David McGanney

Forward Management offers investment management and advisory services in the following investment strategies: US Dividend Signal Portfolio, International Dividend Signal ADR and Institutional Portfolio, Global Dividend Signal Portfolio, Small-Mid Core Portfolio, Global All-Cap Dividend Signal Portfolio, Tactical Growth Portfolio, and Adaptive Income Portfolio. The US Dividend Signal Portfolio seeks to provide long-term capital appreciation and dividend income by investing primarily in larger, established companies located in the US. It invests primarily in high quality common stocks that regularly pay dividends. Investments are selected based on higher relative dividend yields, dividend growth potential, and anticipated stock price appreciation. The Global Dividend Signal Portfolio seeks to provide long-term capital appreciation and dividend income by investing primarily in companies located around the world. It invests primarily in common stocks and ADRs that regularly pay dividends. Investments are selected based on higher relative dividend yields, dividend growth potential, and anticipated stock price appreciation. The Small-Mid Core Portfolio seeks to achieve above-average returns by constructing a style and sector diversified portfolio of small- and mid-sized company stocks. It invests in companies with earnings primarily focused on one business with reasonable valuations. The Global All Cap Dividend Signal Portfolio is a combination of the Global Dividend Signal and Small-Mid Core Strategies. The Tactical Growth Portfolio seeks to produce above-average, risk-adjusted returns, in any market environment, while exhibiting less downside volatility than the market itself. It is designed to evaluate potential long and short investments in an attempt to isolate those securities believed to be undervalued or overvalued relative to their intrinsic value and offer the greatest risk-adjusted potential for returns. The Adaptive Income Portfolio seeks to produce the highest level of income given a target level of risk. It invests across a diverse range of ETFs and dynamically adjusts the portfolio’s mix of assets to adapt to changing markets conditions.

A fundamental tenet of KIG's investment philosophy is that well managed, large capitalization public real estate companies, due to their lower costs of capital, economies of scale and management talent, will ultimately dominate the sector and achieve superior return performance. They focus on both small-cap companies that are potential acquisition targets and large-cap companies that have proven themselves capable of consistently growing earnings and shareholder value. KIG's investment process begins with a quantitative screening process that incorporates updated data from the real estate property and securities markets. This proprietary research screens the universe of REIT companies from the perspective of securities markets analysis, which includes high yield opportunities, growth opportunities and market inefficiencies. Their quantitative screening process analyzes the investment universe based on broader market data, including real estate fundamentals, sector and economic data, occupancy rates, government statistics, industry reports and research publications. This process also allows for qualitative information based on meetings with management, property tours and industry trends. The quantitative screening process described above provides the KIG investment team with a smaller list of REIT companies for more in-depth fundamental analysis. While these companies appear to have the greatest investment potential based on property market trends and KIG's research, each company must be thoroughly researched on a stand-alone basis. On a fundamental basis, their investment team analyzes cash flow trends, dividend rates and coverage ratios and rollover rent expectations for each potential investment. Asset type and quality, capitalization rates, leverage, balance sheet strength and acquisition pipeline and development activity are also considered during the investment process. Lastly, KIG evaluates the company's management team, business plan and ownership structure, including market capitalization and liquidity, institutional participation, insider holdings and possible joint ventures or business conflicts of interest. Once this due diligence is complete, the team completes their investment decision.