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Adelante Capital Management LLC — 13F Holdings & Portfolio

CIK 1067926 · latest 13F-HR filed 2026-08-17

Backtest portfolio

Adelante Capital Management LLC manages $1.52B in 13F-reported U.S. long-equity assets across 42 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are WELL (14.51%), PLD (11.35%), EQIX (8.49%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 5 new positions and exited 5; 18 existing positions rose in reported value and 9 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$1.52B

Long-equity book

Holdings
42

Distinct positions

Period
2026-06-30

Filed 2026-08-17

Q/Q Activity
+5 / −5 / ↑18 / ↓9

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
WELL14.5% · -6%PLD11.4% · -4%EQIX8.5% · -6%SPG6.1% · -7%DLR5.8% · +2%O4.7% · -2%AVB3.6% · -10%VTR3.5% · -4%EQR3.2% · -19%IRM2.7% · -9%ELS2.6% · +11%BRX2.4% · -9%VICI2.3% · +8%ADC2.1% · -2%AMH1.9% · -6%EXR1.8% · -3%FRT1.8% · newVNO1.8% · -14%RHP1.7% · -9%CTRE1.4% · +55%MAA1.4% · +1%DOC1.4% · newESS1.3% · newLAMR1.3% · +134%KIM1.2% · -61%EPRT1.1% · -16%JAN1.0% · +76%IVT0.9% · +15%MAC0.8% · +16%MRP0.8% · -8%FR0.8% · +6%PSA0.7% · -8%EGP0.6% · -7%AMT0.6% · -4%BKD0.5% · -51%CBRE0.4% · +1%BXP0.4% · +7%SLG0.4% · +1%ARE0.2% · -81%SBAC0.2% · newWY0.1% · newHLT0.1% · +19%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 64%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 20, 2026.

Assets Under Management
$1.49B
Discretionary
$1.49B
Employees
10
Accounts
65
Address
1101 MARINA VILLAGE PARKWAY
SUITE 201
ALAMEDA, CA 94501
Phone
(510) 986-2100
Website
Name Title / Status Ownership Type
ACM ACQUISITION LLC ControlMEMBER OF APPLICANT
since Aug 2004
75% or moreDomestic Entity
TORRES, MICHAEL, ANTHONY ControlCHIEF EXECUTIVE OFFICER
since Aug 2002
Less than 5%Individual
WIEMAN, JON, M ControlCHIEF COMPLIANCE OFFICER
since Jun 2019
Less than 5%Individual
TORRES, MICHAEL, ANTHONY Control
Indirect owner via ACM ACQUISITION LLC
MANAGER, MEMBER
since Aug 2004
75% or moreIndividual
Ownership & leadership changes · 5 filings with changes since Mar 29, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Feb 3, 2025 filing
  • No longer listedCONNER, TIMOTHY, R. · TRUSTEE · General partner, trustee or manager · indirect via CT2G IRREVOCABLE TRUST & CTG3 IRREVOCABLE TRUST · listed since Nov 2004
  • No longer listedCT2G IRREVOCABLE TRUST · MEMBER · General partner, trustee or manager · indirect via ACM ACQUISITION LLC · listed since Nov 2004
  • No longer listedCT3G IRREVOCABLE TRUST · MEMBER · General partner, trustee or manager · indirect via ACM ACQUISITION LLC · listed since Nov 2004
  • No longer listedTORRES, MICHAEL, ANTHONY · TRUSTEE · General partner, trustee or manager · indirect via CT2G IRREVOCABLE TRUST & CT3G IRREVOCABLE TRUST · control person · listed since Nov 2004
Feb 28, 2023 filing
  • No longer listedTORRES, NANCY, COAN · MEMBER · 25–50% · indirect via ACM ACQUISITION LLC · listed since Sep 2004
  • ChangedTORRES, MICHAEL, ANTHONY · indirect via ACM ACQUISITION LLC: ownership 25–50% → 75% or more
Jul 2, 2019 filing
  • No longer listedHOOPES, MARK, ALEXANDER · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Aug 2004
  • AddedWIEMAN, JON, M · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Feb 26, 2015 filing
  • No longer listedASSET MANAGEMENT FINANCE · MEMBER OF APPLICANT · 10–25% · listed since Nov 2004
Jul 25, 2014 filing
  • ChangedASSET MANAGEMENT FINANCE · no longer a control person
Mar 29, 2012 filing (earliest on record)
  • ListedACM ACQUISITION LLC · MEMBER OF APPLICANT · 75% or more · control person
  • ListedASSET MANAGEMENT FINANCE · MEMBER OF APPLICANT · 10–25% · control person
  • ListedCONNER, TIMOTHY, R. · TRUSTEE · General partner, trustee or manager · indirect via CT2G IRREVOCABLE TRUST & CTG3 IRREVOCABLE TRUST
  • ListedCT2G IRREVOCABLE TRUST · MEMBER · General partner, trustee or manager · indirect via ACM ACQUISITION LLC
  • ListedCT3G IRREVOCABLE TRUST · MEMBER · General partner, trustee or manager · indirect via ACM ACQUISITION LLC
  • ListedHOOPES, MARK, ALEXANDER · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedTORRES, MICHAEL, ANTHONY · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
  • ListedTORRES, MICHAEL, ANTHONY · MANAGER, MEMBER · 25–50% · indirect via ACM ACQUISITION LLC · control person
  • ListedTORRES, MICHAEL, ANTHONY · TRUSTEE · General partner, trustee or manager · indirect via CT2G IRREVOCABLE TRUST & CT3G IRREVOCABLE TRUST · control person
  • ListedTORRES, NANCY, COAN · MEMBER · 25–50% · indirect via ACM ACQUISITION LLC

