WhaleCreep

Long Pond Capital, LP 13F holdings, Q4 2017

Hedge fundSEC filingsCompare with another fundHoldings as of 2017-12-31, filed 2018-02-23

Long Pond Capital, LP disclosed 25 US equity positions worth $3.2bn in its Q4 2017 13F filing. Its largest position is DHI at 16.9% of the reported book, followed by TCO and SLG2EUR. Versus Q3 2017 it opened 9 new positions, added to 11, reduced 3 and exited 8.

$3.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
25
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
16.9%
Largest position
The largest single position as a share of the reported equity book.
73.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
14
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
59
Quarters on file since Q4 2011
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2017: 9 new, 11 added, 3 reduced, 8 exited

25 rows
DHI D R HORTON INCConsumer Cyclical16.9%$541m10.58m−11%reduced
TCO TAUBMAN CTRS INC–8.4%$269m4.12m+36%added
SLG2EUR SL GREEN RLTY CORP–8.3%$265m2.63m−4.2%reduced
APARTMENT INVT & MGMT CO no ticker–8.2%$264m6.04m+1.8%added
6PM PARAMOUNT GROUP INC–7.4%$237m14.92m+2.2%added
H HYATT HOTELS CORPConsumer Cyclical7.0%$223m3.04m0.0%held
LASALLE HOTEL PPTYS no ticker–5.1%$162m5.78m–new
ARCPEUR VEREIT INC–4.3%$138m17.69m+539%added
SPIRIT RLTY CAP INC NEW no ticker–4.0%$128m14.97m−0.1%held
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services3.9%$126m599,320+90%added
JBGS JBG SMITH PPTYSReal Estate3.6%$116m3.33m+568%added
RPAIUSD RETAIL PPTYS AMER INC–3.3%$105m7.79m−34%reduced
VNO VORNADO RLTY TRReal Estate3.2%$103m1.32m+58%added
CZREUR CAESARS ENTMT CORP–2.8%$88.9m7.03m–new
BRX BRIXMOR PPTY GROUP INCReal Estate2.7%$85.4m4.58m–new
EQR EQUITY RESIDENTIALReal Estate2.4%$76.5m1.20m+21%added
FOR FORESTAR GROUP INCReal Estate2.3%$74.2m3.37m+58%added
QUALITY CARE PPTYS INC no ticker–1.7%$54.0m3.91m+262%added
NEW YORK REIT INC no ticker–1.6%$50.5m12.86m+15%added
AVBC AVALONBAY CMNTYS INCFinancial Services0.8%$25.4m142,458–new
BKD BROOKDALE SR LIVING INCHealthcare0.7%$23.1m2.38m–new
DDR CORP no ticker–0.6%$19.7m2.20m–new
NMRK NEWMARK GROUP INCReal Estate0.5%$15.9m1.00m–new
FPH FIVE POINT HOLDINGS LLCReal Estate0.2%$6.8m483,748–new
LEN LENNAR CORPConsumer Cyclical0.07%$2.1m33,638–new

Exited since Q3 2017

8 rows
MAC MACERICH CO3.9%$98.0m
KRC KILROY RLTY CORP2.3%$58.1m
BXP BXP INC1.9%$49.0m
HLT HILTON WORLDWIDE HLDGS INC0.9%$23.8m
LA QUINTA HLDGS INC no ticker0.8%$20.3m
ATHENE HLDG LTD no ticker0.6%$16.2m
CLGX CORELOGIC INC0.4%$10.5m
CXPUSD COLUMBIA PPTY TR INC0.09%$2.2m

Sector mix

  • Unclassified55.7%
  • Consumer Cyclical23.9%
  • Real Estate14.9%
  • Communication Services3.9%
  • Financial Services0.8%
  • Healthcare0.7%

