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U.S. Real Estate Securities
Cohen & Steers offers two distinct strategies that invest in U.S. real estate securities: U.S. Realty Total Return; and U.S. Realty Income. The portfolio managers for our U.S. real estate securities strategies have an average of 22 years of investment experience.
U.S. Realty Total Return
Cohen & Steers Realty Total Return Strategy seeks to maximize total return with a balance of capital appreciation and income by investing in securities of REITs and other publicly traded real estate companies. The Strategy invests in companies with superior growth prospects that have attractive valuations and includes a broad range of sectors and geographic locations.
U.S. Realty Income
Cohen & Steers U.S. Realty Income Strategy seeks to achieve total return by investing in the common and preferred stocks of REITs that own income-producing properties, primarily in core sectors such as office, apartment, industrial and retail. Portfolios will also invest in non-core sectors including specialty and mortgage REITs.
Investment approach
We begin with a valuation framework that centers on net asset value and cash flow growth. Our analysts study the real estate markets, conduct property tours and interview management. A rigorous financial analysis incorporates the analysts’ qualitative and quantitative assessments including strategy, property quality, financial strength and corporate structure, which are distilled into NAV and cash flow growth estimates. Our proprietary valuation model then identifies securities that are statistical outliers on either of these metrics. Fundamental research and unparalleled access to company management, coupled with the valuation model, enables our portfolio managers to identify the securities, sectors and regions that offer the potential for the most attractive risk-adjusted returns. Judgments with respect to risk control, diversification, liquidity and other factors overlay the model’s output and drive the portfolio managers’ investment decisions. Our investment approach is research intensive and we dedicate significant resources to the research function. We use a bottom-up approach, which incorporates both macro and fundamental research.
Portfolio characteristics
U.S. Realty Total Return
A diversified portfolio of U.S. real estate securities.
Typically holds between 45 and 50 securities, representing a wide range of sectors and geographic locations.
U.S. Realty Income
A diversified portfolio of U.S. real estate securities.
Typically holds between 50 and 60 common stocks and a number of preferred securities, representing a wide range of sectors and geographic locations.
Team
Cohen & Steers has one of the deepest, most experienced teams analyzing the U.S. REIT market. Our U.S. real estate securities team consists of 14 dedicated investment professionals. Cohen & Steers uses a team approach to portfolio management. Martin Cohen, Robert Steers, Joseph Harvey, Thomas Bohjalian and Jon Cheigh serve as the portfolio managers for our U.S. real estate securities strategies. The portfolio managers are supported by a team of seven research professionals, who cover the universe of U.S. real estate securities.
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