Forward Air

FWRD • NASDAQ

Forward Air is a integrated freight & logistics company in the industrials sector on NASDAQ, led by Shawn Stewart, with a market cap of $795.9M. As of Q3 2025, 111% of shares are held by 199 institutional investors, with CLEARLAKE CAPITAL GROUP, L.P. as the largest holder at 12.42%.

CEOShawn Stewart

Market Cap$795.9M

Integrated Freight & Logistics

Industrials

Employees4.3K

Websiteforwardaircorp.com

Country

United States of America

Overview

Overview of institutional ownership in FWRD as of Q3 2025 with a market cap of $789.5M

All Institutions

Institutions: 199
Value Held: $873.0M
Shares Held: 34.0M
Avg Position: $4.4M
Median Position: $450.8K

Hedge Funds

Hedge Funds: 28
Value Held: $116.9M
Shares Held: 4.6M
Avg Position: $4.2M
Median Position: $1.0M

Ownership Breakdown

Institutional (non-HF)

95.77%

$756.1M

Hedge Funds

14.8%

$116.9M

Retail & Other

Based on market cap of $789.5M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FWRD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
CLEARLAKE CAPITAL GROUP, L.P. Private Equity	Behdad Eghbali Managing Partner	$98.1M 9.16% of portfolio	12.42% 3.8M shares	Q1 2024 Held for 1y 8m	$1.1B
B BlackRock, Inc. Institution	-	$82.6M 0.00% of portfolio	10.46% 3.2M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
LITTLEJOHN & CO LLC Private Equity	Michael Ira Klein CEO	$70.6M 35.62% of portfolio	8.94% 2.8M shares	Q2 2024 Held for 1y 5m	$198.1M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$60.3M 0.00% of portfolio	7.64% 2.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
R Ridgemont Partners Management, LLC Private Equity	Jane Hudson Caldwell COO	$49.7M 100.00% of portfolio	6.29% 1.9M shares	Q3 2025 Held for 2 months	$49.7M
Ancora Advisors, LLC RIA/Wealth	Frederick David Disanto CEO	$37.8M 0.76% of portfolio	4.79% 1.5M shares	Q3 2023 Held for 2y 2m	$5.0B
Irenic Capital Management LP Hedge Fund•Activist	Adam Jason Katz CIO	$31.5M 6.72% of portfolio	3.99% 1.2M shares	Q2 2024 Held for 1y 5m	$469.3M
P Paralel Advisors LLC Institution	-	$25.0M 1.00% of portfolio	3.17% 975.0K shares	Q1 2024 Held for 1y 8m	$2.5B
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	Jay Glenn Goldman CEO	$24.5M 0.93% of portfolio	3.10% 955.6K shares	Q3 2024 Held for 1y 2m	$2.6B
PRIVATE MANAGEMENT GROUP INC RIA/Wealth	Robert Todd Summers President	$24.0M 0.71% of portfolio	3.04% 936.5K shares	Q1 2024 Held for 1y 8m	$3.4B

Net Capital Flow

Institutional buying and selling activity for FWRD in Q3 2025

Traded: +$41.6M
Buyers: 124
Sellers: 66
Total Bought: +$115.9M
Total Sold: −$74.3M
Avg Position: $4.0M

Biggest Buyers

Institution	Net Bought	Current Position
Melqart Asset Management Ltd Hedge Fund•Multi-Strategy	+$9.8M +382.4K shares	$9.8M 382.4K shares
A Allianz Asset Management AG Institution	+$8.3M +323.5K shares	$8.3M 323.5K shares
VANGUARD GROUP INC Institution	+$7.9M +307.9K shares	$60.3M 2.4M shares
ROTHSCHILD INVESTMENT LLC RIA/Wealth	+$6.9M +270.0K shares	$6.9M 270.1K shares
J JANE STREET GROUP, LLC Institution	+$6.2M +240.5K shares	$7.2M 279.9K shares
N Nuveen, LLC Institution	+$5.2M +201.0K shares	$6.8M 263.3K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	+$4.9M +189.2K shares	$4.9M 189.2K shares
O Oasis Management Co Ltd. Institution	+$4.4M +173.4K shares	$4.4M 173.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$4.4M +170.1K shares	$6.0M 234.1K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$4.3M +166.6K shares	$11.0M 427.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
UBS Group AG Institution	−$9.3M −361.7K shares	$13.9M 541.2K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$8.6M −349.1K shares	Sold Off 0 shares
O One Fin Capital Management LP Hedge Fund•Event Driven	−$8.2M −335.0K shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$7.3M −285.2K shares	$12.9M 501.7K shares
LITTLEJOHN & CO LLC Private Equity	−$4.3M −169.4K shares	$70.6M 2.8M shares
MORGAN STANLEY RIA/Wealth	−$3.2M −124.8K shares	$10.4M 406.2K shares
B BlackRock, Inc. Institution	−$3.2M −122.9K shares	$82.6M 3.2M shares
S SG Americas Securities, LLC Institution	−$2.9M −114.6K shares	$372.0K 14.5K shares
PRIVATE MANAGEMENT GROUP INC RIA/Wealth	−$2.8M −109.7K shares	$24.0M 936.5K shares
C CAXTON ASSOCIATES LLP Institution	−$2.6M −107.1K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FWRD in Q3 2025

