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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
+0.18%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$893M
AUM Growth
-$284M
Cap. Flow
-$287M
Cap. Flow %
-32.13%
Top 10 Hldgs %
45.41%
Holding
233
New
17
Increased
62
Reduced
85
Closed
25

Top Buys

1
IWM icon
iShares Russell 2000 ETF
IWM
+$32.1M
2
BKD icon
Brookdale Senior Living
BKD
+$9.96M
3
SBRA icon
Sabra Healthcare REIT
SBRA
+$6.42M
4
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$3.56M
5
GOV
Government Properties Income Trust
GOV
+$2.67M

Top Sells

1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$125M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$55.8M
3
FCH.PRA
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
+$28.6M
4
CBL
CBL& Associates Properties, Inc.
CBL
+$20.1M
5
WPG
Washington Prime Group Inc.
WPG
+$19.6M

Sector Composition

1 Real Estate 36.4%
2 Financials 5.81%
3 Healthcare 2.6%
4 Technology 2.27%
5 Communication Services 1.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CYD icon
26
China Yuchai International
CYD
$1.68B
$6.11M 0.68%
274,388
-7,899
-3% -$157K
WPG
27
DELISTED
Washington Prime Group Inc.
WPG
$5.48M 0.61%
73,111
-252,110
-78% -$19.6M
TSM icon
28
TSMC
TSM
$2.13T
$5.43M 0.61%
144,629
+35,763
+33% +$1.31M
NSA icon
29
National Storage Affiliates Trust
NSA
$3.53B
$5.34M 0.6%
220,136
– –
AMH icon
30
American Homes 4 Rent
AMH
$12.4B
$5.3M 0.59%
244,276
– –
CBL
31
DELISTED
CBL& Associates Properties, Inc.
CBL
$5.16M 0.58%
615,000
-2,370,279
-79% -$20.1M
ACWX icon
32
iShares MSCI ACWI ex US ETF
ACWX
$11.3B
$5.08M 0.57%
104,960
+3,850
+4% +$182K
INFY icon
33
Infosys
INFY
$46.7B
$4.54M 0.51%
622,762
+207,316
+50% +$1.57M
WHLRD
34
Wheeler Real Estate Investment Trust Series D Preferred Stock
WHLRD
$4.5M 0.5%
200,000
– –
SLB icon
35
SLB Ltd
SLB
$70.4B
$4.36M 0.49%
62,427
-11,624
-16% -$769K
XLF icon
36
State Street Financial Select Sector SPDR ETF
XLF
$54.8B
$3.93M 0.44%
151,859
-18,842
-11% -$470K
XLB icon
37
State Street Materials Select Sector SPDR ETF
XLB
$8.34B
$3.92M 0.44%
138,180
+129,350
+1,465% +$3.56M
VIS icon
38
Vanguard Industrials ETF
VIS
$8.12B
$3.92M 0.44%
29,209
-3,801
-12% -$492K
VGT icon
39
Vanguard Information Technology ETF
VGT
$139B
$3.91M 0.44%
205,936
-33,304
-14% -$617K
ARE.PRD
40
DELISTED
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
$3.67M 0.41%
102,798
– –
WPP icon
41
WPP
WPP
$4.2B
$3.59M 0.4%
38,689
+10,407
+37% +$1.02M
BHR
42
Braemar Hotels & Resorts
BHR
$141M
$3.47M 0.39%
368,650
-1,818
-0.5% -$17.8K
UL icon
43
Unilever
UL
$135B
$3.38M 0.38%
51,870
+12,576
+32% +$808K
WY icon
44
Weyerhaeuser
WY
$17.6B
$3.35M 0.37%
98,300
-500
-0.5% -$16.4K
SJR
45
DELISTED
Shaw Communications Inc.
SJR
$3.22M 0.36%
139,897
-20,485
-13% -$455K
COR
46
DELISTED
Coresite Realty Corporation
COR
$3.1M 0.35%
27,700
– –
PGRE
47
DELISTED
Paramount Group
PGRE
$3M 0.34%
187,800
-1,200
-0.6% -$19.1K
BEL
48
DELISTED
Belmond Ltd.
BEL
$2.98M 0.33%
218,300
+14,500
+7% +$186K
DLR icon
49
Digital Realty Trust
DLR
$64.2B
$2.88M 0.32%
24,300
– –
EQR icon
50
Equity Residential
EQR
$26.2B
$2.85M 0.32%
43,300
-300
-0.7% -$20.1K
1
2
3 4 5

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Forward Management's Q3 2017 Portfolio in Review

As of Q3 2017, Forward Management held 233 positions worth $893M, down 24% from $1.18B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Forward Management withdrew a net $287M in Q3 2017, closing 25 positions and reducing 85 holdings. Its most notable exit was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, an estimated $125M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 36% of assets, up from 34% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Forward Management opened a new position in Madison Square Garden worth $2.38M.

  • Forward Management's largest Q3 2017 buy was Madison Square Garden: 15,562 shares worth $2.38M.
  • Forward Management added most to iShares Russell 2000 ETF in Q3 2017, an estimated $32.1M increase.
  • Forward Management's biggest Q3 2017 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $55.8M.
  • Forward Management fully exited State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2017, selling an estimated $125M.
  • Forward Management's ten largest holdings make up 45% of its $893M portfolio in Q3 2017.
  • Forward Management opened 17 new positions and closed 25 in Q3 2017.
  • Forward Management's portfolio value fell 24% quarter-over-quarter to $893M.

Based on Forward Management's 13F filing for Q3 2017, filed 2 Nov 2017.