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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
+3.97%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$608M
AUM Growth
-$78M
Cap. Flow
-$96.6M
Cap. Flow %
-15.91%
Top 10 Hldgs %
54.65%
Holding
202
New
13
Increased
45
Reduced
95
Closed
33

Top Buys

Rank Stock Value
1
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$51.8M
2
AMH icon
American Homes 4 Rent
AMH
+$12.4M
3
ACR
ACRES Commercial Realty
ACR
+$9.33M
4
PK icon
Park Hotels & Resorts
PK
+$8.22M
5
AHRT
AH Realty Trust
AHRT
+$3.53M

Top Sells

Rank Stock Value
1
AHP.PRB
Ashford Hospitality Prime, Inc.
AHP.PRB
+$52M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$39.7M
3
RSO
Resource Capital Corp.
RSO
+$8.89M
4
MINT icon
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
+$8.54M
5
JCAP
Jernigan Capital, Inc.
JCAP
+$5.78M

Sector Composition

Rank Sector Weight
1 Real Estate 25.78%
2 Financials 4.8%
3 Technology 3.45%
4 Communication Services 1.86%
5 Healthcare 1.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IVZ icon
176
Invesco
IVZ
$13.1B
– –
-17,951
Closed -$575K
IXUS icon
177
iShares Core MSCI Total International Stock ETF
IXUS
$57.4B
– –
-1,358
Closed -$86K
JBHT icon
178
JB Hunt Transport Services
JBHT
$27.4B
– –
-5,370
Closed -$629K
KKR icon
179
KKR & Co
KKR
$90.6B
– –
-26,980
Closed -$548K
KNX icon
180
Knight Transportation
KNX
$12.5B
– –
-13,120
Closed -$604K
SITC icon
181
SITE Centers
SITC
$235M
– –
-44,626
Closed -$422K
STLA icon
182
Stellantis
STLA
$16.8B
– –
-60,495
Closed -$1.24M
SU icon
183
Suncor Energy
SU
$73.7B
– –
-5,600
Closed -$193K
VGT icon
184
Vanguard Information Technology ETF
VGT
$139B
– –
-228,528
Closed -$4.88M
VIS icon
185
Vanguard Industrials ETF
VIS
$8.12B
– –
-30,108
Closed -$4.19M
VNQ icon
186
Vanguard Real Estate ETF
VNQ
$39.6B
– –
-10,000
Closed -$755K
WHR icon
187
Whirlpool
WHR
$2.48B
– –
-4,030
Closed -$617K
XHB icon
188
State Street SPDR S&P Homebuilders ETF
XHB
$2.08B
– –
-88,498
Closed -$3.61M
XLB icon
189
State Street Materials Select Sector SPDR ETF
XLB
$8.34B
– –
-27,836
Closed -$792K
XLF icon
190
State Street Financial Select Sector SPDR ETF
XLF
$54.8B
– –
-89,627
Closed -$2.47M
XLV icon
191
State Street Health Care Select Sector SPDR ETF
XLV
$41.4B
– –
-30,823
Closed -$2.51M
XLY icon
192
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$22.3B
– –
-97,066
Closed -$4.92M
CZZ
193
DELISTED
Cosan Limited
CZZ
– –
-375
Closed -$4K
GOV
194
DELISTED
Government Properties Income Trust
GOV
– –
-61,200
Closed -$836K
TWX
195
DELISTED
Time Warner Inc
TWX
– –
-6,073
Closed -$574K
MON
196
DELISTED
Monsanto Co
MON
– –
-2,680
Closed -$313K
RSO
197
DELISTED
Resource Capital Corp.
RSO
– –
-934,732
Closed -$8.89M
AHP.PRB
198
DELISTED
Ashford Hospitality Prime, Inc.
AHP.PRB
– –
-2,697,559
Closed -$52M
DCT
199
DELISTED
DCT Industrial Trust Inc.
DCT
– –
-17,100
Closed -$964K
DST
200
DELISTED
DST Systems Inc.
DST
– –
-1
Closed –
4 5 6 7
8

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PS
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CGM
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CL
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AEPI
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AIL
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H6H
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Forward Management's Q2 2018 Portfolio in Review

As of Q2 2018, Forward Management held 202 positions worth $608M, down 11% from $686M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Forward Management withdrew a net $96.6M in Q2 2018, closing 33 positions and reducing 95 holdings. Its most notable exit was Ashford Hospitality Prime, Inc., an estimated $52M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 26% of assets, up from 19% a quarter earlier, followed by Financials and Technology.

Against the trend, Forward Management opened a new position in Braemar Hotels & Resorts 5.50% Series B Preferred Stock worth $49.7M.

  • Forward Management's largest Q2 2018 buy was Braemar Hotels & Resorts 5.50% Series B Preferred Stock: 2,631,755 shares worth $49.7M.
  • Forward Management added most to American Homes 4 Rent in Q2 2018, an estimated $12.4M increase.
  • Forward Management's biggest Q2 2018 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $39.7M.
  • Forward Management fully exited Ashford Hospitality Prime, Inc. in Q2 2018, selling an estimated $52M.
  • Forward Management's ten largest holdings make up 55% of its $608M portfolio in Q2 2018.
  • Forward Management opened 13 new positions and closed 33 in Q2 2018.
  • Forward Management's portfolio value fell 11% quarter-over-quarter to $608M.

Based on Forward Management's 13F filing for Q2 2018, filed 1 Aug 2018.