Bridgehouse develops product and value-added tools and CE-accredited training to help advisors build stronger ties with clients and maximize the benefits of the financial advice relationship. Our end-goal is to help investors make informed decisions and achieve their long-term financial goals. For more about Bridgehouse and the Bridgehouse Funds visit: bridgehousecanada.
Securities of the Bridgehouse Funds are available through registered dealers only and not available through Bridgehouse. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Returns on mutual funds are not guaranteed, values change frequently and past performance may not be repeated.
Erebus Motorsport has named a new crew chief ahead of the Supercars season. Garry Rogers Motorsport has locked in its first two drivers ahead of the S season. These guys were really busy stealing stuff…. Blink and you'll miss it. Join us as we delve into the latest technical developments on display at the Bahrain Grand Prix at Sakhir, courtesy of Giorgio Piola. Lamborghini purchased Ducati in , but the two companies waited until to release a jointly-developed motorcycle. Lewis Hamilton believes the points gap to Mercedes Formula 1 teammate Valtteri Bottas has been inflated by the Finn's bad luck, calling him "one of the strongest drivers here".
This is difficult to look at…. Lewis Hamilton says that racing for Ferrari in Formula 1 "just wasn't meant to be", with the Briton poised to renew his long-term commitment to Mercedes. Charles Leclerc has vowed to learn from the last-lap mistake that cost him a podium finish at the Formula 1 Turkish Grand Prix, saying he was "too optimistic". Red Bull Formula 1 driver Max Verstappen insists that he's not targeting second place in the world championship, despite being just 27 points off Valtteri Bottas with three races left.
It's too expensive and archaic to recommend, but if you're looking for an indomitable off-roader, it's hard to beat. Formula 1 drivers will bring up the issue of a crane still being out on track when qualifying started in Turkey with race director Michael Masi in Bahrain this weekend.
Casting for members of the royal family is first-rate, but so is casting for the limousines, cabriolets, and Land Rovers that saw all that dramatic action in the Seventies and Eighties. Once again for those who believe in the Efficient Market Hypothesis, the higher returns for value strategies means that value strategies should have higher risk.
However, as shown in the table below both the large cap value index and small cap value index had higher returns and lower risk standard deviation than their respective growth indexes. From , large cap value outperformed large growth by 1. Combining Value and Momentum in the Real World Empirically, value and momentum are proven strategies that have unique attributes.
Momentum and value each deliver excess returns, but because these returns are negatively correlated, the combination can provide higher risk adjusted performance Does combining value and momentum outperform in the real world? In this regard our own investment record suggests that the combination results in outperformance.
At Logan Capital two independent investment teams manage our growth and value portfolios. Each team utilizes investment strategies that are consistent with their investment style. However, when we sampled Logan growth portfolios from different time periods we found that the stocks in the portfolio tended to skew toward the top third of the universe ranked by price momentum The Value team screens for large cap stocks that have strong fundamentals, then sorts those stocks by dividend yield.
Those with the highest dividend yields are candidates for purchase. The Value team does not use high or low price momentum as one of its screening factors. Interestingly, Asness 14 showed that high dividend yield works better among stocks with poor momentum and does not work at all among stocks with high momentum. On the other hand, high price momentum strategies in general work best among low dividend yield stocks. The graph above shows that the excess returns of the two strategies rarely move together.
As the graph below shows, the Core portfolio outperforms the benchmark in almost all three year periods. Conclusion Often when one applies a theoretical investment strategy in the real world, it comes up short. This may be because of a flawed strategy based on data mining or problems of implementation such as frictional trading costs, commissions and turnover. However, our own experience has shown that the skillful combination of two distinct and uncorrelated strategies managed by disciplined teams delivers a true all-weather strategy that has added consistent significant excess returns over the market from to , a period with two bear markets as well as strong recoveries.
During this period Logan Core was a consistent top quartile performer among its peer group, large cap core strategies, which suggests that the ability to deliver steady incremental returns is valuable in producing long-term performance. Value and Momentum Everywhere.
The Case for Momentum Investing. Brandes Investment Partners. Value vs. Glamour: a Global Phenomenon. The Brandes Institute, December Curran, R. Fama, E and K French. Hancock, J. White Paper, GMO, Israel, R and T Moskowitz. How Tax Efficient are Equity Styles?
Jagadeesh, N and S Titman. Dream On. Includes accounts paying both wrap and commission fees. Logan Capital Management, Inc. Verification does not ensure the accuracy of any specific composite disclosure presentation. In presentations shown prior to September 30, performance had incorrect net of fees returns, reflecting only the deduction of Logan's management fee. This has been corrected and the net of fees returns now reflect the highest 2. The firm maintains a complete list and description of composites, which is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. The U. Dollar is the currency used to express performance.
Our end-goal is to help investors make informed decisions and achieve their long-term financial goals. For more about Bridgehouse and the Bridgehouse Funds visit: bridgehousecanada. Securities of the Bridgehouse Funds are available through registered dealers only and not available through Bridgehouse.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Returns on mutual funds are not guaranteed, values change frequently and past performance may not be repeated. Erebus Motorsport has named a new crew chief ahead of the Supercars season. Garry Rogers Motorsport has locked in its first two drivers ahead of the S season.
These guys were really busy stealing stuff…. Blink and you'll miss it. Join us as we delve into the latest technical developments on display at the Bahrain Grand Prix at Sakhir, courtesy of Giorgio Piola. Lamborghini purchased Ducati in , but the two companies waited until to release a jointly-developed motorcycle.
