# EDGAR Filing Document

**Accession Number:** 0001323414
**File Stem:** 0001193125-25-256152
**Filing Date:** 2025-10
**Character Count:** 11643
**Document Hash:** 27b25ee255302a76de59b7eb5f8f502d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-256152.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001193125-25-256152

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC HEIGHTS ASSET MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001323414

**ORGANIZATION NAME:**
- **EIN:** 431982007
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11706
- **FILM NUMBER:** 251429551

**BUSINESS ADDRESS:**
- **STREET 1:** 600 MONTGOMERY STREET
- **STREET 2:** SUITE 4100
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415 398-8000

**MAIL ADDRESS:**
- **STREET 1:** 600 MONTGOMERY STREET
- **STREET 2:** SUITE 4100
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Pacific Heights Asset Management LLC<br>**Address:** 600 Montgomery Street<br>Suite 4100<br>San Francisco, CA 94111

**Form 13F File Number:** 028-11706

**SEC File Number (if applicable):** 028-11706

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** MICHAEL J. CUGGINO<br>**Title:** PRESIDENT CEO AND MANAGER<br>**Phone:** (415) 398-8000

**Signature, Place, and Date of Signing:**

/S/ MICHAEL J. CUGGINO  SAN FRANCISCO, CA  10-29-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 79

**Form 13F Information Table Value Total:** $2257156360

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 32155200 | 440000 | SH |  | SOLE |  | 440000 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 15402000 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 23181200 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 16216000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| ALEXANDER  BALDWIN INC | COM NEW | 014491104 |  | 3638000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 24040000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 23987000 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 10319000 | 425000 | SH |  | SOLE |  | 425000 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 75446700 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 26175650 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 27001950 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 16419450 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| BHP BILLITON LTD | SPONSORED ADR | 088606108 |  | 19512500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| BIRCHCLIFF ENERGY LTD | COM | 090697103 |  | 14420000 | 3500000 | SH |  | SOLE |  | 3500000 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 10338000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 79178400 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| BXP INC (formerly Boston Properties Inc.) | COM | 101121101 |  | 13009500 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 41930000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 15980000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 14898000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| CENTERSPACE | COM | 15202L107 |  | 13252500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| CHEVRON CORP | COM NEW | 166764100 |  | 32610900 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 19863900 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM NEW | 22160K105 |  | 48132760 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| CUBESMART | COM | 229663109 |  | 12198000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| DEVON ENERGY CORPORATION | COM NEW | 25179M103 |  | 17530000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 21610000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 17175000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 22751100 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 23677500 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| FEDERAL RLTY INVT TR | SH BEN INT NEW | 313745101 |  | 15196500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 20043850 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| FLUOR CORP NEW | COM NEW | 343412102 |  | 13672750 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 100011000 | 2550000 | SH |  | SOLE |  | 2550000 | 0 | 0 |
| HF SINCLAIR CORPORATION | COM | 403949100 |  | 18319000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| HIGHWOODS PPTYS INC | COM | 431284108 |  | 7955000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 26076000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| IPG PHOTONICS CORP | COM | 44980X109 |  | 15838000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 10925000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 22057000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 37440750 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 11565450 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 117500800 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 16805000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 38150400 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| MURPHY OIL CORP | COM | 626717102 |  | 14205000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 20991650 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 17613000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 145532400 | 780000 | SH |  | SOLE |  | 780000 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 17010000 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| OCCIDENTAL PETROLEUM CORP WARRANT | EXP 08/03/2027 | 674599162 |  | 2550000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| OUTFRONT MEDIA INC | COM NEW | 69007J304 |  | 12824000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 19584300 | 485000 | SH |  | SOLE |  | 485000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 204310400 | 1120000 | SH |  | SOLE |  | 1120000 | 0 | 0 |
| PARKER HANNIFIN CORP | COM | 701094104 |  | 49279750 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 12241800 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| PROLOGIS INC | COM | 74340W103 |  | 25767000 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| QUANTUM COMPUTING INC | COM | 74766W108 |  | 11966500 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| REGENCY CTRS CORP | COM | 758849103 |  | 16402500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 21453250 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 18864000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM NEW | 808513105 |  | 24822200 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 23458750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| SOUTH32 LTD | ADR | 84473L105 |  | 4530000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| STAG INDL INC | COM | 85254J102 |  | 14116000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| STATE STREET CORPORATION | COM | 857477103 |  | 21461850 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 19600000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| TEXAS PACIFIC LAND CORP | COM | 88262P102 |  | 172723400 | 185000 | SH |  | SOLE |  | 185000 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 20018000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 25472200 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 8383500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| UMH PPTYS INC | COM | 903002103 |  | 5940000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| VALE SA | ADR | 91912E105 |  | 5430000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 13377000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 22189700 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 |  | 8106000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| WEYERHAEUSER CO | COM | 962166104 |  | 8676500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 25408500 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 19240500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |

---