Forward Management

Forward Management as of Dec. 31, 2015

Portfolio Holdings for Forward Management

Forward Management holds 260 positions in its portfolio as reported in the December 2015 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 11.5 $136M 668k 203.87
SPDR Barclays Capital 1-3 Month T- 10.0 $118M 2.6M 45.68
Sabra Health Care REIT (SBRA) 4.1 $48M 2.4M 20.23
iShares Russell 2000 Index (IWM) 3.9 $46M 404k 112.62
PowerShares QQQ Trust, Series 1 3.8 $45M 405k 111.86
Chatham Lodging Trust (CLDT) 3.2 $38M 1.9M 20.48
Franklin Street Properties (FSP) 3.2 $37M 3.6M 10.35
Stag Industrial (STAG) 3.0 $35M 1.9M 18.45
National Storage Affiliates shs ben int (NSA) 2.9 $35M 2.0M 17.13
Felcor Lodging Trust Inc. pfd cv a $1.95 2.3 $28M 1.1M 25.15
American Residential Pptys I 1.9 $22M 1.2M 18.90
Colony Financial 1.8 $21M 1.1M 19.48
SELECT INCOME REIT COM SH BEN int 1.7 $20M 1.0M 19.82
Epr Pptys conv pfd 9% sr e (EPR.PE) 1.7 $20M 644k 30.80
Wp Glimcher 1.4 $17M 1.6M 10.61
Umh Mobile Homes 8.25% Pfd A p 1.4 $16M 630k 25.72
Ramco-gershenson Pptys Tr perp pfd-d cv 1.3 $15M 246k 61.15
Lexington Rlty Trst Pref 6.50% p (LXP.PC) 1.2 $14M 303k 47.50
Summit Hotel Properties (INN) 1.2 $14M 1.2M 11.95
Monmouth R.E. Inv 1.1 $13M 1.2M 10.46
Uba 6 3/4 12/31/49 1.0 $12M 450k 26.59
Sunstone Hotel Invs Inc New cv 8% cum pfd-d 1.0 $12M 462k 25.33
Winthrop Realty Trust 0.9 $11M 858k 12.97
Campus Crest Communities 0.9 $11M 1.6M 6.80
Corenergy Infrastructure note 7% 6/15 0.9 $11M 14M 0.76
Ashford Hospitality Tr Inc cv pfd ser e 0.9 $10M 403k 25.35
American Homes 4 Rent-a reit (AMH) 0.8 $9.7M 584k 16.66
Colony Financial7.125%perp Cum p 0.7 $8.8M 400k 21.91
Peak Resorts 0.7 $7.8M 1.3M 6.01
Simon Property (SPG) 0.7 $7.6M 39k 194.45
Vanguard Sht Term Govt Bond ETF (VGSH) 0.7 $7.6M 126k 60.76
Corr 7 3/8 12/31/49 (CORLQ) 0.6 $7.3M 400k 18.21
Wpp Plc- (WPP) 0.6 $7.2M 63k 114.73
Novartis (NVS) 0.6 $6.5M 75k 86.04
China Yuchai Intl (CYD) 0.6 $6.4M 573k 11.24
iShares MSCI ACWI ex US Index Fund (ACWX) 0.6 $6.5M 148k 44.00
HSBC Holdings (HSBC) 0.5 $6.4M 162k 39.47
Taiwan Semiconductor Mfg (TSM) 0.5 $6.3M 276k 22.75
Starwood Hotels & Resorts Worldwide 0.5 $6.3M 91k 69.27
Ubs Group (UBS) 0.5 $6.3M 323k 19.37
Retail Opportunity Investments (ROIC) 0.5 $6.1M 340k 17.90
Epr Properties Pfd C 5.75% (EPR.PC) 0.5 $6.0M 249k 24.00
Marine Harvest Asa Spons 0.5 $6.0M 457k 13.18
Wp Carey (WPC) 0.5 $5.9M 100k 59.00
Prologis (PLD) 0.5 $5.5M 129k 42.92
