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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
+4.24%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$656M
AUM Growth
-$1.13M
Cap. Flow
-$20.6M
Cap. Flow %
-3.14%
Top 10 Hldgs %
77.86%
Holding
58
New
7
Increased
6
Reduced
9
Closed
11

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$78.8M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$63M
3
WY icon
Weyerhaeuser
WY
+$10.2M
4
TCO
Taubman Centers Inc.
TCO
+$9.31M
5
MAC icon
Macerich
MAC
+$4.47M

Top Sells

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$152M
2
UBP.PRG.CL
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
+$11.4M
3
VNO icon
Vornado Realty Trust
VNO
+$9.11M
4
BDN
Brandywine Realty Trust
BDN
+$8.18M
5
QQQ icon
Invesco QQQ Trust
QQQ
+$3.59M

Sector Composition

Rank Sector Weight
1 Real Estate 18.26%
2 Financials 1.18%
3 Consumer Discretionary 1.18%
4 Communication Services 0.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PINE
26
Alpine Income Property Trust
PINE
$359M
$1.12M 0.17%
+59,042
New +$1.11M
ARE icon
27
Alexandria Real Estate Equities
ARE
$8.75B
$1.09M 0.17%
6,727
+12
+0.2% +$1.89K
INXN
28
DELISTED
Interxion Holding N.V.
INXN
$1.01M 0.15%
12,025
– –
HHH icon
29
Howard Hughes
HHH
$4.19B
$979K 0.15%
8,098
– –
EQR icon
30
Equity Residential
EQR
$25.9B
$966K 0.15%
11,940
– –
FRT icon
31
Federal Realty Investment Trust
FRT
$10.9B
$930K 0.14%
7,220
– –
AKR icon
32
Acadia Realty Trust
AKR
$3B
$865K 0.13%
33,370
– –
AVB icon
33
AvalonBay Communities
AVB
$27.4B
$862K 0.13%
4,110
– –
PGRE
34
DELISTED
Paramount Group
PGRE
$859K 0.13%
61,680
– –
DLR icon
35
Digital Realty Trust
DLR
$64.3B
$838K 0.13%
7,000
-600
-8% -$73.8K
KIM icon
36
Kimco Realty
KIM
$17.6B
$810K 0.12%
+39,100
New +$820K
CXP
37
DELISTED
COLUMBIA PROPERTY TRUST, INC.
CXP
$788K 0.12%
+37,700
New +$773K
SLG icon
38
SL Green Realty
SLG
$3.67B
$783K 0.12%
8,801
– –
ROIC
39
DELISTED
Retail Opportunity Investments Corp.
ROIC
$744K 0.11%
42,100
– –
EQIX icon
40
Equinix
EQIX
$101B
$700K 0.11%
1,200
– –
IWB icon
41
iShares Russell 1000 ETF
IWB
$48B
$666K 0.1%
+3,731
New +$637K
FPI
42
Farmland Partners
FPI
$424M
$611K 0.09%
90,200
– –
PLD icon
43
Prologis
PLD
$140B
$583K 0.09%
6,540
-6,500
-50% -$576K
AAT
44
American Assets Trust
AAT
$1.57B
$460K 0.07%
10,025
– –
VTR icon
45
Ventas
VTR
$46.7B
$418K 0.06%
7,240
– –
INN
46
Summit Hotel Properties
INN
$722M
$340K 0.05%
27,590
– –
BDN
47
Brandywine Realty Trust
BDN
$545M
– –
-540,120
Closed -$8.18M
DIA icon
48
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45B
– –
-114
Closed -$31K
GDX icon
49
VanEck Gold Miners ETF
GDX
$21.8B
– –
-338
Closed -$9K
MAA icon
50
Mid-America Apartment Communities
MAA
$15.5B
– –
-8,300
Closed -$1.08M
1
2
3

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H6H
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Forward Management's Q4 2019 Portfolio in Review

As of Q4 2019, Forward Management held 58 positions worth $656M, down 0.17% from $657M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Forward Management withdrew a net $20.6M in Q4 2019, closing 11 positions and reducing 9 holdings. Its most notable exit was Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre, an estimated $11.4M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 18% of assets, down from 19% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Forward Management opened a new position in Taubman Centers Inc. worth $8.44M.

  • Forward Management's largest Q4 2019 buy was Taubman Centers Inc.: 271,500 shares worth $8.44M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q4 2019, an estimated $78.8M increase.
  • Forward Management's biggest Q4 2019 reduction was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, cutting an estimated $152M.
  • Forward Management fully exited Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre in Q4 2019, selling an estimated $11.4M.
  • Forward Management's ten largest holdings make up 78% of its $656M portfolio in Q4 2019.
  • Forward Management opened 7 new positions and closed 11 in Q4 2019.
  • Forward Management's portfolio value fell 0.17% quarter-over-quarter to $656M.

Based on Forward Management's 13F filing for Q4 2019, filed 4 Feb 2020.