Book over time

Every quarter on file (59)
QuarterPositionsEquity book
Q2 202630$954m
Q1 202632$978m
Q4 202530$851m
Q3 202528$1.4bn
Q2 202528$1.5bn
Q1 202533$1.5bn
Q4 202426$1.9bn
Q3 202438$2.2bn
Q2 202435$1.8bn
Q1 202434$1.7bn
Q4 202331$1.2bn
Q3 202326$1.5bn
Q2 202329$1.7bn
Q1 202339$1.9bn
Q4 202238$1.6bn
Q3 202232$1.7bn
Q2 202239$2.0bn
Q1 202232$2.2bn
Q4 202140$2.5bn
Q3 202135$2.5bn
Q2 202139$2.6bn
Q1 202138$2.9bn
Q4 202033$2.9bn
Q3 202035$2.5bn
Q2 202037$2.5bn
Q1 202030$2.0bn
Q4 201934$3.7bn
Q3 201934$3.6bn
Q2 201938$3.1bn
Q1 201937$2.9bn
Q4 201831$2.5bn
Q3 201836$3.5bn
Q2 201839$3.9bn
Q1 201829$3.5bn
Q4 201725$3.2bn
Q3 201724$2.5bn
Q2 201723$2.4bn
Q1 201725$2.2bn
Q4 201620$2.1bn
Q3 201622$2.0bn
Q2 201627$1.9bn
Q1 201624$1.9bn
Q4 201526$2.0bn
Q3 201533$2.2bn
Q2 201531$2.0bn
Q1 201530$2.0bn
Q4 201433$1.7bn
Q3 201434$1.4bn
Q2 201431$1.5bn
Q1 201427$1.0bn
Q4 201331$1.0bn
Q3 201322$643m
Q2 201326$566m
Q1 201318$516m
Q4 201222$278m
Q3 201216$130m
Q2 201218$151m
Q1 201217$129m
Q4 201122$148m

