Vault-13

FORWARD AIR CORP FWRD

COM · Common Stock · CUSIP 34986A104

186 institutional holders -5 vs Q1 2026
30,364,96230.4m shares reported held*
$410.5mreported value*
44 new 67 added 46 reduced 50 sold out net bought ≈ $11.7m (+874.2k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $13.52. Options: 16 managers hold calls ($27.4m notional), 8 hold puts ($2.2m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0100200300Q1 25: 1Q2 25: 181Q3 25: 202Q4 25: 201Q1 26: 191Q2 26: 186186Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 20251
Q2 2025181
Q3 2025202
Q4 2025201
Q1 2026191
Q2 2026186

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q2 25: 180 bought or addedQ2 25: 0 cut or sold outQ2 25Q3 25: 111 bought or addedQ3 25: 74 cut or sold outQ3 25Q4 25: 101 bought or addedQ4 25: 94 cut or sold outQ4 25Q1 26: 92 bought or addedQ1 26: 87 cut or sold outQ1 26Q2 26: 111 bought or addedQ2 26: 96 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q2 20251800
Q3 202511174
Q4 202510194
Q1 20269287
Q2 202611196

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60m$80mQ3 25 calls: $47.3mQ3 25 puts: $14.3mQ3 25P/C 0.30Q4 25 calls: $69.6mQ4 25 puts: $9.8mQ4 25P/C 0.14Q1 26 calls: $29.4mQ1 26 puts: $5.1mQ1 26P/C 0.17Q2 26 calls: $27.4mQ2 26 puts: $2.2mQ2 26P/C 0.08
Numbers
QuarterCallsPutsP/C
Q3 2025$47.3m$14.3m0.30
Q4 2025$69.6m$9.8m0.14
Q1 2026$29.4m$5.1m0.17
Q2 2026$27.4m$2.2m0.08

Biggest buyers

Bracebridge Capital, LLC New +1,404,913+1.4m
D. E. Shaw & Co., Inc. New +1,000,105+1.0m
FMR LLC Added +921,615+921.6k
BARCLAYS PLC Added +691,102+691.1k
Qube Research & Technologies Ltd New +565,049+565.0k
TIMUCUAN ASSET MANAGEMENT INC/FL New +398,551+398.6k
HRT FINANCIAL LP Added +378,769+378.8k
DEUTSCHE BANK AG\ Added +354,530+354.5k
Diameter Capital Partners LP New +350,000+350.0k
CIBC WORLD MARKET INC. Added +337,866+337.9k

Biggest sellers

Irenic Capital Management LP Sold out -1,229,819-1.2m
Paralel Advisors LLC Sold out -975,000-975.0k
BlackRock, Inc. Reduced -925,487-925.5k
Melqart Asset Management (UK) Ltd Sold out -877,744-877.7k
LITTLEJOHN & CO LLC Sold out -733,261-733.3k
VANGUARD PORTFOLIO MANAGEMENT LLC Reduced -712,464-712.5k
UBS Group AG Reduced -545,821-545.8k
STATE STREET CORP Reduced -473,531-473.5k
ROYCE & ASSOCIATES LP Sold out -347,998-348.0k
BANK OF AMERICA CORP /DE/ Reduced -234,958-235.0k

Biggest calls

GOLDMAN SACHS GROUP INC Unchanged $4.9m362.7k shares
JANE STREET GROUP, LLC Reduced $4.3m314.9k shares
GROUP ONE TRADING LLC Reduced $3.5m260.0k shares
CITADEL ADVISORS LLC Added $3.2m234.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.8m207.9k shares
Point72 Asset Management, L.P. Added $2.0m150.0k shares
SIMPLEX TRADING, LLC Added $1.4m106.5k shares
Verition Fund Management LLC New $1.4m100.0k shares
Caption Management, LLC New $1.1m85.0k shares
D. E. Shaw & Co., Inc. Unchanged $1.1m79.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.0m75.3k shares
GROUP ONE TRADING LLC Reduced $387.7k28.7k shares
CITADEL ADVISORS LLC Reduced $278.3k20.6k shares
D. E. Shaw & Co., Inc. Unchanged $266.1k19.7k shares
JANE STREET GROUP, LLC Reduced $158.1k11.7k shares
SIMPLEX TRADING, LLC Reduced $83.8k6.2k shares
Walleye Capital LLC New $45.9k3.4k shares
Walleye Trading LLC Reduced $4.1k300 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BARCLAYS PLC 13G · institution new · filed 2026-08-13 7.8% new 2.5m≈ $33.5m 2026-08-13
FMR LLC 13G · institution new · filed 2026-08-06 6.4% new 2.0m≈ $27.1m 2026-08-06
Bracebridge Capital, LLC 13G · passive investor new · filed 2026-07-28 5.1% new 1.6m≈ $21.7m 2026-07-28

