FWRD

FWRD

FWRD

Market Cap: $0.86B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 23, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	CNMD, DOOR, DUOL, ELF, FWRD, IART, INSM, INTA, IRDM, MEDP, MSTR, OC, OMCL, RDNT, SMCI, TMO, TREX, VKTX, WING, XPO	AI, Biotechnology, growth, healthcare, small cap, technology	AI infrastructure build-out has had a narrow set of beneficiaries, with enthusiasm for AI fueling atypical concentration and performance distortion in the benchmark. RadNet has invested heavily in newer AI applications that can provide an additional revenue stream while improving early identification of cancers.	ELF DUOL INTA INSM MEDP RDNT CNMD VKTX	View
2025 Q4	Dec 31, 2025	Clark Street Value	-	-	BHR, BRSL, FI, FSP, FWRD, FWRD. GDEN, GLIBA, GRBK, IOR, JEF, LNW, MCHB, MLCI CN, MREO, NLOP, NSTS, SEG, SOHOO, TURN	Capitalreturns, catalysts, distressed, specialsituations, value	The year-end review reflects a contrarian, special-situations-driven value approach amid significant underperformance versus the S&P 500. The portfolio focuses on distressed equities, REIT liquidations, take-privates, and idiosyncratic balance sheet mispricings where catalysts such as sales processes, buyouts, or capital returns can unlock value. Value investing is framed as lumpy and uncomfortable, with long-term success dependent on patience, downside analysis, and selective conviction rather than benchmark alignment.	TURN SOHOO LNW JEF FI GDEN FWRD BHR	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	Concentration, discount, healthcare, Hotels, Quality, semiconductors, Spirits, value	Vulcan focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value. The firm emphasizes companies with sustainable competitive advantages and superior returns on capital. Price-to-value ratios are at historically attractive levels across their strategies.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	healthcare, Hospitality, large cap, Quality, semiconductors, Spirits, value	The firm focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value with sustainable competitive advantages. They target companies with pricing power, strong margins, and high returns on invested capital across multiple strategies.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	Competitive Advantage, large cap, Margin Of Safety, Quality, value	The firm focuses on purchasing securities with substantial margin of safety in terms of value over price, targeting companies trading well below fair value. They emphasize reducing portfolio price-to-value ratios through disciplined buying and selling decisions.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	concentrated, discount, large cap, Quality, small cap, value	Vulcan focuses on purchasing high-quality businesses at substantial discounts to intrinsic value with sustainable competitive advantages. The firm emphasizes price-to-value ratios and margin of safety as key investment criteria. They recently reopened Small Cap and All Cap strategies due to historically attractive price-to-value ratios.	DEEPSEEK SMRT EDELWEISS ITRN MLKN AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Sep 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities	The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Recession, Utilities, value	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Utilities, value	The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts.		View
2022 Q4	Sep 2, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	ENS, FWRD, ISS DC, MEDP, VIP GR	-			View
2023 Q3	Aug 10, 2023	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	AEL, ALGM, BJ, CASY, FWRD, HUBS, IRDM, KVYO, LNTH, MGRC, MOG.A, NCNO, NEWR, NMIH, NOVT, ODD, OMCL, PEN, PODD, SGFY, SHOP, SYNH, WHD, XPO	Banking, growth, healthcare, Medical Devices, small caps, software, technology	The early August revelation that GLP-1 diabetes and obesity treatment semaglutide has potentially important cardiovascular benefits led to pervasive selling across medical technology stocks. While longer-term implications were most pointed for diabetes stocks, reverberations were felt across cardiovascular, orthopedic and surgery-related stocks.	LNTH MGRC NCNO KVYO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Pearu Põld	Forward Air Corp	Industrials	Air Freight & Logistics	Bull	NASDAQ	leverage, Logistics, Mna, turnaround, valuation	View Pitch
Nov 25, 2025	Substack	Triples Investing	Forward Air	Industrials	Integrated Freight & Logistics	Bull		financial stabilization, Forward Air, Logistics, market perception, risk/reward, sale process, strategic review, transaction potential, undervalued, valuation	View Pitch
Oct 3, 2025	Value Investors Club	dman976	Forward Air Corp.	Industrials	Air Freight & Logistics	—	NASDAQ	takeover, M&A, strategic alternatives, private equity, LTL, logistics, event-driven, activism	View Pitch

BSD Shareholders of FWRD

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$2.5M	0.00%	98,888	-7,400	-44.58%	0.2890%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$838,600	0.00%	33,544	-79,456	-70.32%	0.0980%
Michel Massoud	Melqart Asset Management	$1.0B	$21.2M	2.09%	849,876	+467,482	+122.25%	2.4838%
Israel Englander	Millennium Management LLC	$233.2B	$1.7M	0.00%	68,973	-358,317	-83.86%	0.2016%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$242,500	0.00%	9,700	-8,957	-48.01%	0.0283%
Rich Handler	Jefferies	$19.3B	$1.5M	0.01%	59,300	-355,927	-85.72%	0.1733%

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