Hazelview Securities Inc.

2. Key Holdings

The portfolio is characterized by heavy concentration in its top-tier assets, which are predominantly Real Estate Investment Trusts (REITs) classified here under Financial Services.

• Prologis Inc. (PLD) remains the dominant position, valued at $52.87 million, representing 17.60% of the portfolio. Despite a minor increase in share count (+1.3%), its status as the largest holding underscores a conviction in industrial logistics and warehousing.
• Welltower Inc. (WELL) and Equinix Inc. (EQIX) follow as the second and third largest holdings, comprising 12.75% and 11.47% of the portfolio, respectively. These positions reflect a focus on healthcare infrastructure and digital data centers.
• Top 10 Concentration: The top 10 holdings account for the vast majority of the portfolio's value, with positions 1 through 11 (ranging from PLD to INVH) each holding over 4.9% weight. This creates a bar-bell structure where the top assets drive performance, while positions 13 through 19 are negligible, representing less than 0.10% each.