PCM
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Penn Capital Management’s Forward Air FWRD Stock Holding History

Penn Capital Management’s Portfolio FWRD Stock Details FWRD Fund Activity
Bought
Maintained
Sold
Quarter Market Value Status Shares Change in
Stake 		Trade Value Portfolio Weight Portfolio Position
2025
Q4 		– Sell
-17,374
Closed -$445K – 180
2025
Q3 		$445K Buy
17,374
+6,977
+67% +$201K 0.03% 151
2025
Q2 		$255K Sell
10,397
-460,179
-98% -$8.17M 0.02% 152
2025
Q1 		$9.47M Buy
470,576
+89,629
+24% +$2.47M 0.92% 60
2024
Q4 		$12.3M Buy
380,947
+57,854
+18% +$2.02M 1.21% 37
2024
Q3 		$11.5M Buy
+323,093
New +$9.17M 1.05% 44
2024
Q1 		– Sell
-174,172
Closed -$11M – 151
2023
Q4 		$11M Buy
174,172
+37,799
+28% +$2.54M 1.01% 49
2023
Q3 		$9.41M Buy
+136,373
New +$12M 0.96% 50

Other funds holding FWRD

CCG
Clearlake Capital Group Santa Monica, California $529M AUM 50.26% 1-Year Est. Return
BlackRock
BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return
LC
Littlejohn & Co Greenwich, Connecticut $78.6M AUM 1.93% 1-Year Est. Return
Vanguard Group
Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return
ICM
Irenic Capital Management New York $2.08B AUM 19.87% 1-Year Est. Return
PA
Paralel Advisors Denver, Colorado $2.59B AUM 17.02% 1-Year Est. Return
Fidelity Investments
Fidelity Investments Boston, Massachusetts $2.3T AUM 54.33% 1-Year Est. Return
State Street
State Street Boston, Massachusetts $3.37T AUM 44.26% 1-Year Est. Return
PMG
Private Management Group Irvine, California $3.8B AUM 23.19% 1-Year Est. Return
MAM
Melqart Asset Management London, United Kingdom $1.05B AUM 111.55% 1-Year Est. Return

Penn Capital Management's FWRD Position: Q4 2025 in Review

Penn Capital Management sold out of Forward Air (FWRD) in Q4 2025, closing a stake of 17,374 shares — an estimated $445K sold.

Penn Capital Management first reported a position in FWRD in Q3 2023 and held it in 7 quarters. The position peaked at $12.3M in Q4 2024. 202 funds tracked by Wall St. Rank hold FWRD as of Q4 2025.

  • Penn Capital Management reported no remaining Forward Air position as of Q4 2025 after selling out during the quarter.
  • Penn Capital Management sold 17,374 Forward Air shares in Q4 2025, an estimated $445K.
  • Penn Capital Management first reported a position in Forward Air in Q3 2023 and held it in 7 quarters.
  • Penn Capital Management's Forward Air position peaked at $12.3M in Q4 2024.
  • 202 funds tracked by Wall St. Rank held Forward Air as of Q4 2025.

Based on Penn Capital Management's 13F filing for Q4 2025, filed 9 Feb 2026.