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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
+0.84%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$1.19B
AUM Growth
-$247M
Cap. Flow
-$253M
Cap. Flow %
-21.31%
Top 10 Hldgs %
51.12%
Holding
240
New
14
Increased
54
Reduced
61
Closed
56

Top Buys

1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$70.2M
2
DBRG icon
DigitalBridge
DBRG
+$41.4M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$30.9M
4
WPG
Washington Prime Group Inc.
WPG
+$26.6M
5
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$23.5M

Top Sells

1
IWM icon
iShares Russell 2000 ETF
IWM
+$123M
2
CLNY
Colony Capital, Inc.
CLNY
+$37.8M
3
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$36.3M
4
AMH icon
American Homes 4 Rent
AMH
+$30.3M
5
EPD icon
Enterprise Products Partners
EPD
+$20.4M

Sector Composition

1 Real Estate 33.77%
2 Financials 4.45%
3 Technology 1.38%
4 Communication Services 1.33%
5 Healthcare 1.16%
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
$200M 16.9%
850,379
+302,141
+55% +$70.2M
BIL icon
2
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$107M 8.99%
1,165,974
+256,569
+28% +$23.5M
AHP.PRB
3
DELISTED
Ashford Hospitality Prime, Inc.
AHP.PRB
$55.1M 4.64%
2,800,000
+200,000
+8% +$4.13M
QQQ icon
4
Invesco QQQ Trust
QQQ
$466B
$48.1M 4.06%
363,388
+242,208
+200% +$30.9M
CLDT
5
Chatham Lodging
CLDT
$615M
$40.3M 3.4%
2,040,738
– –
DBRG icon
6
DigitalBridge
DBRG
$2.92B
$38M 3.21%
+736,100
New +$41.4M
STAG icon
7
STAG Industrial
STAG
$8.04B
$35.2M 2.97%
1,406,306
– –
SBRA icon
8
Sabra Healthcare REIT
SBRA
$5.08B
$32.3M 2.72%
1,156,825
– –
KRG icon
9
Kite Realty
KRG
$5.99B
$25.2M 2.13%
1,172,348
+657,400
+128% +$14.9M
FCH.PRA
10
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$25M 2.11%
1,025,000
– –
WPG
11
DELISTED
Washington Prime Group Inc.
WPG
$24.9M 2.1%
+317,943
New +$26.6M
MRT
12
DELISTED
MedEquities Realty Trust, Inc.
MRT
$24.2M 2.04%
2,157,400
+48,400
+2% +$540K
EPR.PRE icon
13
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$23.1M 1.94%
644,101
– –
FSP
14
Franklin Street Properties
FSP
$49.7M
$22.7M 1.91%
1,870,400
-50,000
-3% -$619K
AMH icon
15
American Homes 4 Rent
AMH
$12.4B
$21.2M 1.79%
925,141
-1,356,293
-59% -$30.3M
SITC icon
16
SITE Centers
SITC
$232M
$19.4M 1.63%
1,200,704
– –
TCO
17
DELISTED
Taubman Centers Inc.
TCO
$16.8M 1.42%
254,650
– –
MNR
18
DELISTED
Monmouth Real Estate Investment Corp
MNR
$16.4M 1.39%
1,152,000
– –
UMH.PRA.CL
19
DELISTED
Umh Properties Inc
UMH.PRA.CL
$16.3M 1.37%
630,000
– –
LXP.PRC icon
20
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$15.9M 1.34%
316,455
– –
NYRT
21
DELISTED
New York REIT, Inc.
NYRT
$13.8M 1.17%
142,730
– –
RSO
22
DELISTED
Resource Capital Corp.
RSO
$13.6M 1.15%
1,396,006
+1,366,219
+4,587% +$11.9M
RPT.PRD
23
DELISTED
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$13.3M 1.12%
245,700
– –
JCAP
24
DELISTED
Jernigan Capital, Inc.
JCAP
$12.1M 1.02%
525,000
– –
NSA icon
25
National Storage Affiliates Trust
NSA
$3.53B
$12M 1.01%
501,036
-597,364
-54% -$13.9M
1
2 3 4 5

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Forward Management's Q1 2017 Portfolio in Review

As of Q1 2017, Forward Management held 240 positions worth $1.19B, down 17% from $1.43B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Forward Management withdrew a net $253M in Q1 2017, closing 56 positions and reducing 61 holdings. Its most notable exit was iShares Russell 2000 ETF, an estimated $123M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 34% of assets, up from 27% a quarter earlier, followed by Financials and Technology.

Against the trend, Forward Management opened a new position in DigitalBridge worth $38M.

  • Forward Management's largest Q1 2017 buy was DigitalBridge: 736,100 shares worth $38M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q1 2017, an estimated $70.2M increase.
  • Forward Management's biggest Q1 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $36.3M.
  • Forward Management fully exited iShares Russell 2000 ETF in Q1 2017, selling an estimated $123M.
  • Forward Management's ten largest holdings make up 51% of its $1.19B portfolio in Q1 2017.
  • Forward Management opened 14 new positions and closed 56 in Q1 2017.
  • Forward Management's portfolio value fell 17% quarter-over-quarter to $1.19B.

Based on Forward Management's 13F filing for Q1 2017, filed 4 May 2017.