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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
+0.84%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.19B
AUM Growth
-$247M
Cap. Flow
-$253M
Cap. Flow %
-21.31%
Top 10 Hldgs %
51.12%
Holding
240
New
14
Increased
54
Reduced
61
Closed
56

Top Buys

1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$70.2M
2
DBRG icon
DigitalBridge
DBRG
+$41.4M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$30.9M
4
WPG
Washington Prime Group Inc.
WPG
+$26.6M
5
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$23.5M

Top Sells

1
IWM icon
iShares Russell 2000 ETF
IWM
+$123M
2
CLNY
Colony Capital, Inc.
CLNY
+$37.8M
3
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$36.3M
4
AMH icon
American Homes 4 Rent
AMH
+$30.3M
5
EPD icon
Enterprise Products Partners
EPD
+$20.4M

Sector Composition

1 Real Estate 33.77%
2 Financials 4.45%
3 Technology 1.38%
4 Communication Services 1.33%
5 Healthcare 1.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UBP.PRG.CL
26
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.6M 0.98%
450,000
– –
CORR.PRA
27
DELISTED
CorEnergy Infrastructure Trust, Inc Depositary Shares representing a 1/100th fractional interest of a share of 7.375% Series A Cumulative Redeemable Preferred Stock
CORR.PRA
$10.1M 0.85%
400,000
– –
CLPR
28
Clipper Realty
CLPR
$46.9M
$9.49M 0.8%
+740,500
New +$10M
WHLRP
29
Wheeler Real Estate Investment Trust Preferred Stock
WHLRP
$9.4M 0.79%
390,000
– –
EPR.PRC icon
30
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$7.13M 0.6%
248,700
– –
AAT
31
American Assets Trust
AAT
$1.59B
$6.87M 0.58%
164,200
– –
SLB icon
32
SLB Ltd
SLB
$70.4B
$6.09M 0.51%
78,605
-23,552
-23% -$1.93M
CYD icon
33
China Yuchai International
CYD
$1.68B
$5.28M 0.45%
306,325
-55,324
-15% -$852K
WHLRD
34
Wheeler Real Estate Investment Trust Series D Preferred Stock
WHLRD
$5.2M 0.44%
200,000
– –
SKIS
35
DELISTED
Peak Resorts, Inc.
SKIS
$4.5M 0.38%
796,083
-455,917
-36% -$2.61M
ACWX icon
36
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
$4.37M 0.37%
101,110
– –
VGT icon
37
Vanguard Information Technology ETF
VGT
$139B
$4.19M 0.35%
+247,216
New +$4.04M
VIS icon
38
Vanguard Industrials ETF
VIS
$8.12B
$4.19M 0.35%
33,868
-2,061
-6% -$254K
XLB icon
39
State Street Materials Select Sector SPDR ETF
XLB
$8.34B
$4.18M 0.35%
+159,344
New +$4.14M
TSM icon
40
TSMC
TSM
$2.13T
$4.17M 0.35%
126,920
-40,128
-24% -$1.25M
XLF icon
41
State Street Financial Select Sector SPDR ETF
XLF
$54.8B
$4.17M 0.35%
175,515
-8,173
-4% -$196K
BHR
42
Braemar Hotels & Resorts
BHR
$141M
$3.99M 0.34%
379,760
+92,920
+32% +$1.16M
UBA
43
DELISTED
Urstadt Biddle Properties Inc. Class A
UBA
$3.95M 0.33%
192,100
– –
FPI
44
Farmland Partners
FPI
$429M
$3.83M 0.32%
342,500
– –
INFY icon
45
Infosys
INFY
$46.7B
$3.72M 0.31%
470,738
-291,296
-38% -$2.17M
SJR
46
DELISTED
Shaw Communications Inc.
SJR
$3.67M 0.31%
175,454
+69,925
+66% +$1.47M
WY icon
47
Weyerhaeuser
WY
$17.6B
$3.62M 0.3%
106,400
-3,400
-3% -$111K
ARE.PRD
48
DELISTED
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
$3.58M 0.3%
102,798
– –
INXN
49
DELISTED
Interxion Holding N.V.
INXN
$3.48M 0.29%
+88,000
New +$3.38M
DLR icon
50
Digital Realty Trust
DLR
$64.2B
$3.33M 0.28%
31,300
+6,000
+24% +$631K
1
2
3 4 5

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Forward Management's Q1 2017 Portfolio in Review

As of Q1 2017, Forward Management held 240 positions worth $1.19B, down 17% from $1.43B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Forward Management withdrew a net $253M in Q1 2017, closing 56 positions and reducing 61 holdings. Its most notable exit was iShares Russell 2000 ETF, an estimated $123M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 34% of assets, up from 27% a quarter earlier, followed by Financials and Technology.

Against the trend, Forward Management opened a new position in DigitalBridge worth $38M.

  • Forward Management's largest Q1 2017 buy was DigitalBridge: 736,100 shares worth $38M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q1 2017, an estimated $70.2M increase.
  • Forward Management's biggest Q1 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $36.3M.
  • Forward Management fully exited iShares Russell 2000 ETF in Q1 2017, selling an estimated $123M.
  • Forward Management's ten largest holdings make up 51% of its $1.19B portfolio in Q1 2017.
  • Forward Management opened 14 new positions and closed 56 in Q1 2017.
  • Forward Management's portfolio value fell 17% quarter-over-quarter to $1.19B.

Based on Forward Management's 13F filing for Q1 2017, filed 4 May 2017.