# Forward Management, LLC

> Institutional holdings reported to the SEC as of Q3 2022 on Form 13F. CIK 1385864. Source: https://holderbook.com/funds/1385864-forward-management-llc/

- Reported value: $907.1M
- Positions: 32
- Weight of the ten largest: 93.9%
- Filed: 2022-11-03

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $345.2M | 3,768,576 | 38.1% | 3 |
| PROSHARES TR | [SHXXXX](https://holderbook.com/stocks/SHXXXX/) | $230.8M | 13,354,343 | 25.4% | 3 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $217.4M | 608,621 | 24.0% | 1 |
| RLJ LODGING TR | [RLJPRA](https://holderbook.com/stocks/RLJPRA/) | $10.6M | 430,155 | 1.2% | 4 |
| LXP INDUSTRIAL TRUST | [LXPPRC](https://holderbook.com/stocks/LXPPRC/) | $10.5M | 217,864 | 1.2% | 4 |
| RPT REALTY | [RPTPRD](https://holderbook.com/stocks/RPTPRD/) | $9.5M | 217,011 | 1.0% | 4 |
| ISHARES TR | [AOK](https://holderbook.com/stocks/AOK/) | $7.5M | 230,640 | 0.8% | 5 |
| EPR PPTYS | [EPRPRE](https://holderbook.com/stocks/EPRPRE/) | $7.2M | 280,100 | 0.8% | 4 |
| APPLE HOSPITALITY REIT INC | [APLE](https://holderbook.com/stocks/APLE/) | $6.5M | 465,000 | 0.7% | 6 |
| RETAIL OPPORTUNITY INVTS COR | [ROIC](https://holderbook.com/stocks/ROIC/) | $6.2M | 452,270 | 0.7% | 16 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $5.1M | 50,520 | 0.6% | 2 |
| GAMING & LEISURE P | [GLPI](https://holderbook.com/stocks/GLPI/) | $4.9M | 111,600 | 0.5% | 3 |
| CUBESMART | [CUBE](https://holderbook.com/stocks/CUBE/) | $4.9M | 123,000 | 0.5% | 2 |
| EQUITY RESIDENTIAL | [EQR](https://holderbook.com/stocks/EQR/) | $4.9M | 73,070 | 0.5% | 3 |
| UDR INC | [UDR](https://holderbook.com/stocks/UDR/) | $4.6M | 110,035 | 0.5% | 4 |
| SUN CMNTYS INC | [SUI](https://holderbook.com/stocks/SUI/) | $4.3M | 32,000 | 0.5% | 2 |
| AMERICOLD REALTY TRUST INC | [COLD](https://holderbook.com/stocks/COLD/) | $4.2M | 169,340 | 0.5% | 4 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $3.7M | 17,424 | 0.4% | 6 |
| BXP INC | [BXP](https://holderbook.com/stocks/BXP/) | $3.6M | 47,700 | 0.4% | 8 |
| FARMLAND PARTNERS INC | [FPI](https://holderbook.com/stocks/FPI/) | $3.2M | 255,360 | 0.4% | 4 |
| POTLATCHDELTIC CORPORATION | [PCH](https://holderbook.com/stocks/PCH/) | $2.6M | 62,850 | 0.3% | 5 |
| PHILLIPS EDISON & CO INC | [PECO](https://holderbook.com/stocks/PECO/) | $2.2M | 80,000 | 0.2% | 1 |
| OUTFRONT MEDIA INC | [OUTXXXX](https://holderbook.com/stocks/OUTXXXX/) | $2.1M | 136,000 | 0.2% | 1 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $810.0K | 4,400 | 0.1% | 1 |
| ALEXANDRIA REAL ESTATE EQ IN | [ARE](https://holderbook.com/stocks/ARE/) | $802.0K | 5,720 | 0.1% | 1 |
| FEDERAL RLTY INVT TR NEW | [FRT](https://holderbook.com/stocks/FRT/) | $723.0K | 8,020 | 0.1% | 1 |
| ISHARES TR | [AOM](https://holderbook.com/stocks/AOM/) | $673.0K | 18,380 | 0.1% | 1 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $569.0K | 1,000 | 0.1% | 1 |
| EPR PPTYS | [EPRPRC](https://holderbook.com/stocks/EPRPRC/) | $536.0K | 31,000 | 0.1% | 4 |
| NATIONAL STORAGE AFFILIATES | [NSA](https://holderbook.com/stocks/NSA/) | $501.0K | 12,050 | 0.1% | 6 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $303.0K | 7,540 | 0.0% | 1 |
| DIAMONDROCK HOSPITALITY CO | [DRH](https://holderbook.com/stocks/DRH/) | $300.0K | 40,000 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2022 | -1.1% | -5.3% | +4.2% | 100% |
| Q2 2022 | -5.1% | -16.5% | +11.4% | 100% |
| Q1 2022 | -3.4% | -4.9% | +1.5% | 100% |
| Q4 2021 | +4.9% | +10.7% | -5.7% | 100% |
| Q3 2021 | +0.2% | +0.3% | -0.0% | 100% |
| Q2 2021 | +4.6% | +8.0% | -3.4% | 100% |
| Q1 2021 | +5.2% | +6.0% | -0.8% | 100% |
| Q4 2020 | +7.2% | +11.6% | -4.5% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2022 | $907.1M | 32 |
| Q2 2022 | $916.5M | 27 |
| Q1 2022 | $958.9M | 30 |
| Q4 2021 | $1.0B | 32 |
| Q3 2021 | $936.4M | 22 |
| Q2 2021 | $907.9M | 20 |
| Q1 2021 | $494.4M | 23 |
| Q4 2020 | $555.1M | 27 |
| Q3 2020 | $602.8M | 34 |
| Q2 2020 | $545.7M | 35 |
| Q1 2020 | $513.4M | 45 |
| Q4 2019 | $655.6M | 47 |