UNIPLAN History

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Uniplan – a leader in alternative investments for more than 35 years.

Rick Imperiale founded Uniplan in 1984. Similar to today, Uniplan provides diversified portfolio strategies to wealthy individuals, small companies, and institutions. At that time, Rick was running core strategies with asset allocations tailored to each client – and he was including REITs. Rick’s quantitative modeling and client portfolios revealed that the REIT allocations were enhancing performance and reducing portfolio volatility. The REIT strategy is one of three alternative investment strategies that Uniplan has introduced.

REIT – Uniplan launched one of the first REIT strategies in the industry

There was a rapidly-growing appetite for style-based multi-manager portfolios during the late 80s and early 90s. Rick was one step ahead of the market. Rather than joining the ranks of large cap value, small cap growth, and their ilk, Rick carved out Uniplan’s niche in alternative asset classes. REITs had proven to be a useful tool for diversification, income, and total return, and in 1989 Uniplan became one of the first investment managers to offer a REIT separate account strategy.

View our REIT Strategy and REIT Market Commentary.

Micro Cap Strategy – like venture capital with liquidity

The Micro Cap strategy was launched in 1999 – and is offered as a liquid alternative to Private Equity and Venture Capital. The portfolio primarily takes initial investments on companies under $750M in market capitalization. As these companies often have little or no analyst coverage from Wall St, Uniplan believes there is an opportunity to gain an information advantage by conducting robust due diligence on these businesses.

While REITs provided investors access to the commercial real estate, micro caps provided exposure to dynamic new companies that would typically be targeted by venture capitalists. While there are significant differences between REITs and micro caps, they share some of the same benefits when added to a core portfolio. Due to their relatively low correlations to core asset classes, they provide immediate diversification. That diversification, combined with their total return potential, can help to moveclient portfolios out on the efficient frontier. Of course, micro caps also have growth potential that few asset classes can match.

View our Micro Cap Strategy and Micro Cap Market Commentary.

High Income Total Return – a tactical mix of income-producing asset classes

REITs are a great source of income because they are required to distribute 90% or more of their income directly to investors. As Uniplan recognized the growing number of investors looking to harvest regular income from their investments, the High Income Total Return strategy was born in 2001.

High Income Total Return (HITR) is a mix of income-producing assets. The portfolio management team adjusts allocations over time based on the relative valuation of the asset classes. There is a core component of the strategy that includes dividend-paying common stocks and fixed income. REITs, global infrastructure, and other securities are included for additional diversification and income. The result is a flexible combination of core and alternative investments that work together to deliver income and total return in a risk-controlled framework.

View our HITR Strategy and HITR Market Commentary.

Uniplan Investment Team – experienced and specialized

Rick Imperiale serves as the Chief Investment Officer for allthree Uniplan strategies. Rick has been analyzing companies and devising portfolio strategies in various asset classes since 1980. He has written Real Estate Investment Trusts: New Strategies for Portfolio Management and The Micro Cap Investor: Strategies for Making Big Returns in Small Companies.

Rick relies on his team of specialists at Uniplan to help with the day-to-day management of the strategies. Each strategy has at least one co-portfolio manager that works with research analysts, traders, and quantitative analysts. Uniplan’s investment professionals have more than 150 years of total investment experience.

Meet our team

Uniplan supports our advisors and home office partners

Uniplan gratefully relies on advisors and consultants to explain the benefits of alternative strategies to investors. Kris Jamison has been introducing Uniplan to the marketplace since 2003. In 2018, he was named President and Chief Executive Officer of Uniplan. Kris is the central contact for all of Uniplan’s business partners – and he eagerly responds to questions and requests.

Get in contact with Uniplan

Uniplan’s Alternative Investment Strategies – the source for diversification, income, and growth

Uniplan has a long history of providing alternative investment strategies that have significantly enhanced core holdings. They will continue to serve sophisticated advisors and consultants that use Uniplan strategies to move client portfolios out on the efficient frontier.

Important Information

1. Uniplan Investment Counsel, Inc. (“Uniplan”) is a boutique investment firm, with roots dating back to 1984, that manages a variety of portfolios primarily for US clients.

2. The REIT composite was created January 1, 1989. The Micro Cap composite was created August 1, 1999. The HITR K1 composite was created January 1, 2001. The HITR Non-K1 composite was created March 1, 2005. Performance is calculated in US dollars utilizing a time-weighted total rate of return. Total return for the composite is represented by the asset-weighted returns of the portfolios within the composite. Trade-date valuation is used.

3. Investors should understand and review all performance periods, listed on this website, prior to making an investment decision.

