Adelante Capital Management LLC recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Adelante Capital Management LLC is an investment management firm based out of Oakland, California. The company was originally established in 1995 and has grown to have additional locations in Wayne, New Port Beach, and New York City. Adelante Capital Management sees itself as an “employee- and minority-owned SEC-registered REIT and real estate investment advisor dedicated to investing in optimally-valued, publicly-traded commercial real estate securities.” The company conducts its research internally, utilizing a fundamental methodology to make its investment decisions. The company focuses on the public equity markets on a global scale, allocating its assets primarily in real estate securities with a bottom up and top down approach. Adelante Capital Management invests over 90% of its total assets in the real estate sector and also invests in the utilities and telecommunications, consumer discretionary, information technology, and health care sectors, among others, to a lesser degree, in order of decreasing allocation. The company holds its allocations for just over 14 quarters on average and holds its top 10 allocations for 16.8 quarters on average. Adelante Capital Management, in the most recent quarter, has had a turnover rate of approximately 4.9%. The company manages over $2.3 billion in total assets under management spread across 190 total accounts, all of which are discretionary accounts. Adelante Capital Management’s total number of accounts has been declining in recent years, but its total assets under management, despite volatility, has increased from its $1.7 billion mark back in 2010. The company mainly caters to high net worth individuals, which alone makes up three quarters of its client base, although the client with the highest attributed assets are pension and profit sharing plans, which makes up over half of the firm’s total managed assets. Adelante Capital Management offers three core portfolios: its domestic real estate, global real estate, and income real estate strategies.
As of the latest 13F report, the guru’s equity portfolio contained 43 stocks valued at a total of $1.19Bil. The top holdings were EQIX(9.74%), PSA(7.46%), and WELL(6.89%).
According to GuruFocus data, these were Adelante Capital Management LLC’s top five trades of the quarter.
AvalonBay Communities Inc
The guru established a new position worth 129,489 shares in NYSE:AVB, giving the stock a 1.79% weight in the equity portfolio. Shares traded for an average price of $201.79 during the quarter.
On 02/20/2023, AvalonBay Communities Inc traded for a price of $179.27 per share and a market cap of $25.08Bil. The stock has returned -21.39% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, AvalonBay Communities Inc has a price-earnings ratio of 22.10, a price-book ratio of 2.23, a price-earnings-to-growth (PEG) ratio of 13.81, a EV-to-Ebitda ratio of 14.93 and a price-sales ratio of 9.68.
The price-to-GF Value ratio is 0.83, earning the stock a GF Value rank of 9.
Sun Communities Inc
Adelante Capital Management LLC reduced their investment in NYSE:SUI by 166,051 shares. The trade had a 1.59% impact on the equity portfolio. During the quarter, the stock traded for an average price of $158.16.
On 02/20/2023, Sun Communities Inc traded for a price of $158.05 per share and a market cap of $19.58Bil. The stock has returned -13.94% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Sun Communities Inc has a price-earnings ratio of 77.10, a price-book ratio of 2.50, a price-earnings-to-growth (PEG) ratio of 8.76, a EV-to-Ebitda ratio of 23.96 and a price-sales ratio of 6.73.
The price-to-GF Value ratio is 0.84, earning the stock a GF Value rank of 9.
Camden Property Trust
Adelante Capital Management LLC reduced their investment in NYSE:CPT by 115,659 shares. The trade had a 0.9399999999999999% impact on the equity portfolio. During the quarter, the stock traded for an average price of $133.51.
On 02/20/2023, Camden Property Trust traded for a price of $120.05 per share and a market cap of $13.03Bil. The stock has returned -23.49% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Camden Property Trust has a price-earnings ratio of 20.04, a price-book ratio of 2.56, a EV-to-Ebitda ratio of 12.33 and a price-sales ratio of 9.14.
The price-to-GF Value ratio is 0.85, earning the stock a GF Value rank of 9.
Healthcare Realty Trust Inc
The guru established a new position worth 582,008 shares in NYSE:HR, giving the stock a 0.91% weight in the equity portfolio. Shares traded for an average price of $24.72 during the quarter.
On 02/20/2023, Healthcare Realty Trust Inc traded for a price of $20.96 per share and a market cap of $7.98Bil. The stock has returned -28.57% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Healthcare Realty Trust Inc has a price-earnings ratio of 38.81, a price-book ratio of 1.03, a price-earnings-to-growth (PEG) ratio of 77.62, a EV-to-Ebitda ratio of 26.56 and a price-sales ratio of 5.53.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 7.
Healthcare Trust of America Inc
The guru sold out of their 511,235-share investment in NYSE:HTA. Previously, the stock had a 0.86% weight in the equity portfolio. Shares traded for an average price of $28.84 during the quarter.
On 02/20/2023, Healthcare Trust of America Inc traded for a price of $29.19 per share and a market cap of $6.69Bil. The stock has returned 23.00% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Healthcare Trust of America Inc has a price-earnings ratio of 69.50, a price-book ratio of 2.08, a EV-to-Ebitda ratio of 20.14 and a price-sales ratio of 8.52.
The price-to-GF Value ratio is 0.99, earning the stock a GF Value rank of 6.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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