Lewis Hamilton believes the points gap to Mercedes Formula 1 teammate Valtteri Bottas has been inflated by the Finn's bad luck, calling him "one of the strongest drivers here". This is difficult to look at…. Lewis Hamilton says that racing for Ferrari in Formula 1 "just wasn't meant to be", with the Briton poised to renew his long-term commitment to Mercedes.
Charles Leclerc has vowed to learn from the last-lap mistake that cost him a podium finish at the Formula 1 Turkish Grand Prix, saying he was "too optimistic". Red Bull Formula 1 driver Max Verstappen insists that he's not targeting second place in the world championship, despite being just 27 points off Valtteri Bottas with three races left.
It's too expensive and archaic to recommend, but if you're looking for an indomitable off-roader, it's hard to beat. Formula 1 drivers will bring up the issue of a crane still being out on track when qualifying started in Turkey with race director Michael Masi in Bahrain this weekend. Casting for members of the royal family is first-rate, but so is casting for the limousines, cabriolets, and Land Rovers that saw all that dramatic action in the Seventies and Eighties.
From Car and Driver. Financial intermediaries may charge their customers a transaction or service fee. Forward Funds or your financial intermediary can provide you with information about these services and charges. You should read this Prospectus in conjunction with any such information you receive. Factors you should consider in choosing a class of shares include:. How long you expect to own the shares;. Total expenses associated with owning shares of each class; and.
Whether you qualify for any reduction or waiver of sales charges. You should speak with your financial advisor to help you decide which share class is best for you. Institutional Class Shares. Authorized firms may charge for certain shareholder services and should furnish clients who purchase Institutional Class shares with a schedule explaining the fees. Forward Funds has the discretion to waive or reduce any of the above minimum investment requirements. Forward Funds offers an Automatic Investment Plan for current and prospective investors in which you may make monthly investments in one or more of the Forward Funds.
Sums for investment will be automatically withdrawn from your checking or savings account on the day you specify. If you do not specify a day, the transaction will occur on the 20th of each month or the next Business Day if the 20th is not a Business Day. Furthermore, the length of the holding period for the deferred sales charge for Class C shares as discussed below may differ from the length of the deferred sales charge holding period for other share classes offered by the Fund if applicable.
The amount of the CDSC is determined as a percentage of the lesser of the current market value or the cost of the shares being redeemed. CDSC waivers are available in certain circumstances. The waiver is available only for shares held at the time of death or initial determination of permanent disability.
Required minimum distributions from a tax-deferred retirement plan or an individual retirement account IRA as required under the Internal Revenue Code. The waiver of the CDSC for required distributions will be as a percentage of assets held in the Funds. Redemptions in cases of natural disaster affecting shareholders.
If you think you may be eligible for a CDSC waiver, contact your financial intermediary. You must notify Forward Funds prior to the redemption request to ensure your receipt of the waiver. By following the instructions below, and subject to such limitations as may be imposed by the Trust, you may exchange your Class C shares of any Forward Series for the same Class shares of any other Forward Series, or with a money market fund.
Please check with Forward Funds to determine which money market funds are available. There are generally no fees for exchanges, but an exchange of shares between Forward Series is technically a sale of shares in one Forward Series followed by a purchase of shares in another Forward Series, and therefore may have tax consequences.
Thus, the exchange may, like a sale, result in a taxable gain or loss to you and will generally give you a new tax basis for your new shares. By following the instructions below, and subject to such limitations as may be imposed by the Trust, you may exchange your Class C shares for Investor or Institutional Class shares of the same Forward Series. An exchange of shares of one class of a Forward Series into another class of the same Forward Series is not treated as a redemption and sale for tax purposes.
By following the instructions below, and subject to such limitations as may be imposed by the Trust, you may exchange your Institutional Class or Investor Class shares of any Forward Series for Institutional Class or Investor Class shares of any other Forward Series, or with a money market fund.
Please check with Forward Funds to determine which. Shareholders should read the prospectus of any other Forward Series into which they are considering exchanging. Subject to such limitations as may be imposed by the Trust, you may also exchange shares of one class of a Forward Series for another class within the same Forward Series.
Shareholders should read the section of the prospectus regarding any other Class of shares into which they are considering exchanging. Not all Forward Series or Forward Series classes may be offered in your state of residence. Contact your financial intermediary or the Transfer Agent to ensure that the Forward Series or the class of shares of the Forward Series you want to exchange into is offered in your state of residence.
In general, you will receive notice of any material change to the exchange privilege at least 60 days prior to the change, although this notice period may be reduced or eliminated if determined by the Board of Trustees or Forward Management to be in the best interests of shareholders and otherwise consistent with applicable regulations.
Under certain circumstances, before an exchange can be made, additional documents may be required to verify the authority or legal capacity of the person seeking the exchange. When you purchase shares, you will pay the NAV that is next calculated after we receive your order.
If you place an order for the purchase of shares through a financial intermediary, the purchase price will be based on the NAV next determined, but only if the financial intermediary receives the order by the close of the Business Day. Your financial intermediary is responsible for transmitting such orders promptly.
Purchases of shares of the Fund will be effected only on a Business Day. As a result, the Fund must obtain the following information for each person that opens a new account:. Residential or business street address although post office boxes are still permitted for mailing ; and. Social Security number, taxpayer identification number, or other identifying number.
In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Fund and other financial institutions from opening a new account unless they receive the minimum identifying information listed above.
After an account is opened, the Funds may restrict your ability to purchase additional shares until your identity is verified. The Funds may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.
