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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
-5.62%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$325M
AUM Growth
-$266M
Cap. Flow
-$221M
Cap. Flow %
-68.17%
Top 10 Hldgs %
69.81%
Holding
159
New
4
Increased
8
Reduced
21
Closed
113

Top Buys

1
SDS icon
ProShares UltraShort S&P500
SDS
+$35.2M
2
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
+$12.8M
3
DBRG icon
DigitalBridge
DBRG
+$3.48M
4
NSA icon
National Storage Affiliates Trust
NSA
+$505K
5
SBRA icon
Sabra Healthcare REIT
SBRA
+$500K

Top Sells

1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$98.4M
2
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$28M
3
RPT.PRD
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
+$13.2M
4
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
+$9.58M
5
SITC icon
SITE Centers
SITC
+$9.06M

Sector Composition

1 Real Estate 30.83%
2 Financials 2.35%
3 Communication Services 0.23%
4 Energy 0%
5 Healthcare 0%
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
$74.8M 23.04%
299,403
-364,922
-55% -$98.4M
SDS icon
2
ProShares UltraShort S&P500
SDS
$390M
$39.5M 12.17%
+36,849
New +$35.2M
LXP.PRC icon
3
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$15.6M 4.8%
316,515
– –
JCAP
4
DELISTED
Jernigan Capital, Inc.
JCAP
$15.3M 4.7%
770,650
-181,500
-19% -$3.69M
RLJ.PRA icon
5
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$323M
$15.2M 4.69%
614,110
-90,000
-13% -$2.29M
BHR.PRB
6
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$52.7M
$15M 4.62%
873,920
-1,607,395
-65% -$28M
CLDT
7
Chatham Lodging
CLDT
$624M
$13.6M 4.2%
771,490
– –
CLPR
8
Clipper Realty
CLPR
$46.7M
$12.4M 3.82%
950,000
-110
-0% -$1.44K
BPY
9
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$11.3M 3.47%
+699,650
New +$12.8M
UBP.PRG.CL
10
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.1M 3.41%
450,080
– –
STAG icon
11
STAG Industrial
STAG
$7.97B
$10.2M 3.14%
410,000
– –
EPR.PRE icon
12
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$9.86M 3.04%
290,110
-140,230
-33% -$4.97M
SBRA icon
13
Sabra Healthcare REIT
SBRA
$5.07B
$8.65M 2.66%
525,000
+24,850
+5% +$500K
ACR
14
ACRES Commercial Realty
ACR
$127M
$8.12M 2.5%
270,000
-43
-0% -$1.4K
DBRG icon
15
DigitalBridge
DBRG
$2.92B
$7.63M 2.35%
407,496
+152,071
+60% +$3.48M
EPR.PRC icon
16
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$6.7M 2.06%
248,700
– –
APLE icon
17
Apple Hospitality REIT
APLE
$3.98B
$6.63M 2.04%
465,180
+80
+0% +$1.27K
QTS.PRB
18
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$5.99M 1.84%
63,500
-6,500
-9% -$650K
WHLRP
19
Wheeler Real Estate Investment Trust Preferred Stock
WHLRP
$2.93M 0.9%
376,919
-11,200
-3% -$181K
LMRKN
20
DELISTED
Landmark Infrastructure Partners LP 7% Series C Fltg/Fxd Perpetual Conv Preferred Stock
LMRKN
$1.5M 0.46%
72,844
-36,491
-33% -$798K
AAT
21
American Assets Trust
AAT
$1.57B
$990K 0.3%
24,650
-50
-0.2% -$1.95K
MAA icon
22
Mid-America Apartment Communities
MAA
$15.5B
$911K 0.28%
9,520
+20
+0.2% +$1.98K
FRT icon
23
Federal Realty Investment Trust
FRT
$10.9B
$875K 0.27%
7,420
+20
+0.3% +$2.51K
VRE
24
DELISTED
Veris Residential
VRE
$862K 0.27%
44,000
-3,000
-6% -$61.4K
ARE icon
25
Alexandria Real Estate Equities
ARE
$8.75B
$855K 0.26%
7,415
– –
1
2 3 4 5

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BO
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PS
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CGM
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CL
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AEPI
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AIL
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H6H
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Forward Management's Q4 2018 Portfolio in Review

As of Q4 2018, Forward Management held 159 positions worth $325M, down 45% from $591M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Forward Management withdrew a net $221M in Q4 2018, closing 113 positions and reducing 21 holdings. Its most notable exit was RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest, an estimated $13.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 31% of assets, up from 20% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Forward Management opened a new position in ProShares UltraShort S&P500 worth $39.5M.

  • Forward Management's largest Q4 2018 buy was ProShares UltraShort S&P500: 36,849 shares worth $39.5M.
  • Forward Management added most to DigitalBridge in Q4 2018, an estimated $3.48M increase.
  • Forward Management's biggest Q4 2018 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $98.4M.
  • Forward Management fully exited RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest in Q4 2018, selling an estimated $13.2M.
  • Forward Management's ten largest holdings make up 70% of its $325M portfolio in Q4 2018.
  • Forward Management opened 4 new positions and closed 113 in Q4 2018.
  • Forward Management's portfolio value fell 45% quarter-over-quarter to $325M.

Based on Forward Management's 13F filing for Q4 2018, filed 1 Feb 2019.