AvalonBay Communities (AVB) 0.4 $5.2M 29k 184.13
Fomento Economico Mexicano SAB (FMX) 0.4 $5.1M 55k 92.35
Ambev Sa- (ABEV) 0.4 $5.1M 1.1M 4.46
Unilever (UL) 0.4 $4.9M 114k 43.13
Boston Properties (BXP) 0.4 $4.8M 38k 127.53
Market Vectors Vietnam ETF. 0.4 $4.5M 283k 15.93
Ares Coml Real Estate (ACRE) 0.4 $4.5M 390k 11.44
Mitsubishi UFJ Financial (MUFG) 0.4 $4.4M 707k 6.22
Lloyds TSB (LYG) 0.4 $4.2M 966k 4.36
Equity Residential (EQR) 0.3 $4.1M 50k 81.59
American Assets Trust Inc reit (AAT) 0.3 $4.1M 108k 38.35
Vornado Realty Trust (VNO) 0.3 $3.8M 38k 99.96
Vanguard Short Term Corporate Bond ETF (VCSH) 0.3 $3.8M 48k 78.99
Kite Rlty Group Tr (KRG) 0.3 $3.7M 144k 25.93
Public Storage (PSA) 0.3 $3.7M 15k 247.68
Suncor Energy (SU) 0.3 $3.4M 131k 25.80
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.3 $3.3M 31k 107.28
Shaw Communications Inc cl b conv 0.3 $3.1M 182k 17.19
Ventas (VTR) 0.3 $3.0M 54k 56.43
Host Hotels & Resorts (HST) 0.2 $2.9M 192k 15.34
Alexandria Real Estate Equitie conv prf 0.2 $2.8M 103k 27.49
Comcast Corporation (CMCSA) 0.2 $2.8M 49k 56.47
Pfizer (PFE) 0.2 $2.6M 81k 32.28
Credicorp (BAP) 0.2 $2.6M 27k 97.32
BT 0.2 $2.3M 67k 34.62
Cardinal Health (CAH) 0.2 $2.3M 26k 89.25
SL Green Realty 0.2 $2.2M 20k 112.96
General Growth Properties 0.2 $2.3M 83k 27.21
Microsoft Corporation (MSFT) 0.2 $2.1M 38k 55.46
JPMorgan Chase & Co. (JPM) 0.2 $2.2M 33k 66.06
3M Company (MMM) 0.2 $2.2M 14k 150.69
Weyerhaeuser Company (WY) 0.2 $2.2M 73k 29.99
Lexington Realty Trust (LXP) 0.2 $2.2M 270k 8.00
Brixmor Prty (BRX) 0.2 $2.1M 83k 25.82
Welltower Inc Com reit (WELL) 0.2 $2.0M 30k 68.03
iShares Russell 3000 Index (IWV) 0.2 $1.9M 15k 120.31
Liberty Property Trust 0.2 $1.8M 59k 31.06
Qualcomm (QCOM) 0.1 $1.7M 34k 50.00
Armada Hoffler Pptys (AHH) 0.1 $1.7M 165k 10.48
KLA-Tencor Corporation (KLAC) 0.1 $1.7M 24k 69.38
HCP 0.1 $1.6M 42k 38.26
Federal Realty Inv. Trust 0.1 $1.6M 11k 146.12
Parkway Properties 0.1 $1.6M 104k 15.63
Farmland Partners (FPI) 0.1 $1.6M 150k 10.97
Genesis Healthcare Inc Cl A (GENN) 0.1 $1.7M 486k 3.47
BlackRock (BLK) 0.1 $1.5M 4.5k 340.45
Johnson & Johnson (JNJ) 0.1 $1.6M 15k 102.70
American Campus Communities 0.1 $1.5M 36k 41.33
American Water Works (AWK) 0.1 $1.5M 26k 59.77
American Tower Reit (AMT) 0.1 $1.5M 16k 96.92
Crown Castle Intl (CCI) 0.1 $1.5M 18k 86.44
Cme (CME) 0.1 $1.4M 16k 90.63
Chevron Corporation (CVX) 0.1 $1.4M 15k 89.89
Sunstone Hotel Investors (SHO) 0.1 $1.5M 118k 12.49