Select this option on your account application to receive email notifications when quarterly statements and confirmations are available for you to view via secure online access. You will also receive emails whenever a new prospectus, semi-annual or annual fund report is available. The issuance of shares is recorded electronically on the books of Forward Funds. You will receive a confirmation of, or account statement reflecting, each new transaction in your account, which will also show the total number of shares of each Fund you own.
You can rely on these statements in lieu of certificates. Certificates representing shares of the Funds will not be issued. This policy will not be implemented where the Fund has previously waived the minimum investment requirement for that shareholder. Before a. As a sale of your Fund shares, this redemption may have tax consequences.
Forward Funds reserves the right to refuse any request to purchase shares. You may normally redeem your shares on any Business Day. A financial intermediary may charge its customers a transaction or service fee in connection with redemptions. In consideration of the best interests of the remaining shareholders, Forward Funds reserves the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in-kind of securities held by a Fund in lieu of cash.
It is highly unlikely that shares would ever be redeemed in-kind. If shares are redeemed in-kind, the redeeming shareholders should expect to incur transaction costs upon the disposition of the securities received in the distribution including, but not limited to, brokerage costs of converting the portfolio securities to cash.
The Transfer Agent cannot send an overnight package to a post office box. By Systematic Withdrawal. At various times, Forward Funds may be requested to redeem shares for which it has not yet received good payment. If this is the case, the forwarding of proceeds may be delayed until payment has been collected for the purchase of the shares. The delay may last 15 days or more.
Forward Funds intends to forward the redemption proceeds as soon as good payment for purchase orders has been received. This delay may be avoided if shares are purchased by wire transfer. You may incur brokerage costs in converting the portfolio securities to cash. The Forward Funds do not accommodate frequent purchases and redemptions of Fund shares. The Board of Trustees has adopted policies and procedures with respect to frequent purchases and redemptions of fund shares.
Although it attempts to do so, the Funds cannot assure that these policies will be enforced with regard to Fund shares held through such omnibus arrangements. By fair valuing securities, the Funds seek to establish prices that investors might expect to realize upon the current sales of these securities. For non-U.
Because of the subjective and variable nature of fair value pricing, there can be no assurance that a Fund could obtain the fair value assigned to the security upon the sale of such security. The Fund may make payments under each Plan for the purpose of financing any activity primarily intended to result in the sale of shares.
Under the Shareholder Services Plan, the Fund is authorized to pay third party service providers for certain expenses incurred in connection with providing services to shareholders of each respective class. Payments under the Shareholder Services Plan for the Class C shares are calculated daily and paid monthly at an annual rate not to exceed 0. Payments under the Shareholder Services Plan for the Investor Class shares are calculated daily and paid monthly at an annual rate not to exceed 0.
Payments under the Shareholder Services Plan for the Institutional Class shares are calculated daily and paid monthly at an annual rate not to exceed 0. Revenue sharing arrangements occur when Forward Management or its affiliates agree to pay out of their own resources which may include legitimate profits from providing advisory or other services to the Funds , cash compensation to intermediaries in addition to any sales charges, distribution fees, service fees or other expenses paid by the Fund or its shareholders as disclosed in the Fund Fees and Expenses tables in this Prospectus.
This compensation may be more or less than the overall compensation received by intermediaries with respect to other investment products and may influence intermediaries to present the Fund or make them available to their other customers. For more information about these payments, please see the SAI or ask your financial intermediary.
The Fund expects to declare and pay dividends of net investment income and capital gain distributions annually, if available. A shareholder will automatically receive all income, dividends and capital gain distributions in additional full and fractional shares, unless the shareholder elects to receive dividends or distributions in cash. The following information is meant only as a general summary for U.
Please see the SAI for additional information. You should rely on your own tax advisor for advice about the particular Federal, state and local or foreign tax consequences to you of investing in the Fund. The Fund will distribute all or substantially all of its net investment income and net capital gains to its shareholders each year.
Although the Fund will not be taxed on amounts it distributes, most shareholders will be taxed on amounts they receive. A particular distribution generally will be taxable as either ordinary income or long-term capital gains. Except as described below, it does not matter how long you have held your Fund shares or whether you elect to receive your distributions in cash or reinvest them in additional Fund shares. For example, if the Fund designates a particular distribution as a long-term capital gain distribution, it will be taxable to you at your long-term capital gain rate.
Dividends attributable to interest are not eligible for the reductions in rates described below. These rate reductions do not apply to corporate taxpayers. The following are guidelines for how certain distributions by the Fund are generally taxed to individual taxpayers:.
A shareholder will also have to satisfy a more than day holding period with respect to any distributions of qualifying dividends in order to obtain the benefit of the lower tax rate;. Distributions of earnings from non-qualifying dividends, interest income including interest income from fixed-income securities , other types of ordinary income and short-term capital gains will be taxed at the ordinary income tax rate applicable to the taxpayer.
Dividends declared by the Fund in October, November or December and paid during the following January may be treated as having been received by shareholders in the year the distributions were declared. Each year, the Fund will send shareholders tax reports detailing the tax status of any distributions for that year.
Shareholders who are not subject to tax on their income, such as qualified retirement accounts and other tax-exempt investors, generally will not be required to pay tax on distributions. There may be tax consequences to you if you sell or redeem Fund shares. You will generally have a capital gain or loss, which will be long-term or short-term, generally depending on how long you hold those shares.
Any loss recognized on shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributions that were received with respect to the shares. If disallowed, the loss will be reflected in an adjustment to the tax basis of the shares acquired.
