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Long Pond Capital, LP
John Khoury · Hedge Fund · Long/Short Equity
Founded in 2010 by John Khoury, Long Pond Capital, LP is a New York-based investment management firm specializing in real estate and real estate-related securities. The firm employs a fundamental, research-driven approach to identify mispriced opportunities within the global real estate market. Long Pond focuses on a long/short equity strategy, utilizing deep sector expertise to invest across various sub-sectors including REITs, lodging, gaming, and housing. The firm is recognized for its niche expertise in the publicly traded real estate sector and its ability to identify valuation gaps between public market prices and the intrinsic value of underlying assets.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +5.6% |
| YTD return | +3.9% |
| Sharpe ratio | 2.36 |
| Win rate | 46% |
| AUM | $1.0B |
| Inception | Oct 1, 2025 |
| Updated | Sep 4, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.0B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | http://www.longpond.com/ |
Current Holdings
Updated on Sep 4, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| JAN | Janus Living, Inc. | 9.8% | +15.5% |
| IRT | Independence Realty Trust Inc | 9.4% | -0.9% |
| PRKS | United Parks & Resorts Inc | 7.4% | +7.6% |
| COLD | Americold Realty Trust | 7.0% | +12.0% |
| JBGS | JBG SMITH Properties | 6.4% | -33.7% |
| INN | Summit Hotel Properties Inc | 6.0% | +5.3% |
| TRTX | TPG RE Finance Trust Inc | 6.0% | -5.5% |
| DOC | Healthpeak Properties Inc | 5.4% | +4.1% |
| WH | Wyndham Hotels & Resorts Inc | 5.3% | -9.1% |
| WYNN | Wynn Resorts Limited | 5.0% | -6.4% |
| CPT | Camden Property Trust | 4.5% | +0.8% |
| H | Hyatt Hotels Corporation | 4.1% | +13.8% |
| KREF | KKR Real Estate Finance Trust Inc | 4.1% | +7.1% |
| KRC | Kilroy Realty Corp | 4.1% | +9.1% |
| AMH | American Homes 4 Rent | 3.7% | -0.1% |
| NCLH | Norwegian Cruise Line Holdings Ltd | 3.3% | -5.4% |
| HGV | Hilton Grand Vacations Inc | 2.4% | -2.4% |
| POOL | Pool Corporation | 2.2% | -0.2% |
| SMA | SmartStop Self Storage REIT, Inc. | 2.1% | +5.7% |
| CUBE | CubeSmart | 1.8% | -5.5% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Jul 20, 2026 | BUY | IRT | 9.6% → 9.4% |
| Jul 20, 2026 | SELL | PRKS | 7.9% → 7.4% |
| Jul 20, 2026 | BUY | AMH | 3.7% → 3.7% |
| Jul 20, 2026 | SELL | LINE | 1.7% → 0.0% |
| Jul 20, 2026 | BUY | CUBE | 0.0% → 1.8% |
Investment Style Analysis
Long Pond Capital, LP is widely recognized for employing a Long/Short Equity strategy. As of Sep 4, 2026, the firm oversees approximately $1.0B in assets under management (AUM). The portfolio demonstrates a clear preference for the REIT - Residential and REIT - Industrial sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Jul 20, Long Pond Capital, LP made a significant move by increasing exposure to IRT. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Long Pond Capital utilizes a rigorous, bottom-up fundamental research process to identify 'asymmetry,' which it defines as a disconnect between a security's public market price and the intrinsic value of its underlying real estate assets. The firm maintains a long-term investment orientation and leverages deep industry knowledge to navigate market volatility. Their philosophy is predicated on unemotional decision-making and intellectual honesty, seeking to build a concentrated portfolio of companies with asymmetric return profiles and robust downside protection through identifying misunderstood businesses in the public real estate market.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Long Pond Capital, LP.
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Frequently asked questions
How is the simulated portfolio for Long Pond Capital, LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Long Pond Capital, LP's largest holding?
As of the latest filing, Long Pond Capital, LP's top position is Janus Living, Inc. (JAN), representing 9.8% of the portfolio. This reflects a high-conviction bet by the institution.
What is Long Pond Capital, LP's historical performance and risk profile?
Our simulation indicates a total return of +5.6% with a win rate of 46%. Notably, the portfolio maintains a Sharpe Ratio of 2.36, suggesting an excellent level of risk-adjusted returns compared to the broader market.
What sectors does Long Pond Capital, LP primarily invest in?
Long Pond Capital, LP has a strong preference for the REIT - Residential sector, which makes up 17.6% of their disclosed assets. The portfolio also has exposure to REIT - Industrial, indicating a specific thematic focus.
Is Long Pond Capital, LP's portfolio concentrated or diversified?
Long Pond Capital, LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 26.6% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Long Pond Capital, LP performed in 2026?
Our AI-simulated model portfolio for Long Pond Capital, LP tracks a Year-to-Date (YTD) return of +3.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does John Khoury manage Long Pond Capital, LP directly?
Yes, John Khoury serves as the key portfolio manager for Long Pond Capital, LP, overseeing the investment strategy and final capital allocation decisions.