SEC 13F Intelligence

Managers / Q4 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
Q4 2023
Positions
40
Filings on Record
28
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Hgi Capital Management, LLC reported $88M in U.S.-listed holdings across 40 positions for Q4 2023.

Its largest position, O, represents 6.7% of the portfolio.

Compared with Q3 2023, the fund opened 16 new positions and exited 17.

Portfolio Metrics

Turnover
+48.4%
vs prior filed quarter
Top-10 Concentration
+53.4%
share of reported value
Largest Position
+6.7%
Realty Income
New / Exited
16 / 17
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: 76.9%Common Stock: 19.6%Other: 3.4%
  • REIT · 76.9% · $68M
  • Common Stock · 19.6% · $17M
  • Other · 3.4% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
OREALTY INCOME CORPNEW+102.6K102.6K+$6M$6M
KIMKIMCO RLTY CORPNEW+242.4K242.4K+$5M$5M
ELMEELME COMMUNITIESNEW+225.3K225.3K+$3M$3M
CUSHMAN WAKEFIELD PLCNEW+239.4K239.4K+$3M$3M
TRICON RESIDENTIAL INCNEW+270.2K270.2K+$2M$2M
EQUITY COMWLTHNEW+125.2K125.2K+$2M$2M
AREALEXANDRIA REAL ESTATE EQ INNEW+18.2K18.2K+$2M$2M
PECOPHILLIPS EDISON & CO INCNEW+20.6K20.6K+$751,488$751,488

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

Holdings — Q4 2023

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1OREALTY INCOME CORPhistory →COM6.70%$6M102.6K
2NMRKNEWMARK GROUP INChistory →CL A6.20%$5M497.6K
3CBRECBRE GROUP INChistory →CL A5.96%$5M56.3K
4KIMKIMCO RLTY CORPhistory →COM5.87%$5M242.4K
5UDRUDR INChistory →COM5.14%$5M118.0K
6VTRVENTAS INChistory →COM4.94%$4M87.2K
7FRFIRST INDL RLTY TR INChistory →COM4.81%$4M80.3K
8AMHAMERICAN HOMES 4 RENThistory →CL A4.77%$4M116.8K
9INVHINVITATION HOMES INChistory →COM4.53%$4M116.8K
10IVTINVENTRUST PPTYS CORPhistory →COM NEW4.50%$4M156.1K
11REXRREXFORD INDL RLTY INChistory →COM4.20%$4M65.8K
12EQREQUITY RESIDENTIALhistory →SH BEN INT4.00%$4M57.5K
13ELMEELME COMMUNITIEShistory →SH BEN INT3.74%$3M225.3K
14PLDPROLOGIS INC.history →COM3.43%$3M22.7K
15CUSHMAN WAKEFIELD PLCSHS2.94%$3M239.4K
16TRICON RESIDENTIAL INCCOM NPV2.80%$2M270.2K
17EQUITY COMWLTHCOM SH BEN INT2.73%$2M125.2K
18SUISUN CMNTYS INChistory →COM2.73%$2M18.0K
19AREALEXANDRIA REAL ESTATE EQ INhistory →COM2.62%$2M18.2K
20DLRDIGITAL RLTY TR INChistory →COM2.04%$2M13.3K
21EQIXEQUINIX INChistory →COM1.97%$2M2.2K
22VICIVICI PPTYS INChistory →COM1.97%$2M54.3K
23FUNSIX FLAGS ENTMT CORP NEWhistory →COM1.94%$2M68.2K
24PECOPHILLIPS EDISON & CO INCCOMMON STOCK0.85%$751,48820.6K
25BNLBROADSTONE NET LEASE INCCOM0.85%$744,55843.2K
26CPTCAMDEN PPTY TRSH BEN INT0.82%$718,8607.2K
27CUBECUBESMARTCOM0.79%$694,09115.0K
28AVBAVALONBAY CMNTYS INCCOM0.77%$677,3623.6K
29AIVAPARTMENT INVT & MGMT COCL A0.71%$628,64780.3K
30WSRWHITESTONE REITCOM0.57%$504,79941.1K
31CUZCOUSINS PPTYS INCCOM NEW0.57%$504,26420.7K
32REGREGENCY CTRS CORPCOM0.56%$488,8997.3K
33SBRASABRA HEALTH CARE REIT INCCOM0.55%$485,73734.0K
34HRHEALTHCARE RLTY TRCL A COM0.50%$436,02225.3K
35WELLWELLTOWER INCCOM0.48%$419,7414.7K
36HUDSON PAC PPTYS INCCOM0.34%$301,39332.4K
37EPRTESSENTIAL PPTYS RLTY TR INCCOM0.34%$296,24011.6K
38RYNRAYONIER INCCOM0.33%$287,7278.6K
39APARTMENT INCOME REIT CORPCOM0.29%$254,9187.3K
40IHS HOLDING LIMITEDORD SHS0.15%$134,83129.3K

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 ↗.