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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
LPT
26
DELISTED
Liberty Property Trust
LPT
$15.7M 1.02%
442,350
+157,500
+55% +$5.77M
EEM icon
27
iShares MSCI Emerging Markets ETF
EEM
$28B
$15.5M 1.01%
+380,978
New +$15.1M
EXL
28
DELISTED
EXCEL TRUST , INC COM STK
EXL
$15.4M 1%
1,284,406
– –
RPT.PRD
29
DELISTED
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$14.5M 0.94%
245,700
– –
VGSH icon
30
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$14.2M 0.92%
233,900
– –
LXP.PRC icon
31
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$13.9M 0.9%
303,428
– –
FUR
32
DELISTED
WINTHROP REALTY TRUST SHS BENE INT (NEW)
FUR
$13.7M 0.89%
1,226,336
+234,800
+24% +$2.91M
SYT
33
DELISTED
Syngenta Ag
SYT
$13.3M 0.87%
164,147
+3,547
+2% +$285K
ROIC
34
DELISTED
Retail Opportunity Investments Corp.
ROIC
$12.7M 0.82%
916,600
– –
AHRT
35
AH Realty Trust
AHRT
$535M
$11.7M 0.76%
1,181,900
+5,000
+0.4% +$52K
WPP icon
36
WPP
WPP
$4.11B
$8.91M 0.58%
86,551
+1,083
+1% +$102K
RPAI
37
DELISTED
RETAIL PROPERTIES OF AMERICA, INC.
RPAI
$8.03M 0.52%
583,700
-796,300
-58% -$11.3M
TSRE
38
DELISTED
TRADE STREET RESIDENTIAL, INC. COMMON STOCK
TSRE
$7.96M 0.52%
1,391,883
+4,625
+0.3% +$28.8K
AVB icon
39
AvalonBay Communities
AVB
$27.4B
$7.87M 0.51%
61,915
-3,636
-6% -$480K
DRE
40
DELISTED
Duke Realty Corp.
DRE
$7.72M 0.5%
+500,000
New +$7.86M
CYD icon
41
China Yuchai International
CYD
$1.65B
$7.64M 0.5%
334,796
+64,843
+24% +$1.27M
HSBC icon
42
HSBC
HSBC
$345B
$7.19M 0.47%
153,693
+107,137
+230% +$5.08M
VCSH icon
43
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$7.07M 0.46%
88,800
– –
BSCD
44
DELISTED
CLAYMORE GUGGENHEIM BULLETSHARES 2013 CORP BD ETF
BSCD
$7.03M 0.46%
335,000
– –
WSR
45
DELISTED
Whitestone REIT
WSR
$7M 0.45%
475,000
-170,200
-26% -$2.63M
MR
46
DELISTED
MINDRAY MED INTL LTD SPONSORED ADR REPSTG CL A
MR
$6.81M 0.44%
177,524
+27,460
+18% +$1.11M
EQR icon
47
Equity Residential
EQR
$25.9B
$6.79M 0.44%
126,800
-1,600
-1% -$88.2K
ACRE
48
Ares Commercial Real Estate
ACRE
$256M
$6.78M 0.44%
545,700
+35,000
+7% +$447K
ESV
49
DELISTED
Ensco Rowan plc
ESV
$6.41M 0.42%
29,285
-5,417
-16% -$1.24M
UL icon
50
Unilever
UL
$134B
$6.36M 0.41%
146,443
+31,651
+28% +$1.44M
1
2
3 4 5

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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.