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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
+1.65%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$657M
AUM Growth
+$90.8M
Cap. Flow
-$31.4M
Cap. Flow %
-4.78%
Top 10 Hldgs %
78.11%
Holding
52
New
4
Increased
3
Reduced
18
Closed
1

Top Buys

1
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$99M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$20.5M
3
EQC
Equity Commonwealth
EQC
+$1.6M
4
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
+$449K
5
NSA icon
National Storage Affiliates Trust
NSA
+$47.5K

Top Sells

1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$119M
2
GDX icon
VanEck Gold Miners ETF
GDX
+$25.2M
3
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$3.92M
4
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
+$1.48M
5
BRX icon
Brixmor Property Group
BRX
+$1.16M

Sector Composition

1 Real Estate 18.79%
2 Financials 1.49%
3 Consumer Discretionary 1.26%
4 Communication Services 0.15%
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
$244M 37.1%
2,660,295
+1,081,234
+68% +$99M
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$109M 16.54%
365,953
-403,389
-52% -$119M
QQQ icon
3
Invesco QQQ Trust
QQQ
$466B
$65.6M 9.99%
347,471
+108,233
+45% +$20.5M
LXP.PRC icon
4
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90M
$16.9M 2.57%
293,564
-15,641
-5% -$861K
RLJ.PRA icon
5
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$323M
$15.5M 2.36%
574,912
-25,198
-4% -$677K
CLDT
6
Chatham Lodging
CLDT
$624M
$14M 2.13%
770,990
-500
-0.1% -$8.88K
SBRA icon
7
Sabra Healthcare REIT
SBRA
$5.07B
$12.1M 1.84%
525,000
– –
BHR.PRB
8
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$52.7M
$12M 1.82%
574,403
-204,435
-26% -$3.92M
UBP.PRG.CL
9
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.4M 1.74%
450,080
– –
EPR.PRE icon
10
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$11.3M 1.71%
290,110
– –
JCAP
11
DELISTED
Jernigan Capital, Inc.
JCAP
$10.3M 1.57%
534,000
– –
DBRG icon
12
DigitalBridge
DBRG
$2.92B
$9.81M 1.49%
407,496
– –
CLPR
13
Clipper Realty
CLPR
$46.7M
$9.79M 1.49%
960,485
– –
APLE icon
14
Apple Hospitality REIT
APLE
$3.98B
$9.75M 1.48%
588,080
-3,000
-0.5% -$47.5K
ACR
15
ACRES Commercial Realty
ACR
$127M
$9.21M 1.4%
270,000
– –
VNO icon
16
Vornado Realty Trust
VNO
$7.59B
$9.11M 1.39%
143,000
– –
BPY
17
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$8.81M 1.34%
434,150
-76,700
-15% -$1.48M
DOC icon
18
Healthpeak Properties
DOC
$15.5B
$8.37M 1.27%
235,000
– –
EPR.PRC icon
19
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$8.28M 1.26%
248,700
– –
STAY
20
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$8.27M 1.26%
564,650
– –
BDN
21
Brandywine Realty Trust
BDN
$545M
$8.18M 1.25%
540,120
-4,000
-0.7% -$58.4K
QTS.PRB
22
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$7.71M 1.17%
63,500
– –
STAG icon
23
STAG Industrial
STAG
$7.97B
$6.19M 0.94%
210,000
– –
EQC
24
DELISTED
Equity Commonwealth
EQC
$1.63M 0.25%
+47,472
New +$1.6M
PLD icon
25
Prologis
PLD
$140B
$1.11M 0.17%
13,040
-600
-4% -$49.6K
1
2 3

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B
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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 Q3 2019 Portfolio in Review

As of Q3 2019, Forward Management held 52 positions worth $657M, up 16% from $566M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Forward Management withdrew a net $31.4M in Q3 2019, closing 1 position and reducing 18 holdings. Its most notable exit was Brixmor Property Group, an estimated $1.16M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 19% of assets, down from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Forward Management opened a new position in Equity Commonwealth worth $1.63M.

  • Forward Management's largest Q3 2019 buy was Equity Commonwealth: 47,472 shares worth $1.63M.
  • Forward Management added most to State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2019, an estimated $99M increase.
  • Forward Management's biggest Q3 2019 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $119M.
  • Forward Management fully exited Brixmor Property Group in Q3 2019, selling an estimated $1.16M.
  • Forward Management's ten largest holdings make up 78% of its $657M portfolio in Q3 2019.
  • Forward Management opened 4 new positions and closed 1 in Q3 2019.
  • Forward Management's portfolio value rose 16% quarter-over-quarter to $657M.

Based on Forward Management's 13F filing for Q3 2019, filed 6 Nov 2019.