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FM

Forward Management Portfolio holdings

AUM $907M
1-Year Est. Return 0.46%
This Fund
S&P 500
This Quarter Est. Return
+0.25%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.54B
AUM Growth
+$322M
Cap. Flow
-$50.9M
Cap. Flow %
-3.3%
Top 10 Hldgs %
43.87%
Holding
405
New
61
Increased
102
Reduced
104
Closed
42

Top Buys

Rank Stock Value
1
DLR icon
Digital Realty Trust
DLR
+$21.5M
2
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$15.1M
3
AEC
ASSOCIATED ESTATES REALTY CORP
AEC
+$8.66M
4
DRE
Duke Realty Corp.
DRE
+$7.86M
5
MPT
Medical Properties Trust
MPT
+$5.96M

Top Sells

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$35.1M
2
SUI icon
Sun Communities
SUI
+$19.9M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$11.4M
4
RPAI
RETAIL PROPERTIES OF AMERICA, INC.
RPAI
+$11.3M
5
SVC
Service Properties Trust
SVC
+$10.5M

Sector Composition

Rank Sector Weight
1 Real Estate 39.94%
2 Healthcare 3.37%
3 Financials 2.13%
4 Energy 2.13%
5 Industrials 1.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SWC
276
DELISTED
Stillwater Mining Co
SWC
$330K 0.02%
30,000
– –
CTWS
277
DELISTED
Connecticut Water Service Inc
CTWS
$322K 0.02%
10,000
-10,201
-50% -$310K
DEST
278
DELISTED
Destination Maternity Corporation
DEST
$318K 0.02%
10,000
– –
WWAV
279
DELISTED
The WhiteWave Foods Company
WWAV
$316K 0.02%
15,800
– –
NNBR icon
280
NN Inc
NNBR
$268M
$311K 0.02%
+20,000
New +$269K
LRN icon
281
Stride
LRN
$3.64B
$309K 0.02%
10,000
– –
FICO icon
282
Fair Isaac
FICO
$29.3B
$303K 0.02%
+5,500
New +$282K
PSUN
283
DELISTED
PACIFIC SUNWEAR OF CAL. INC
PSUN
$300K 0.02%
100,000
– –
SLB icon
284
SLB Ltd
SLB
$69.4B
$298K 0.02%
3,500
– –
PDCE
285
DELISTED
PDC Energy, Inc.
PDCE
$298K 0.02%
5,000
– –
IWV icon
286
iShares Russell 3000 ETF
IWV
$19.6B
$296K 0.02%
2,930
-5,670
-66% -$568K
NBIX icon
287
Neurocrine Biosciences
NBIX
$17.4B
$283K 0.02%
25,000
-37,100
-60% -$510K
MM
288
DELISTED
MILLENNIAL MEDIA INC COM STK (DE)
MM
$283K 0.02%
40,000
-10,000
-20% -$80.9K
JIVE
289
DELISTED
Jive Software, Inc.
JIVE
$273K 0.02%
21,600
+1,600
+8% +$23K
CSGP icon
290
CoStar Group
CSGP
$12.1B
$269K 0.02%
20,000
-14,000
-41% -$215K
KEYW
291
DELISTED
The KEYW Holding Corporation
KEYW
$269K 0.02%
20,000
– –
LMNR icon
292
Limoneira
LMNR
$241M
$257K 0.02%
10,000
– –
NSLR
293
Neostellar Capital Corp
NSLR
$285M
$252K 0.02%
26,182
+16,941
+183% +$123K
ATRO icon
294
Astronics
ATRO
$3.32B
$249K 0.02%
13,677
– –
SKH
295
DELISTED
SKILLED HEALTHCARE GROUP, INC. CLASS A COM STK
SKH
$240K 0.02%
+55,000
New +$298K
CVGI icon
296
Commercial Vehicle Group
CVGI
$151M
$239K 0.02%
+30,000
New +$227K
BRE
297
DELISTED
BRE PROPERTIES INC CL A
BRE
$233K 0.02%
4,600
– –
ACAD icon
298
Acadia Pharmaceuticals
ACAD
$4.3B
$223K 0.01%
11,010
+3,110
+39% +$65K
NPTN
299
DELISTED
NEOPHOTONICS CORP
NPTN
$222K 0.01%
30,000
– –
INSM icon
300
Insmed
INSM
$23.2B
$221K 0.01%
+15,150
New +$192K
10 11
12
13 14

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PS
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CGM
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CL
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AEPI
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AIL
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H6H
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Forward Management's Q3 2013 Portfolio in Review

As of Q3 2013, Forward Management held 405 positions worth $1.54B, up 26% from $1.22B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Forward Management withdrew a net $50.9M in Q3 2013, closing 42 positions and reducing 104 holdings. Its most notable exit was Sun Communities, an estimated $19.9M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 40% of assets, down from 51% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Forward Management opened a new position in iShares MSCI Emerging Markets ETF worth $15.5M.

  • Forward Management's largest Q3 2013 buy was iShares MSCI Emerging Markets ETF: 380,978 shares worth $15.5M.
  • Forward Management added most to Digital Realty Trust in Q3 2013, an estimated $21.5M increase.
  • Forward Management's biggest Q3 2013 reduction was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, cutting an estimated $35.1M.
  • Forward Management fully exited Sun Communities in Q3 2013, selling an estimated $19.9M.
  • Forward Management's ten largest holdings make up 44% of its $1.54B portfolio in Q3 2013.
  • Forward Management opened 61 new positions and closed 42 in Q3 2013.
  • Forward Management's portfolio value rose 26% quarter-over-quarter to $1.54B.

Based on Forward Management's 13F filing for Q3 2013, filed 6 Nov 2013.