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Forward Management Portfolio holdings

AUM $907M
1-Year Est. Return 0.46%
This Fund
S&P 500
This Quarter Est. Return
+1.65%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$657M
AUM Growth
+$90.8M
Cap. Flow
-$31.4M
Cap. Flow %
-4.78%
Top 10 Hldgs %
78.11%
Holding
52
New
4
Increased
3
Reduced
18
Closed
1

Top Buys

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$99M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$20.5M
3
EQC
Equity Commonwealth
EQC
+$1.6M
4
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
+$449K
5
NSA icon
National Storage Affiliates Trust
NSA
+$47.5K

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$119M
2
GDX icon
VanEck Gold Miners ETF
GDX
+$25.2M
3
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$3.92M
4
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
+$1.48M
5
BRX icon
Brixmor Property Group
BRX
+$1.16M

Sector Composition

Rank Sector Weight
1 Real Estate 18.79%
2 Financials 1.49%
3 Consumer Discretionary 1.26%
4 Communication Services 0.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MAA icon
26
Mid-America Apartment Communities
MAA
$15.5B
$1.08M 0.16%
8,300
-400
-5% -$49.7K
ARE icon
27
Alexandria Real Estate Equities
ARE
$8.75B
$1.03M 0.16%
6,715
-300
-4% -$44.3K
EQR icon
28
Equity Residential
EQR
$25.9B
$1.03M 0.16%
11,940
-200
-2% -$16.4K
HHH icon
29
Howard Hughes
HHH
$4.19B
$1M 0.15%
8,098
-210
-3% -$26K
DLR icon
30
Digital Realty Trust
DLR
$64.3B
$987K 0.15%
7,600
-200
-3% -$24.3K
FRT icon
31
Federal Realty Investment Trust
FRT
$10.9B
$983K 0.15%
7,220
-200
-3% -$26.4K
INXN
32
DELISTED
Interxion Holding N.V.
INXN
$980K 0.15%
12,025
-1,000
-8% -$77.8K
AKR icon
33
Acadia Realty Trust
AKR
$3B
$954K 0.15%
33,370
– –
WY icon
34
Weyerhaeuser
WY
$17.7B
$900K 0.14%
32,500
– –
AVB icon
35
AvalonBay Communities
AVB
$27.4B
$885K 0.13%
4,110
– –
PGRE
36
DELISTED
Paramount Group
PGRE
$823K 0.13%
61,680
– –
ROIC
37
DELISTED
Retail Opportunity Investments Corp.
ROIC
$768K 0.12%
42,100
-3,000
-7% -$53.8K
NSA icon
38
National Storage Affiliates Trust
NSA
$3.45B
$718K 0.11%
21,540
+1,500
+7% +$47.5K
SLG icon
39
SL Green Realty
SLG
$3.67B
$697K 0.11%
8,801
– –
EQIX icon
40
Equinix
EQIX
$101B
$692K 0.11%
1,200
– –
FPI
41
Farmland Partners
FPI
$424M
$602K 0.09%
90,200
– –
VTR icon
42
Ventas
VTR
$46.7B
$529K 0.08%
7,240
– –
SRC
43
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
$469K 0.07%
+9,800
New +$449K
AAT
44
American Assets Trust
AAT
$1.57B
$468K 0.07%
10,025
– –
INN
45
Summit Hotel Properties
INN
$722M
$320K 0.05%
27,590
– –
DIA icon
46
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45B
$31K ﹤0.01%
+114
New +$30.4K
IWM icon
47
iShares Russell 2000 ETF
IWM
$82.2B
$22K ﹤0.01%
+148
New +$22.6K
GDX icon
48
VanEck Gold Miners ETF
GDX
$21.8B
$9K ﹤0.01%
338
-901,675
-100% -$25.2M
ARE.PRD
49
DELISTED
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
$2K ﹤0.01%
50
– –
BRX icon
50
Brixmor Property Group
BRX
$9.99B
– –
-65,000
Closed -$1.16M
1
2
3

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H6H
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Forward Management's Q3 2019 Portfolio in Review

As of Q3 2019, Forward Management held 52 positions worth $657M, up 16% from $566M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Forward Management withdrew a net $31.4M in Q3 2019, closing 1 position and reducing 18 holdings. Its most notable exit was Brixmor Property Group, an estimated $1.16M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 19% of assets, down from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Forward Management opened a new position in Equity Commonwealth worth $1.63M.

  • Forward Management's largest Q3 2019 buy was Equity Commonwealth: 47,472 shares worth $1.63M.
  • Forward Management added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2019, an estimated $99M increase.
  • Forward Management's biggest Q3 2019 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $119M.
  • Forward Management fully exited Brixmor Property Group in Q3 2019, selling an estimated $1.16M.
  • Forward Management's ten largest holdings make up 78% of its $657M portfolio in Q3 2019.
  • Forward Management opened 4 new positions and closed 1 in Q3 2019.
  • Forward Management's portfolio value rose 16% quarter-over-quarter to $657M.

Based on Forward Management's 13F filing for Q3 2019, filed 6 Nov 2019.