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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
-9.52%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$513M
AUM Growth
-$142M
Cap. Flow
-$35.5M
Cap. Flow %
-6.91%
Top 10 Hldgs %
90.21%
Holding
54
New
7
Increased
7
Reduced
10
Closed
8

Top Buys

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$253M
2
DIA icon
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
+$23.4M
3
STWD icon
Starwood Property Trust
STWD
+$5.77M
4
SBRA icon
Sabra Healthcare REIT
SBRA
+$4.98M
5
VRE
Veris Residential
VRE
+$4.6M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$190M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$66M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$22.5M
4
TCO
Taubman Centers Inc.
TCO
+$8.44M
5
DBRG icon
DigitalBridge
DBRG
+$7.74M

Sector Composition

Rank Sector Weight
1 Real Estate 11.79%
2 Consumer Discretionary 0%
3 Communication Services 0%
4 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AVB icon
26
AvalonBay Communities
AVB
$27.4B
$604K 0.12%
4,110
– –
FPI
27
Farmland Partners
FPI
$424M
$547K 0.11%
90,200
– –
PGRE
28
DELISTED
Paramount Group
PGRE
$543K 0.11%
61,680
– –
FRT icon
29
Federal Realty Investment Trust
FRT
$10.9B
$538K 0.1%
7,220
– –
PLD icon
30
Prologis
PLD
$140B
$525K 0.1%
6,540
– –
CXP
31
DELISTED
COLUMBIA PROPERTY TRUST, INC.
CXP
$471K 0.09%
37,700
– –
AKR icon
32
Acadia Realty Trust
AKR
$3B
$414K 0.08%
33,370
– –
HHH icon
33
Howard Hughes
HHH
$4.19B
$390K 0.08%
8,098
– –
KIM icon
34
Kimco Realty
KIM
$17.6B
$378K 0.07%
39,100
– –
SLG icon
35
SL Green Realty
SLG
$3.67B
$367K 0.07%
8,801
– –
ROIC
36
DELISTED
Retail Opportunity Investments Corp.
ROIC
$349K 0.07%
42,100
– –
AAT
37
American Assets Trust
AAT
$1.57B
$251K 0.05%
10,025
– –
INN
38
Summit Hotel Properties
INN
$722M
$210K 0.04%
49,890
+22,300
+81% +$210K
VTR icon
39
Ventas
VTR
$46.7B
$194K 0.04%
7,240
– –
SPY icon
40
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$147K 0.03%
572
-621,299
-100% -$190M
SDS icon
41
ProShares UltraShort S&P500
SDS
$390M
$8K ﹤0.01%
+11
New +$7.48K
VV icon
42
Vanguard Large-Cap ETF
VV
$52.2B
$3K ﹤0.01%
+26
New +$3.65K
EQR icon
43
Equity Residential
EQR
$25.9B
$2K ﹤0.01%
40
-11,900
-100% -$920K
APLE icon
44
Apple Hospitality REIT
APLE
$3.98B
$1K ﹤0.01%
80
-588,000
-100% -$7.72M
STAY
45
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$1K ﹤0.01%
150
-520,000
-100% -$5.98M
DBRG icon
46
DigitalBridge
DBRG
$2.92B
– –
-407,496
Closed -$7.74M
DLR icon
47
Digital Realty Trust
DLR
$64.3B
– –
-7,000
Closed -$838K
IWM icon
48
iShares Russell 2000 ETF
IWM
$82.2B
– –
-398,663
Closed -$66M
PINE
49
Alpine Income Property Trust
PINE
$359M
– –
-59,042
Closed -$1.12M
UDR icon
50
UDR
UDR
$12.9B
– –
-25,000
Closed -$1.17M
1
2
3

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H6H
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Forward Management's Q1 2020 Portfolio in Review

As of Q1 2020, Forward Management held 54 positions worth $513M, down 22% from $656M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Forward Management withdrew a net $35.5M in Q1 2020, closing 8 positions and reducing 10 holdings. Its most notable exit was iShares Russell 2000 ETF, an estimated $66M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 12% of assets, down from 18% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Forward Management opened a new position in State Street SPDR Dow Jones Industrial Average ETF Trust worth $19.3M.

  • Forward Management's largest Q1 2020 buy was State Street SPDR Dow Jones Industrial Average ETF Trust: 88,162 shares worth $19.3M.
  • Forward Management added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q1 2020, an estimated $253M increase.
  • Forward Management's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $190M.
  • Forward Management fully exited iShares Russell 2000 ETF in Q1 2020, selling an estimated $66M.
  • Forward Management's ten largest holdings make up 90% of its $513M portfolio in Q1 2020.
  • Forward Management opened 7 new positions and closed 8 in Q1 2020.
  • Forward Management's portfolio value fell 22% quarter-over-quarter to $513M.

Based on Forward Management's 13F filing for Q1 2020, filed 5 May 2020.