.3%Other: 0.1%
  • REIT · 89.5% · $79M
  • Common Stock · 10.3% · $9M
  • Other · 0.1% · $131,829

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IVTINVENTRUST PPTYS CORPNEW+197.8K197.8K+$5M$5M
VTRVENTAS INCNEW+87.5K87.5K+$4M$4M
SITCSITE CTRS CORPNEW+255.6K255.6K+$3M$3M
CBRECBRE GROUP INCNEW+32.9K32.9K+$2M$2M
NMRKNEWMARK GROUP INCNEW+339.6K339.6K+$2M$2M
REXRREXFORD INDL RLTY INCNEW+40.2K40.2K+$2M$2M
SPIRIT RLTY CAP INC NEWNEW+47.5K47.5K+$2M$2M
APARTMENT INCOME REIT CORPNEW+28.7K28.7K+$880,230$880,230

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

Holdings — Q3 2023

41 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AMHAMERICAN HOMES 4 RENThistory →CL A6.62%$6M172.8K
2VICIVICI PPTYS INChistory →COM5.82%$5M175.8K
3INVHINVITATION HOMES INChistory →COM5.63%$5M156.2K
4IVTINVENTRUST PPTYS CORPhistory →COM NEW5.35%$5M197.8K
5PLDPROLOGIS INC.history →COM5.18%$5M40.6K
6OHIOMEGA HEALTHCARE INVS INChistory →COM5.10%$4M135.1K
7EQREQUITY RESIDENTIALhistory →SH BEN INT4.71%$4M70.6K
8BRXBRIXMOR PPTY GROUP INChistory →COM4.56%$4M192.8K
9VTRVENTAS INChistory →COM4.19%$4M87.5K
10FUNSIX FLAGS ENTMT CORP NEWhistory →COM4.06%$4M152.1K
11SBRASABRA HEALTH CARE REIT INChistory →COM3.85%$3M243.2K
12UDRUDR INChistory →COM3.79%$3M93.6K
13EPRTESSENTIAL PPTYS RLTY TR INChistory →COM3.72%$3M151.4K
14SITCSITE CTRS CORPhistory →COM3.58%$3M255.6K
15DOCHEALTHPEAK PROPERTIES INChistory →COM3.44%$3M164.7K
16DLRDIGITAL RLTY TR INChistory →COM3.39%$3M24.7K
17EQIXEQUINIX INChistory →COM3.33%$3M4.0K
18CBRECBRE GROUP INChistory →CL A2.76%$2M32.9K
19NMRKNEWMARK GROUP INChistory →CL A2.48%$2M339.6K
20FRFIRST INDL RLTY TR INChistory →COM2.29%$2M42.3K
21REXRREXFORD INDL RLTY INChistory →COM2.25%$2M40.2K
22AVBAVALONBAY CMNTYS INChistory →COM1.88%$2M9.6K
23SPIRIT RLTY CAP INC NEWCOM NEW1.81%$2M47.5K
24WYWEYERHAEUSER CO MTN BEhistory →COM NEW1.01%$891,89929.1K
25APARTMENT INCOME REIT CORPCOM1.00%$880,23028.7K
26BRIDGE INVT GROUP HLDGS INCCOM CL A0.78%$685,17974.5K
27SUISUN CMNTYS INCCOM0.75%$661,6395.6K
28NNNNNN REIT INCCOM0.69%$605,33917.1K
29CDPCOPT DEFENSE PROPERTIESSHS BEN INT0.69%$604,09125.4K
30BNLBROADSTONE NET LEASE INCCOM0.69%$603,21742.2K
31CUBECUBESMARTCOM0.68%$602,18715.8K
32HRHEALTHCARE RLTY TRCL A COM0.61%$536,69535.1K
33CSRCENTERSPACECOM0.49%$433,2697.2K
34AKRACADIA RLTY TRCOM SH BEN INT0.47%$417,08329.1K
35TRNOTERRENO RLTY CORPCOM0.46%$401,6337.1K
36COLDAMERICOLD REALTY TRUST INCCOM0.43%$381,09812.5K
37ESRTEMPIRE ST RLTY TR INCCL A0.38%$335,20441.7K
38IRMIRON MTN INC DELCOM0.37%$327,2135.5K
39NATIONAL STORAGE AFFILIATESCOM SHS BEN IN0.29%$258,4918.1K
40MARMARRIOTT INTL INC NEWCL A0.23%$201,4741.0K
41IHS HOLDING LIMITEDORD SHS0.15%$131,82923.8K

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 ↗.