Forward Management, LLC

CIK

1385864

Location

SAN FRANCISCO, CA

Portfolio Value

Small $862,530,702

Diversification

Highly concentrated

Files via

BROADMARK ASSET MANAGEMENT LLC

Filing Date

Global Rank

#1,730 / 6,827 ▲ 41 · as of Sep 2022

Top Industry

REIT - Industrial 25.2%

Period ended 4 years ago

Filed Nov 3, 2022 · 4y

11 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2022, never from the firm's own description.

Style

Concentrated

The top 10 positions are 96.5% of the book (60%+)

Turnover

High turnover

179.1% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 2.6 quarters (under 4)

Closest benchmark: every 13F filer's combined book, active share 98.4%; sector active share 69.2% against the combined 13F book's sector weights.

Over time 11 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

27 tracked positions · as of Sep 30, 2022 · Δ vs Jun 30, 2022

Top Position

40.0%

−34.2 pts

Top 5

93.6%

−0.3 pts

Top 10

96.5%

−0.5 pts

HHI

2,957

Highly concentrated−2,727

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2022

Sector	% Portfolio	Value	Positions
Unclassified	93.2%	$804,127,223	7
Real Estate	6.8%	$58,403,479	20

Last Quarter's Activity

Export CSV

Sep 30, 2022 vs Jun 30, 2022

Added To

Positions the filer increased

10 positions

Ticker	Company	Δ Shares	Shares	Value
SH	ProShares Short S&P500	+7,907,587	13,354,343	$230,763,047
APLE	Apple Hospitality REIT, Inc.	+163,588	465,000	$6,537,900
—		+97,000	452,270	$0
GLPI	Gaming & Leisure Properties, Inc.	+34,500	111,600	$4,937,184
CUBE	CubeSmart	+20,000	123,000	$4,927,380
—		+19,672	230,640	$7,523,476
SUI	Sun Communities Inc	+15,200	32,000	$4,330,560
COLD	Americold Realty Trust	+15,000	169,340	$4,165,764
VMRK	Vivmark 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

6 positions

Ticker	Company	Δ Shares	Shares	Value
—		−3,281,851	3,768,576	$345,201,561
DRH	DiamondRock Hospitality Co	−115,679	40,000	$300,400
—		−21,700	62,850	$2,579,000
UDR	UDR, Inc.	−20,000	110,035	$4,589,559
BXP	BXP, Inc.	−14,900	47,700	$3,576,069
AMT	American Tower Corp	−3,000	17,424	$3,740,932
No positions match the current search.

New Positions

Positions the filer opened this quarter

9 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
OUT	OUTFRONT Media Inc.	136,000	$2,065,919
—		4,400	$810,435
ARE	Alexandria Real Estate Equities, Inc.	5,720	$801,886
FRT	Federal Realty Investment Trust	8,020	$722,762
AOM	iShares Core 40/60 Moderate Allocation ETF	18,380	$672,891
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

27 tracked positions · $862,530,702 total · filing declares 32 positions · $907,108,000 · as of Sep 30, 2022

All sectors Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
		Reduced	3,768,576	-3,281,851	$345,201,561	−46.5%	3	$91.42	40.02%
SH	ProShares Short S&P500	Added	13,354,343	+7,907,587	$230,763,047	+156.8%	3	unpriced	26.75%
SPY	Spdr S&P 500 ETF Trust	NEW	608,621	NEW	$217,387,248	NEW	1	$397.13	25.20%
		Added	230,640	+19,672	$7,523,476	+3.2%	5	$39.49	0.87%
APLE	Apple Hospitality REIT, Inc. Real Estate	Added	465,000	+163,588	$6,537,900	+47.9%	6	$15.80	0.76%
PLD	Prologis, Inc. Real Estate	Added	50,520	+20	$5,132,832	−13.6%	2	$138.24	0.60%
GLPI	Gaming & Leisure Properties, Inc. Real Estate	Added	111,600	+34,500	$4,937,184	+39.6%	3	$46.37	0.57%
CUBE	CubeSmart Real Estate	Added	123,000	+20,000	$4,927,380	+12.0%	2	$45.86	0.57%
VMRK	Vivmark Residential Real Estate	Added	73,070	+70	$4,911,765	−6.8%	3	$81.78	0.57%
UDR	UDR, Inc. Real Estate	Reduced	110,035	-20,000	$4,589,559	−23.3%	4	$56.38	0.53%
SUI	Sun Communities Inc Real Estate	Added	32,000	+15,200	$4,330,560	+61.8%	2	$163.22	0.50%
COLD	Americold Realty Trust Real Estate	Added	169,340	+15,000	$4,165,764	−10.2%	4	$30.67	0.48%
AMT	American Tower Corp Real Estate	Reduced	17,424	-3,000	$3,740,932	−28.3%	6	$255.16	0.43%
BXP	BXP, Inc. Real Estate	Reduced	47,700	-14,900	$3,576,069	−35.8%	8	$96.34	0.41%
FPI	Farmland Partners Inc. Real Estate	Held	255,360	0	$3,235,411	−8.2%	4	$11.91	0.38%
		Reduced	62,850	-21,700	$2,579,000	−31.0%	5	unpriced	0.30%
PECO	Phillips Edison & Company, Inc. Real Estate	NEW	80,000	NEW	$2,244,000	NEW	1	$32.87	0.26%
OUT	OUTFRONT Media Inc. Real Estate	NEW	136,000	NEW	$2,065,919	NEW	1	unpriced	0.24%
		NEW	4,400	NEW	$810,435	NEW	1	$201.79	0.09%
ARE	Alexandria Real Estate Equities, Inc. Real Estate	NEW	5,720	NEW	$801,886	NEW	1	$153.47	0.09%
FRT	Federal Realty Investment Trust Real Estate	NEW	8,020	NEW	$722,762	NEW	1	$101.60	0.08%
AOM	iShares Core 40/60 Moderate Allocation ETF	NEW	18,380	NEW	$672,891	NEW	1	unpriced	0.08%
EQIX	Equinix Inc Real Estate	NEW	1,000	NEW	$568,840	NEW	1	$653.33	0.07%
		Held	12,050	0	$501,000	−16.9%	6	unpriced	0.06%
VTR	Ventas, Inc. Real Estate	NEW	7,540	NEW	$302,881	NEW	1	$49.14	0.04%
DRH	DiamondRock Hospitality Co Real Estate	Reduced	40,000	-115,679	$300,400	−76.5%	5	$8.95	0.03%
		Added	452,270	+97,000	$0	—	11+	before history	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.