Where Long Pond Capital, LP was early

69 rows
PMT PENNYMAC MTG INVT TRQ1 20122 of 823.3%3.3%6Exited by Q1 2016−18%
MAC MACERICH COQ4 20121 of 1100.8%6.4%9Exited by Q4 2020−88%
TCO TAUBMAN CTRS INCQ4 20121 of 786.8%16.6%20Exited by Q4 2018+14%
UDR UDR INCQ4 20121 of 11011.3%11.3%10Exited by Q4 2024+91%
EQR EQUITY RESIDENTIALQ4 20122 of 1203.4%15.4%22Exited by Q4 2025+14%
H HYATT HOTELS CORPQ4 20122 of 14813.5%13.5%36Exited by Q2 2026+273%
BXP BOSTON PPTYS LTD PARTNERSHIPQ1 20132 of 1131.2%1.9%5Exited by Q3 2020−11%
DRH DIAMONDROCK HOSPITALITY COQ1 20132 of 829.7%9.7%7Exited by Q2 2023−13%
BXMT BLACKSTONE MTG TR INCQ2 20131 of 8610.8%10.8%15Exited by Q1 2017+22%
CX CEMEX SAB DE CVQ2 20138 of 945.6%5.6%3Exited by Q3 2014+30%
MHK MOHAWK INDS INCQ2 20138 of 1731.4%4.6%9Exited by Q1 2019+4.0%
MTG MGIC INVT CORP WISQ2 201312 of 1292.5%2.5%3Exited by Q1 2015+54%
ELS EQUITY LIFESTYLE PROPERTIESQ3 20131 of 971.1%3.9%10Held at last filing, Q2 2026+277%
HLT HILTON WORLDWIDE HLDGS INCQ4 20131 of 2253.2%13.9%29Exited by Q2 2025+398%
AMH AMERICAN HOMES 4 RENTQ4 20132 of 1277.5%13.2%26Exited by Q2 2026+72%
CBRE CBRE GROUP INCQ4 20135 of 1586.9%7.6%13Exited by Q3 2024+239%
DHI D R HORTON INCQ4 201310 of 2012.0%18.8%31Exited by Q3 2025+478%
AWI ARMSTRONG WORLD INDS INC NEWQ1 20144 of 1333.0%3.0%2Exited by Q3 2014+7.8%
PENN PENN ENTERTAINMENT INCQ1 20144 of 1760.05%4.4%5Exited by Q3 2023+95%
BYD BOYD GAMING CORPQ1 20145 of 1414.1%4.1%17Exited by Q4 2024+390%
LNWO SCIENTIFIC GAMES CORPQ1 20145 of 1221.5%1.7%2Exited by Q3 2014−19%
MLCO MELCO RESORTS AND ENTMNT LTDQ1 201410 of 1080.4%4.3%18Exited by Q2 2024−81%
CSTE CAESARSTONE SDOT-YAM LTDQ2 20143 of 571.5%1.9%3Exited by Q1 2015+22%
MGM MGM RESORTS INTERNATIONALQ2 201411 of 2121.0%2.7%12Exited by Q3 2022+9.7%
NMIH NMI HLDGS INCQ3 20146 of 1130.9%1.5%7Exited by Q2 2016−42%
FNF FIDELITY NATIONAL FINANCIALQ3 201411 of 1566.4%7.0%8Exited by Q3 2016+35%
6PM PARAMOUNT GROUP INCQ4 20141 of 1033.7%10.1%31Exited by Q3 2025−67%
CPT CAMDEN PPTY TRQ1 20152 of 1241.9%16.0%26Held at last filing, Q2 2026+47%
M MACYS INCQ1 201512 of 1772.4%2.7%2Exited by Q3 2015+3.9%
MCD MCDONALDS CORPQ1 201515 of 1926.0%6.0%3Exited by Q4 2015+1.1%
BDN BRANDYWINE RLTY TRQ2 20151 of 801.2%1.7%2Exited by Q4 2015−7.2%
AL1 AIR LEASE CORPQ3 20152 of 1311.2%1.9%2Exited by Q1 2016+8.3%
VNO VORNADO RLTY TRQ3 20153 of 1262.5%9.8%13Exited by Q2 2025−49%
SRG SERITAGE GROWTH PPTYSQ3 20155 of 822.8%3.5%3Exited by Q2 2016+34%
BPOP POPULAR INCQ3 20156 of 1042.8%3.7%4Exited by Q3 2016−3.1%
KEY KEYCORP NEWQ4 20155 of 1321.2%3.1%3Exited by Q3 2016−16%
ESS ESSEX PPTY TR INCQ2 20163 of 1105.2%13.3%9Exited by Q2 2024+7.3%
MSGS MADISON SQUARE GRDN SPRT CORQ2 20165 of 1504.4%8.5%27Exited by Q1 2024+48%
MTH MERITAGE HOMES CORPQ2 20166 of 1201.2%5.3%12Exited by Q4 2025+286%
MAR MARRIOTT INTL INC NEWQ2 20168 of 1826.3%6.9%5Exited by Q3 2020+29%
CLGX CORELOGIC INCQ1 20177 of 941.0%1.7%3Exited by Q4 2017+14%
FOR FORESTAR GROUP INCQ2 20173 of 820.5%4.8%28Exited by Q4 2024+89%
KRC KILROY REALTY CORPQ3 20174 of 1082.3%6.3%15Exited by Q2 2026−60%
JBGS JBG SMITH PPTYSQ3 20175 of 870.7%10.9%36Held at last filing, Q2 2026−57%
FPH FIVE POINT HOLDINGS LLCQ4 20176 of 550.2%1.6%29Exited by Q1 2025−73%
VICI VICI PPTYS INCQ1 201810 of 1632.0%8.3%8Exited by Q1 2024+74%
EPRT ESSENTIAL PPTYS RLTY TR INCQ2 20181 of 871.1%2.4%6Exited by Q1 2024+89%
WH WYNDHAM HOTELS & RESORTS INCQ2 20181 of 1462.0%8.2%21Held at last filing, Q2 2026+43%
PEB PEBBLEBROOK HOTEL TRQ2 20182 of 1001.0%5.0%4Exited by Q2 2020−72%
DIA SPDR DOW JONES INDL AVERAGEQ2 20183 of 712.3%4.7%8Exited by Q3 2021+42%

Concentration and tenure

12.4%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
66.5%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
2
Median completed holding, quarters