Team
RICHARD IMPERIALE
CHAIRMAN & CHIEF INVESTMENT OFFICER
Rick Imperiale founded Uniplan in 1984. He started investing in REITs in 1984 and with more than 35 years in financial services, Rick is one of the most experienced investors in alternative asset strategies.
Rick has been the lead portfolio manager for the Uniplan REIT Strategy since its launch in 1988. The REIT Strategy was the first of three alternative asset strategies that Rick has successfully managed at Uniplan. Over the course of his career, he has been a pioneer in the analysis of alternative asset classes and authored two books on the topic: Real Estate Investment Trusts: New Strategies for Portfolio Management and The Micro Cap Investor: Strategies for Making Big Returns in Small Companies.
Rick got his start in financial services as a Credit Analyst at First Wisconsin Bank (now U.S. Bank) in 1980. The corporate and industry credit scoring models he built for evaluating companies still serve as the basis for many of the quantitative models Uniplan uses today.
In 1982, Rick moved to Ziegler, an investment bank, where he served as a Corporate Credit Analyst. Initially, his focus was on building financial models that would help project how changes to specific variables would be likely to influence a company’s income statement and balance sheet. Rick was asked to join a new project at the investment bank involving the creation and management of a hedged municipal bond fund. While he was managing the fund, Rick developed his formative ideas for measuring relative values of securities based on yield spreads.
Rick is a founding member of Uniplan along with being the Chairman of the Investment Policy Committee, Chief Investment Officer and an active member of the Compliance Committee. Rick holds a BS in Finance and MBA from Marquette University. Rick is also a NACD Board Fellow.
KRIS JAMISON
PRESIDENT & CHIEF EXECUTIVE OFFICER
Kris has been on the Uniplan team since 2003. In 2010, he was named COO/EVP and in 2018 became President/CEO of Uniplan. Kris continues to be a key figure evangelizing alternative investing and is the central contact for all of Uniplan’s business partners. Prior to Uniplan, Kris was a Senior Vice President at Forward Management where he directed their separate account sales and distribution efforts. Kris holds a BS in Biology from Baker University. He holds the Certified Private Wealth Advisor (CPWA) designation from the University of Chicago and is also a Certified Investment Management Analyst (CIMA) through the Wharton School of Business.
DAVID HARRIS
MANAGING DIRECTOR / REIT CO-PORTFOLIO MANAGER
David has been on the Uniplan team since 2015. At Uniplan, he is the co-portfolio manager jointly responsible for stock selection and portfolio allocation. He has over 30 years of experience of working in real estate and capital markets in Europe and the United States. He was first involved in the US REIT market in 1995. He has worked in the direct property markets, for a public company he co-founded, German City Estates (previously listed on the Amsterdam Stock Exchange). David’s prior experience includes working as a global real estate buy-side analyst/portfolio manager for Fiduciary Trust and as a sell-side analyst with Lehman Brothers. David holds a BSc in Estate Management from DeMontfort University, England and qualified as a Chartered Surveyor in 1981.
EARL DELAET, CFA
SENIOR RESEARCH ANALYST
Earl has been on the Uniplan team since 2018. At Uniplan, Earl works as part of the research team and follows all market sectors as a generalist but has vast experience with Technology and Industrial stocks which Uniplan utilize across all its strategies. With over 25 years of experience in the investment business, Earl’s career has included working at BC Ziegler, Firstar Investment Research & Management Company (FIRMCO), Nicholas Funds and most recently as a Senior Equity Analyst at BMO Global Wealth Management. He holds a BBA in Accounting from the University of Wisconsin – Milwaukee. Earl is a CFA® Charterholder.
MITCHELL BEINE
SENIOR RESEARCH ANALYST
Mitchell has been on the Uniplan team since 2017 after participating in the company’s internship program. At Uniplan, he works as a part of the research team discovering new investment candidates and closely following current investments. In addition, he continues to be part of the trading team. Mitchell was a founding member and remains an active member of the Cybersecurity Committee. He holds a BS in Accounting and Finance from Marquette. During his time at Marquette, he participated in the Applied Investment Management (AIM) Program.
EMILY IMPERIALE
JUNIOR RESEARCH ANALYST
Emily has been on the Uniplan team since 2023. At Uniplan, she follows all market sectors as a generalist but has an interest in the medical and pharmaceutical industries. She graduated in 2017 from Saint Louis University with a BS in Nursing. During her time in college, she worked in the office of Student Conduct adjudicating community standards cases, and ultimately received a national award for her work as the Chair of the Student Appeals Board. Her licenses & certifications include NCSBN Registered Nurse, and she holds additional specialty certifications in both adult and pediatric critical care.
