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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
+0.18%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$893M
AUM Growth
-$284M
Cap. Flow
-$287M
Cap. Flow %
-32.13%
Top 10 Hldgs %
45.41%
Holding
233
New
17
Increased
62
Reduced
85
Closed
25

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$32.1M
2
BKD icon
Brookdale Senior Living
BKD
+$9.96M
3
SBRA icon
Sabra Healthcare REIT
SBRA
+$6.42M
4
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$3.56M
5
GOV
Government Properties Income Trust
GOV
+$2.67M

Top Sells

Rank Stock Value
1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$125M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$55.8M
3
FCH.PRA
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
+$28.6M
4
CBL
CBL& Associates Properties, Inc.
CBL
+$20.1M
5
WPG
Washington Prime Group Inc.
WPG
+$19.6M

Sector Composition

Rank Sector Weight
1 Real Estate 36.4%
2 Financials 5.81%
3 Healthcare 2.6%
4 Technology 2.27%
5 Communication Services 1.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IXUS icon
201
iShares Core MSCI Total International Stock ETF
IXUS
$57.4B
$1K ﹤0.01%
+11
New +$654
MCHI icon
202
iShares MSCI China ETF
MCHI
$6.05B
$1K ﹤0.01%
10
-1
-9% -$60
PICK icon
203
iShares MSCI Global Metals & Mining Producers ETF
PICK
$2.12B
$1K ﹤0.01%
20
-3
-13% -$91
SCZ icon
204
iShares MSCI EAFE Small-Cap ETF
SCZ
$13.9B
$1K ﹤0.01%
+11
New +$658
FM
205
DELISTED
iShares Frontier and Select EM ETF
FM
$1K ﹤0.01%
21
– –
BIL icon
206
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
– –
-1,361,188
Closed -$125M
BKF icon
207
iShares MSCI BIC ETF
BKF
$75.3M
– –
-16
Closed -$1K
BSV icon
208
Vanguard Short-Term Bond ETF
BSV
$44.7B
– –
-96
Closed -$8K
EXR icon
209
Extra Space Storage
EXR
$31.3B
– –
-17,000
Closed -$1.33M
EZU icon
210
iShare MSCI Eurozone ETF
EZU
$9.41B
– –
-140,255
Closed -$5.66M
GBF icon
211
iShares Government/Credit Bond ETF
GBF
$124M
– –
-725
Closed -$83K
XRN
212
Chiron Real Estate Inc
XRN
$549M
– –
-10,000
Closed -$447K
HEDJ icon
213
WisdomTree Europe Hedged Equity Fund
HEDJ
$1.82B
– –
-172,218
Closed -$5.37M
IJJ icon
214
iShares S&P Mid-Cap 400 Value ETF
IJJ
$8.82B
– –
-8
Closed -$1K
IJS icon
215
iShares S&P Small-Cap 600 Value ETF
IJS
$8.15B
– –
-8
Closed -$1K
ILF icon
216
iShares Latin America 40 ETF
ILF
$3.71B
– –
-20
Closed -$1K
ITOT icon
217
iShares Core S&P Total US Stock Market ETF
ITOT
$93.7B
– –
-11
Closed -$1K
IVE icon
218
iShares S&P 500 Value ETF
IVE
$48.8B
– –
-6
Closed -$1K
MMS icon
219
Maximus
MMS
$3.06B
– –
-4,336
Closed -$272K
QQQ icon
220
Invesco QQQ Trust
QQQ
$466B
– –
-40,860
Closed -$5.62M
SRG
221
Seritage Growth Properties
SRG
$149M
– –
-48,500
Closed -$2.04M
XLY icon
222
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$22.3B
– –
-89,212
Closed -$4M
LPT
223
DELISTED
Liberty Property Trust
LPT
– –
-45,800
Closed -$1.86M
GNBC
224
DELISTED
Green Bancorp, Inc
GNBC
– –
-7,500
Closed -$146K
NYRT
225
DELISTED
New York REIT, Inc.
NYRT
– –
-81,120
Closed -$7.01M
6 7 8
9
10

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Forward Management's Q3 2017 Portfolio in Review

As of Q3 2017, Forward Management held 233 positions worth $893M, down 24% from $1.18B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Forward Management withdrew a net $287M in Q3 2017, closing 25 positions and reducing 85 holdings. Its most notable exit was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, an estimated $125M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 36% of assets, up from 34% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Forward Management opened a new position in Madison Square Garden worth $2.38M.

  • Forward Management's largest Q3 2017 buy was Madison Square Garden: 15,562 shares worth $2.38M.
  • Forward Management added most to iShares Russell 2000 ETF in Q3 2017, an estimated $32.1M increase.
  • Forward Management's biggest Q3 2017 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $55.8M.
  • Forward Management fully exited State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2017, selling an estimated $125M.
  • Forward Management's ten largest holdings make up 45% of its $893M portfolio in Q3 2017.
  • Forward Management opened 17 new positions and closed 25 in Q3 2017.
  • Forward Management's portfolio value fell 24% quarter-over-quarter to $893M.

Based on Forward Management's 13F filing for Q3 2017, filed 2 Nov 2017.