ADELANTE CAPITAL MANAGEMENT LLC

PrivateCIK: 1067926

Location

ALAMEDA, CA

Positions

$1.46B

Total AUM (reported)

20.60M

Total Shares

Allocation by class

COM$1.46B100.0%

Portfolio Concentration

Top 3$506.81M34.7%

4–10$447.05M30.6%

11–25$400.86M27.4%

Rest$107.73M7.4%

Top 3 weight

34.7%

Top 10 weight

65.2%

Voting Authority Distribution

Total shares with voting rights: 20.60M

Sole

Full voting authority

11.63M

% of voting shares56.4%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

8.97M

% of voting shares43.6%

Investment Discretion (by position count)

Sole42

Shared0

Other0

Dominant voting typeSole · 56.4% of voting shares

Institutional Holdings42

Rows:

Welltower Inc.

SOLE

COM

Shares1.03M

TypeSH

Market value$203.46M

13.91%

Sole

624.80K

Shared

0.00

None

404.27K

ProLogis Inc.

SOLE

COM

Shares1.32M

TypeSH

Market value$174.74M

11.95%

Sole

795.04K

Shared

0.00

None

526.93K

Equinix Inc.

SOLE

COM

Shares131.21K

TypeSH

Market value$128.61M

8.79%

Sole

79.12K

Shared

0.00

None

52.09K

Digital Realty Trust

SOLE

COM

Shares478.30K

TypeSH

Market value$86.19M

5.89%

Sole

296.05K

Shared

0.00

None

182.24K

Simon Property Group, Inc.

SOLE

COM

Shares449.33K

TypeSH

Market value$83.81M

5.73%

Sole

291.74K

Shared

0.00

None

157.59K

Realty Income

SOLE

COM

Shares1.19M

TypeSH

Market value$73.02M

4.99%

Sole

736.55K

Shared

0.00

None

457K

AvalonBay Communities, Inc.

SOLE

COM

Shares325.18K

TypeSH

Market value$53.12M

3.63%

Sole

196.01K

Shared

0.00

None

129.17K

Equity Residential

SOLE

COM

Shares894.21K

TypeSH

Market value$52.89M

3.62%

Sole

568.60K

Shared

0.00

None

325.60K

Ventas, Inc.

SOLE

COM

Shares616.21K

TypeSH

Market value$50.39M

3.45%

Sole

404.17K

Shared

0.00

None

212.04K

Brookdale Senior Living

SOLE

COM

Shares1.03M

TypeSH

Market value$47.62M

3.26%

Sole

393.68K

Shared

0.00

None

633.72K

Kimco Realty Corp.

