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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
+2.67%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.18B
AUM Growth
-$61.9M
Cap. Flow
-$88M
Cap. Flow %
-7.46%
Top 10 Hldgs %
47.97%
Holding
297
New
31
Increased
75
Reduced
86
Closed
37

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$46.6M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$45.2M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$31.7M
4
SBRA icon
Sabra Healthcare REIT
SBRA
+$16.1M
5
ARE.PRD
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
+$2.81M

Top Sells

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$79.5M
2
VRE
Veris Residential
VRE
+$21.6M
3
INN
Summit Hotel Properties
INN
+$17.7M
4
ROIC
Retail Opportunity Investments Corp.
ROIC
+$16.5M
5
CCG
CAMPUS CREST COMMUNITIES INC COM STK (MD)
CCG
+$15.2M

Sector Composition

Rank Sector Weight
1 Real Estate 37.2%
2 Financials 3.38%
3 Consumer Staples 2.03%
4 Technology 1.77%
5 Communication Services 1.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNS icon
201
Cohen & Steers
CNS
$4.35B
$437K 0.04%
+14,350
New +$431K
ETN icon
202
Eaton
ETN
$155B
$435K 0.04%
8,354
-1,196
-13% -$64.8K
RAS
203
DELISTED
RAIT Financial Trust
RAS
$426K 0.04%
157,822
– –
CDR
204
DELISTED
Cedar Realty Trust, Inc
CDR
$425K 0.04%
9,091
– –
BKI
205
DELISTED
Black Knight, Inc. Common Stock
BKI
$419K 0.04%
+12,665
New +$431K
CTLT
206
DELISTED
CATALENT, INC.
CTLT
$407K 0.03%
16,245
+530
+3% +$14K
GRP.U
207
DELISTED
Granite Real Estate Investment Trust
GRP.U
$401K 0.03%
14,600
– –
WSM icon
208
Williams-Sonoma
WSM
$26.9B
$397K 0.03%
+13,580
New +$465K
CCP
209
DELISTED
Care Capital Properties, Inc.
CCP
$381K 0.03%
12,482
– –
OMC icon
210
Omnicom Group
OMC
$23.3B
$380K 0.03%
5,028
-1,116
-18% -$82K
EGP icon
211
EastGroup Properties
EGP
$11.9B
$373K 0.03%
6,700
– –
SITC icon
212
SITE Centers
SITC
$235M
$365K 0.03%
16,841
-18,083
-52% -$388K
BX icon
213
Blackstone
BX
$155B
$363K 0.03%
+12,400
New +$395K
MJN
214
DELISTED
Mead Johnson Nutrition Company
MJN
$355K 0.03%
+4,500
New +$354K
DLR icon
215
Digital Realty Trust
DLR
$64.3B
$346K 0.03%
4,575
-31,000
-87% -$2.23M
JWN
216
DELISTED
Nordstrom
JWN
$324K 0.03%
+6,500
New +$394K
HHH icon
217
Howard Hughes
HHH
$4.19B
$317K 0.03%
2,937
-4,333
-60% -$499K
UDR icon
218
UDR
UDR
$12.9B
$316K 0.03%
8,408
-10,000
-54% -$359K
CDZI icon
219
Cadiz
CDZI
$286M
$308K 0.03%
58,596
– –
PSG
220
DELISTED
Performance Sports Group Ltd.
PSG
$307K 0.03%
31,890
+1,500
+5% +$17.1K
NHI icon
221
National Health Investors
NHI
$3.86B
$302K 0.03%
4,969
– –
PPS
222
DELISTED
Post Properties
PPS
$296K 0.03%
5,000
– –
EXR icon
223
Extra Space Storage
EXR
$31.3B
$289K 0.02%
3,272
– –
DRH icon
224
Diamondrock Hospitality Co
DRH
$2.57B
$288K 0.02%
29,817
– –
AAPL icon
225
Apple
AAPL
$4.9T
$284K 0.02%
+10,800
New +$309K
7 8
9
10 11

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BO
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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 Q4 2015 Portfolio in Review

As of Q4 2015, Forward Management held 297 positions worth $1.18B, down 5% from $1.24B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Forward Management withdrew a net $88M in Q4 2015, closing 37 positions and reducing 86 holdings. Its most notable exit was Ladder Capital, an estimated $9.67M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 37% of assets, down from 43% a quarter earlier, followed by Financials and Consumer Staples.

Against the trend, Forward Management opened a new position in iShares Russell 2000 ETF worth $45.5M.

  • Forward Management's largest Q4 2015 buy was iShares Russell 2000 ETF: 403,671 shares worth $45.5M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q4 2015, an estimated $31.7M increase.
  • Forward Management's biggest Q4 2015 reduction was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, cutting an estimated $79.5M.
  • Forward Management fully exited Ladder Capital in Q4 2015, selling an estimated $9.67M.
  • Forward Management's ten largest holdings make up 48% of its $1.18B portfolio in Q4 2015.
  • Forward Management opened 31 new positions and closed 37 in Q4 2015.
  • Forward Management's portfolio value fell 5% quarter-over-quarter to $1.18B.

Based on Forward Management's 13F filing for Q4 2015, filed 11 Feb 2016.