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Adelante Capital Management LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Welltower Inc. WELL 95040Q104 $220.7M 14.51% 972,469 SH
2 ProLogis Inc. PLD 74340W103 $172.7M 11.35% 1,274,473 SH
3 Equinix Inc. EQIX 29444U700 $129.2M 8.49% 123,901 SH
4 Simon Property Group, Inc. SPG 828806109 $93.3M 6.13% 417,092 SH
5 Digital Realty Trust DLR 253868103 $87.5M 5.75% 487,419 SH
6 Realty Income O 756109104 $72.1M 4.74% 1,163,890 SH
7 AvalonBay Communities, Inc. AVB 053484101 $55.0M 3.62% 291,487 SH
8 Ventas, Inc. VTR 92276F100 $52.7M 3.47% 593,888 SH
9 Equity Residential VMRK 29476L107 $49.1M 3.23% 723,095 SH
10 Iron Mountain IRM 46284V101 $41.1M 2.70% 325,641 SH
11 Equity Lifestyle Properties ELS 29472R108 $39.6M 2.61% 615,154 SH
12 Brixmor Property Group BRX 11120U105 $36.2M 2.38% 1,148,695 SH
13 Vici Properties VICI 925652109 $35.5M 2.34% 1,338,445 SH
14 Agree Realty Corporation ADC 008492100 $32.6M 2.14% 430,209 SH
15 American Homes 4 Rent AMH 02665T306 $28.4M 1.86% 846,202 SH
16 Extra Space Storage, Inc. EXR 30225T102 $27.6M 1.81% 189,610 SH
17 Federal Realty Investment Trus FRT 313745101 $27.5M 1.81% 222,622 SH
18 Vornado Realty Trust VNO 929042109 $27.0M 1.78% 687,780 SH
19 Ryman Hospitality Properties RHP 78377T107 $25.7M 1.69% 199,884 SH
20 Caretrust REIT Inc CTRE 14174T107 $22.0M 1.45% 545,493 SH
21 Mid-America Apartment Communit MAA 59522J103 $21.9M 1.44% 157,364 SH
22 Healthpeak Properties DOC 42250P103 $21.6M 1.42% 1,009,623 SH
23 Essex Property Trust, Inc. ESS 297178105 $19.8M 1.30% 67,992 SH
24 Lamar Advertising Co-A LAMR 512816109 $19.1M 1.26% 122,594 SH
25 Kimco Realty Corp. KIM 49446R109 $18.7M 1.23% 739,084 SH
26 Essential Properties Realty EPRT 29670E107 $16.4M 1.08% 549,615 SH
27 Janus Living Inc JAN 471024109 $15.6M 1.03% 544,072 SH
28 Inventrust Properties IVT 46124J201 $13.4M 0.88% 378,545 SH
29 The Macerich Company MAC 554382101 $12.6M 0.83% 499,198 SH
30 Millrose Properties MRP 601137102 $12.3M 0.81% 410,847 SH
31 First Industrial Realty Trust, FR 32054K103 $11.4M 0.75% 576,611 SH
32 Public Storage PSA 74460D109 $10.3M 0.68% 245,064 SH
33 Eastgroup Properties EGP 277276101 $8.9M 0.59% 43,962 SH
34 American Tower Corp. AMT 03027X100 $8.5M 0.56% 52,165 SH
35 Brookdale Senior Living BKD 112463104 $8.1M 0.53% 504,410 SH
36 CBRE Group CBRE 12504L109 $6.2M 0.41% 133,209 SH
37 BXP, Inc. BXP 101121101 $5.6M 0.37% 84,018 SH
38 SL Green Realty Corp. SLG 78440X887 $5.5M 0.36% 106,160 SH
39 Alexandria Real Estate Equitie ARE 015271109 $3.6M 0.24% 68,285 SH
40 SBA Communications SBAC 78410G104 $2.7M 0.18% 15,505 SH
41 Weyerhauser WY 962166104 $1.5M 0.10% 64,703 SH
42 Hilton, Inc. HLT 43300A203 $1.5M 0.10% 72,219 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-17 $1.52B 42 0001067926-26-000005
2026-03-31 2026-05-18 $1.46B 42 0001067926-26-000004
2025-12-31 2026-02-18 $1.48B 42 0001067926-26-000003
2025-09-30 2025-11-17 $1.50B 43 0001067926-25-000009
Filer Information
Address
1101 MARINA VILLAGE PARKWAY
SUITE 201
ALAMEDA, CA 94501
Phone
(510) 986-2100
Filing Manager
Adelante Capital Management LLC
ALAMEDA, CA
Signatory
Kathy Ascani
Sr Portfolio Admin