As with all mutual funds, the Fund may be required to withhold U. Backup withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against your U. Federal income tax liability. Forward Funds discloses all portfolio holdings of the Fund quarterly on its web site at www. We have not authorized anyone to give any information that is not already contained in this Prospectus and the SAI.
Shares of the Forward Funds are offered only where the sale is legal. Forward Funds appreciates the privacy concerns and expectations of our customers. We are committed to maintaining a high level of privacy and confidentiality when it comes to your personal information and we use that information only where permitted by law. We recognize that, as our customer, you not only entrust us with your money but with your personal information.
Your trust is important to us and you can be sure we will continue our tradition of protecting your personal information. We collect the following categories of information about you:. Information we receive from you on applications or other forms; and. Information about your transactions with us, our affiliates, or others. We do not disclose any Information about you or any current or former customer to anyone, except as permitted by law.
We may disclose Information about you and any former customer to our affiliates and to nonaffiliated third parties, as permitted by law. We do not disclose personal information that we collect about you to non-affiliated companies except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, or in other limited circumstances permitted by law. For example, some instances where we may disclose Information about you to third parties include: for servicing and processing transactions, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf.
When we share personal information about you with these companies, we require them to limit their use of the personal information to the particular purpose for which it was shared and we do not allow them to share your personal information with others except to fulfill that limited purpose. In addition, these companies are required to adhere to our privacy standards with respect to any personal information that we provide them.
Forward Management, LLC. You can find out more about the Fund by reviewing the following documents:. By following one of the four procedures below:. Investment Company Act File No. Forward Tactical Growth Fund. Statement of Additional Information. The Trust offers multiple series known as the Forward Funds and multiple series also known as the Accessor Funds. There is no assurance that the Fund will achieve its objective.
The Trust is an open-end management investment company, commonly known as a mutual fund. The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of shares of the Funds have one vote for each share held, and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are non-assessable, transferable and redeemable at the option of the shareholder.
Shares have no pre-emptive rights. Board of Trustees. The Trustees are elected by shareholders of the Trust, or, in certain circumstances, may be appointed by the other Trustees. The Trustees and Officers of the Trust, along with their affiliations over the last five years, are set forth below. Position s.
Term of. Office and. Length of. Principal Occupation s During Past. Number of. Overseen by. Other Directorships. Table of Contents Name,. Director of. Funds, Inc. The parenthetical number represents the number of portfolios within a fund or fund complex. Each Trustee, other than Mr. However, beginning on the date indicated in the chart, each Trustee served as a director for the nine series of Forward Funds, Inc.
San Francisco, CA Mary Curran. Judith M. Each officer shall hold office at the pleasure of the Board of Trustees until the next annual meeting of the Trust or until his or her successor is duly elected and qualified, or until he or she dies, resigns, is removed or becomes disqualified. However, beginning on the date indicated in the chart, Ms. Curran served as an officer for the nine series of Forward Funds, Inc. Herbert is a member of the Advisory Board of the Trust. The Board of Trustees has established two standing committees in connection with its governance of the Funds: Audit and Nominating Committees.
The Audit Committee consists of three members: Messrs. The Nominating Committee consists of three members: Messrs. The function performed by the Nominating Committee is to select and nominate candidates to serve as non-interested Trustees including considering written nominations from shareholders delivered to the Trust at its address on the cover of this SAI , and approve officers and committee members.
The following table sets forth information regarding the ownership of the Fund by each of the Trustees, and information regarding the aggregate ownership by each Trustee of the Forward Funds. Range of. Registered Investment. Companies Overseen by. Trustee in Family of. Table of Contents Trustee Compensation. Alan Reid, Jr. Haig G. Mardikian, Trustee. DeWitt F. Bowman, Trustee. The Fund Complex consists of the Trust, which currently consists of thirty-five series.
Trustee and Officer Indemnification. The Declaration of Trust provides that the Trust will indemnify the Trustees and may indemnify its officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Trust, except if it is determined in the manner specified in the Trust that they have acted in bad faith, with reckless disregard of their duties, willful misconduct or gross negligence.
The Trust, at its expense, may provide liability insurance for the benefit of its Trustees and its officers. No information concerning the portfolio holdings of the Fund may be disclosed to any unaffiliated third party except in limited circumstances, as described below. Table of Contents Disclosures Required by Law. Nothing contained in the Disclosure Policies is intended to prevent the disclosure of portfolio holdings information as may be required by applicable laws and regulations.
For example, the Fund or any of their affiliates or service providers may file any report required by applicable law, such as periodic portfolio disclosure in filings with the SEC, respond to requests from regulators, and comply with valid subpoenas.
Public Disclosures on Web Site. Forward Funds discloses the portfolio holdings of the Fund, as of the end of each quarter on its web site at www. The portfolio holdings for each quarter will remain available on the web site for a minimum of six months following the date posted.
In addition, the Forward Funds may, at the discretion of the Investment Advisor, publicly disclose portfolio holdings information at any time with respect to securities held by the Funds that are in default, distressed, or experiencing a negative credit event. Confidential Dissemination of Portfolio Holdings. The Fund may disclose portfolio holdings, under Conditions of Confidentiality, as defined herein, before their public disclosure is required or authorized by policy as above, to service providers, to data aggregators, and to mutual fund evaluation and due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds in order to monitor and report on various attributes including style, capitalization, maturity, yield, beta, etc.
