FM

Forward Management Portfolio holdings

AUM $907M
This Quarter Return
+4.24%
1 Year Return
+0.46%
3 Year Return
+36.86%
5 Year Return
+53.05%
10 Year Return
–
AUM
$656M
AUM Growth
+$656M
Cap. Flow
-$14.6M
Cap. Flow %
-2.22%
Top 10 Hldgs %
77.86%
Holding
58
New
7
Increased
6
Reduced
9
Closed
11

Top Buys

1
SPY icon
SPDR S&P 500 ETF Trust
SPY
$82.4M
2
IWM icon
iShares Russell 2000 ETF
IWM
$66M
3
WY icon
Weyerhaeuser
WY
$10.6M
4
TCO
Taubman Centers Inc.
TCO
$8.44M
5
MAC icon
Macerich
MAC
$4.38M

Top Sells

1
BIL icon
SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$152M
2
UBP.PRG.CL
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.4M
3
VNO icon
Vornado Realty Trust
VNO
$9.11M
4
BDN
Brandywine Realty Trust
BDN
$8.18M
5
QQQ icon
Invesco QQQ Trust
QQQ
$3.81M

Sector Composition

1 Real Estate 18.26%
2 Financials 1.18%
3 Consumer Discretionary 1.18%
4 Communication Services 0.15%
Name Market Value Portfolio Weight Shares or Principal Shares
Change % 		Capital Flow
SPY icon
1
SPDR S&P 500 ETF Trust
SPY
$658B
$200M 30.53%
621,871
+255,918
+70% +$82.4M
BIL icon
2
SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$42.1B
$91.6M 13.98%
1,002,312
-1,657,983
-62% -$152M
QQQ icon
3
Invesco QQQ Trust
QQQ
$364B
$70.1M 10.69%
329,559
-17,912
-5% -$3.81M
IWM icon
4
iShares Russell 2000 ETF
IWM
$67B
$66M 10.07%
398,663
+398,515
+269,267% +$66M
LXP.PRC icon
5
LXP Industrial Trust 6.5% Series C Cumulative Convertible Preferred Stock
LXP.PRC
$90.1M
$16.5M 2.52%
290,060
-3,504
-1% -$200K
RLJ.PRA icon
6
RLJ Lodging Trust $1.95 Series A Cumulative Convertible Preferred Shares
RLJ.PRA
$313M
$16.1M 2.45%
560,110
-14,802
-3% -$425K
CLDT
7
Chatham Lodging
CLDT
$374M
$14.1M 2.16%
770,990
– –
WY icon
8
Weyerhaeuser
WY
$18.7B
$11.6M 1.76%
382,500
+350,000
+1,077% +$10.6M
SBRA icon
9
Sabra Healthcare REIT
SBRA
$4.58B
$11.2M 1.71%
525,000
– –
EPR.PRE icon
10
EPR Properties 9.00% Series E Cumulative Convertible Preferred Shares
EPR.PRE
$108M
$11.1M 1.69%
290,110
– –
CLPR
11
Clipper Realty
CLPR
$72.3M
$10.3M 1.57%
972,017
+11,532
+1% +$122K
JCAP
12
DELISTED
Jernigan Capital, Inc.
JCAP
$10.2M 1.56%
534,000
– –
BHR.PRB
13
Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock
BHR.PRB
$59.1M
$9.64M 1.47%
507,203
-67,200
-12% -$1.28M
ACR
14
ACRES Commercial Realty
ACR
$156M
$9.57M 1.46%
810,000
– –
APLE icon
15
Apple Hospitality REIT
APLE
$3.1B
$9.56M 1.46%
588,080
– –
DOC icon
16
Healthpeak Properties
DOC
$12.5B
$8.5M 1.3%
246,700
+11,700
+5% +$403K
TCO
17
DELISTED
Taubman Centers Inc.
TCO
$8.44M 1.29%
+271,500
New +$8.44M
QTS.PRB
18
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$8.2M 1.25%
63,500
– –
EPR.PRC icon
19
EPR Properties 5.75% Series C Cumulative Convertible Preferred Shares
EPR.PRC
$132M
$7.81M 1.19%
248,700
– –
BPY
20
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$7.77M 1.19%
425,150
-9,000
-2% -$165K
DBRG icon
21
DigitalBridge
DBRG
$2.08B
$7.74M 1.18%
1,629,983
– –
STAY
22
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$7.73M 1.18%
520,150
-44,500
-8% -$661K
STAG icon
23
STAG Industrial
STAG
$6.88B
$6.63M 1.01%
210,000
– –
MAC icon
24
Macerich
MAC
$4.65B
$4.38M 0.67%
+162,850
New +$4.38M
UDR icon
25
UDR
UDR
$13.1B
$1.17M 0.18%
+25,000
New +$1.17M
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