The Bucket
A single small position — Kilroy Realty (KRC) at 0.9 % of the Q4 2025 13F. The smallest bucket and the most ambiguous one in terms of fit with the fund thesis.
Thesis (Two Plausible Readings)
The fund has not publicly described the rationale. Two readings stand out:
- Long: data-center-adjacent West Coast office REIT. Kilroy is concentrated in San Francisco Bay Area, Seattle, San Diego, and LA — the same metros where AI lab tenants (OpenAI, Anthropic, Scale AI, the cohort of well-funded foundation-model startups) are signing the largest gross office leases in the US. After two years of office-REIT pain, KRC could re-rate as AI-tenant absorption tightens supply in these specific submarkets.
- Pair-trade or hedge. It is also possible (but unconfirmed) that the long sits against a short basket of generic office REITs in the fund’s non-13F book, expressing a “AI tenants concentrate, generic office collapses” view rather than a directional long.
Confidence on either interpretation is medium. KRC is the only real-estate name in the 13F, and at <1% sizing it functions more as a thematic side-bet than as a core position.
What This Bucket Is Not
- Not a digital-infrastructure REIT (no Equinix, Digital Realty, Iron Mountain). The fund prefers the BTC-miner pivot expression for “data center long” rather than the established DC REITs.
- Not a pure landlord pure-play. Kilroy is largely traditional office space, not purpose-built data centers.
Constituents
| Company | Ticker | Q4 2025 value | % of 13F |
|---|---|---|---|
| Kilroy Realty | KRC | $49.6 M | 0.90% |
Position History
New entry in Q4 2025 at roughly current size. No historical position to compare against.