Fell to 5% or below in the last year: BlackRock, Inc. (4.9%, 2026-10-27)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CLEARLAKE CAPITAL GROUP, L.P. 9.78% of their portfolio SANTA MONICA, CA 3,825,0003.8m $51.7m $51.7m 9.78% Unchanged
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,774,6002.8m $37.5m $37.5m 0.00% Reduced -925.5k -925,487
3 FMR LLC 0.00% of their portfolio BOSTON, MA 2,008,2642.0m $27.1m $27.1m 0.00% Added +921.6k +921,615
4 Bracebridge Capital, LLC 4.11% of their portfolio BOSTON, MA 1,404,9131.4m $19.0m $19.0m 4.11% New
5 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 1,169,3161.2m $15.8m $15.8m 0.00% Added +142.6k +142,619
6 PRIVATE MANAGEMENT GROUP INC 0.41% of their portfolio IRVINE, CA 1,145,7601.1m $15.5m $15.5m 0.41% Reduced -9.6k -9,645
7 CIBC WORLD MARKET INC. 0.02% of their portfolio TORONTO, A6 1,072,1381.1m $14.5m $14.5m 0.02% Added +337.9k +337,866
8 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 1,000,1051.0m $13.5m $13.5m 0.01% New
9 HRT FINANCIAL LP 0.03% of their portfolio NEW YORK, NY 785,954786.0k $10.6m $10.6m 0.03% Added +378.8k +378,769
10 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 706,620706.6k $9.5m $9.5m 0.00% Added +691.1k +691,102
11 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 613,841613.8k $8.3m $8.3m 0.00% Added +354.5k +354,530
12 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 596,864596.9k $8.1m $8.1m 0.00% Added +116.7k +116,668
13 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 581,416581.4k $7.9m $7.9m 0.00% Added +29.9k +29,856
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 579,828579.8k $7.8m $7.8m 0.00% Reduced -473.5k -473,531
15 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 565,049565.0k $7.6m $7.6m 0.01% New
16 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 492,458492.5k $6.7m $6.7m 0.00% Reduced -348 -348
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 464,489464.5k $6.3m $6.3m 0.00% Added +47.0k +46,960
18 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 425,287425.3k $5.7m $5.7m 0.00% Reduced -72.4k -72,402
19 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 422,193422.2k $5.7m $5.7m 0.00% Added +319.1k +319,099
20 TIMUCUAN ASSET MANAGEMENT INC/FL 0.20% of their portfolio JACKSONVILLE, FL 398,551398.6k $5.4m $5.4m 0.20% New
21 Diameter Capital Partners LP 0.50% of their portfolio New York, NY 350,000350.0k $4.7m $4.7m 0.50% New
22 TUDOR INVESTMENT CORP ET AL 0.02% of their portfolio STAMFORD, CT 343,130343.1k $4.6m $4.6m 0.02% Added +296.0k +295,964
23 Jump Financial, LLC 0.04% of their portfolio Chicago, IL 312,046312.0k $4.2m $4.2m 0.04% Added +115.2k +115,246
24 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 300,403300.4k $4.1m $4.1m 0.00% Reduced -18.5k -18,455
25 Mill Road Capital Management LLC 1.95% of their portfolio Greenwich, CT 292,250292.2k $3.9m $3.9m 1.95% Added +65.5k +65,500
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 274,517274.5k $4.0m $4.0m 0.00% Added +130.3k +130,310
27 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 253,258253.3k $3.4m $3.4m 0.00% Reduced -4.8k -4,834
28 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 248,387248.4k $3.4m $3.4m 0.00% New
29 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 221,136221.1k $3.0m $3.0m 0.00% Added +1.3k +1,347
30 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.19% of their portfolio Englewood, NJ 221,124221.1k $3.0m $3.0m 0.19% New
31 UBS Group AG 0.00% of their portfolio ZURICH, V8 210,146210.1k $2.8m $2.8m 0.00% Reduced -545.8k -545,821
32 XTX Topco Ltd 0.03% of their portfolio LONDON, X0 195,817195.8k $2.6m $2.6m 0.03% Added +154.3k +154,317
33 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 194,766194.8k $2.6m $2.6m 0.01% Added +21.9k +21,908
