Forward Management’s iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 VXX Stock Holding History

Forward Management’s Portfolio VXX Stock Details VXX Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-125	Closed	-$62K	–	467
2014 Q3	$62K	Buy	+125	New	+$57.8K	﹤0.01%	342
2013 Q4	–	Sell	-367	Closed	-$345K	–	443
2013 Q3	$345K	Hold	367	–	–	0.02%	271
2013 Q2	$487K	Buy	+367	New	+$460K	0.04%	215

Other funds holding VXX

Barclays London, United Kingdom $416B AUM 33.63% 1-Year Est. Return

BNP Paribas Financial Markets Paris, France $206B AUM 31.61% 1-Year Est. Return

Deutsche Bank Frankfurt Am Main Ge, Germany $303B AUM 30.15% 1-Year Est. Return

WBI Investments Red Bank, New Jersey $362M AUM 23.75% 1-Year Est. Return

Walleye Trading New York $60B AUM 42.19% 1-Year Est. Return

QCM

QFR Capital Management New York $37.8M AUM

FTUS

Flow Traders U.S. New York $3.16B AUM 19.52% 1-Year Est. Return

HBK Investments Dallas, Texas $9.85B AUM 55.6% 1-Year Est. Return

Goldman Sachs New York $871B AUM 31.28% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

Forward Management's VXX Position: Q4 2014 in Review

Forward Management sold out of iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 (VXX) in Q4 2014, closing a stake of 125 shares — an estimated $62K sold.

Forward Management first reported a position in VXX in Q2 2013 and held it in 3 quarters. The position peaked at $487K in Q2 2013. 90 funds tracked by Wall St. Rank hold VXX as of Q4 2014.

Forward Management reported no remaining iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 position as of Q4 2014 after selling out during the quarter.
Forward Management sold 125 iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 shares in Q4 2014, an estimated $62K.
Forward Management first reported a position in iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 in Q2 2013 and held it in 3 quarters.
Forward Management's iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 position peaked at $487K in Q2 2013.
90 funds tracked by Wall St. Rank held iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 as of Q4 2014.

Based on Forward Management's 13F filing for Q4 2014, filed 10 Feb 2015.