Casey's General Stores (CASY) 0.1 $1.3M 11k 120.49
Texas Instruments Incorporated (TXN) 0.1 $1.3M 24k 54.81
Littelfuse (LFUS) 0.1 $1.2M 12k 106.96
Macquarie Infrastructure Company 0.1 $1.3M 19k 72.60
John Bean Technologies Corporation (JBT) 0.1 $1.3M 27k 49.79
Kimco Realty Corporation (KIM) 0.1 $1.3M 49k 26.45
Phillips 66 (PSX) 0.1 $1.3M 16k 81.85
Alexander & Baldwin (ALEX) 0.1 $1.3M 37k 35.32
Time Warner 0.1 $1.2M 19k 64.67
Schlumberger (SLB) 0.1 $1.2M 17k 69.74
United Technologies Corporation 0.1 $1.2M 13k 96.11
General Dynamics Corporation (GD) 0.1 $1.2M 9.0k 137.36
Pool Corporation (POOL) 0.1 $1.2M 15k 80.75
Neenah Paper 0.1 $1.2M 20k 62.46
Mack-Cali Realty (VRE) 0.1 $1.1M 49k 23.35
Canadian Solar (CSIQ) 0.1 $1.2M 43k 28.97
Equity One 0.1 $1.2M 44k 27.15
Sun Communities (SUI) 0.1 $1.2M 18k 68.56
Wheeler Real Estate Investme 0.1 $1.1M 584k 1.93
Independence Realty Trust In (IRT) 0.1 $1.2M 154k 7.51
New York Reit 0.1 $1.2M 105k 11.50
Corenergy Infrastructure Tr (CORRQ) 0.1 $1.2M 82k 14.84
Becton, Dickinson and (BDX) 0.1 $1.0M 6.7k 154.08
Pepsi (PEP) 0.1 $1.0M 10k 99.95
Macerich Company (MAC) 0.1 $1.1M 14k 80.67
iShares Lehman MBS Bond Fund (MBB) 0.1 $1.1M 10k 107.71
Vantiv Inc Cl A 0.1 $1.1M 23k 47.41
Silvercrest Asset Mgmt Groupcl (SAMG) 0.1 $1.0M 87k 11.89
South State Corporation (SSB) 0.1 $1.0M 14k 71.93
Mobile TeleSystems OJSC 0.1 $952k 154k 6.18
U.S. Bancorp (USB) 0.1 $901k 21k 42.65
DST Systems 0.1 $977k 8.6k 114.06
Norfolk Southern (NSC) 0.1 $998k 12k 84.58
Stanley Black & Decker (SWK) 0.1 $969k 9.1k 106.68
Emerson Electric (EMR) 0.1 $887k 19k 47.80
ConocoPhillips (COP) 0.1 $929k 20k 46.71
Varian Medical Systems 0.1 $900k 11k 80.77
FelCor Lodging Trust Incorporated 0.1 $952k 130k 7.30
AmeriGas Partners 0.1 $959k 28k 34.26
Corporate Office Properties Trust (CDP) 0.1 $945k 43k 21.83
BioMed Realty Trust 0.1 $938k 40k 23.67
CoreSite Realty 0.1 $965k 17k 56.76
Broadridge Financial Solutions (BR) 0.1 $815k 15k 53.77
Automatic Data Processing (ADP) 0.1 $849k 10k 84.75
Eastman Chemical Company (EMN) 0.1 $788k 12k 67.46
Exponent (EXPO) 0.1 $884k 18k 49.97
CBOE Holdings (CBOE) 0.1 $811k 13k 64.93
iShares MSCI Taiwan Index 0.1 $836k 60k 14.01
Nordic American Tanker Shippin (NAT) 0.1 $839k 54k 15.54
Retail Properties Of America 0.1 $818k 55k 14.77
Gentherm (THRM) 0.1 $796k 17k 47.38
Fcb Financial Holdings-cl A 0.1 $804k 22k 35.84
Hoegh Lng Partners 0.1 $784k 42k 18.62
Pra Health Sciences 0.1 $863k 19k 45.32