34 LMR Partners LLP 0.02% of their portfolio LONDON, X0 192,663192.7k $2.6m $2.6m 0.02% New
35 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 190,739190.7k $2.6m $2.6m 0.00% Reduced -20.8k -20,800
36 Diametric Capital, LP 0.27% of their portfolio BOSTON, MA 189,478189.5k $2.6m $2.6m 0.27% Added +49.2k +49,181
37 Monarch Alternative Capital LP 0.36% of their portfolio New York, NY 189,000189.0k $2.6m $2.6m 0.36% New
38 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 186,574186.6k $2.5m $2.5m 0.00% Reduced -228.8k -228,768
39 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 185,756185.8k $2.5m $2.5m 0.00% Reduced -712.5k -712,464
40 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 185,224185.2k $2.5m $2.5m 0.00% Added +44.2k +44,234
41 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.00% of their portfolio Boston, MA 177,069177.1k $2.4m $2.4m 0.00% Reduced -100.0k -100,000
42 Allianz Asset Management GmbH 0.00% of their portfolio MUNICH, 2M 176,225176.2k $2.4m $2.4m 0.00% Added +25.8k +25,817
43 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 165,204165.2k $2.2m $2.2m 0.00% Added +14.1k +14,066
44 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 156,471156.5k $2.1m $2.1m 0.00% New
45 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 149,756149.8k $2.0m $2.0m 0.00% Added +95.1k +95,117
46 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 149,690149.7k $2.0m $2.0m 0.00% Added +69.5k +69,530
47 PDT Partners, LLC 0.10% of their portfolio New York, NY 146,107146.1k $2.0m $2.0m 0.10% Reduced -43.0k -43,018
48 NORGES BANK 0.00% of their portfolio OSLO, Q8 145,300145.3k $2.0m $2.0m 0.00% Not comparable
49 Prescott Group Capital Management, L.L.C. 0.14% of their portfolio Tulsa, OK 123,897123.9k $1.7m $1.7m 0.14% Added +80.0k +80,000
50 JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio FLORHAM PARK, NJ 122,703122.7k $1.7m $1.7m 0.01% New
51 Carlyle Group Inc. 0.01% of their portfolio WASHINGTON, DC 107,214107.2k $1.4m $1.4m 0.01% Unchanged
52 AlpInvest Partners B.V. 2.33% of their portfolio AMSTERDAM, P7 103,330103.3k $1.4m $1.4m 2.33% Unchanged
53 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 102,776102.8k $1.4m $1.4m 0.01% New
54 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 101,387101.4k $1.4m $1.4m 0.00% Reduced -211.4k -211,365
55 Quantbot Technologies LP 0.05% of their portfolio NEW YORK, NY 95,87395.9k $1.3m $1.3m 0.05% Added +65.9k +65,856
56 Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio HONG KONG, K3 87,10087.1k $1.2m $1.2m 0.02% New
57 Aquatic Capital Management LLC 0.04% of their portfolio CHICAGO, IL 84,22584.2k $1.1m $1.1m 0.04% New
58 Jain Global LLC 0.01% of their portfolio NEW YORK, NY 80,73280.7k $1.1m $1.1m 0.01% New
59 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 76,64676.6k $1.0m $1.0m 0.01% Added +31.2k +31,241
60 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 76,14976.1k $1.0m $1.0m 0.00% Reduced -235.0k -234,958
61 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 73,09273.1k $987.5k $987.5k 0.00% Reduced -57.4k -57,371
62 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 72,79872.8k $983.5k $983.5k 0.01% New
63 Voleon Capital Management LP 0.02% of their portfolio BERKELEY, CA 69,10869.1k $933.6k $933.6k 0.02% Reduced -24.6k -24,560
64 Hudson Bay Capital Management LP 0.00% of their portfolio STAMFORD, CT 67,59167.6k $913.2k $913.2k 0.00% Reduced -199.2k -199,166
65 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 66,85466.9k $903.2k $903.2k 0.00% Added +46.1k +46,096
66 GROUP ONE TRADING LLC 0.03% of their portfolio CHICAGO, IL 64,19464.2k $867.3k $867.3k 0.03% Reduced -51.3k -51,315
67 New Age Alpha Advisors, LLC 0.04% of their portfolio RYE, NY 63,10063.1k $852.5k $852.5k 0.04% New