New Positions: 17
New Value: $24.6M
Exited Positions: 17
Exited Value: $21.3M

New Positions

Institution	Position Value
Melqart Asset Management Ltd Hedge Fund•Multi-Strategy	$9.8M 382.4K shares
O Oasis Management Co Ltd. Institution	$4.4M 173.4K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$3.5M 134.8K shares
PSquared Asset Management AG Private Equity	$1.8M 69.3K shares
Clear Harbor Asset Management, LLC RIA/Wealth	$1.1M 42.6K shares
Integrity Financial Corp /WA RIA/Wealth	$853.0K 33.3K shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	$808.6K 31.5K shares
R Rangeley Capital, LLC Hedge Fund•Event Driven	$702.5K 27.4K shares
G Gallo Partners, LP Hedge Fund•Sector	$662.4K 25.8K shares
T TWO SIGMA SECURITIES, LLC Institution	$306.1K 11.9K shares

Exited Positions

Institution	Previous Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$8.6M 349.1K shares
O One Fin Capital Management LP Hedge Fund•Event Driven	$8.2M 335.0K shares
C CAXTON ASSOCIATES LLP Institution	$2.6M 107.1K shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	$307.7K 12.5K shares
Apollon Wealth Management, LLC RIA/Wealth	$266.6K 10.9K shares
Walleye Trading LLC RIA/Wealth	$229.7K 9.4K shares
M Man Group plc Institution	$223.8K 9.1K shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	$208.2K 8.5K shares
M MANUFACTURERES LIFE INSURANCE CO Institution	$203.3K 8.3K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$175.0K 7.1K shares

Options Activity

Institutions with the largest Call and Put options positions in FWRD as of Q3 2025

Call Positions: 15
Call Value: $38.3M
Put Positions: 11
Put Value: $12.2M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$8.1M 3.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$7.0M 2.7K contracts
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$6.5M 2.6K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.2M 2.0K contracts
D D. E. Shaw & Co., Inc. Institution	$2.5M 965.0 contracts
Union Square Park Capital Management, LLC Hedge Fund•Event Driven	$2.3M 900.0 contracts
W WOLVERINE TRADING, LLC Institution	$2.1M 811.0 contracts
Walleye Trading LLC RIA/Wealth	$1.5M 574.0 contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$1.4M 556.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$623.1K 243.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.5M 1.8K contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$2.6M 1.0K contracts
Centiva Capital, LP Hedge Fund•Multi-Strategy	$1.1M 429.0 contracts
J JANE STREET GROUP, LLC Institution	$917.9K 358.0 contracts
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$728.2K 284.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$715.4K 279.0 contracts
W WOLVERINE TRADING, LLC Institution	$687.8K 262.0 contracts
Walleye Trading LLC RIA/Wealth	$338.4K 132.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$310.2K 121.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$292.3K 114.0 contracts

Most Committed Institutions

Institutions with FWRD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
R Ridgemont Partners Management, LLC Private Equity	Jane Hudson Caldwell COO	100.00% $49.7M	6.29% 1.9M shares	Q3 2025 Held for 2 months	$49.7M
LITTLEJOHN & CO LLC Private Equity	Michael Ira Klein CEO	35.62% $70.6M	8.94% 2.8M shares	Q2 2024 Held for 1y 5m	$198.1M
CLEARLAKE CAPITAL GROUP, L.P. Private Equity	Behdad Eghbali Managing Partner	9.16% $98.1M	12.42% 3.8M shares	Q1 2024 Held for 1y 8m	$1.1B
A AlpInvest Partners B.V. Private Equity	Geertruida Rudolfina Bagijn-Van Overbeeke Director	7.61% $3.0M	0.34% 103.3K shares	Q3 2024 Held for 1y 2m	$39.8M
Irenic Capital Management LP Hedge Fund•Activist	Adam Jason Katz CIO	6.72% $31.5M	3.99% 1.2M shares	Q2 2024 Held for 1y 5m	$469.3M
BRIGADE CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Raymond (Nmn) Luis President	5.65% $5.7M	0.72% 220.9K shares	Q4 2024 Held for 11 months	$100.1M
Union Square Park Capital Management, LLC Hedge Fund•Event Driven	Leon Michael Zaltzman Managing Partner	2.68% $3.8M	0.49% 150.0K shares	Q3 2024 Held for 1y 2m	$143.6M
M Mill Road Capital Management LLC Private Equity	Thomas Edward Lynch Chairman	1.71% $3.3M	0.41% 127.7K shares	Q4 2024 Held for 11 months	$191.8M
PSquared Asset Management AG Private Equity	-	1.41% $1.8M	0.23% 69.3K shares	Q3 2025 Held for 2 months	$126.0M
Melqart Asset Management Ltd Hedge Fund•Multi-Strategy	Michel Nmn Massoud CEO	1.28% $9.8M	1.24% 382.4K shares	Q3 2025 Held for 2 months	$766.2M

Hedge Fund Spotlight

Discover hedge funds investing in FWRD

SHERBROOKE PARK ADVISERS LLC

Hedge Fund • Quant

Portfolio ManagerKun Gao

Portfolio Value: $215.3M
Positions: 498
Last Reported: Q3 2025

Sector Allocation

Position in Forward Air

Market Value: $209.1K
Shares Held: 8.2K
Portfolio Weight: 0.10%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Airbnb ABNB	Travel Services Consumer Cyclical	$1.9M	0.87%
2 Duolingo DUOL	Software - Application Technology	$1.8M	0.83%
3 Atlassian TEAM	Software - Application Technology	$1.6M	0.74%