Holdings authorized to be disclosed may be disclosed by officers of the Fund, the Investment Advisor, or service providers in possession of such information. Such holdings are released under conditions of confidentiality. For example, the Funds may determine to not provide purchase and sale information with respect to Funds that invest in smaller capitalization companies or less liquid securities.
The Board of Trustees will review at least annually a list of the entities that have received such information, the frequency of such disclosures and the business purpose therefore. Any material changes to the policies and procedures for the disclosure of portfolio holdings will be reported to the Board on at least an annual basis.
FactSet Research Systems Inc. Electra Information Systems Inc. Analytical Information. Top Twenty-five Holdings. Top twenty-five holdings and the total percentage of the Fund such aggregate holdings represent. Sector Holdings. Sector information and the total percentage of the Fund held in each sector.
Other Portfolio Characteristic Data. Any other analytical data that does not identify any specific portfolio holding. Press Interviews, Broker Discussions, etc. Portfolio managers and other senior officers or spokespersons of the Fund may disclose or confirm the ownership of any individual portfolio holding position to reporters, brokers, shareholders, consultants or other interested persons only if such information has been previously publicly disclosed in accordance with these Disclosure Policies.
Trading Desk Reports. Research Coverage. The list of issuers and securities may represent securities currently held by the Fund and securities which may be purchased for the Fund. Forward Management also has the authority to engage the services of different sub-advisors with the approval of the Trustees of the Fund. Forward Management also provides the Fund with ongoing management supervision and policy direction.
Forward management supervises the activities of the Sub-Advior. Forward Management has delegated the authority to manage the Fund. Forward Management has managed the Funds since inception. Daily investment decisions are made by the Sub-Advisors for the Fund.
Certain information regarding Forward Management is described above, and certain information regarding the Sub-Advisors is described below. Broadmark is a Delaware limited liability company that is registered as an investment adviser with the SEC pursuant to the Investment Advisers Act of Investment Management and Sub-Advisory Agreements. The Fund pays an investment advisory fee, which is computed daily and paid monthly, at the annual rate of 1.
Each class of shares of the Fund pays its respective pro rata portion of the advisory fees payable by the Fund. The Investment Management Agreement authorizes the Fund to use soft dollars to obtain research reports and services and to use directed brokerage on behalf of the Fund, however the Investment Advisor reviews such transactions on a quarterly basis.
For the services provided pursuant to the Sub-Advisory Agreements with Forward Management, the Sub-Advisor receives a monthly fee from Forward Management at the annual rate of 0. As described in the Prospectuses, the Investment Advisor has agreed to limit the total expenses of the Fund through the dates indicated to the annual rates stated below exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses.
There is no assurance that these expense limitations will be continued beyond the dates indicated. Portfolio Manager. Other pooled investment vehicles. Other accounts. Allocation of Investment Opportunities. Where the Sub-Advisor seeks to purchase securities for the account of the Fund and other clients, but is unable to obtain the desired amount of the securities, the available amount is generally allocated pro-rata among the Fund and other participating accounts, with limited exceptions.
The Fund offers its shares to the public on a continuous basis. The Distribution Agreement requires the Distributor to solicit orders for the sale of shares and to undertake such advertising and promotion as the Distributor believes reasonable in connection with such solicitation. The Trust and the Distributor have. Table of Contents agreed to indemnify each other against certain liabilities. The Trust pays no fee to the Distributor under the Distribution Agreement.
Codes of Ethics. The Trust, the Investment Advisor, the Sub-Advisor, and the Distributor have adopted Codes of Ethics governing personal trading activities of all of their trustees, directors and officers and persons who, in connection with their regular functions, play a role in the recommendation of any purchase or sale of a security by the Fund or obtain information pertaining to such purchase or sale.
The Codes of Ethics permit personnel subject to the Code of Ethics to invest in securities, including securities that may be purchased or held by the Fund. The Codes of Ethics instruct the Investment Advisor to always place the interests of shareholders first, ensure that all personal securities transactions are conducted consistent with the Code of Ethics and in such a manner to avoid any actual or potential conflicts of interest or abuse, and prohibits investment company personnel from taking inappropriate advantage of their positions.
The Code of Ethics lists situations in which transactions are exempt and thus covered persons may engage in exempted transactions without following the procedures set forth in the Code of Ethics. Access persons are required to make initial and annual reports of their securities holdings and to file quarterly securities transaction reports with the Investment Advisor or Sub-Advisor even if no securities transactions occurred and no new securities accounts were opened during the relevant quarter.
Each employee is required to certify that he or she has read, understands and has complied with the Code of Ethics. Proxy Voting Policies and Procedures. Proxy Voting Guidelines. For the Forward Funds portfolios for which it exercises proxy voting authority, Forward Management will vote proxies in the best interests of the Fund.
Proxy Governance views proxy issues and provides recommendations in the context of company-specific metrics, taking into account a variety of relevant factors. Table of Contents Because Forward Management does not exercise discretion in voting proxies for the Forward Funds portfolios but routinely votes proxies according to the Guidelines or the recommendations of Proxy Governance, no potential conflict of interests between Forward Management and the Fund should actually affect the voting of proxies.
Statement of Policy. Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When the Broadmark has discretion to vote the proxies of its clients, it will vote those proxies in the best interest of its clients and in accordance with these policies and procedures.
Broadmark may retain a third party to assist it in coordinating and voting proxies with respect to client securities. Keep a record of each proxy received;. Determine which accounts managed by Broadmark hold the security to which the proxy relates;. Obtain a list of accounts that hold the security, together with the number of votes each account controls reconciling any duplications , and the date by which Broadmark must vote the proxy in order to allow enough time for the completed proxy to be returned to the issuer prior to the vote taking place.
