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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
+9.06%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$672M
AUM Growth
+$348M
Cap. Flow
+$307M
Cap. Flow %
45.64%
Top 10 Hldgs %
81.42%
Holding
51
New
5
Increased
4
Reduced
11
Closed
5

Top Buys

1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$214M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$86.4M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$49.7M
4
BDN
Brandywine Realty Trust
BDN
+$8.29M
5
STAY
Extended Stay America, Inc. Paired Share Unit
STAY
+$6.77M

Top Sells

1
SDS icon
ProShares UltraShort S&P500
SDS
+$39.5M
2
STAG icon
STAG Industrial
STAG
+$5.52M
3
JCAP
Jernigan Capital, Inc.
JCAP
+$3.5M
4
WHLRP
Wheeler Real Estate Investment Trust Preferred Stock
WHLRP
+$3.33M
5
LMRKN
Landmark Infrastructure Partners LP 7% Series C Fltg/Fxd Perpetual Conv Preferred Stock
LMRKN
+$1.5M

Sector Composition

1 Real Estate 16.94%
2 Financials 1.29%
3 Consumer Discretionary 1.04%
4 Communication Services 0.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BIL icon
1
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$214M 31.87%
+2,339,448
New +$214M
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$136M 20.26%
482,352
+182,949
+61% +$49.7M
QQQ icon
3
Invesco QQQ Trust
QQQ
$466B
$91.4M 13.6%
+508,987
New +$86.4M
LXP.PRC icon
4
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$16.7M 2.48%
310,060
-6,455
-2% -$328K
BHR.PRB
5
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$52.7M
$16.3M 2.43%
816,982
-56,938
-7% -$1.07M
BPY
6
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$16M 2.39%
780,150
+80,500
+12% +$1.52M
RLJ.PRA icon
7
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$323M
$15.5M 2.3%
614,110
– –
CLDT
8
Chatham Lodging
CLDT
$615M
$14.8M 2.21%
771,490
– –
CLPR
9
Clipper Realty
CLPR
$46.9M
$12.9M 1.91%
960,485
+10,485
+1% +$137K
JCAP
10
DELISTED
Jernigan Capital, Inc.
JCAP
$12.8M 1.9%
606,108
-164,542
-21% -$3.5M
UBP.PRG.CL
11
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.6M 1.73%
450,080
– –
EPR.PRE icon
12
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$11M 1.63%
290,110
– –
SBRA icon
13
Sabra Healthcare REIT
SBRA
$5.08B
$10.2M 1.52%
525,000
– –
BDN
14
Brandywine Realty Trust
BDN
$554M
$8.71M 1.3%
+549,220
New +$8.29M
DBRG icon
15
DigitalBridge
DBRG
$2.92B
$8.67M 1.29%
407,496
– –
ACR
16
ACRES Commercial Realty
ACR
$127M
$8.61M 1.28%
270,000
– –
EPR.PRC icon
17
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$7.82M 1.16%
248,700
– –
APLE icon
18
Apple Hospitality REIT
APLE
$3.98B
$7.58M 1.13%
465,180
– –
STAY
19
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$6.99M 1.04%
+389,620
New +$6.77M
QTS.PRB
20
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$6.9M 1.03%
63,500
– –
STAG icon
21
STAG Industrial
STAG
$8.04B
$6.23M 0.93%
210,000
-200,000
-49% -$5.52M
ARE icon
22
Alexandria Real Estate Equities
ARE
$8.74B
$1.06M 0.16%
7,415
– –
MAA icon
23
Mid-America Apartment Communities
MAA
$15.7B
$1.04M 0.15%
9,500
-20
-0.2% -$2.06K
FRT icon
24
Federal Realty Investment Trust
FRT
$10.8B
$1.02M 0.15%
7,420
– –
PLD icon
25
Prologis
PLD
$140B
$1.02M 0.15%
14,140
– –
1
2

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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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Forward Management's Q1 2019 Portfolio in Review

As of Q1 2019, Forward Management held 51 positions worth $672M, up 107% from $325M the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Forward Management deployed $307M of net new capital in Q1 2019, opening 5 new positions and adding to 4 existing holdings. Its largest new stake was State Street SPDR Bloomberg 1-3 Month T-Bill ETF: 2,339,448 shares worth $214M.

By sector, the portfolio is most concentrated in Real Estate at 17% of assets, down from 31% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was STAG Industrial, an estimated $5.52M trimmed.

  • Forward Management's largest Q1 2019 buy was State Street SPDR Bloomberg 1-3 Month T-Bill ETF: 2,339,448 shares worth $214M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q1 2019, an estimated $49.7M increase.
  • Forward Management's biggest Q1 2019 reduction was STAG Industrial, cutting an estimated $5.52M.
  • Forward Management fully exited ProShares UltraShort S&P500 in Q1 2019, selling an estimated $39.5M.
  • Forward Management's ten largest holdings make up 81% of its $672M portfolio in Q1 2019.
  • Forward Management opened 5 new positions and closed 5 in Q1 2019.
  • Forward Management's portfolio value rose 107% quarter-over-quarter to $672M.

Based on Forward Management's 13F filing for Q1 2019, filed 1 May 2019.