Long Pond's Active ETF Holds 20 to 25 Cheapest Among 80 Target Real Estate Firms
John Khoury · John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474) · Dec 1, 2025 · at 53:38
John Khoury, founder of Long Pond Capital, outlines the portfolio construction and investment strategy for Long Pond's actively managed real estate ETF.
0:00 / 0:26exact quote · 26.4s
720p mp4 · rendered on demand · StarZero watermark
“What we've done is we've taken the data that we have over the last 15 years of analyzing these companies, and we've said, there are 80 high-quality real estate companies. These are secular winners, compounders like Hilton. That will be the investable universe for the ETF. From an active perspective, we're going to own The 20 to 25 cheapest of those companies at any given point in time.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from John Khoury
Khoury: 80% of Pod Hedge Fund Returns Arrive Around Quarterly Earnings
“80% of the returns of these pods are generated on quarterly earnings or the day after quarterly earnings, which means they are looking out for one quarter.”
Khoury: AI Office Vacancies Will Eventually Dwarf AI Tenant Demand
“That space that AI tenants are taking will be dwarfed by the magnitude of vacancy that they create over time.”
Khoury: Sunbelt Apartments Due for Rent Surge as Ratios Hit 19%
“Rent to income in the Sunbelt Has been going lower and lower and lower every year. So once you get back to equilibrium, we're of the view that it's not going to be, oh, we're back at equilibrium. We're going to grow a little bit. You're back with equilibrium. …”
Khoury: Buying Distressed Real Estate and Waiting for Recovery Is Dead
“If real estate went down, you could buy it and just wait, and generally it would come back over time, and that's certainly not true anymore.”