AEW CAPITAL MANAGEMENT L P recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
AEW Capital Management is a private real estate investment management firm based out of Boston, Massachusetts. The company was established in 1981 and has expanded to have locations in Los Angeles, London, Paris, Hong Kong, and Singapore. AEW Capital Management operates as a subsidiary of its parent company Natixis Global Asset Management. The company has grown from its inception to now have 230 employees of which 147 are investment professionals. AEW Capital Management utilizes a value oriented methodology, focusing on the cash flows and risk profiles of selected companies. The firm utilizes a variety of focus, long/short, and diversified strategies to invest in the public equity, specifically publicly traded real estate securities, on a global scale. AEW Capital Management invests most heavily in the real estate sector, which alone makes up over three quarters of its total asset allocations, and also invests in the finance and consumer discretionary sectors, among others to a lesser degree, in order of decreasing allocation. The company invests most heavily in Simon Property Group, Inc., which alone makes up over 10% of its allocations with its top 10 holdings making up over half of its total holdings. AEW Capital Management currently holds over $28 billion in total assets under management spread across 76 accounts of which 64 are discretionary accounts, making up over $23 billion in total assets, and 12 are nondiscretionary accounts, making up the remaining $5 billion in assets. Although the company’s total number of accounts has decreased in recent years, its total assets under management has grown significantly from $10.5 billion back in 2010 to well over twice that amount today. The company caters to a variety of clients including high net worth individuals, state or municipal entities, corporations, charities, pooled investment vehicles, investment companies, pension and profit sharing plans, banking institutions, and insurance companies, among others, in order of decreasing allocation.
As of the latest 13F report, the guru’s equity portfolio contained 46 stocks valued at a total of $2.55Bil. The top holdings were PLD(12.38%), EQIX(9.04%), and PSA(5.02%).
According to GuruFocus data, these were AEW CAPITAL MANAGEMENT L P’s top five trades of the quarter.
Life Storage Inc
The guru sold out of their 598,213-share investment in NYSE:LSI. Previously, the stock had a 2.59% weight in the equity portfolio. Shares traded for an average price of $104.76 during the quarter.
On 02/07/2023, Life Storage Inc traded for a price of $123.05 per share and a market cap of $10.46Bil. The stock has returned -5.68% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Life Storage Inc has a price-earnings ratio of 30.53, a price-book ratio of 2.90, a price-earnings-to-growth (PEG) ratio of 3.05, a EV-to-Ebitda ratio of 19.96 and a price-sales ratio of 10.99.
The price-to-GF Value ratio is 1.38, earning the stock a GF Value rank of 3.
Alexandria Real Estate Equities Inc
AEW CAPITAL MANAGEMENT L P reduced their investment in NYSE:ARE by 318,558 shares. The trade had a 1.74% impact on the equity portfolio. During the quarter, the stock traded for an average price of $144.61.
On 02/07/2023, Alexandria Real Estate Equities Inc traded for a price of $167.26 per share and a market cap of $28.95Bil. The stock has returned -9.72% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Alexandria Real Estate Equities Inc has a price-earnings ratio of 53.44, a price-book ratio of 1.51, a price-earnings-to-growth (PEG) ratio of 8.62, a EV-to-Ebitda ratio of 21.95 and a price-sales ratio of 10.46.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 7.
Prologis Inc
During the quarter, AEW CAPITAL MANAGEMENT L P bought 306,655 shares of NYSE:PLD for a total holding of 2,803,410. The trade had a 1.35% impact on the equity portfolio. During the quarter, the stock traded for an average price of $110.78.
On 02/07/2023, Prologis Inc traded for a price of $131.44 per share and a market cap of $121.33Bil. The stock has returned -12.33% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Prologis Inc has a price-earnings ratio of 24.39, a price-book ratio of 2.76, a price-earnings-to-growth (PEG) ratio of 5.95, a EV-to-Ebitda ratio of 22.34 and a price-sales ratio of 18.32.
The price-to-GF Value ratio is 0.99, earning the stock a GF Value rank of 6.
Public Storage
During the quarter, AEW CAPITAL MANAGEMENT L P bought 118,055 shares of NYSE:PSA for a total holding of 457,800. The trade had a 1.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $291.61.
On 02/07/2023, Public Storage traded for a price of $307.75 per share and a market cap of $54.05Bil. The stock has returned -13.05% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Public Storage has a price-earnings ratio of 12.51, a price-book ratio of 9.50, a price-earnings-to-growth (PEG) ratio of 2.32, a EV-to-Ebitda ratio of 11.56 and a price-sales ratio of 13.47.
The price-to-GF Value ratio is 1.03, earning the stock a GF Value rank of 5.
Cousins Properties Inc
The guru established a new position worth 1,095,060 shares in NYSE:CUZ, giving the stock a 1.08% weight in the equity portfolio. Shares traded for an average price of $24.4 during the quarter.
On 02/07/2023, Cousins Properties Inc traded for a price of $26.41 per share and a market cap of $4.00Bil. The stock has returned -26.94% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Cousins Properties Inc has a price-earnings ratio of 12.76, a price-book ratio of 0.86, a price-earnings-to-growth (PEG) ratio of 0.89, a EV-to-Ebitda ratio of 9.60 and a price-sales ratio of 5.22.
The price-to-GF Value ratio is 0.74, earning the stock a GF Value rank of 10.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