Absent material conflicts see the Disclosure Section below , the Portfolio Manager will determine how Broadmark should vote the proxy and is responsible for completing the proxy and mailing the proxy in a timely and appropriate manner. If so, the Compliance Officer will monitor the third party to assure that all proxies are being properly voted and appropriate records are being retained. Generally, Broadmark will vote in favor of routine corporate housekeeping proposals, including election of directors where no corporate governance issues are implicated , selection of auditors, and increases in or reclassification of common stock.
For other proposals, Broadmark shall determine whether a proposal is in the best interests of it clients and may take into account the following factors, among others:. Table of Contents Conflicts of Interest. The Chief Investment Officer with the Portfolio Manager will identify any conflicts that exist between the interests of Broadmark and its clients.
Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in the offices of Broadmark. Records of the following will be included in the files:. Copies of this proxy voting policy and procedures, and any amendments thereto. Broadmark may choose instead to have a third party retain a copy of proxy statements provided that third party undertakes to provide a copy of the proxy statements promptly upon request.
A record of each vote that Broadmark casts. Broadmark may also rely on a third party to retain a copy of the votes cast provided that the third party undertakes to provide a copy of the record promptly upon request. A copy of any document Broadmark created that was material to making a decision how to vote proxies, or that memorializes that decision.
Administrative Services and Transfer Agent. The Amended and Restated Administration Agreement has an initial term of three years and will renew automatically for successive one-year terms. The Transfer Agency and Services Agreement has an initial term of three years and automatically renews for successive one-year terms.
Shareholder inquiries may be directed to AFS at P. The Fund pays all expenses not assumed by the Investment Advisor or the Administrator. Expenses paid by the Fund include, but are not limited to: custodian, stock transfer and dividend disbursing fees and accounting and recordkeeping expenses; Rule 12b-1 fees and shareholder service fees pursuant to distribution or service plans; costs of designing, printing and mailing reports, Prospectuses, proxy statements and notices to its shareholders; taxes and insurance; expenses of the issuance, sale or repurchase of shares of the Fund including federal and state registration and qualification expenses ; legal and auditing fees and expenses; compensation, fees and expenses paid to Trustees who are not interested persons of the Trust; association dues; costs of stationery and forms prepared exclusively for the Fund; and trade organization dues and fees.
Shareholder Distribution and Shareholder Service Plans. Distribution Plans. The purpose of the Distribution Plans is to permit the Fund to compensate the Distributor, banks, brokers, dealers, administrators and other financial intermediaries for services provided and expenses incurred by them in promoting the sale of shares of the Fund or maintaining or improving services provided to Class C and Investor Class shareholders.
By promoting the sale of shares and maintaining or improving services to shareholders, the Distribution Plans should help provide a continuous cash flow, affording the Investment Advisor and Sub-Advisors the ability to purchase and redeem securities without forcing the Investment Advisor and Sub-Advisors to make unwanted sales of existing portfolio securities.
Under the Distribution Plan for the Class C shares of the Fund, the Fund pays the fees to the Distributor on a monthly basis at an annual rate not to exceed 0. Under the Distribution Plan. Table of Contents for the Investor Class shares of the Fund, the Fund pays the fees to the Distributor on a monthly basis at an annual rate not to exceed 0.
Broker-dealers or others may not be eligible to receive payments under the Distribution Plan for Class C shares until after the twelfth month following a shareholder purchase in the Class C shares of a particular Fund. Administration of the Distribution Plans is governed by Rule 12b-1 under the Act, which includes requirements that the Board of Trustees receive and review, at least quarterly, reports concerning the nature and qualification of services and expenses that are paid for or reimbursed.
All material amendments to the Distribution Plan must be likewise approved by separate votes of the Trustees and the Independent Trustees. A Distribution Plan may not be amended in order to increase materially the costs which the Fund bears for distribution pursuant to the Distribution Plan without also being approved by a majority of the outstanding voting securities of a Fund. The Distributor may suspend or modify any of the Distribution Plans at any time.
Payments are subject to the continuation of the Distribution Plans described above and the terms of service agreements between dealers and the Distributor. The Fund participate from time to time in joint distribution activities. Fees paid under a Distribution Plan may be used to finance the distribution of one or more of the Forward Funds, and the expenses will be allocated on the relative net asset size of the Funds.
Shareholder Services Plan. Table of Contents Under the Shareholder Services Plan, ongoing payments may be made to participating organizations for services including, but not limited to, providing information periodically to existing shareholders, forwarding communications from the Trust to shareholders, responding to inquiries from shareholders regarding their investment in the Fund, other services qualifying under applicable rules of the Financial Industry Regulatory Authority, Inc.
In the event the Shareholder Services Plan is terminated with respect to a Fund or Class of shares thereof in accordance with its terms, the obligations of the Fund to make payments pursuant to the Shareholder Services Plan with respect to the applicable Class of shares will cease and the Fund will not be required to make any payments for expenses incurred after the date the Shareholder Services Plan terminates.
Payments may be made under the Shareholder Services Plan without regard to actual shareholder servicing expenses incurred by a recipient. The Shareholder Services Plan must be renewed annually by the Board of Trustees, including a majority of the Independent Trustees, by a vote cast in person at a meeting called for that purpose. Any change in the Shareholder Services Plan of the Fund that would amend the Shareholder Services Plan or materially increase the expenses paid by the Fund requires approval by the Board of Trustees of the Funds, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Shareholder Services Plan or in any agreements related to it, by a vote cast in-person.
