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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

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

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

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
SPY icon
1
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$99.9M 11.18%
397,541
-226,197
-36% -$55.8M
AHP.PRB
2
DELISTED
Ashford Hospitality Prime, Inc.
AHP.PRB
$56.6M 6.34%
2,800,000
– –
DBRG icon
3
DigitalBridge
DBRG
$2.92B
$38M 4.25%
755,489
-13,075
-2% -$715K
DIA icon
4
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45B
$33.8M 3.79%
151,186
-84,655
-36% -$18.5M
IWM icon
5
iShares Russell 2000 ETF
IWM
$82.2B
$33.8M 3.79%
228,250
+227,845
+56,258% +$32.1M
CLDT
6
Chatham Lodging
CLDT
$624M
$32.9M 3.68%
1,542,938
-493,000
-24% -$10.1M
SBRA icon
7
Sabra Healthcare REIT
SBRA
$5.07B
$32.5M 3.64%
1,482,025
+284,300
+24% +$6.42M
JCAP
8
DELISTED
Jernigan Capital, Inc.
JCAP
$29.6M 3.31%
1,439,100
-900
-0.1% -$18.5K
MRT
9
DELISTED
MedEquities Realty Trust, Inc.
MRT
$25.3M 2.84%
2,156,000
-1,400
-0.1% -$16.6K
EPR.PRE icon
10
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$23.1M 2.59%
644,101
– –
GOV
11
DELISTED
Government Properties Income Trust
GOV
$22.5M 2.51%
1,196,300
+146,300
+14% +$2.67M
SITC icon
12
SITE Centers
SITC
$235M
$21.7M 2.43%
1,836,174
-9,158
-0.5% -$115K
STAG icon
13
STAG Industrial
STAG
$7.97B
$21.3M 2.39%
776,606
-31,000
-4% -$857K
FSP
14
Franklin Street Properties
FSP
$51.3M
$19.9M 2.22%
1,869,400
-1,000
-0.1% -$10.3K
LXP.PRC icon
15
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$16.2M 1.81%
316,455
– –
RSO
16
DELISTED
Resource Capital Corp.
RSO
$15.5M 1.73%
1,434,800
-800
-0.1% -$8.24K
KRG icon
17
Kite Realty
KRG
$6.01B
$15.2M 1.7%
751,948
-415,300
-36% -$8.33M
RPT.PRD
18
DELISTED
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$13.3M 1.49%
245,700
– –
CORR.PRA
19
DELISTED
CorEnergy Infrastructure Trust, Inc Depositary Shares representing a 1/100th fractional interest of a share of 7.375% Series A Cumulative Redeemable Preferred Stock
CORR.PRA
$13M 1.46%
500,000
– –
TCO
20
DELISTED
Taubman Centers Inc.
TCO
$12.6M 1.41%
252,750
-1,900
-0.7% -$104K
UBP.PRG.CL
21
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.8M 1.33%
450,000
– –
CLPR
22
Clipper Realty
CLPR
$46.7M
$11.1M 1.24%
1,036,196
-600
-0.1% -$6.7K
BKD icon
23
Brookdale Senior Living
BKD
$3.58B
$10.3M 1.15%
972,200
+787,300
+426% +$9.96M
WHLRP
24
Wheeler Real Estate Investment Trust Preferred Stock
WHLRP
$8.66M 0.97%
390,000
– –
EPR.PRC icon
25
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$6.89M 0.77%
248,700
– –
1
2 3 4 5

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BO
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PS
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AEPI
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H6H
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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.