Owens Corning (OC) 0.1 $679k 15k 46.96
American Express Company (AXP) 0.1 $725k 10k 69.55
Wal-Mart Stores (WMT) 0.1 $738k 12k 61.33
Core Laboratories 0.1 $735k 6.8k 108.89
Microchip Technology (MCHP) 0.1 $753k 16k 46.51
Cooper Companies 0.1 $687k 5.1k 134.23
Anadarko Petroleum Corporation 0.1 $764k 16k 48.60
Procter & Gamble Company (PG) 0.1 $744k 9.4k 79.37
Forest City Enterprises 0.1 $759k 35k 21.94
Enstar Group (ESGR) 0.1 $678k 4.5k 150.13
Robert Half International (RHI) 0.1 $716k 15k 47.17
Evercore Partners (EVR) 0.1 $684k 13k 54.01
California Water Service (CWT) 0.1 $655k 28k 23.28
Investors Real Estate Trust 0.1 $658k 95k 6.95
Tanger Factory Outlet Centers (SKT) 0.1 $654k 20k 32.70
Arbor Realty Trust (ABR) 0.1 $660k 92k 7.15
Alexandria Real Estate Equities (ARE) 0.1 $673k 7.5k 90.34
Brandywine Realty Trust (BDN) 0.1 $703k 52k 13.65
Wright Express (WEX) 0.1 $725k 8.2k 88.47
Rexford Industrial Realty Inc reit (REXR) 0.1 $751k 46k 16.35
Paramount Group Inc reit (PGRE) 0.1 $731k 40k 18.09
Ritchie Bros. Auctioneers Inco 0.1 $562k 23k 24.10
Cousins Properties 0.1 $646k 69k 9.43
Invesco (IVZ) 0.1 $586k 18k 33.49
MetLife (MET) 0.1 $623k 13k 48.19
Sun Hydraulics Corporation 0.1 $607k 19k 31.75
Sovran Self Storage 0.1 $563k 5.2k 107.30
First Potomac Realty Trust 0.1 $577k 51k 11.40
ProShares UltraShort Euro (EUO) 0.1 $625k 25k 25.51
Visteon Corporation (VC) 0.1 $573k 5.0k 114.60
Vanguard Mortgage Bkd Sects ETF (VMBS) 0.1 $551k 11k 52.63
Belmond 0.1 $570k 60k 9.50
Green Ban 0.1 $573k 55k 10.48
Global X Fds msci pakistan 0.1 $570k 36k 15.86
Cohen & Steers (CNS) 0.0 $437k 14k 30.45
Fifth Third Ban (FITB) 0.0 $457k 23k 20.10
Cedar Shopping Centers 0.0 $425k 60k 7.08
Nordson Corporation (NDSN) 0.0 $528k 8.2k 64.15
Monro Muffler Brake (MNRO) 0.0 $457k 6.9k 66.18
Jack Henry & Associates (JKHY) 0.0 $474k 6.1k 78.02
Senior Housing Properties Trust 0.0 $491k 33k 14.85
Hudson Pacific Properties (HPP) 0.0 $493k 18k 28.10
iShares S&P SmallCap 600 Index (IJR) 0.0 $487k 4.4k 110.13
Terreno Realty Corporation (TRNO) 0.0 $513k 23k 22.62
Bankunited (BKU) 0.0 $480k 13k 36.08
Rait Financial Trust 0.0 $426k 158k 2.70
Eaton (ETN) 0.0 $435k 8.4k 52.07
Ishares Core Intl Stock Etf core (IXUS) 0.0 $443k 9.0k 49.43
Ashford Hospitality Prime In 0.0 $508k 35k 14.51
New Senior Inv Grp 0.0 $481k 49k 9.86
Virtu Financial Inc Class A (VIRT) 0.0 $446k 20k 22.60
Black Knight Finl Svcs Inc cl a 0.0 $419k 13k 33.08
Northstar Realty Finance 0.0 $519k 31k 17.04
