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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
+4.59%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.73B
AUM Growth
-$14.5M
Cap. Flow
-$86.6M
Cap. Flow %
-5.01%
Top 10 Hldgs %
49.8%
Holding
399
New
55
Increased
96
Reduced
105
Closed
45

Top Buys

1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$62M
2
KRG icon
Kite Realty
KRG
+$14.7M
3
MNR
Monmouth Real Estate Investment Corp
MNR
+$8.64M
4
FSP
Franklin Street Properties
FSP
+$6.77M
5
WPC icon
W.P. Carey
WPC
+$5.83M

Top Sells

1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$77.3M
2
DLR icon
Digital Realty Trust
DLR
+$46.5M
3
LXP icon
LXP Industrial Trust
LXP
+$26.1M
4
ESV
Ensco Rowan plc
ESV
+$6.05M
5
MR
MINDRAY MED INTL LTD SPONSORED ADR REPSTG CL A
MR
+$5.82M

Sector Composition

1 Real Estate 34.48%
2 Financials 3.44%
3 Healthcare 2.75%
4 Energy 1.92%
5 Industrials 1.6%
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
$483M 27.95%
2,467,848
+325,972
+15% +$62M
BIL icon
2
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$100M 5.79%
1,094,068
-844,122
-44% -$77.3M
STAG icon
3
STAG Industrial
STAG
$7.97B
$54.7M 3.16%
2,276,745
+81,745
+4% +$1.96M
VRE
4
DELISTED
Veris Residential
VRE
$35M 2.03%
1,629,357
+151,657
+10% +$3.21M
TCO
5
DELISTED
Taubman Centers Inc.
TCO
$34.6M 2%
456,995
-500
-0.1% -$36.8K
CCG
6
DELISTED
CAMPUS CREST COMMUNITIES INC COM STK (MD)
CCG
$34.2M 1.98%
3,949,331
-531,982
-12% -$4.63M
INN
7
Summit Hotel Properties
INN
$722M
$30.8M 1.78%
2,902,000
-75,201
-3% -$728K
CLDT
8
Chatham Lodging
CLDT
$624M
$30.7M 1.77%
1,400,000
– –
FCH.PRA
9
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$29.6M 1.71%
1,132,888
– –
HR
10
DELISTED
Healthcare Realty Trust Incorporated
HR
$28M 1.62%
1,100,000
– –
AEC
11
DELISTED
ASSOCIATED ESTATES REALTY CORP
AEC
$27.1M 1.57%
1,506,500
-2,016
-0.1% -$34.9K
FSP
12
Franklin Street Properties
FSP
$51.3M
$27M 1.56%
2,144,400
+545,400
+34% +$6.77M
SBRA icon
13
Sabra Healthcare REIT
SBRA
$5.07B
$26.3M 1.52%
916,779
+66,779
+8% +$1.94M
WPC icon
14
W.P. Carey
WPC
$16.9B
$25.5M 1.47%
404,085
+95,629
+31% +$5.83M
EXL
15
DELISTED
EXCEL TRUST , INC COM STK
EXL
$22.3M 1.29%
1,676,148
+255,250
+18% +$3.3M
TSRE
16
DELISTED
TRADE STREET RESIDENTIAL, INC. COMMON STOCK
TSRE
$20.9M 1.21%
2,787,693
+74,033
+3% +$563K
EPR.PRE icon
17
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$20.2M 1.17%
644,101
– –
SHO.PRD
18
DELISTED
SUNSTONE HOTEL INVESTORS, INC 8.0% SER D CUM REDM PFD
SHO.PRD
$19.3M 1.11%
727,592
– –
AHT.PRE
19
DELISTED
ASHFORD HOSPITALITY TR INC 9.00% CUM PFD SER E
AHT.PRE
$18.8M 1.09%
683,000
– –
AMRE
20
DELISTED
AMREIT INC NEW COM STK
AMRE
$18.7M 1.08%
1,023,639
– –
UMH.PRA.CL
21
DELISTED
Umh Properties Inc
UMH.PRA.CL
$16.7M 0.96%
630,000
– –
SYT
22
DELISTED
Syngenta Ag
SYT
$16.6M 0.96%
222,950
+4,793
+2% +$369K
SRC
23
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
$16.4M 0.95%
321,882
+38,884
+14% +$1.93M
ROIC
24
DELISTED
Retail Opportunity Investments Corp.
ROIC
$16.1M 0.93%
1,025,475
+150,475
+17% +$2.35M
KRG icon
25
Kite Realty
KRG
$6.01B
$15.9M 0.92%
646,694
+602,400
+1,360% +$14.7M
1
2 3 4 5

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B
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BO
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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
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Forward Management's Q2 2014 Portfolio in Review

As of Q2 2014, Forward Management held 399 positions worth $1.73B, down 0.83% from $1.74B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Forward Management withdrew a net $86.6M in Q2 2014, closing 45 positions and reducing 105 holdings. Its most notable exit was MINDRAY MED INTL LTD SPONSORED ADR REPSTG CL A, an estimated $5.82M position sold in full.

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

Against the trend, Forward Management opened a new position in Monmouth Real Estate Investment Corp worth $9.16M.

  • Forward Management's largest Q2 2014 buy was Monmouth Real Estate Investment Corp: 912,761 shares worth $9.16M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q2 2014, an estimated $62M increase.
  • Forward Management's biggest Q2 2014 reduction was State Street SPDR Bloomberg 1-3 Month T-Bill ETF, cutting an estimated $77.3M.
  • Forward Management fully exited MINDRAY MED INTL LTD SPONSORED ADR REPSTG CL A in Q2 2014, selling an estimated $5.82M.
  • Forward Management's ten largest holdings make up 50% of its $1.73B portfolio in Q2 2014.
  • Forward Management opened 55 new positions and closed 45 in Q2 2014.
  • Forward Management's portfolio value fell 0.83% quarter-over-quarter to $1.73B.

Based on Forward Management's 13F filing for Q2 2014, filed 12 Aug 2014.