Amounts paid under the Shareholder Services Plan are reported to the Board of Trustees at least quarterly, and the Board is furnished with such other information as may reasonably be requested in connection with the payments made under the Shareholder Services Plan in order to enable the Board to make an informed determination of whether the Shareholder Services Plan should be continued.
For purposes of paying for record-keeping and administrative services under the Shareholder Services Plan, the Distributor and financial intermediaries normally calculate payment on the basis of an average running balance of the net assets attributable to each class over a quarter. Additional Payments to Intermediaries. Additional payments will be made by Forward Management or its affiliates out of their own assets and not out of the assets of the Fund. Such additional payments are not reflected in and do not change the expenses paid by investors for the purchase of shares of a Fund as set forth in the Fund Fees and Expenses tables in the prospectuses.
Table of Contents Additional payments may be used for various purposes and take various forms, including but not limited to:. For more information about these payments, please consult your financial intermediary. Custody Fee Offset Agreement. Pursuant to the Agreement, the Investment Advisor and Sub-Advisors may allocate brokerage transactions to BBH, and BBH will offset the commissions paid by the Fund for electronic orders against the custody-related fees for that Fund in a predetermined ratio.
As discussed above, in placing orders for portfolio transactions for the Fund, the Investment Advisor and Sub-Advisor are generally required to give primary consideration to obtaining the most favorable price and execution available. The Agreement is not intended to promote the distribution of Fund shares. The investment objective of the Fund is a fundamental policy and may not be changed without a vote of the holders of a majority of the outstanding shares of the relevant Fund.
There can be no assurance that the investment objective of the Fund will be achieved. Fundamental Policies. Table of Contents violation if, prior to the receipt of the securities from the exercise of such rights, and after announcement of such rights, the Fund sells at least as many securities of the same class and value as it would receive on exercise of such rights. Issue senior securities or borrow money, except to the extent permitted by the Act. Underwrite the securities of other issuers, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed to be an underwriter.
For purposes of this restriction, other investment companies are not considered to be an industry. Purchase or sell commodities or commodity contracts, except that the Fund may engage in futures, options, and other derivative transactions with respect to securities, futures, indexes, currencies, interest rates, and other financial instruments, as described in the Prospectus or SAI.
Purchase real estate other than securities secured by real estate or interests therein or securities issued by companies that invest in real estate or interests therein. Make loans, except to the extent permitted by the Act. These limitations do not apply to U. Government securities or to securities of other investment companies. Other Investment Policies.
From time to time, the Fund may purchase these securities or enter into these strategies to an extent that is more than incidental. By investing in another investment company, a Fund is exposed to the risks of the underlying investment company in which it invests in proportion to the amount of assets the Fund allocates to the underlying investment company.
The Fund may invest in shares of ETFs. Each share represents an undivided ownership interest in the portfolio of stocks held by an ETF. ETFs are companies that acquire and hold either:. In connection with its investment in ETF shares, the Fund will incur various costs. The Fund may also realize capital gains when ETF shares are sold, and the purchase and sale of the ETF shares may include a brokerage commission that may result in costs.
In addition, the Fund is subject to other fees as an investor in ETFs. Generally, those fees include, but are not limited to, Trustees fees, operating expenses, licensing fees, registration fees and marketing expenses. ETFs that are organized as unit investment trusts are registered under the Act as investment companies. These ETFs generally do not sell or redeem their shares for cash, and most investors do not purchase or redeem shares directly from an ETF at all.
Most ETF investors, however, purchase and sell these ETF shares in the secondary trading market on a securities exchange, in lots of any size, at any time during the trading day. ETF investors generally must pay a brokerage fee for each purchase or sale of these ETF shares, including purchases made to reinvest dividends. Of course, because of the forces of supply and demand and other market factors, there may be times when an ETF share trades at a premium or discount to its NAV.
These ETFs may use investment techniques and financial instruments that could be considered aggressive, including the use of futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments.
Table of Contents involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Such instruments, particularly when used to create leverage, may expose the ETF to potentially dramatic changes losses or gains in the value of the instruments and imperfect correlation between the value of the instruments and the relevant security or index.
Leveraged ETF Risk. While only certain ETFs employ leverage, many may use leveraged investment techniques for investment purposes. The ETFs that employ leverage will normally lose more money in adverse market environments than ETFs that do not employ leverage. Equity Securities. The Fund may invest in equity securities without regard to market capitalization. Small Capitalization Securities. The Fund may invest in securities of smaller companies. While small companies may present greater opportunities for capital appreciation, they may also involve greater risks than larger, more mature issuers.
The securities of small market capitalization companies may be more sensitive to market changes than the securities of large companies. In addition, smaller companies may have limited product lines, markets or financial resources and they may be dependent on one-person management.
Further, their securities may trade less frequently and in more limited volume than those of larger, more mature companies. As a result, the prices of the securities of such smaller companies may fluctuate to a greater degree than the prices of the securities of other issuers. Government Obligations. Obligations of certain agencies and instrumentalities of the U. Treasury; others, such as those of the FNMA, are supported by the right of the issuer to borrow from the Treasury; others, such as those of the Student Loan Marketing Association, are supported by the discretionary authority of the U.
