Hill Winds Capital LP's Q4 2020 13F: 12 new positions, 13 exits
Form 13F-HR for the quarter ended Dec 31, 2020 · filed Jan 28, 2021 · 31 reported positions · accession 0001420506-21-000055
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | REGENCY CTRS CORP (REG) | — | 6.0% | +6.0 pts | +178K sh | new |
| Exited | EQUITY LIFESTYLE PPTYS INC (ELS) | 4.1% | — | −4.1 pts | −85,000 sh | −100% |
| Reduced | HEALTHCARE RLTY TR (HR) | 7.2% | 2.5% | −4.7 pts | −185K sh | −62% |
| New | SPIRIT RLTY CAP INC NEW (SRC) | — | 4.0% | +4.0 pts | +135K sh | new |
| New | VORNADO RLTY TR (VNO) | — | 4.0% | +4.0 pts | +145K sh | new |
| New | WEINGARTEN RLTY INVS (WRI) | — | 3.8% | +3.8 pts | +240K sh | new |
| Exited | BRIXMOR PPTY GROUP INC (BRX) | 3.3% | — | −3.3 pts | −350K sh | −100% |
| Reduced | KIMCO RLTY CORP (KIM) | 4.5% | 2.8% | −1.7 pts | −251K sh | −50% |
| Reduced | AGREE REALTY CORP (ADC) | 7.4% | 4.6% | −2.8 pts | −53,000 sh | −36% |
| Reduced | COUSINS PPTYS INC (CUZ) | 3.8% | 1.9% | −1.9 pts | −90,000 sh | −55% |
| Exited | EMPIRE ST RLTY TR INC (ESRT) | 2.2% | — | −2.2 pts | −450K sh | −100% |
| Exited | AMERICAN CAMPUS CMNTYS INC (ACC) | 2.1% | — | −2.1 pts | −75,000 sh | −100% |
| Increased | KILROY RLTY CORP (KRC) | 2.6% | 4.7% | +2.1 pts | +47,500 sh | +76% |
| Exited | PLYMOUTH INDL REIT INC (PLYM) | 2.0% | — | −2.0 pts | −205K sh | −100% |
| Increased | STAG INDL INC (STAG) | 4.4% | 6.1% | +1.8 pts | +85,000 sh | +47% |
| New | UDR INC (UDR) | — | 1.8% | +1.8 pts | +65,000 sh | new |
| New | REXFORD INDL RLTY INC (REXR) | — | 1.8% | +1.8 pts | +50,000 sh | new |
| Exited | SUMMIT HOTEL PPTYS INC (INN) | 1.7% | — | −1.7 pts | −415K sh | −100% |
| New | WYNDHAM HOTELS & RESORTS INC (WH) | — | 1.6% | +1.6 pts | +37,500 sh | new |
| Reduced | RPT REALTY (RPT) | 2.4% | 2.0% | −0.4 pts | −250K sh | −44% |
| Exited | FIRST INDL RLTY TR INC (FR) | 1.6% | — | −1.6 pts | −50,000 sh | −100% |
| New | PARAMOUNT GROUP INC (PGRE) | — | 1.5% | +1.5 pts | +230K sh | new |
| New | EQUITY RESIDENTIAL (EQR) | — | 1.5% | +1.5 pts | +35,000 sh | new |
| Exited | CORESITE RLTY CORP (COR) | 1.5% | — | −1.5 pts | −16,000 sh | −100% |
| New |
APARTMENT INCOME REIT CORP (AIRC)
new — newly listed security (e.g. spin-off)
|
— | 1.4% | +1.4 pts | +50,000 sh | new |
| New | MARCUS CORP DEL (MCS) | — | 1.3% | +1.3 pts | +130K sh | new |
| Exited | APARTMENT INVT & MGMT CO (AIV) | 1.3% | — | −1.3 pts | −48,000 sh | −100% |
| Increased | HEALTHCARE TR AMER INC (HTA) | 3.1% | 4.1% | +1.0 pts | +50,000 sh | +33% |
| Reduced | EASTGROUP PPTYS INC (EGP) | 7.2% | 6.2% | −1.0 pts | −9,000 sh | −13% |
| Exited | AVALONBAY CMNTYS INC (AVB) | 0.9% | — | −0.9 pts | −7,500 sh | −100% |
| Exited | ESSEX PPTY TR INC (ESS) | 0.8% | — | −0.8 pts | −5,000 sh | −100% |
| Reduced | PACER FDS TR (SRVR) | 2.4% | 1.6% | −0.8 pts | −25,000 sh | −29% |
| Reduced | INVITATION HOMES INC (INVH) | 4.8% | 4.1% | −0.7 pts | −30,000 sh | −14% |
| Exited | HEALTHPEAK PROPERTIES INC (PEAK) | 0.6% | — | −0.6 pts | −30,000 sh | −100% |
| Reduced | CUBESMART (CUBE) | 5.8% | 5.0% | −0.8 pts | −25,000 sh | −11% |
| Increased | NATIONAL STORAGE AFFILIATES (NSA) | 3.0% | 3.7% | +0.7 pts | +23,000 sh | +20% |
| New | EXTENDED STAY AMER INC (STAY) | — | 0.5% | +0.5 pts | +45,000 sh | new |
| Increased | HIGHWOODS PPTYS INC (HIW) | 4.8% | 5.7% | +0.9 pts | +15,000 sh | +8% |
| Increased | NETSTREIT CORP (NTST) | 1.7% | 2.2% | +0.4 pts | +30,000 sh | +25% |
| Increased | INDEPENDENCE RLTY TR INC (IRT) | 4.3% | 5.0% | +0.7 pts | +40,000 sh | +9% |
| Increased | ESSENTIAL PPTYS RLTY TR INC (EPRT) | 1.7% | 2.2% | +0.5 pts | +25,000 sh | +22% |
| Exited | BOSTON PROPERTIES INC (BXP) | 0.3% | — | −0.3 pts | −4,000 sh | −100% |
| New | RYMAN HOSPITALITY PPTYS INC (RHP) | — | 0.1% | +0.1 pts | +3,000 sh | new |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- VEREIT INC (VER): 92339V100 → 92339V308, 1.28M → 225K shares (share count changed with the identifier; not shown as a trade)
Top 10 positions — 53.6% of the equity book
Changes in the top 10 this quarter: REG entered · KRC entered · HTA entered · HR left · INVH left · KIM left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | VEREIT INC (VER) | 6.6% | 6.3% | |
| 2 | EASTGROUP PPTYS INC (EGP) | 7.2% | 6.2% | |
| 3 | STAG INDL INC (STAG) | 4.4% | 6.1% | |
| 4 | REGENCY CTRS CORP (REG) | 0.0% | 6.0% | Entered the top 10 |
| 5 | HIGHWOODS PPTYS INC (HIW) | 4.8% | 5.7% | |
| 6 | INDEPENDENCE RLTY TR INC (IRT) | 4.3% | 5.0% | |
| 7 | CUBESMART (CUBE) | 5.8% | 5.0% | |
| 8 | KILROY RLTY CORP (KRC) | 2.6% | 4.7% | Entered the top 10 |
| 9 | AGREE REALTY CORP (ADC) | 7.4% | 4.6% | |
| 10 | HEALTHCARE TR AMER INC (HTA) | 3.1% | 4.1% | Entered the top 10 |
| — | HEALTHCARE RLTY TR (HR) | 7.2% | 2.5% | Left the top 10 |
| — | INVITATION HOMES INC (INVH) | 4.8% | 4.1% | Left the top 10 |
| — | KIMCO RLTY CORP (KIM) | 4.5% | 2.8% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).