4. Gross Performance is net of all transaction costs and Net Performance is net of transaction costs and (maximum allowable total) investment management fee, but before any custodial fees (that may be incurred separately by the client).

5. Benchmarks:
The benchmark for the REIT composite is the Primary Benchmark Index (REIT). Primary Benchmark Index – The Index was the FTSE NAREIT All Equity REITs Index until 12/31/2023. Thereafter, a custom benchmark that uses the 150 largest market capitalization companies. In creating a custom benchmark Uniplan applies a screening tool utilizing a KPI REIT universe. From there, Uniplan uses the 150 largest market capitalization companies. Basic exclusions from this universe include Commercial Real estate services & brokerage, real estate investment & services, and all Mortgage REITs. Uniplan reserves the right to remove a company from the custom benchmark for any or no reason at all. The Primary Benchmark is rebalanced quarterly and includes the reinvestment of dividends.
The benchmark for the Micro Cap composite is the Wilshire US Micro Cap Index that represents a float-adjusted, market capitalization-weighted portfolio of all stocks below the 2,500th rank by market capitalization in the Wilshire 5000 at March 31 and September 30 of each year. The index is used to measure small stocks and is adjusted to reflect the reinvestment of dividends, when applicable. The Micro Cap strategy principally invests in Micro Cap stocks, including those companies that show growth. Uniplan typically views companies, at time of investment, to be considered a micro capitalization company if the market capitalization falls below the larger of $750 million.
The benchmark for the HITR K1 composite is the Primary Benchmark Index (HITR). Primary Benchmark Index - The Index was the Russell 1000 until 12/31/2023. Thereafter, the Index is the Standard & Poor’s 500 Index (S&P 500). The S&P 500 is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. Historically, the High Income Total Return (HITR) strategy has been offered with a K1 and Non K1 portfolio option. These two options are now managed the same; thus, each portfolio now has the same securities. Historical performance for the HITR No K1 strategy is available upon request.
The index is adjusted to reflect reinvestment of dividends. The index figures do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an index.

6. The dispersion of annual returns is measured by the standard deviation of asset-weighted portfolio returns represented within the composite for the full year.

7. The composite does not have a minimum size criterion for composite membership. All fee-paying discretionary accounts with similar investment objectives are included. Leverage is not used in these composites as a means to generate higher returns. There may be non-fee paying portfolios in the composite. Individual account holdings may vary depending on numerous factors including the size of an account, cash flows, and account restrictions.

8. There have been no changes in the personnel responsible for the management of this composite.

9. The composite contains both traditional and wrap fee portfolios. Uniplan has a flexible and negotiable fee schedule reflecting the differences in size, composition and servicing needs of clients’ accounts. A complete description of investment advisory fees is contained in Uniplan’s Form ADV and is available upon request by contacting us at (262) 534-3000.

10. Uniplan is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Uniplan including our investment strategies, fees and objectives can be found in our ADV Part 2 which is available upon request.

11. Uniplan does not claim GIPS compliance. The performance has been verified by an independent source as of 1/01/2011 – 12/31/2023. A complete description of investment advisory fees is contained in Uniplan’s Form ADV and is available upon request.

12. Individual account performance may vary from the results shown because of differences in inception date, restrictions and other factors.

13. Investing in securities entails risks, including: Real Estate Investment Trusts, REITs and the portfolios that invest in them are subject to risk, such as poor performance by the manager of the REIT, adverse changes to the tax laws or failure by the REIT to qualify for tax-free pass-through of income under the Code. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. The value of real estate and the portfolios that invest in real estate may fluctuate due to losses from casualty or condemnation, changes in local and general economic conditions, environmental conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws and operating expenses.

14. Investors should understand that micro cap and small cap stocks are subject to a higher degree of risk than other equity investments due to the small size of the companies and the limited trading volume inherent in micro cap stocks.

15. For securities in the High Income Total Return (HITR) portfolio, there are no guarantees that dividend-paying stocks will continue to pay dividends. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. Dividend yield is one component of performance and should not be the only consideration for investment. In addition, dividend-paying stocks may not experience the same capital appreciation potential as non-dividend-paying stocks. Diversification does not assure a profit nor protect against loss. Additionally, International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. The HITR portfolio may own ADRs on occasion, as such International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

16. This information is not an offer to buy or sell a security nor does it constitute investment advice or an offer to provide investment advisory or other services.

17. Strategies and separately managed account programs may not be suitable or appropriate for all investors.

Past performance is no guarantee of future results. Investment involves a risk of loss.

All information placed on Uniplan’s website is for informational purposes only. This information is not an offer to buy or sell a security nor does it constitute investment advice or an offer to provide investment advisory or other services. All information is subject to correction or change.