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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
+2.67%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.18B
AUM Growth
-$61.9M
Cap. Flow
-$88M
Cap. Flow %
-7.46%
Top 10 Hldgs %
47.97%
Holding
297
New
31
Increased
75
Reduced
86
Closed
37

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$46.6M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$45.2M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$31.7M
4
SBRA icon
Sabra Healthcare REIT
SBRA
+$16.1M
5
ARE.PRD
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
+$2.81M

Top Sells

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$79.5M
2
VRE
Veris Residential
VRE
+$21.6M
3
INN
Summit Hotel Properties
INN
+$17.7M
4
ROIC
Retail Opportunity Investments Corp.
ROIC
+$16.5M
5
CCG
CAMPUS CREST COMMUNITIES INC COM STK (MD)
CCG
+$15.2M

Sector Composition

Rank Sector Weight
1 Real Estate 37.2%
2 Financials 3.38%
3 Consumer Staples 2.03%
4 Technology 1.77%
5 Communication Services 1.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MUB icon
276
iShares National Muni Bond ETF
MUB
$45.5B
– –
-265
Closed -$29K
SRS icon
277
ProShares UltraShort Real Estate
SRS
$14.7M
– –
-500
Closed -$211K
T icon
278
AT&T
T
$152B
– –
-19,860
Closed -$489K
TGT icon
279
Target
TGT
$63.4B
– –
-5,700
Closed -$448K
TRGP icon
280
Targa Resources
TRGP
$60.7B
– –
-10,700
Closed -$551K
VCIT icon
281
Vanguard Intermediate-Term Corporate Bond ETF
VCIT
$66.7B
– –
-35,000
Closed -$2.99M
VZ icon
282
Verizon
VZ
$182B
– –
-10,450
Closed -$455K
WBA
283
DELISTED
Walgreens Boots Alliance
WBA
– –
-2,300
Closed -$191K
RPT
284
Rithm Property Trust
RPT
$84.6M
– –
-34,500
Closed -$2.47M
SRC
285
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
– –
-4,460
Closed -$183K
ATCO
286
DELISTED
Atlas Corp.
ATCO
– –
-36,400
Closed -$558K
BRG
287
DELISTED
Bluerock Residential Growth REIT, Inc.
BRG
– –
-59,000
Closed -$707K
SAFM
288
DELISTED
Sanderson Farms Inc
SAFM
– –
-3,500
Closed -$240K
VER
289
DELISTED
VEREIT, Inc.
VER
– –
-150,000
Closed -$5.79M
PEGI
290
DELISTED
Pattern Energy Group Inc. Class A
PEGI
– –
-22,500
Closed -$430K
RSO
291
DELISTED
Resource Capital Corp.
RSO
– –
-10,000
Closed -$112K
BEE
292
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
– –
-80,000
Closed -$1.1M
XOOM
293
DELISTED
XOOM CORP COM
XOOM
– –
-325
Closed -$8K
HME
294
DELISTED
HOME PROPERTIES, INC
HME
– –
-4,408
Closed -$329K
FM
295
DELISTED
iShares Frontier and Select EM ETF
FM
– –
-70,050
Closed -$1.76M
UDF
296
DELISTED
UNITED DEV FDG IV COM SHS OF BENE INT (TX)
UDF
– –
-20,000
Closed -$352K
8 9 10 11
12

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Forward Management's Q4 2015 Portfolio in Review

As of Q4 2015, Forward Management held 297 positions worth $1.18B, down 5% from $1.24B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Forward Management withdrew a net $88M in Q4 2015, closing 37 positions and reducing 86 holdings. Its most notable exit was Ladder Capital, an estimated $9.67M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 37% of assets, down from 43% a quarter earlier, followed by Financials and Consumer Staples.

Against the trend, Forward Management opened a new position in iShares Russell 2000 ETF worth $45.5M.

  • Forward Management's largest Q4 2015 buy was iShares Russell 2000 ETF: 403,671 shares worth $45.5M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q4 2015, an estimated $31.7M increase.
  • Forward Management's biggest Q4 2015 reduction was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, cutting an estimated $79.5M.
  • Forward Management fully exited Ladder Capital in Q4 2015, selling an estimated $9.67M.
  • Forward Management's ten largest holdings make up 48% of its $1.18B portfolio in Q4 2015.
  • Forward Management opened 31 new positions and closed 37 in Q4 2015.
  • Forward Management's portfolio value fell 5% quarter-over-quarter to $1.18B.

Based on Forward Management's 13F filing for Q4 2015, filed 11 Feb 2016.