L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 10 Feb 2026
Managers listing it
29
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 5 listed it in both
Shares listed
17,926,123
combined, among listed positions
Reported value
$877m
combined, at the quarter end

Among the 92 comparable managers: 21 buyers (opened or added shares) and 11 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +3,511,154.

Managers listing ARE in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

29 of 29 holders

ActionFiling
Invesco Ltd6,033,304$295munder 0.1%Added+2,211,42419 Feb 2026 (the filing on sec.gov)
Capital World Investors3,720,956$182munder 0.1%Added+29,57511 Feb 2026 (the filing on sec.gov)
Freestone Grove Partners LP1,474,123$72m0.52%Newnew17 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc1,232,975$60munder 0.1%Added+348,17917 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC866,607$42munder 0.1%Added+546,48917 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp636,640$31m0.06%Newnew17 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC584,282$29munder 0.1%Trimmed-1,980,63317 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.517,037$25munder 0.1%Added+311,21717 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)400,028$20munder 0.1%Trimmed-45,41817 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP395,158$19munder 0.1%Added+346,89417 Feb 2026 (the filing on sec.gov)
Millennium Management LLC388,366$19munder 0.1%Added+10,28217 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP359,177$18munder 0.1%Trimmed-67,68117 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC285,960$14munder 0.1%Trimmed-9,35327 Oct 2026 (the filing on sec.gov)
Marshall Wace LLP200,038$9.8munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC127,913$6.3munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP111,500$5.5munder 0.1%Added+109,10017 Feb 2026 (the filing on sec.gov)
Quantbot Technologies LP105,034$5.1m0.17%Newnew10 Feb 2026 (the filing on sec.gov)
Man Group PLC87,412$4.3munder 0.1%Added+73,81217 Feb 2026 (the filing on sec.gov)
Caxton Associates LLP85,990$4.2m0.08%Added+58,22313 Feb 2026 (the filing on sec.gov)
Acadian Asset Management LLC65,673$3.2munder 0.1%Newnew10 Feb 2026 (the filing on sec.gov)
Squarepoint Ops LLC59,256$2.9munder 0.1%Trimmed-57,33113 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC54,279$2.7munder 0.1%Newnew12 Feb 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP34,210$1.7munder 0.1%Trimmed-3,42017 Feb 2026 (the filing on sec.gov)
Holocene Advisors LP30,326$1.5munder 0.1%Added+16,35017 Feb 2026 (the filing on sec.gov)
Woodline Partners LP26,540$1.3munder 0.1%Added+5,96717 Feb 2026 (the filing on sec.gov)
Page 1 of 2

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
8 in Q3 2024 to 6 in Q2 2026

Tracked managers listing it, at least.

051015202014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
ARE by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20135$57mn.a.n.a.
Q3 20136$72mn.a.n.a.
Q4 20132$36mn.a.n.a.
Q1 20144$137mn.a.n.a.
Q2 20145$178mn.a.n.a.
Q3 20144$134mn.a.n.a.
Q4 20145$530mn.a.n.a.
Q1 20154$698mn.a.n.a.
Q2 20154$666mn.a.n.a.
Q3 20158$697mn.a.n.a.
Q4 20155$340mn.a.n.a.
Q1 20163$316mn.a.n.a.
Q2 20163$497mn.a.n.a.
Q3 20165$487mn.a.n.a.
Q4 20169$417mn.a.n.a.
Q1 20179$709mn.a.n.a.
Q2 20179$842mn.a.n.a.
Q3 201710$736mn.a.n.a.
Q4 201710$1.1bnn.a.n.a.
Q1 201811$1.3bnn.a.n.a.
Q2 201813$1.4bnn.a.n.a.
Q3 201812$1.4bnn.a.n.a.
Q4 201811$1.1bnn.a.n.a.
Q1 20199$1.6bnn.a.n.a.
Q2 201918$2.2bnn.a.n.a.
Q3 201914$2.3bnn.a.n.a.
Q4 201914$2.6bnn.a.n.a.
Q1 202015$2.1bnn.a.n.a.
Q2 202011$2.2bnn.a.n.a.
Q3 202016$2.8bnn.a.n.a.
Q4 202010$2.5bnn.a.n.a.
Q1 202113$2.0bnn.a.n.a.
Q2 202115$2.9bnn.a.n.a.
Q3 202113$3.5bnn.a.n.a.
Q4 202113$3.8bnn.a.n.a.
Q1 202216$2.6bnn.a.n.a.
Q2 202215$1.4bnn.a.n.a.
Q3 202211$1.2bnn.a.n.a.
Q4 20228$910mn.a.n.a.
Q1 202310$782mn.a.n.a.
Q2 20239$573mn.a.n.a.
Q3 20238$498mn.a.n.a.
Q4 20234$690m33
Q1 20246$800m61
Q2 20248$786m53
Q3 20248$742m53
Q4 202410$505m64
Q1 20258$804m63
Q2 20258$534m80
Q3 20257$922m42
Q4 20255$295m2111
Q1 20266$341m1417
Q2 20266$861m1019

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

ARE and WELL →ARE and EQIX →ARE and PLD →Choose a stock to compare with ARE →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own ARE, latest filings →Back to the 13F Explorer →