Portfolio Summary
Hazelview Alternative Real Estate Fund
Quarterly Summary of Investment Portfolio as of December 31, 2025
Net Asset Value (NAV)
$22,017,968
| Portfolio Allocation By Sector | Long (%) | Short (%) | Net (%) |
|---|---|---|---|
| Industrial | 22.5 | -6.9 | 15.6 |
| Healthcare | 18.2 | -6.3 | 11.9 |
| Shopping Centre | 17.5 | -7.5 | 10.0 |
| Data Centre | 9.7 | 0.0 | 9.7 |
| Multifamily | 15.2 | -6.0 | 9.2 |
| Triple Net Lease | 18.0 | -9.8 | 8.2 |
| Homebuilder | 4.6 | 0.0 | 4.6 |
| Self Storage | 9.2 | -4.7 | 4.5 |
| Single Family Rental | 4.3 | -1.3 | 3.0 |
| Hotel | 10.0 | -7.1 | 3.0 |
| Office | 12.7 | -10.6 | 2.1 |
| Cell Towers | 3.7 | -2.4 | 1.3 |
| Diversified | 13.8 | -12.6 | 1.2 |
| Regional Mall | 5.9 | -4.8 | 1.1 |
| Student Housing | 1.3 | -1.2 | 0.1 |
| Manufactured Home | 3.1 | -3.1 | 0.0 |
| Derivative | 0.0 | 0.0 | 0.0 |
| Cash & Other | 14.4 | 0.0 | 14.4 |
| Total | 184.2 | -84.2 | 100.0 |
| Portfolio Allocation By Region | Long (%) | Short (%) | Net (%) |
|---|---|---|---|
| United States | 127.8 | -67.8 | 60.0 |
| Canada | 13.0 | -3.1 | 10.0 |
| Germany | 6.2 | -1.2 | 5.0 |
| Ireland | 4.6 | 0.0 | 4.6 |
| United Kingdom | 6.9 | -2.4 | 4.5 |
| Netherlands | 2.8 | 0.0 | 2.8 |
| Sweden | 4.0 | -2.5 | 1.5 |
| France | 2.4 | -2.4 | 0.0 |
| Belgium | 2.0 | -2.4 | -0.3 |
| Switzerland | 0.0 | -2.4 | -2.4 |
| Spain | 0.0 | 0.0 | 0.0 |
| Cash & Other | 14.4 | 0.0 | 14.4 |
| Total | 184.2 | -84.2 | 100.0 |
| Portfolio Allocation By Asset Class | Long (%) | Short (%) | Net (%) |
|---|---|---|---|
| Common Equity | 159.8 | -84.2 | 75.6 |
| Bond | 6.8 | 0.0 | 6.8 |
| Direct | 3.2 | 0.0 | 3.2 |
| Preferred Shares | 0.0 | 0.0 | 0.0 |
| Cash & Other | 14.4 | 0.0 | 14.4 |
| Total | 184.2 | -86.2 | 100.0 |
| Top 25 Investments | Asset Class | Country | Sector | % of NAV |
|---|---|---|---|---|
| Digital Realty Trust | Common Equity | United States | Data Centre | 7.3% |
| Cubesmart | Common Equity | United States | Self Storage | 7.0% |
| Sonida Senior Living | Common Equity | United States | Healthcare | 5.4% |
| Essential Properties Realty Trust | Common Equity | United States | Triple Net Lease | 5.3% |
| Prologis | Common Equity | United States | Industrial | 5.2% |
| Vanguard Real Estate ETF | Common Equity | United States | Diversified | 5.1% |
| Broadstone Net Lease | Common Equity | United States | Triple Net Lease | 4.6% |
| Invitation Homes | Common Equity | United States | Single Family Rental | 4.3% |
| Ventas | Common Equity | United States | Healthcare | 3.8% |
| Eastgroup Properties | Common Equity | United States | Industrial | 3.5% |
| LXP Industrial Trust | Common Equity | United States | Industrial | 3.5% |
| Equity Residential | Common Equity | United States | Multifamily | 3.4% |
| Kimco Realty Corp | Common Equity | United States | Shopping Centre | 3.4% |
| Tritax Big Box REIT | Common Equity | United Kingdom | Industrial | 3.2% |
| Vonovia | Common Equity | Germany | Multifamily | 3.2% |
| Simon Property Group | Common Equity | United States | Regional Mall | 3.2% |
| Mississauga Retail Industrial Acquisition Loan | Direct | Canada | Industrial | 3.2% |
| Automotive Properties REIT | Common Equity | Canada | Triple Net Lease | 3.1% |
| Apple Hospitality REIT | Common Equity | United States | Hotel | 3.0% |
| Glenveagh Properties | Common Equity | Ireland | Homebuilder | 3.0% |
