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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

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

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

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
SPY icon
1
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$136M 11.54%
668,311
+154,144
+30% +$31.7M
BIL icon
2
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$118M 10.01%
1,293,514
-869,974
-40% -$79.5M
SBRA icon
3
Sabra Healthcare REIT
SBRA
$5.07B
$48M 4.07%
2,372,976
+763,000
+47% +$16.1M
IWM icon
4
iShares Russell 2000 ETF
IWM
$82.2B
$45.5M 3.85%
+403,671
New +$46.6M
QQQ icon
5
Invesco QQQ Trust
QQQ
$466B
$45.3M 3.84%
+404,896
New +$45.2M
CLDT
6
Chatham Lodging
CLDT
$624M
$38.4M 3.25%
1,875,400
– –
FSP
7
Franklin Street Properties
FSP
$51.3M
$37.4M 3.17%
3,614,100
-235,300
-6% -$2.49M
STAG icon
8
STAG Industrial
STAG
$7.97B
$35.2M 2.98%
1,906,100
+28,600
+2% +$557K
NSA icon
9
National Storage Affiliates Trust
NSA
$3.45B
$34.7M 2.94%
2,026,100
-160,000
-7% -$2.5M
FCH.PRA
10
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$27.5M 2.33%
1,094,238
– –
ARPI
11
DELISTED
AMERICAN RESIDENTIAL PPTYS INC COM
ARPI
$21.9M 1.86%
1,160,000
– –
CLNY
12
DELISTED
Colony Capital, Inc.
CLNY
$21.4M 1.81%
1,100,000
– –
EPR.PRE icon
13
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$19.8M 1.68%
644,101
– –
SIR
14
DELISTED
SELECT INCOME REIT
SIR
$19.8M 1.68%
2,275,000
– –
WPG
15
DELISTED
Washington Prime Group Inc.
WPG
$16.8M 1.42%
176,157
-609
-0.3% -$61.7K
UMH.PRA.CL
16
DELISTED
Umh Properties Inc
UMH.PRA.CL
$16.2M 1.37%
630,000
– –
RPT.PRD
17
DELISTED
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$15M 1.27%
245,700
– –
LXP.PRC icon
18
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$14.4M 1.22%
303,428
– –
INN
19
Summit Hotel Properties
INN
$722M
$13.9M 1.17%
1,160,000
-1,390,000
-55% -$17.7M
MNR
20
DELISTED
Monmouth Real Estate Investment Corp
MNR
$13M 1.1%
1,240,000
– –
UBP.PRG.CL
21
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$12M 1.01%
450,000
– –
SHO.PRD
22
DELISTED
SUNSTONE HOTEL INVESTORS, INC 8.0% SER D CUM REDM PFD
SHO.PRD
$11.7M 0.99%
461,592
+96,000
+26% +$2.45M
CCG
23
DELISTED
CAMPUS CREST COMMUNITIES INC COM STK (MD)
CCG
$11.1M 0.94%
1,637,764
-2,356,567
-59% -$15.2M
FUR
24
DELISTED
WINTHROP REALTY TRUST SHS BENE INT (NEW)
FUR
$11.1M 0.94%
858,037
-31,500
-4% -$439K
AHT.PRE
25
DELISTED
ASHFORD HOSPITALITY TR INC 9.00% CUM PFD SER E
AHT.PRE
$10.2M 0.86%
402,587
-107,448
-21% -$2.75M
1
2 3 4 5

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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.