Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

FORWARD AIR CORP (FWRD)

211 + Investors. Track Smart Money conviction in FWRD. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -3
Streak
1Q ▼
Buyers last Q
50%

Smart Money Signals — FWRD

Based on 193 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their FWRD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 79% of 3.0Y peak

79% of all-time peak
193 funds currently hold this stock — 79% of the 3.0-year high of 245 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 5% fewer funds vs a year ago

fund count last 6Q
11 fewer hedge funds hold FWRD compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 50% buying

105 buying104 selling
Last quarter: 105 funds bought or added vs 104 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-8 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 26 → 39 → 39 → 31. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

61% of holders stayed for 2+ years

■ 61% conviction (2yr+) ■ 21% medium ■ 18% new
118 out of 193 hedge funds have held FWRD for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
➡️

Steady discovery — ~31 new funds/quarter

39 → 26 → 39 → 39 → 31 new funds/Q
New funds entering each quarter: 26 → 39 → 39 → 31. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 66% of holders stayed 2+ years

■ 66% veterans ■ 14% 1-2yr ■ 19% new
Of 211 current holders: 140 (66%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 99% AUM from top-100 funds

99% from top-100 AUM funds
31 of 193 holders are among the 100 largest funds by AUM, controlling 99% of total institutional value in FWRD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
2.5
out of 10
Low Exit Risk
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Hedge Fund Ownership: FWRD

How many hedge funds hold FWRD — quarterly history vs. share price
Quarterly hedge fund ownership of FWRD vs. share price

Market Analysis: FWRD

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: FWRD

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

33 top-rated funds 2 high-conviction
Consensus
6.6
/ 10
breadth
×
Elite
1.7
/ 10
conviction
Hedge Fund Positioning: FWRD
2026 Q1 Stats Unlock in 9 days 211 + Investors

Track Smart Money conviction in FWRD. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 211 216 -2.31%
13F Shares 32M 36M -11.2%
Total Value $61.40B $71.43B -14.04%
New Positions 32 41 -9
Increased Positions 103 107 -4
Closed Positions 40 19 +21
Reduced Positions 81 68 +13
Total Calls 11 13 -15.38%
Total Puts 7 10 -30.0%
PUT/CALL Ratio 0.64 0.77 Bullish

Statistics: FWRD

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Valuation Measures Data as of: --

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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

211 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in FWRD. Verified SEC 13F-HR filings.

Top 25 institutional holders of FWRD — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 AlpInvest Partners B.V. 3.47% 103,330 $1.7M
2 Paralel Advisors LLC 0.68% 975,000 $16.3M
3 PRIVATE MANAGEMENT GROUP INC 0.56% 1,155,405 $19.3M
4 Covestor Ltd 0.55% 47,967 —
5 BLUEFIN CAPITAL MANAGEMENT, LLC 0.22% 106,200 $871K
6 Counterpoint Mutual Funds LLC 0.08% 33,550 $561K
7 GSA CAPITAL PARTNERS LLP 0.07% 71,150 $1K
8 PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. 0.07% 43,897 $734K
9 ROTHSCHILD INVESTMENT LLC 0.06% 70,019 $1.2M
10 Inspire Investing, LLC 0.04% 31,137 $520K
11 NJ State Employees Deferred Compensation Plan 0.03% 10,000 $256K
12 CenterBook Partners LP 0.02% 19,664 $329K
13 Jefferies Financial Group Inc. 0.02% 154,300 $2.6M
14 Carlyle Group Inc. 0.02% 107,214 $1.8M
15 SRH ADVISORS, LLC 0.02% 3,250 $54K
16 BFSG, LLC 0.01% 8,495 $142K
17 AlphaQuest LLC 0.00% 3,431 $86K
18 Envestnet Portfolio Solutions, Inc. 0.00% 25,523 $426K
19 GAMMA Investing LLC 0.00% 2,821 $47K
20 Cambridge Investment Research Advisors, Inc. 0.00% 50,157 —
21 State of Alaska, Department of Revenue 0.00% 11,296 —
22 UBS Group AG 0.00% 755,967 $12.6M
23 Walleye Trading LLC 0.00% 51,700 $864K
24 DEUTSCHE BANK AG\ 0.00% 259,311 $4.3M
25 Nvest Wealth Strategies, Inc. 0.00% 120 $2K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — FORWARD AIR CORP (FWRD)

What does the Smart Money Trend signal show for FWRD?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their FWRD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for FWRD?

Slight buying edge — 50% buying: Last quarter: 105 funds bought or added vs 104 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for FWRD holders?

Elite ownership — 99% AUM from top-100 funds: 31 of 193 holders are among the 100 largest funds by AUM, controlling 99% of total institutional value in FWRD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held FWRD?

61% of holders stayed for 2+ years: 118 out of 193 hedge funds have held FWRD for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.