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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
+9.94%
1 Year Est. Return
+0.46%
3 Year Est. Return
+36.88%
5 Year Est. Return
+52.96%
10 Year Est. Return
–
AUM
$555M
AUM Growth
-$47.8M
Cap. Flow
-$90.8M
Cap. Flow %
-16.36%
Top 10 Hldgs %
92.58%
Holding
40
New
6
Increased
4
Reduced
8
Closed
13

Top Buys

1
QQQ icon
Invesco QQQ Trust
QQQ
+$26M
2
XLV icon
State Street Health Care Select Sector SPDR ETF
XLV
+$24.4M
3
IWN icon
iShares Russell 2000 Value ETF
IWN
+$15M
4
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$14.7M
5
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$14.6M

Top Sells

1
SHY icon
iShares 1-3 Year Treasury Bond ETF
SHY
+$100M
2
XLY icon
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
+$29.3M
3
LXP.PRC icon
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
+$14.3M
4
RLJ.PRA icon
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
+$12.8M
5
QTS.PRB
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
+$9.19M

Sector Composition

1 Real Estate 9.83%
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
$234M 42.08%
624,681
+11,875
+2% +$4.21M
SHY icon
2
iShares 1-3 Year Treasury Bond ETF
SHY
$25.7B
$137M 24.7%
1,587,368
-1,159,041
-42% -$100M
QQQ icon
3
Invesco QQQ Trust
QQQ
$466B
$27.8M 5%
+88,466
New +$26M
XLY icon
4
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$22.3B
$26.6M 4.79%
330,852
-380,088
-53% -$29.3M
XLV icon
5
State Street Health Care Select Sector SPDR ETF
XLV
$41.4B
$25.4M 4.57%
+223,549
New +$24.4M
IWN icon
6
iShares Russell 2000 Value ETF
IWN
$14.4B
$16.7M 3.01%
+126,972
New +$15M
XLB icon
7
State Street Materials Select Sector SPDR ETF
XLB
$8.34B
$15.5M 2.79%
+427,840
New +$14.6M
XLI icon
8
State Street Industrial Select Sector SPDR ETF
XLI
$33.3B
$15.5M 2.79%
+174,745
New +$14.7M
CLDT
9
Chatham Lodging
CLDT
$624M
$8.66M 1.56%
801,640
-15,970
-2% -$153K
CLPR
10
Clipper Realty
CLPR
$46.7M
$7.12M 1.28%
1,009,685
+300
+0% +$1.86K
SBRA icon
11
Sabra Healthcare REIT
SBRA
$5.07B
$7.1M 1.28%
408,720
-360,030
-47% -$5.75M
NTST
12
NETSTREIT Corp
NTST
$2.17B
$6.82M 1.23%
350,000
– –
STAG icon
13
STAG Industrial
STAG
$7.97B
$6.58M 1.18%
210,000
– –
BXP icon
14
Boston Properties
BXP
$11.1B
$4.87M 0.88%
+51,520
New +$4.6M
BPY
15
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$4.63M 0.83%
320,190
-282,110
-47% -$4.14M
VRE
16
DELISTED
Veris Residential
VRE
$3.09M 0.56%
247,880
+260
+0.1% +$3.31K
AOK icon
17
iShares Core Conservative Allocation ETF
AOK
$806M
$2.41M 0.43%
62,091
+34,388
+124% +$1.31M
ARE icon
18
Alexandria Real Estate Equities
ARE
$8.75B
$805K 0.15%
4,515
– –
FPI
19
Farmland Partners
FPI
$424M
$785K 0.14%
90,200
– –
AVB icon
20
AvalonBay Communities
AVB
$27.4B
$660K 0.12%
4,110
-25,000
-86% -$3.98M
SLG icon
21
SL Green Realty
SLG
$3.67B
$634K 0.11%
10,338
-653
-6% -$34.5K
FRT icon
22
Federal Realty Investment Trust
FRT
$10.9B
$615K 0.11%
7,220
– –
EQIX icon
23
Equinix
EQIX
$101B
$602K 0.11%
843
– –
ROIC
24
DELISTED
Retail Opportunity Investments Corp.
ROIC
$563K 0.1%
42,100
– –
AKR icon
25
Acadia Realty Trust
AKR
$3B
$474K 0.09%
33,370
– –
1
2

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Forward Management's Q4 2020 Portfolio in Review

As of Q4 2020, Forward Management held 40 positions worth $555M, down 7.9% from $603M the previous quarter. Its ten largest holdings account for 93% of the portfolio.

Forward Management withdrew a net $90.8M in Q4 2020, closing 13 positions and reducing 8 holdings. Its most notable exit was LXP Industrial Trust 6.5% Series C Preferred Stock, an estimated $14.3M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 9.8% of assets, down from 12% a quarter earlier.

Against the trend, Forward Management opened a new position in Invesco QQQ Trust worth $27.8M.

  • Forward Management's largest Q4 2020 buy was Invesco QQQ Trust: 88,466 shares worth $27.8M.
  • Forward Management added most to State Street SPDR S&P 500 ETF Trust in Q4 2020, an estimated $4.21M increase.
  • Forward Management's biggest Q4 2020 reduction was iShares 1-3 Year Treasury Bond ETF, cutting an estimated $100M.
  • Forward Management fully exited LXP Industrial Trust 6.5% Series C Preferred Stock in Q4 2020, selling an estimated $14.3M.
  • Forward Management's ten largest holdings make up 93% of its $555M portfolio in Q4 2020.
  • Forward Management opened 6 new positions and closed 13 in Q4 2020.
  • Forward Management's portfolio value fell 7.9% quarter-over-quarter to $555M.

Based on Forward Management's 13F filing for Q4 2020, filed 5 Feb 2021.