Blackstone 0.0 $363k 12k 29.27
Digital Realty Trust (DLR) 0.0 $346k 4.6k 75.63
Nordstrom (JWN) 0.0 $324k 6.5k 49.85
Williams-Sonoma (WSM) 0.0 $397k 6.8k 58.47
Omni (OMC) 0.0 $380k 5.0k 75.58
Mead Johnson Nutrition 0.0 $355k 4.5k 78.89
Post Properties 0.0 $296k 5.0k 59.20
EastGroup Properties (EGP) 0.0 $373k 6.7k 55.67
National Health Investors (NHI) 0.0 $302k 5.0k 60.78
Udr (UDR) 0.0 $316k 8.4k 37.58
Cadiz (CDZI) 0.0 $308k 59k 5.26
Howard Hughes 0.0 $317k 2.8k 113.21
Ddr Corp 0.0 $365k 22k 16.82
Granite Real Estate (GRP.U) 0.0 $401k 15k 27.47
Performance Sports 0.0 $307k 32k 9.63
Catalent (CTLT) 0.0 $407k 16k 25.05
Care Cap Properties 0.0 $381k 13k 30.52
Health Care SPDR (XLV) 0.0 $242k 3.4k 72.09
Apple (AAPL) 0.0 $284k 2.7k 105.19
DiamondRock Hospitality Company (DRH) 0.0 $288k 30k 9.66
Extra Space Storage (EXR) 0.0 $289k 3.3k 88.33
Technology SPDR (XLK) 0.0 $233k 5.4k 42.78
Consumer Staples Select Sect. SPDR (XLP) 0.0 $236k 4.7k 50.42
Consumer Discretionary SPDR (XLY) 0.0 $231k 3.0k 78.07
iShares Dow Jones Select Dividend (DVY) 0.0 $220k 2.9k 75.09
GreenHunter Energy 0.0 $266k 2.4M 0.11
Rlj Lodging Trust (RLJ) 0.0 $223k 10k 21.65
Fbr & Co 0.0 $240k 12k 19.86
Qts Realty Trust 0.0 $261k 5.8k 45.13
Rmr Group Inc cl a (RMR) 0.0 $260k 18k 14.39
iShares Barclays Govnment/Cdit Bond (GBF) 0.0 $81k 725.00 111.72
Cdk Global Inc equities 0.0 $137k 2.9k 47.36
Northstar Realty Europe 0.0 $120k 10k 11.82
Coca-Cola Company (KO) 0.0 $4.0k 104.00 38.46
Exxon Mobil Corporation (XOM) 0.0 $32k 423.00 75.65
McDonald's Corporation (MCD) 0.0 $17k 137.00 124.09
Royal Dutch Shell 0.0 $18k 378.00 47.62
Williams Companies (WMB) 0.0 $2.0k 80.00 25.00
Syngenta 0.0 $4.0k 55.00 72.73
Umpqua Holdings Corporation 0.0 $5.0k 330.00 15.15
New Jersey Resources Corporation (NJR) 0.0 $14k 426.00 32.86
Raymond James Financial (RJF) 0.0 $12k 205.00 58.54
HMS Holdings 0.0 $2.0k 180.00 11.11
World Fuel Services Corporation (WKC) 0.0 $10k 270.00 37.04
US Ecology 0.0 $14k 386.00 36.27
iShares MSCI Turkey Index Fund (TUR) 0.0 $9.0k 250.00 36.00
iShares S&P Europe 350 Index (IEV) 0.0 $11k 275.00 40.00
iShares MSCI ACWI Index Fund (ACWI) 0.0 $28k 505.00 55.45
PIMCO Enhanced Short Mat Str Fund ETF (MINT) 0.0 $15k 150.00 100.00
CECO Environmental (CECO) 0.0 $26k 3.4k 7.61
Ingredion Incorporated (INGR) 0.0 $5.0k 55.00 90.91
Restoration Hardware Hldgs I 0.0 $18k 225.00 80.00
Artisan Partners (APAM) 0.0 $11k 300.00 36.67
Time 0.0 $36k 2.3k 15.46