| Ryman Hospitality Properties | Common Equity | United States | Hotel | 2.9% |
| CTP | Common Equity | Netherlands | Industrial | 2.8% |
| Castellum | Common Equity | Sweden | Office | 2.8% |
| Macerich | Common Equity | United States | Regional Mall | 2.7% |
| CBRE Group Inc | Common Equity | United States | Diversified | 2.7% |
| Top 25 Investments Asset Class Country % of NAV | Digital Realty Trust Common Equity United States 7.3% |
|---|---|
| Top 25 Investments Asset Class Country % of NAV | Cubesmart Common Equity United States 7.0% |
| Top 25 Investments Asset Class Country % of NAV | Sonida Senior Living Common Equity United States 5.4% |
| Top 25 Investments Asset Class Country % of NAV | Essential Properties Realty Trust Common Equity United States 5.3% |
| Top 25 Investments Asset Class Country % of NAV | Prologis Common Equity United States 5.2% |
| Top 25 Investments Asset Class Country % of NAV | Vanguard Real Estate ETF Common Equity United States 5.1% |
| Top 25 Investments Asset Class Country % of NAV | Broadstone Net Lease Common Equity United States 4.6% |
| Top 25 Investments Asset Class Country % of NAV | Invitation Homes Common Equity United States 4.3% |
| Top 25 Investments Asset Class Country % of NAV | Ventas Common Equity United States 3.8% |
| Top 25 Investments Asset Class Country % of NAV | Eastgroup Properties Common Equity United States 3.5% |
| Top 25 Investments Asset Class Country % of NAV | LXP Industrial Trust Common Equity United States 3.5% |
| Top 25 Investments Asset Class Country % of NAV | Equity Residential Common Equity United States 3.4% |
| Top 25 Investments Asset Class Country % of NAV | Kimco Realty Corp Common Equity United States 3.4% |
| Top 25 Investments Asset Class Country % of NAV | Tritax Big Box REIT Common Equity United Kingdom 3.2% |
| Top 25 Investments Asset Class Country % of NAV | Vonovia Common Equity Germany 3.2% |
| Top 25 Investments Asset Class Country % of NAV | Simon Property Group Common Equity United States 3.2% |
| Top 25 Investments Asset Class Country % of NAV | Mississauga Retail Industrial Acquisition Loan Direct Canada 3.2% |
| Top 25 Investments Asset Class Country % of NAV | Automotive Properties REIT Common Equity Canada 3.1% |
| Top 25 Investments Asset Class Country % of NAV | Apple Hospitality REIT Common Equity United States 3.0% |
| Top 25 Investments Asset Class Country % of NAV | Glenveagh Properties Common Equity Ireland 3.0% |
| Top 25 Investments Asset Class Country % of NAV | Ryman Hospitality Properties Common Equity United States 2.9% |
| Top 25 Investments Asset Class Country % of NAV | CTP Common Equity Netherlands 2.8% |
| Top 25 Investments Asset Class Country % of NAV | Castellum Common Equity Sweden 2.8% |
| Top 25 Investments Asset Class Country % of NAV | Macerich Common Equity United States 2.7% |
| Top 25 Investments Asset Class Country % of NAV | CBRE Group Inc Common Equity United States 2.7% |
* The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund and a quarterly update is available. All holdings shown are long-only positions.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. These materials are not to be distributed, reproduced or communicated to a third party without the express prior written consent of Hazelview Securities Inc.