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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
+0.25%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.54B
AUM Growth
+$322M
Cap. Flow
-$50.9M
Cap. Flow %
-3.3%
Top 10 Hldgs %
43.87%
Holding
405
New
61
Increased
102
Reduced
104
Closed
42

Top Buys

1
DLR icon
Digital Realty Trust
DLR
+$21.5M
2
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$15.1M
3
AEC
ASSOCIATED ESTATES REALTY CORP
AEC
+$8.66M
4
DRE
Duke Realty Corp.
DRE
+$7.86M
5
MPT
Medical Properties Trust
MPT
+$5.96M

Top Sells

1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$35.1M
2
SUI icon
Sun Communities
SUI
+$19.9M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$11.4M
4
RPAI
RETAIL PROPERTIES OF AMERICA, INC.
RPAI
+$11.3M
5
SVC
Service Properties Trust
SVC
+$10.5M

Sector Composition

1 Real Estate 39.94%
2 Healthcare 3.37%
3 Financials 2.13%
4 Energy 2.13%
5 Industrials 1.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$323M 20.96%
1,922,584
-68,054
-3% -$11.4M
BIL icon
2
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$99.8M 6.47%
1,089,618
-383,262
-26% -$35.1M
STAG icon
3
STAG Industrial
STAG
$8.04B
$44.4M 2.88%
2,207,900
+1,805
+0.1% +$36.9K
SVC
4
Service Properties Trust
SVC
$1.13B
$36.8M 2.39%
261,820
-75,525
-22% -$10.5M
LXP icon
5
LXP Industrial Trust
LXP
$3.42B
$32M 2.08%
570,360
-2,000
-0.3% -$121K
FCH.PRA
6
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$30.1M 1.95%
1,245,088
– –
BEE
7
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
$28.1M 1.82%
3,239,240
+33,700
+1% +$294K
CLDT
8
Chatham Lodging
CLDT
$615M
$28M 1.81%
1,565,676
+163,401
+12% +$3M
INN
9
Summit Hotel Properties
INN
$716M
$27M 1.75%
2,939,901
+202,000
+7% +$1.95M
AEC
10
DELISTED
ASSOCIATED ESTATES REALTY CORP
AEC
$26.9M 1.75%
1,806,250
+569,096
+46% +$8.66M
HR
11
DELISTED
Healthcare Realty Trust Incorporated
HR
$25.4M 1.65%
1,100,000
+50,000
+5% +$1.22M
DLR icon
12
Digital Realty Trust
DLR
$64.2B
$25.2M 1.63%
473,758
+378,558
+398% +$21.5M
VRE
13
DELISTED
Veris Residential
VRE
$25M 1.62%
1,137,700
+10,000
+0.9% +$228K
CCG
14
DELISTED
CAMPUS CREST COMMUNITIES INC COM STK (MD)
CCG
$23.6M 1.53%
2,181,231
+211,000
+11% +$2.35M
SRC
15
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
$23.4M 1.52%
569,553
+140,535
+33% +$5.78M
FSP
16
Franklin Street Properties
FSP
$49.7M
$20.4M 1.32%
1,599,000
-11,000
-0.7% -$143K
SBRA icon
17
Sabra Healthcare REIT
SBRA
$5.08B
$19.8M 1.28%
860,000
+10,000
+1% +$246K
CWH.PRD
18
DELISTED
COMMONWEALTH REIT 6.50% PFD CUMV CONV SHS SER D
CWH.PRD
$19.1M 1.24%
910,982
– –
EPR.PRE icon
19
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$19M 1.23%
644,101
– –
SHO.PRD
20
DELISTED
SUNSTONE HOTEL INVESTORS, INC 8.0% SER D CUM REDM PFD
SHO.PRD
$18.3M 1.19%
727,592
– –
AHT.PRE
21
DELISTED
ASHFORD HOSPITALITY TR INC 9.00% CUM PFD SER E
AHT.PRE
$17.7M 1.15%
683,000
– –
AMRE
22
DELISTED
AMREIT INC NEW COM STK
AMRE
$17.6M 1.14%
1,016,689
+191,689
+23% +$3.43M
BKD icon
23
Brookdale Senior Living
BKD
$3.65B
$16.3M 1.05%
618,100
-231,900
-27% -$6.35M
UMH.PRA.CL
24
DELISTED
Umh Properties Inc
UMH.PRA.CL
$16.2M 1.05%
630,000
– –
BMR
25
DELISTED
BIOMED REALTY TRUST INC
BMR
$15.9M 1.03%
855,700
+45,700
+6% +$897K
1
2 3 4 5

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B
Brightworth Atlanta, Georgia $933M AUM 15.08% 1-Year Est. Return
BO
BRR OpCo Columbus, Ohio $814M AUM 9.75% 1-Year Est. Return
PS
Portfolio Solutions Royal Oak, Michigan $792M AUM 18.53% 1-Year Est. Return
CGM
Capital Growth Management Boston, Massachusetts $761M AUM 30.71% 1-Year Est. Return
CL
CPWM LLC Seattle, Washington $1.06B AUM 14.49% 1-Year Est. Return
AEPI
AH Equity Partners III Menlo Park, California $744M AUM 69.58% 1-Year Est. Return
AIL
AGF Investments LLC Toronto, Ontario, Canada $1.09B AUM 10.57% 1-Year Est. Return
H6H
Hightower 6M Holding Wichita, Kansas $1.11B AUM

Forward Management's Q3 2013 Portfolio in Review

As of Q3 2013, Forward Management held 405 positions worth $1.54B, up 26% from $1.22B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Forward Management withdrew a net $50.9M in Q3 2013, closing 42 positions and reducing 104 holdings. Its most notable exit was Sun Communities, an estimated $19.9M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 40% of assets, down from 51% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Forward Management opened a new position in iShares MSCI Emerging Markets ETF worth $15.5M.

  • Forward Management's largest Q3 2013 buy was iShares MSCI Emerging Markets ETF: 380,978 shares worth $15.5M.
  • Forward Management added most to Digital Realty Trust in Q3 2013, an estimated $21.5M increase.
  • Forward Management's biggest Q3 2013 reduction was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, cutting an estimated $35.1M.
  • Forward Management fully exited Sun Communities in Q3 2013, selling an estimated $19.9M.
  • Forward Management's ten largest holdings make up 44% of its $1.54B portfolio in Q3 2013.
  • Forward Management opened 61 new positions and closed 42 in Q3 2013.
  • Forward Management's portfolio value rose 26% quarter-over-quarter to $1.54B.

Based on Forward Management's 13F filing for Q3 2013, filed 6 Nov 2013.