Q1 2026 13F · SEC CIK 1067926

Adelante Capital Management LLC

Institutional asset managerFiled 2026-05-18 for Q1 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.5B
Reported positions: 42
Top holdings a year, 3 yrs: +9.5%
Assets under management: $1.5B

Adelante Capital Management LLC is an institutional asset manager that reported 42 positions worth $1.5B in its Q1 2026 13F, filed 2026-05-18. Its largest holdings were Welltower Inc (WELL, 13.9%), Prologis Inc (PLD, 11.9%), Equinix Inc (EQIX, 8.8%). A portfolio copying its top holdings returned 9.5% a year over the last 3 years, against 20.4% for the S&P 500.

Adelante Capital Management LLC holdings all 42 positions.

Weights are shares of the filer's total reported 13F value, compared with Q4 2025. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Adelante Capital Management LLC 13F holdings
Stock	% of 13F value	Q4 2025	Shares	Share change	Reported value
WELLWelltower Inc	13.9%	12.6%	1,029,079	+2.3%	$203.5M
PLDPrologis Inc	11.9%	11.4%	1,321,965	-0.6%	$174.7M
EQIXEquinix Inc	8.8%	6.6%	131,207	+2.7%	$128.6M
DLRDigital Realty Trust Inc	5.9%	5.0%	478,296	+0.4%	$86.2M
SPGSimon Property Group Inc	5.7%	6.0%	449,333	-7.0%	$83.8M
ORealty Income Corp	5.0%	4.6%	1,193,546	-1.4%	$73.0M
AVBAvalonBay Communities Inc	3.6%	3.9%	325,177	+2.3%	$53.1M
EQREquity Residential	3.6%	3.6%	894,206	+4.5%	$52.9M
VTRVentas Inc	3.4%	3.6%	616,206	-11.4%	$50.4M
BKDBrookdale Sr Living Inc	3.3%	3.4%	1,027,392	-5.6%	$47.6M
KIMKimco Realty Corp	2.9%	2.7%	1,906,033	-3.7%	$42.8M
IRMIron Mountain Inc	2.5%	1.9%	356,934	+5.2%	$36.5M
BRXBrixmor Property Group Inc	2.5%	2.2%	1,257,485	+0.1%	$36.2M
ELSEquity Lifestyle Properties	2.4%	2.4%	553,063	-4.6%	$34.5M
VICIVICI Properties Inc	2.3%	2.8%	1,235,626	-17.1%	$33.8M
ADCAgree Rlty Corp	2.3%	2.1%	440,181	+0.4%	$33.2M
FRFirst Indl Rlty Tr Inc	2.2%	0.6%	544,609	+14.9%	$31.5M
AMHAmerican Homes 4 Rent	1.7%	2.8%	903,999	-30.5%	$25.2M
VNOVornado Rlty Tr	1.4%	1.5%	798,184	+23.2%	$20.7M
RHPRyman Hospitality Pptys Inc	1.4%	1.2%	218,849	+18.7%	$20.2M
EPRTEssential Properties Realty Trust Inc	1.4%	0.5%	650,129	+58.1%	$19.7M
MAAMid-America Apartment Communities Inc	1.3%	1.1%	156,165	+34.9%	$19.1M
CBRECBRE Group, Inc. Class A	1.2%	1.2%	132,094	+21.1%	$17.9M
AREAlexandria Real Estate Equities Inc	1.1%	1.3%	357,450	-10.0%	$16.6M
CTRECareTrust REIT Inc	0.9%	1.0%	352,462	-10.1%	$12.9M
MRPMillrose Properties Inc	0.8%	0.4%	443,990	+101.3%	$12.4M
PSAPublic Storage	0.8%	4.2%	265,447	+10.0%	$11.2M
46124J201Inventrust Pptys Corp	0.7%	0.6%	330,036	+0.1%	$10.1M
AMTAmerican Tower Corp	0.6%	0.7%	54,289	-4.5%	$9.4M
EGPEastgroup Pptys Inc	0.6%	0.8%	47,333	-30.3%	$8.8M
MACMacerich Co	0.6%	New	430,485	—	$8.1M
COLDAmericold Realty Trust Inc	0.5%	0.6%	670,972	+0.1%	$7.7M
JANJanus Living Inc	0.5%	New	309,963	—	$7.3M
LAMRLamar Advertising Co	0.5%	0.4%	52,290	+7.5%	$6.6M
SUISun Cmntys Inc	0.3%	New	32,940	—	$4.1M
CSRCenterspace Com	0.3%	0.3%	72,201	+0.2%	$4.1M
BXPBoston Properties Inc	0.3%	0.3%	78,363	+4.0%	$4.1M
EXRExtra Space Storage Inc	0.3%	1.9%	196,160	-11.4%	$3.9M
SLGSl Green Rlty Corp	0.3%	0.3%	104,960	+8.4%	$3.9M
CCICrown Castle Inc	0.2%	0.2%	38,976	-4.8%	$3.2M
RYNRayonier Inc	0.1%	New	78,915	—	$1.6M
HLTHilton Worldwide Holdings Inc	0.1%	1.3%	60,851	-9.8%	$1.2M

