Erik Kornfeld

UBS Financial Services' asset allocations are based on a proprietary methodology. In developing those allocations, the firm considers asset class risk and return results that are based on estimated forward-looking return and risk assumptions, as measured by standard deviation, which are based on UBS proprietary research. The development process includes a review of a variety of factors, including the return, risk, correlations and historical performance of various asset classes, inflation and risk premium.

Kennedy Associates Real Estate Counsel develops, redevelops and acquires assets that produce competitive income returns and offer the potential for significant capital appreciation. The firm practices Responsible Property Investing (RPI) which is an investment approach that considers the environmental and social ramifications and fiduciary responsibilities of managing real estate investments. RPI is based on sustainable development/redevelopment, high performance property operations and adherence to Economic Fairness and Worker Health standards. Kennedy Associates invests in properties that opportunities to create value. This may include lease up, re-lease by moving tenants, build out, expansion on excess land, property rehabilitation, change of use or new construction. The firm's most important criteria is that there is an expectation that the property will be in demand by an available supply of tenants and that the space can be leased at rates that provide an acceptable return on investment given the risks associated with the investment. The firm focuses on markets that are supply constrained and on markets in which research indicates there will be a significant future demand for space. They invest primarily in Washington, DC, Baltimore, New York City, New Jersey, Boston, Chicago, Seattle, Portland, San Francisco, Los Angeles/Southern California and Dallas. The firm combines broad top-down research with a bottom-up approach to determine how to deploy capital efficiently and take advantage of optimal risk/return dynamics. Kennedy Associates has significant expertise in new development. They employ a variety of investment structures including equity joint ventures, forward-funding, development service agreements and construction financing convertible to equity ownership. The firm invests in individual properties and in portfolios consisting of the five main property types including office, industrial, retail, multi-family and hotel. Within the industrial property segment, Kennedy Associates prefers to invest in bulk storage, assembly, manufacturing and flex space. Properties must have a multi-tenant design and be located in markets where pricing is attractive to build and/or buy. Properties must also be functional and of sufficient quality to attract a broad range of tenants in the local submarket. The firm buys, builds and redevelops a variety of Class A and B office buildings, focusing on suburban and/or mid-rise structures. They are experienced in the design and development of cost efficient, high performance assets including fiber optics, power, HVAC, flex floor plans and parking. Kennedy Associates prefers to build or rehab upper-end, mid to high-rise apartment projects in markets that are supply-constrained mainly due to physical barriers to entry. The firm also acquires need and convenience-based community and neighborhood shopping centers. They look for opportunities to rehab or re-tenant poorly managed centers that are located in excellent areas. The firm also seeks opportunities to forward-fund new construction in selected in-fill locations and in locations with high barriers to entry. Kennedy Associates also focuses on the development of new properties or the purchase of existing properties in major US markets that offer repositioning opportunities through renovation and improved management. The firm seeks to acquire and reposition assets at prices below replacement costs.

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