MARY IMPERIALE
CREDIT ANALYST
Mary has been on the Uniplan team since 2023. At Uniplan, she will follow all market sectors as a generalist but has an interest toward credit and macroeconomics. She graduated from the University of Chicago in 2021 with a BA in East Asian Languages and Civilizations. During her time at university, she interned at Loeb Enterprises in New York, a private equity firm. Her education also includes a Fellowship at Waseda University in Tokyo. She has also studied at the University of Chicago Centers in Beijing and Paris. In 2020, she was awarded a nationally competitive Boren scholarship to study Mandarin in Taiwan, which she was unable to complete due to the Covid-19 pandemic.
JAMES WERNER
CHIEF OPERATING OFFICER
James has been on the Uniplan team since 2011. James started as a trader. In 2012, he was named the Trading and Operations Manager. In 2021, he became the Chief Operating Officer. He manages the trading department and oversees day to day operations. He plays a key role in facilitating communication between all departments. James was a founding member and remains an active member of the Compliance Committee. He holds a BS in Finance from Marquette University. During his time at Marquette, he participated in the Applied Investment Management (AIM) Program.
ANDREW O’NEILL
TRADER / RESEARCH ANALYST
Andrew has been on the Uniplan team since 2020 after participating in the company’s internship program. At Uniplan, he works as a part of the trading team. He attended Marquette University and was a member of a team that managed a multi-million dollar small-cap equity and fixed income portfolio of the university’s endowment. Andrew is an active member of the Cybersecurity Committee. He graduated in 2020 from Marquette with a BS in Finance.
JOSHUA RAHLF
TRADER
Joshua has been on the Uniplan team since 2023. At Uniplan, he works as part of the trading team. He is an active member of the Cybersecurity Committee. Joshua’s prior experience includes working for over two years as a Department Technician at Quest Engineering Inc where he oversaw quality control, managed jobs, and trained new employees. He graduated in 2020 from the University of Wisconsin – Milwaukee with a BS in Business Administration – Finance.
NICHOLAS MEUSER
TRADER
Nicholas has been on the Uniplan team since 2024 after participating in the company’s internship program. At Uniplan, he works as a part of the trading team. He attended Marquette University and was a member of a team that managed a multi-million dollar small-cap equity and fixed income portfolio of the university’s endowment. He graduated in 2024 from Marquette with a BS in Finance and Economics.
MARY BETH JACOBSON
CCO / VICE PRESIDENT OF FINANCIAL REPORTING
Mary Beth has been on the Uniplan team since 2012. At Uniplan, her responsibilities include compliance, accounting, and financial reporting. Mary Beth is a founding and active member of the Compliance Committee. She was also the founding chairperson of the Compliance Committee, a role in which she still serves today. In addition, Mary Beth is a founding and active member of the Cybersecurity Committee. Prior to Uniplan, she established and managed several accounting teams in the Private Wealth Management Tax Department at JP Morgan Chase and served as chief liaison who provided training in the Mumbai, India office. Mary Beth holds a BS in Finance and Economics from Southeast Missouri State and a MA in Economics from the University of Wisconsin-Milwaukee. Mary Beth attained the Investment Advisor Certified Compliance Professional® (IACCP®) designation which is acknowledged as an industry leading standard for investment advisory compliance professionals.
PRADEEP NEDUNGADI
CONSULTANT
Pradeep has been working with Uniplan since 2019. Founder and President of Visthar LLC. Pradeep has 25+ years of experience in international business development and marketing strategy creation. Pradeep’s experience in strategy consulting, process improvement and project management within the U.S. combined with his intricate knowledge of the Indian marketplace and business environment enables him to help clients structure and implement entry or growth strategies tailored to that market. Pradeep chairs the India Council of the Metropolitan Milwaukee Association of Commerce’s (MMAC’s) World Trade Association (WTA). He has presented at numerous local, regional and national conferences for organizations such as World Trade Centers, ASQ and ACG. He was invited by GE’s Global Finance Group to present at their Global Private Equity Conference in New Delhi, India. He holds a Bachelor’s Degree in Accounting and Economics from Bombay University, India, and a BS in Hospitality Management from the University of Houston, TX.
INTERNSHIP PROGRAM
Uniplan has a long history of procuring its intern candidates from the Applied Investment Management Program (AIM) at Marquette University. Students involved in this program manage a multi-million dollar small-cap equity and fixed income portfolio from the university’s endowment. Recently, Uniplan has also worked with Carroll University for intern candidates. While the interns gather experience within all departments at Uniplan, the main focus for them is in the Operations department.
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. The Russell 1000 Index that measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable US equity market.
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.
It is not possible to invest directly in an index. The index figures do not reflect any deduction for fees, expenses or taxes.
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.