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US ˙ NasdaqGS ˙ US3498531017

SecurityFWRD / Forward Air Corporation
InstitutionRoyce Value Trust Inc
Latest Disclosed Ownership65,014 shares
Latest Disclosed Value $ 1,595,443
Royce Value Trust Inc reports 9.75% decrease in ownership of FWRD / Forward Air Corporation

On August 15, 2025 - Royce Value Trust Inc filed a NPORT-P form disclosing ownership of 65,014 shares of Forward Air Corporation (US:FWRD) valued at $1,595,444 USD as of June 30, 2025. The entity filed a previous NPORT-P on May 19, 2025 disclosing 72,040 shares of Forward Air Corporation. This represents a change in shares of -9.75% during the quarter. The current value of the position is $673,545 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-08-15 2025-06-30 NP Forward Air EC US34986A1043 65,014 -7,026 -9.75 1,595 10.23 0.0796
2025-05-19 2025-03-31 NP Forward Air EC US3498531017 72,040 -6,293 -8.03 1,447 -42.72 0.0786
2025-02-21 2024-12-31 NP Forward Air EC US3498531017 78,333 -2,731 -3.37 2,526 -11.96 0.1264
2024-11-19 2024-09-30 NP Forward Air EC US3498531017 81,064 -3,620 -4.27 2,870 77.98 0.1420
2024-08-12 2024-06-30 NP Forward Air EC US3498531017 84,684 0 0.00 1,612 -38.80 0.0845
2024-05-28 2024-03-31 NP Forward Air EC US3498531017 84,684 12,769 17.76 2,635 -41.74 0.1347
2024-02-20 2023-12-31 NP Forward Air EC US3498531017 71,915 8,555 13.50 4,521 3.81 0.2426
2023-11-22 2023-09-30 NP Forward Air EC US3498531017 63,360 -73,090 -53.57 4,355 -69.92 0.2619
2023-08-09 2023-06-30 NP Forward Air EC US3498531017 136,450 -14,450 -9.58 14,479 -10.96 0.8257
2023-05-19 2023-03-31 NP Forward Air EC US3498531017 150,900 -2,400 -1.57 16,261 1.13 0.9635
2023-02-21 2022-12-31 NP Forward Air EC US3498531017 153,300 -4,930 -3.12 16,080 12.59 1.0016
2022-11-17 2022-09-30 NP Forward Air EC US3498531017 158,230 5,460 3.57 14,282 1.66 0.9676
2022-08-16 2022-06-30 NP Forward Air EC US3498531017 152,770 -24,670 -13.90 14,049 -19.03 0.8882
2022-05-16 2022-03-31 NP Forward Air EC US3498531017 177,440 57,010 47.34 17,350 18.98 0.9047
2022-02-24 2021-12-31 NP Forward Air EC US3498531017 120,430 57,070 90.07 14,583 177.22 0.6783
2021-11-22 2021-09-30 NP Forward Air EC US3498531017 63,360 -862 -1.34 5,260 -8.73 0.2527
2021-08-24 2021-06-30 NP Forward Air EC US3498531017 64,222 -890 -1.37 5,764 -0.33 0.2660
2021-05-17 2021-03-31 NP Forward Air EC US3498531017 65,112 -4,931 -7.04 5,783 7.43 0.2768
2021-02-19 2020-12-31 NP Forward Air EC US3498531017 70,043 -842 -1.19 5,382 32.33 0.2850
2020-11-24 2020-09-30 NP Forward Air EC US3498531017 70,885 -69,940 -49.66 4,067 -42.02 0.2692
2020-08-19 2020-06-30 NP Forward Air EC US3498531017 140,825 -9,567 -6.36 7,016 -7.90 0.4871
2020-05-27 2020-03-31 NP Forward Air EC US3498531017 150,392 -35,112 -18.93 7,617 -35.56 0.6806
2019-11-25 2019-09-30 NP Forward Air EC US3498531017 185,504 185,504 11,820 0.7890
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.