What Adelante Capital Management LLC bought and sold in Q1 2026, against Q4 2025.

Sold out

Share counts compared with the Q4 2025 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +15.9% /yr; S&P 500 +20.1%
3 years: +9.5% /yr; S&P 500 +20.4%
5 years: +1.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q1 2026	$1.5B	42
Q4 2025	$1.5B	42
Q3 2025	$1.5B	43
Q2 2025	$1.4B	42
Q1 2025	$1.3B	41
Q4 2024	$1.5B	45
Q3 2024	$1.5B	42
Q2 2024	$1.3B	40
Q1 2024	$1.5B	41
Q4 2023	$1.4B	42
Q3 2023	$1.2B	41
Q2 2023	$1.1B	42

Questions about Adelante Capital Management LLC's portfolio

What stocks does Adelante Capital Management LLC own?

Adelante Capital Management LLC's latest 13F, for Q1 2026 and filed May 18, 2026, lists 42 positions worth $1.5B. The largest are Welltower Inc (WELL) at 13.9%, Prologis Inc (PLD) at 11.9%, Equinix Inc (EQIX) at 8.8%, Digital Realty Trust Inc (DLR) at 5.9% and Simon Property Group Inc (SPG) at 5.7%.

What did Adelante Capital Management LLC buy last quarter?

In Q1 2026, Adelante Capital Management LLC added a new position in Macerich Co (MAC), a new position in Janus Living Inc (JAN), a new position in Sun Cmntys Inc (SUI), a new position in Rayonier Inc (RYN), Millrose Properties Inc (MRP) (+101.3% shares), Essential Properties Realty Trust Inc (EPRT) (+58.1% shares) and Mid-America Apartment Communities Inc (MAA) (+34.9% shares), compared with its Q4 2025 filing.

What did Adelante Capital Management LLC sell last quarter?

In Q1 2026, Adelante Capital Management LLC sold all of Veris Residential Inc (VRE), sold all of Cousins Properties Inc (CUZ), sold all of Kilroy Realty Corp (KRC), sold all of Potlatchdeltic Corporation (PCH), American Homes 4 Rent (AMH) (-30.5% shares), Eastgroup Pptys Inc (EGP) (-30.3% shares) and VICI Properties Inc (VICI) (-17.1% shares), compared with its Q4 2025 filing.

How has Adelante Capital Management LLC's portfolio performed?

A portfolio copying Adelante Capital Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +9.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +15.9% against +20.1%. Over 5 years: +1.8% a year against +11.6%.

When is Adelante Capital Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Adelante Capital Management LLC's filing for the quarter ending Jun 30, 2026 was due by Aug 14, 2026; this page updates once it is processed.

How much money does Adelante Capital Management LLC manage?

Adelante Capital Management LLC reported $1.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.5B.