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Livermore
Livermore
ZHEN

HGI Capital Management, LLC

SEC CIK
0001595907
Latest filing
Nov 14, 2025

The latest 13F from HGI Capital Management, LLC covers Q3 2025 (filed Nov 14, 2025): 21 long positions worth $36.4M. The top 10 holdings make up 55.7% of the portfolio, and the largest is Equinix Inc (EQIX) at 6.6%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$9.13M
Added
1
Est. +$227.9K
Reduced
13
Est. −$25.6M
Sold out
8
Est. −$23.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. EQIXEquinix Inc
    6.6%$2.39MHistory
  2. CBRECbre Group, Inc.
    6.3%$2.31MHistory
  3. FRFirst Industrial Realty Trust Inc
    5.6%$2.03MHistory
  4. DLRDigital Realty Trust, Inc.
    5.5%$2.02MHistory
  5. HDHome Depot, Inc.
    5.5%$2.00MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. HDHome Depot, Inc.
    +$2.00MNewHistory
  2. AREAlexandria Real Estate Equities, Inc.
    +$1.90MNewHistory
  3. PECOPhillips Edison & Company, Inc.
    +$1.62MNewHistory
  4. OHIOmega Healthcare Investors Inc
    +$1.55MNewHistory
  5. BNLBroadstone Net Lease, Inc.
    +$1.23MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. HDHome Depot, Inc.
    +5.50 pp0.0% → 5.5%History
  2. AREAlexandria Real Estate Equities, Inc.
    +5.21 pp0.0% → 5.2%History
  3. PECOPhillips Edison & Company, Inc.
    +4.46 pp0.0% → 4.5%History
  4. OHIOmega Healthcare Investors Inc
    +4.26 pp0.0% → 4.3%History
  5. EQIXEquinix Inc
    +3.59 pp3.0% → 6.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NMRKNewmark Group, Inc.
    −$4.14MReducedHistory
  2. ESRTEmpire State Realty Trust, Inc.
    −$4.00MSold outHistory
  3. INVHInvitation Homes Inc.
    −$3.61MSold outHistory
  4. CPTCamden Property Trust
    −$3.56MSold outHistory
  5. KRGKite Realty Group Trust
    −$3.41MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. ESRTEmpire State Realty Trust, Inc.
    −5.42 pp5.4% → 0.0%History
  2. INVHInvitation Homes Inc.
    −4.89 pp4.9% → 0.0%History
  3. CPTCamden Property Trust
    −4.82 pp4.8% → 0.0%History
  4. KRGKite Realty Group Trust
    −4.62 pp4.6% → 0.0%History
  5. VNOVornado Realty Trust
    −4.60 pp4.6% → 0.0%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$36.4M
−$37.4M (−50.7%) vs. prior quarter
Positions
21
−2 vs. prior quarter
Top 10 concentration
55.7%
Top 10 as share of value
Turnover
17.0%
Q3 2025, one quarter
Average holding period
4.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $350.1M (Q4 2022)

Q1 2021: $235.5MQ2 2021: $259.2MQ3 2021: $247.8MQ4 2021: $250.3MQ1 2022: $324.2MQ2 2022: $239.5MQ3 2022: $313.5MQ4 2022: $350.1MQ1 2023: $151.3MQ2 2023: $208.1MQ3 2023: $88.0MQ4 2023: $88.0MQ1 2024: $92.8MQ2 2024: $106.5MQ3 2024: $114.6MQ4 2024: $97.2MQ1 2025: $80.2MQ2 2025: $73.8MQ3 2025: $36.4M
Q1 2021Q3 2025
13F filings of HGI Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 14, 202521$36.4MEQIXCBREFRvs. Q2 2025SEC
Q2 2025Aug 12, 202523$73.8MUDRDLRESRTvs. Q1 2025SEC
Q1 2025May 14, 202522$80.2MVMRKFRVICIvs. Q4 2024SEC
Q4 2024Feb 13, 202518$97.2MELMEVMRKINVHvs. Q3 2024SEC
Q3 2024Nov 14, 202417$114.6MELMEVMRKNMRKvs. Q2 2024SEC
Q2 2024Aug 14, 202419$106.5MELMECBRENMRKvs. Q1 2024SEC
Q1 2024May 15, 202443$92.8MELMEFRVMRKvs. Q4 2023SEC
Q4 2023Feb 14, 202440$88.0MONMRKCBREvs. Q3 2023SEC
Q3 2023Nov 14, 202341$88.0MAMHVICIINVHvs. Q2 2023SEC
Q2 2023Aug 14, 202338$208.1MVMRKOHIINVHvs. Q1 2023SEC
Q1 2023May 15, 202327$151.3MPLDVMRKSUIvs. Q4 2022SEC
Q4 2022Feb 14, 202331$350.1MSUIDOCKIMvs. Q3 2022SEC
Q3 2022Feb 22, 2023Amended35$313.5MPSAKIMVTRvs. Q2 2022SEC
Q2 2022Aug 15, 202233$239.5MELSVTRFRTvs. Q1 2022SEC
Q1 2022May 16, 202266$324.2MELSCPTACCvs. Q4 2021SEC
Q4 2021Feb 14, 202269$250.3MELSSUISRCvs. Q3 2021SEC
Q3 2021Nov 15, 202164$247.8MELSMGPCPTvs. Q2 2021SEC
Q2 2021Aug 16, 202171$259.2MELSMGPCPTvs. Q1 2021SEC
Q1 2021May 17, 202159$235.5MELSCPTMGP–SEC