68 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.02% of their portfolio BALA CYNWYD, PA 62,61562.6k $845.9k $845.9k 0.02% New
69 ExodusPoint Capital Management, LP 0.01% of their portfolio NEW YORK, NY 60,10160.1k $812.0k $812.0k 0.01% Reduced -131.6k -131,621
70 Shay Capital LLC 0.09% of their portfolio NEW YORK, NY 60,00060.0k $810.6k $810.6k 0.09% Reduced -206.4k -206,375
71 Freestone Grove Partners LP 0.01% of their portfolio San Francisco, CA 56,78656.8k $767.2k $767.2k 0.01% New
72 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 55,61055.6k $751.3k $751.3k 0.00% Added +30.3k +30,281
73 Rangeley Capital, LLC 0.69% of their portfolio NEW CANAAN, CT 55,00055.0k $743.0k $743.0k 0.69% Reduced -30.0k -30,000
74 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 53,53753.5k $723.3k $723.3k 0.00% New
75 Inspire Investing, LLC 0.03% of their portfolio MERIDIAN, ID 51,09251.1k $690.3k $690.3k 0.03% Added +20.0k +19,955
76 Walleye Capital LLC 0.00% of their portfolio NEW YORK, NY 50,80250.8k $686.3k $686.3k 0.00% New
77 ADAR1 Capital Management, LLC 0.03% of their portfolio AUSTIN, TX 48,24148.2k $651.7k $651.7k 0.03% Reduced -30.0k -30,000
78 Marble Bar Asset Management LLP 0.44% of their portfolio London, X0 46,71946.7k $631.2k $631.2k 0.44% New
79 Integrity Financial Corp /WA 0.30% of their portfolio JACKSON, WY 46,00846.0k $621.6k $621.6k 0.30% Added +12.7k +12,741
80 EntryPoint Capital, LLC 0.15% of their portfolio NEW YORK, NY 45,08045.1k $609.0k $609.0k 0.15% Added +34.7k +34,701
81 Swiss National Bank 0.00% of their portfolio ZURICH, V8 44,30044.3k $598.5k $598.5k 0.00% Added +4.9k +4,900
82 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 43,66143.7k $589.9k $589.9k 0.00% Added +43.5k +43,517
83 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 43,48843.5k $587.5k $587.5k 0.00% Added +24.6k +24,637
84 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 42,48542.5k $574.0k $574.0k 0.00% Added +170 +170
85 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 38,42738.4k $519.1k $519.1k 0.00% Reduced -1.2k -1,247
86 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 36,87736.9k $499.0k $499.0k 0.00% Added +12.5k +12,534
87 INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio SAN DIEGO, CA 35,03535.0k $473.3k $473.3k 0.01% Unchanged
88 Counterpoint Mutual Funds LLC 0.04% of their portfolio San Diego, CA 33,55033.5k $453.3k $453.3k 0.04% Unchanged
89 Entropy Technologies, LP 0.02% of their portfolio NEW YORK, NY 30,11630.1k $406.9k $406.9k 0.02% Added +10.4k +10,436
90 WINTON GROUP Ltd 0.01% of their portfolio LONDON, X0 30,06730.1k $406.2k $406.2k 0.01% New
91 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 29,78629.8k $402.4k $402.4k 0.00% Reduced -37.3k -37,320
92 Brevan Howard Capital Management LP 0.01% of their portfolio ST. HELIER, Y9 29,63529.6k $400.4k $400.4k 0.01% Added +8.0k +8,019
93 Caption Management, LLC 0.01% of their portfolio OKLAHOMA CITY, OK 29,57129.6k $399.5k $399.5k 0.01% Added +28.1k +28,086
94 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 28,47328.5k $380.7k $380.7k 0.00% New
95 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 28,11028.1k $469.7k $469.7k 0.00% Added +1.5k +1,481
96 FIRST CITIZENS BANK & TRUST CO 0.01% of their portfolio RALEIGH, NC 26,92326.9k $363.7k $363.7k 0.01% Added +241 +241
97 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 26,26126.3k $354.8k $354.8k 0.00% Reduced -95.2k -95,189
98 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 25,80725.8k $348.7k $348.7k 0.00% Added +284 +284
99 PRELUDE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 25,73525.7k $347.7k $347.7k 0.03% Reduced -9.8k -9,780
100 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 24,95525.0k $337.1k $337.1k 0.00% Reduced -8.9k -8,940