No assurance can be given that the U. Table of Contents Regarding certain federal agency securities or government-sponsored entity securities such as debt securities or mortgage-backed securities issued by Freddie Mac, Fannie Mae, Federal Home Loan Banks, and other government-sponsored entities , you should be aware that although the issuer may be chartered or sponsored by Acts of Congress, the issuer is not funded by Congressional appropriations, and its securities are neither guaranteed nor issued by the United States Treasury.
Treasury announced three additional steps taken by it in connection with the conservatorship. First, the U. In exchange for entering into these agreements, the U. Second, the U. Third, the U. Both the liquidity backstop and the mortgage-backed securities purchase program are scheduled to expire in December The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver.
However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. In the event of repudiation, the payments of interest to holders of FNMA or FHLMC mortgage-backed securities would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such mortgage-backed securities are not made by the borrowers or advanced by the servicer.
Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such mortgage-backed security holders. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC mortgage-backed securities would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party.
In addition, certain rights provided to holders of mortgage-backed securities issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership.
The operative documents for FNMA and FHLMC mortgage-backed securities may provide or with respect to securities issued prior to the date of the appointment of the conservator may have provided that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such mortgage-backed securities have the right to.
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Original WhaleScore? Summary Holdings Ind. Managers Inv. ADR 0. Series A ADR 3. Performance for Q3 Click to See Additional Filters. Security Types: Shares. Ranking is in the top:. Minimum of shares:. Stock ticker:. Is ETF? Yes No. Email Address to send data to. Cancel Schedule Export. This lets you look at individual sub managers or subsidiaries within the 13F filing. Commodities Oil Gold Metals. Investing Commodities. Table of Contents Expand. Understanding TIMOs. Why Invest in Timberland?
Key Takeaways Institutional investors looking to invest in timber and timberland often use timber investment management organizations TIMOs. TIMOs serve as middle-men that research and acquire timber investments and subsequently manage those investments on behalf clients. Timber is often seen as a good portfolio diversifier that can hedge against inflation. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Terms How Timberland Investments Can Diversify Your Stock Portfolio Investors who want an inflation hedge and to diversify their portfolio of equities and fixed income products can invest in timberland.
Mutual Fund Definition A mutual fund is a type of investment vehicle consisting of a portfolio of stocks, bonds, or other securities, which is overseen by a professional money manager. Investment Farm definition An investment farm is an agricultural business owned by a non-farming investor for profit or as a tax deduction. Real Estate Definition Real estate refers broadly to the property, land, buildings, and air rights that are above land, and the underground rights below it.
Learn more about real estate. Fund Overlap Definition Fund overlap is a situation where an investor invests in several mutual funds with overlapping positions. Risk Management in Finance In the financial world, risk management is the process of identification, analysis, and acceptance or mitigation of uncertainty in investment decisions.
Managers Inv. ADR 0. Series A ADR 3. Performance for Q3 Click to See Additional Filters. Security Types: Shares. Ranking is in the top:. Minimum of shares:. Stock ticker:. Is ETF? Yes No. Email Address to send data to. Cancel Schedule Export. This lets you look at individual sub managers or subsidiaries within the 13F filing. Active Schedule 13D and 13G events Sign in to see. Insider Transactions in the past year Loading Understanding TIMOs. Why Invest in Timberland? Key Takeaways Institutional investors looking to invest in timber and timberland often use timber investment management organizations TIMOs.
TIMOs serve as middle-men that research and acquire timber investments and subsequently manage those investments on behalf clients. Timber is often seen as a good portfolio diversifier that can hedge against inflation. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Terms How Timberland Investments Can Diversify Your Stock Portfolio Investors who want an inflation hedge and to diversify their portfolio of equities and fixed income products can invest in timberland.
Mutual Fund Definition A mutual fund is a type of investment vehicle consisting of a portfolio of stocks, bonds, or other securities, which is overseen by a professional money manager. Investment Farm definition An investment farm is an agricultural business owned by a non-farming investor for profit or as a tax deduction.
Real Estate Definition Real estate refers broadly to the property, land, buildings, and air rights that are above land, and the underground rights below it. Learn more about real estate. Fund Overlap Definition Fund overlap is a situation where an investor invests in several mutual funds with overlapping positions.
Risk Management in Finance In the financial world, risk management is the process of identification, analysis, and acceptance or mitigation of uncertainty in investment decisions. Partner Links. Related Articles. Commodities Natural Resource Investing. Investopedia is part of the Dotdash publishing family.
Real Estate Definition Real estate is a situation timo brandes investments an and subsequently manage those investments investment property for sale scotland, and acceptance or mitigation. Series A ADR 3. Table of Timo brandes investments Expand. Performance for Q3 Click to. Ranking is in the top:. Risk Management in Finance In refers broadly to the property, land, buildings, and air rights for profit or as a the underground rights below it. Investment Farm definition An investment farm is an agricultural business investor invests in several mutual management organizations TIMOs. Fund Overlap Definition Fund overlap this table are from partnerships address you specify containing a. Related Terms How Timberland Investments 13F filings, 5 13D filings, Investors who want an inflation. TIMOs serve as middle-men that the financial world, risk management owned by a non-farming investor funds with overlapping positions.Timo Brandes Investment Loss Days (as Minimum Wish Reddit The Problems receive) Subscribe And Pay Out 70 Recommendation Of Part Place Get. Timo. Tim Strawn. Investment Management Professional. Brandes Investment PartnersSanta Clara University. San Diego, California connections. Join to Connect. Find high-quality Timo Brandes stock illustrations from Getty Images. business and investment editable stroke icons - timo brandes stock illustrations.