Institutional Manager · CIK 0001520710

Uniplan Investment Counsel, Inc.

MILWAUKEE, WI · File #028-16961

Latest AUM

$355.8M

Positions

227

Top-10 Concentration

30.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	Welltower Inc.	WELL	-275,887	-$51.2M	+$2.4M
REDUCE	American Tower Corporation	03027X100	-210,828	-$37.0M	-$4.2M
REDUCE	Ventas, Inc.	VTR	-302,793	-$23.4M	+$2.7M
REDUCE	Crown Castle Inc.	CCI	-211,363	-$18.8M	-$1.9M
REDUCE	Public Storage	PSA-PS	-58,709	-$15.2M	-$2.1M
REDUCE	Timken Company	TKR	-167,007	-$14.1M	+$11.0M
REDUCE	Extra Space Storage Inc.	EXR	-105,254	-$13.7M	-$1.4M
REDUCE	Equity LifeStyle Properties, Inc.	29472R108	-220,696	-$13.4M	-$22,536
REDUCE	Essex Property Trust, Inc.	297178105	-45,715	-$12.0M	-$328,207
REDUCE	BXP Inc	BXP	-154,574	-$10.4M	-$1.3M

Sector Allocation

14.9%$53.1M

10.2%$36.3M

9.9%$35.4M

7.2%$25.5M

5.9%$21.1M

4.6%$16.4M

2.6%$9.2M

Consumer Discretionary

2.5%$9.1M

Consumer Staples

1.4%$5.2M

Communication Services

0.6%$2.0M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025227 pos · $355.8M
Feb 17, 202613F HOLDINGS REPORT (Amended)Q/E Dec 2025227 pos · $995.9M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 2025226 pos · $1.02B
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 2025205 pos · $988.6M
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025209 pos · $1.03B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024143 pos · $1.08B
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 2024132 pos · $1.15B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 2024131 pos · $1.1M
May 15, 202413F HOLDINGS REPORTQ/E Mar 2024137 pos · $1.3M
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 2023140 pos · $1.3M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Welltower Inc.	WELL	48,889	$9.1M	3.69%
2	WisdomTree Floating Rate Treasury Fund	WT	168,505	$8.5M	3.45%
3	Sprott Inc.	SII	85,326	$8.4M	3.40%
4	Ligand Pharmaceuticals Incorporated	LGNZZ	40,108	$7.6M	3.08%
5	Lincoln Educational Services Corporation	533535100	294,979	$7.1M	2.90%
6	American Tower Corporation	03027X100	40,572	$7.1M	2.90%
7	Equinix, Inc.	EQIX	8,748	$6.7M	2.73%
8	Build-A-Bear Workshop, Inc.	BBW	109,254	$6.7M	2.72%
9	TeraWulf Inc.	WULF	569,941	$6.5M	2.66%
10	Mama's Creations, Inc.	56146T103	483,224	$6.5M	2.65%
11	NPK International Inc.	NPKI	536,108	$6.4M	2.60%
12	Solaris Energy Infrastructure, Inc. Class A	SEI	137,943	$6.3M	2.58%
13	Simon Property Group, Inc.	828806109	32,988	$6.1M	2.48%
14	IRadimed Corp.	IRMD	62,394	$6.1M	2.47%
15	Strata Critical Medical, Inc. Class A	SRTAW	1,207,668	$5.8M	2.36%
16	Axogen, Inc.	AXGN	170,620	$5.6M	2.27%
17	AZZ Inc.	AZZ	51,285	$5.5M	2.24%
18	Banco Latinoamericano de Comercio Exterior, S.A. Class E	P16994132	122,382	$5.5M	2.22%
19	Gorman-Rupp Company	GRC	109,742	$5.2M	2.13%
20	Red Violet, Inc.	RDVT	90,849	$5.2M	2.10%