SOLE

COM

Shares1.91M

TypeSH

Market value$42.83M

2.93%

Sole

1.17M

Shared

0.00

None

735.11K

Iron Mountain

SOLE

COM

Shares356.93K

TypeSH

Market value$36.46M

2.49%

Sole

218.69K

Shared

0.00

None

138.25K

Brixmor Property Group

SOLE

COM

Shares1.26M

TypeSH

Market value$36.22M

2.48%

Sole

796.64K

Shared

0.00

None

460.84K

Equity Lifestyle Properties

SOLE

COM

Shares553.06K

TypeSH

Market value$34.52M

2.36%

Sole

363.68K

Shared

0.00

None

189.39K

Vici Properties

SOLE

COM

Shares1.24M

TypeSH

Market value$33.76M

2.31%

Sole

590.09K

Shared

0.00

None

645.54K

Agree Realty Corporation

SOLE

COM

Shares440.18K

TypeSH

Market value$33.18M

2.27%

Sole

244.53K

Shared

0.00

None

195.65K

First Industrial Realty Trust,

SOLE

COM

Shares544.61K

TypeSH

Market value$31.51M

2.15%

Sole

297.78K

Shared

0.00

None

246.83K

American Homes 4 Rent

SOLE

COM

Shares904K

TypeSH

Market value$25.24M

1.73%

Sole

523.59K

Shared

0.00

None

380.41K

Vornado Realty Trust

SOLE

COM

Shares798.18K

TypeSH

Market value$20.74M

1.42%

Sole

310.33K

Shared

0.00

None

487.85K

Ryman Hospitality Properties

SOLE

COM

Shares218.85K

TypeSH

Market value$20.19M

1.38%

Sole

127.01K

Shared

0.00

None

91.84K

Essential Properties Realty

SOLE

COM

Shares650.13K

TypeSH

Market value$19.74M

1.35%

Sole

251.25K

Shared

0.00

None

398.87K

Mid-America Apartment Communit

SOLE

COM

Shares156.16K

TypeSH

Market value$19.07M

1.30%

Sole

86.19K

Shared

0.00

None

69.98K

CBRE Group

SOLE

COM

Shares132.09K

TypeSH

Market value$17.89M

1.22%

Sole

81.56K

Shared

0.00

None

50.54K

Alexandria Real Estate Equitie

SOLE

COM

Shares357.45K

TypeSH

Market value$16.59M

1.13%

Sole

185.78K

Shared

0.00

None

171.67K

Caretrust REIT Inc

SOLE

COM

Shares352.46K

TypeSH

Market value$12.92M

0.88%

Sole

224.08K

Shared

0.00

None

128.38K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
Welltower Inc.SOLE	COM	1.03M	SH	$203.46M 13.91%	624.80K	404.27K
ProLogis Inc.SOLE	COM	1.32M	SH	$174.74M 11.95%	795.04K	526.93K
Equinix Inc.SOLE	COM	131.21K	SH	$128.61M 8.79%	79.12K	52.09K
Digital Realty TrustSOLE	COM	478.30K	SH	$86.19M 5.89%	296.05K	182.24K
Simon Property Group, Inc.SOLE	COM	449.33K	SH	$83.81M 5.73%	291.74K	157.59K
Realty IncomeSOLE	COM	1.19M	SH	$73.02M 4.99%	736.55K	457K
AvalonBay Communities, Inc.SOLE	COM	325.18K	SH	$53.12M 3.63%	196.01K	129.17K
Equity ResidentialSOLE	COM	894.21K	SH	$52.89M 3.62%	568.60K	325.60K
Ventas, Inc.SOLE	COM	616.21K	SH	$50.39M 3.45%	404.17K	212.04K
Brookdale Senior LivingSOLE	COM	1.03M	SH	$47.62M 3.26%	393.68K	633.72K
Kimco Realty Corp.SOLE	COM	1.91M	SH	$42.83M 2.93%	1.17M	735.11K
Iron MountainSOLE	COM	356.93K	SH	$36.46M 2.49%	218.69K	138.25K
Brixmor Property GroupSOLE	COM	1.26M	SH	$36.22M 2.48%	796.64K	460.84K
Equity Lifestyle PropertiesSOLE	COM	553.06K	SH	$34.52M 2.36%	363.68K	189.39K
Vici PropertiesSOLE	COM	1.24M	SH	$33.76M 2.31%	590.09K	645.54K
Agree Realty CorporationSOLE	COM	440.18K	SH	$33.18M 2.27%	244.53K	195.65K
First Industrial Realty Trust,SOLE	COM	544.61K	SH	$31.51M 2.15%	297.78K	246.83K
American Homes 4 RentSOLE	COM	904K	SH	$25.24M 1.73%	523.59K	380.41K
Vornado Realty TrustSOLE	COM	798.18K	SH	$20.74M 1.42%	310.33K	487.85K
Ryman Hospitality PropertiesSOLE	COM	218.85K	SH	$20.19M 1.38%	127.01K	91.84K
Essential Properties RealtySOLE	COM	650.13K	SH	$19.74M 1.35%	251.25K	398.87K
Mid-America Apartment CommunitSOLE	COM	156.16K	SH	$19.07M 1.30%	86.19K	69.98K
CBRE GroupSOLE	COM	132.09K	SH	$17.89M 1.22%	81.56K	50.54K
Alexandria Real Estate EquitieSOLE	COM	357.45K	SH	$16.59M 1.13%	185.78K	171.67K
Caretrust REIT IncSOLE	COM	352.46K	SH	$12.92M 0.88%	224.08K	128.38K

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