Forward Management, LLC

CIK

1385864

Location

SAN FRANCISCO, CA

Portfolio Value

Small $273,724,848

Diversification

Highly concentrated

Filing Date

Global Rank

#2,538 / 6,692 ▲ 1300 · as of Sep 2022

Top Industry

REIT - Industrial 26.1%

3Y Alpha vs SPY

-3.1%

Period ended 3 years ago

Filed Nov 3, 2022 · 3y

11 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+62.6%

SPY

+76.0%

Annualised alpha

-3.1%

Max drawdown

−18.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

20 positions · as of Sep 30, 2022 · Δ vs Jun 30, 2022

Top Position

79.4%

+24.5 pts

Top 5

87.3%

+13.8 pts

Top 10

95.2%

+3.7 pts

HHI

6,340

Highly concentrated+3,156

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2022

Sector	% Portfolio	Value	Positions
Unclassified	79.4%	$217,387,248	1
Real Estate	20.6%	$56,337,600	19

Last Quarter's Activity

Export CSV

Sep 30, 2022 vs Jun 30, 2022

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
APLE	Apple Hospitality REIT, Inc.	+163,588	465,000	$6,537,900
GLPI	Gaming & Leisure Properties, Inc.	+34,500	111,600	$4,937,184
CUBE	CubeSmart	+20,000	123,000	$4,927,380
SUI	Sun Communities Inc	+15,200	32,000	$4,330,560
COLD	Americold Realty Trust	+15,000	169,340	$4,165,764
EQR	Equity Residential	+70	73,070	$4,911,765
PLD	Prologis, Inc.	+20	50,520	$5,132,832
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
DRH	DiamondRock Hospitality Co	−115,679	40,000	$300,400
UDR	UDR, Inc.	−20,000	110,035	$4,589,559
BXP	BXP, Inc.	−14,900	47,700	$3,576,069
AMT	American Tower Corp /Ma/	−3,000	17,424	$3,740,932
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
SPY	Spdr S&P 500 ETF Trust	608,621	$217,387,248
PECO	Phillips Edison & Company, Inc.	80,000	$2,244,000
AVB	Avalonbay Communities Inc	4,400	$810,436
ARE	Alexandria Real Estate Equities, Inc.	5,720	$801,886
FRT	Federal Realty Investment Trust	8,020	$722,762
EQIX	Equinix Inc	1,000	$568,840
VTR	Ventas, Inc.	7,540	$302,881
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
DIA	Spdr Dow Jones Industrial Average ETF Trust	219,123	$67,450,441
BRX	Brixmor Property Group Inc.	65,000	$1,313,650
AAT	American Assets Trust, Inc.	19,000	$564,300
MAC	Macerich Co	50,350	$438,548
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

20 positions · $273,724,848 total · as of Sep 30, 2022

All sectors Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust	NEW	608,621	NEW	$217,387,248	NEW	79.42%
APLE	Apple Hospitality REIT, Inc. Real Estate	Added	465,000	+163,588	$6,537,900	+47.9%	2.39%
PLD	Prologis, Inc. Real Estate	Added	50,520	+20	$5,132,832	−13.6%	1.88%
GLPI	Gaming & Leisure Properties, Inc. Real Estate	Added	111,600	+34,500	$4,937,184	+39.6%	1.80%
CUBE	CubeSmart Real Estate	Added	123,000	+20,000	$4,927,380	+12.0%	1.80%
EQR	Equity Residential Real Estate	Added	73,070	+70	$4,911,765	−6.8%	1.79%
UDR	UDR, Inc. Real Estate	Reduced	110,035	-20,000	$4,589,559	−23.3%	1.68%
SUI	Sun Communities Inc Real Estate	Added	32,000	+15,200	$4,330,560	+61.8%	1.58%
COLD	Americold Realty Trust Real Estate	Added	169,340	+15,000	$4,165,764	−10.2%	1.52%
AMT	American Tower Corp /Ma/ Real Estate	Reduced	17,424	-3,000	$3,740,932	−28.3%	1.37%
BXP	BXP, Inc. Real Estate	Reduced	47,700	-14,900	$3,576,069	−35.8%	1.31%
FPI	Farmland Partners Inc. Real Estate	Held	255,360	0	$3,235,411	−8.2%	1.18%
PECO	Phillips Edison & Company, Inc. Real Estate	NEW	80,000	NEW	$2,244,000	NEW	0.82%
AVB	Avalonbay Communities Inc Real Estate	NEW	4,400	NEW	$810,436	NEW	0.30%
ARE	Alexandria Real Estate Equities, Inc. Real Estate	NEW	5,720	NEW	$801,886	NEW	0.29%
FRT	Federal Realty Investment Trust Real Estate	NEW	8,020	NEW	$722,762	NEW	0.26%
EQIX	Equinix Inc Real Estate	NEW	1,000	NEW	$568,840	NEW	0.21%
NSA	National Storage Affiliates Trust Real Estate	Held	12,050	0	$501,039	−17.0%	0.18%
VTR	Ventas, Inc. Real Estate	NEW	7,540	NEW	$302,881	NEW	0.11%
DRH	DiamondRock Hospitality Co Real Estate	Reduced	40,000	-115,679	$300,400	−76.5%	0.11%