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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
-5.62%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$325M
AUM Growth
-$266M
Cap. Flow
-$221M
Cap. Flow %
-68.17%
Top 10 Hldgs %
69.81%
Holding
159
New
4
Increased
8
Reduced
21
Closed
113

Top Buys

Rank Stock Value
1
SDS icon
ProShares UltraShort S&P500
SDS
+$35.2M
2
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
+$12.8M
3
DBRG icon
DigitalBridge
DBRG
+$3.48M
4
NSA icon
National Storage Affiliates Trust
NSA
+$505K
5
SBRA icon
Sabra Healthcare REIT
SBRA
+$500K

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$98.4M
2
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$28M
3
RPT.PRD
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
+$13.2M
4
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$9.58M
5
SITC icon
SITE Centers
SITC
+$9.06M

Sector Composition

Rank Sector Weight
1 Real Estate 30.83%
2 Financials 2.35%
3 Communication Services 0.23%
4 Energy 0%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HF
151
DELISTED
HFF Inc.
HF
– –
-13,637
Closed -$579K
BEL
152
DELISTED
Belmond Ltd.
BEL
– –
-30,200
Closed -$552K
FCE.A
153
DELISTED
Forest City Realty Trust, Inc.
FCE.A
– –
-80
Closed -$2K
PAK
154
DELISTED
Global X MSCI Pakistan ETF
PAK
– –
-8,985
Closed -$381K
UBA
155
DELISTED
Urstadt Biddle Properties Inc. Class A
UBA
– –
-110
Closed -$2K
MBT
156
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
– –
-127,946
Closed -$1.09M
STL
157
DELISTED
Sterling Bancorp
STL
– –
-13,811
Closed -$304K
3 4 5 6
7

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Forward Management's Q4 2018 Portfolio in Review

As of Q4 2018, Forward Management held 159 positions worth $325M, down 45% from $591M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Forward Management withdrew a net $221M in Q4 2018, closing 113 positions and reducing 21 holdings. Its most notable exit was RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest, an estimated $13.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 31% of assets, up from 20% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Forward Management opened a new position in ProShares UltraShort S&P500 worth $39.5M.

  • Forward Management's largest Q4 2018 buy was ProShares UltraShort S&P500: 36,849 shares worth $39.5M.
  • Forward Management added most to DigitalBridge in Q4 2018, an estimated $3.48M increase.
  • Forward Management's biggest Q4 2018 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $98.4M.
  • Forward Management fully exited RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest in Q4 2018, selling an estimated $13.2M.
  • Forward Management's ten largest holdings make up 70% of its $325M portfolio in Q4 2018.
  • Forward Management opened 4 new positions and closed 113 in Q4 2018.
  • Forward Management's portfolio value fell 45% quarter-over-quarter to $325M.

Based on Forward Management's 13F filing for Q4 2018, filed 1 Feb 2019.