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Preferred Securities: April 2017
The Case for Preferred Securities

Preferred securities are fixed-income investments, but with certain equity characteristics such as deeper subordination in the capital structure. Investors are compensated with notably high rates of income. Despite preferreds’ long stated lives, abundant fixed-to-floating-rate preferred instruments can significantly diminish interest-rate risk in diversified portfolios. 

Preferred Securities: April 2017
The Case for Preferred Securities in an Institutional Asset Allocation

Many preferred securities offer yields of 5–6% or more, largely from investment-grade issuers, yet the complex and often misunderstood asset class is typically underutilized by institutional investors. We discuss how preferreds may improve income profiles and risk-adjusted returns within diversified portfolios due to their unique and complementary characteristics.

Preferred Securities: March 2017
Managing Interest-Rate Risk in Preferred Securities

Improving global economic growth and the potential for new stimulus policies in the U.S. may push interest rates higher over time. We believe important keys to navigating the potential impact of higher rates on preferred securities include structure selection and the active management of credit risk. We discuss these and other elements of...

Real Estate Securities: March 2017
Rising Rents Matter More to REITs Than Rising Rates

Rate hikes get a lot of attention, but for REITs, they're often not the big story. The big stories today are 77 consecutive months of job growth, a 9-year low in unemployment and a strengthening economy, giving landlords greater ability to raise rents. When rents are rising, history shows that REITs can deliver strong...

Real Estate Securities: March 2017
Rising Rents Matter More to REITs Than Rising Rates

Rate hikes get a lot of attention, but for REITs, they're often not the big story. The big stories today are 77 consecutive months of job growth, a 9-year low in unemployment and a strengthening economy, giving landlords greater ability to raise rents. When rents are rising, history shows that REITs can deliver strong...

Preferred Securities: March 2017
Two Funds From a Leading Manager of Preferred Securities

Cohen & Steers has been at the forefront of active investing in preferred securities for more than a decade. For mutual fund investors seeking the benefits of preferreds, including the potential for high and tax-advantaged income, we offer two products.

Real Assets: January 2017
Targeting Real Peers for Real Asset Funds

A search for real asset funds in Morningstar will find them spread across more than a dozen categories, often ranked against other funds with unrelated objectives and different asset bases. 

MLPs: January 2017
MLP and Midstream Energy Funds: Know What You Own

For investors in midstream energy, it’s important to understand a mutual fund’s structure, investment universe and philosophy, as these factors can have a potentially material impact on portfolio composition, after-tax returns and performance characteristics. 

Real Assets: January 2017
Unlocking Historic Value in Real Assets as the Economy Shifts Gears

With prices of U.S. financial assets near all-time highs, we believe real assets offer an investment opportunity in inexpensive assets poised to move higher. We believe the combination of a strengthening economy, rising inflation prospects and attractive relative value signal a potentially compelling opportunity for allocating to real assets.

Preferred Securities: December 2016
Lowering Duration With Preferred Securities

With the Federal Reserve moving further away from 0% interest rates and bond yields on the rise, many investors are turning to low-duration fixed income to preserve capital, often at the expense of yield.

Real Estate Securities: December 2016
The REIT Answer to U.K. Property Fund Lockups

As the last of the suspended U.K. property funds reopens, now is the time for investors to act to address the liquidity mismatch of using open-end vehicles to invest directly in illiquid bricks and mortar. 

Real Estate Securities: November 2016
Resetting the REITs Cycle

We see a buying opportunity shaping up in U.S. REITs, as valuations have improved and Donald Trump’s election has primed the pump on growth and inflation expectations. 

Commodities : November 2016
Credence in the Commodity Revival

After hitting a 14-year low in January, commodity prices are staging a revival as producers scale back supply, slowly bringing the market back into balance. Our analysis indicates that the recovery path remains on track, and we expect supply and demand to be largely rebalanced by the end of 2017.

Real Assets: November 2016
What Will a Trump Presidency Mean for Real Assets?

The spike in Treasury yields after Trump’s win suggests markets are anticipating higher inflation and stronger growth. That’s generally positive for real assets, but there’s a lot we won’t know until we see what he does. Until then, we expect uncertainty to drive more volatility.

Real Estate Securities: October 2016
Rental Only or Broad Property Market

Real estate securities provide the ability to construct a broadly diversified, liquid real estate portfolio with relatively little capital. Investors can implement an allocation that accesses the broad real estate market, including both landlords and developers, or one that focuses on rental businesses. 

Global Listed Infrastructure: October 2016
Bullseye: The Optimal Infrastructure Benchmark

For global listed infrastructure mandates, we believe the FTSE Global Core Infrastructure 50/50 Index offers the best representation of the opportunity set and an attractive starting point for actively managed portfolios.

Commodities : September 2016
Commodity Field Analysis in Action

As an active commodities manager, the strength of our expertise rests in the depth and rigor of our fundamental investment process. The team conducts bottom-up analysis focusing on supply and demand balances, inventory trends, valuation, market participant composition, technical data and structural curve analysis. 

Real Assets: Whitepaper September 2016
Whether Listed or Private, What’s Real Is Real

We examine almost a quarter-century of data to show that both listed and private real assets offer similar potential for diversification, expected returns and inflation sensitivity—supporting the case for a balanced approach that diversifies across real asset categories and markets.

Real Estate Securities: September 2016
GICS Goes to 11: A Look at REIT Allocations Post GICS Expansion

In the run-up to real estate’s premiere as the 11th GICS sector, REITs have seen increasing interest from new investors, including generalist fund managers who have long been underweight. As REITs potentially become a larger piece of equity funds, we consider the implications for asset allocations.

Global Listed Infrastructure: September 2016
A Case for Global Listed Infrastructure

The fundamental case for infrastructure is grounded in the inherent characteristics of the asset class—long-lived assets in businesses with high barriers to entry found in monopolistic industries, typically supported by the resilient demand for essential services.

Real Estate Securities: September 2016
The Case for Real Estate Securities

Real estate securities provide the benefits of investing in commercial property along with the features of publicly traded stocks. This combination results in a set of attributes that we believe make a compelling case for a strategic allocation to the asset class.

Preferred Securities: August 2016
Two Strategies From a Leading Manager of Preferred Securities

Cohen & Steers has been at the forefront of active investing in preferred securities for more than a decade. For investors seeking the benefits of preferreds, including the potential for high and tax-advantaged income, we offer two strategies: Preferred Securities and Low Duration Preferred Securities.

Real Assets: July 2016
Listed Real Assets: The “Alternative” Liquid Alts

As more investors look to diversify their portfolios with liquid alternatives, we explore how listed real assets have historically helped to mitigate risks of traditional stocks and bonds, improve risk-adjusted returns and hedge against the effects of inflation.

Real Estate Securities: July 2016
Can the Bull Market in Global Real Estate Continue?

After a seven-year period of strong absolute and relative performance, we believe global real estate securities continue to offer attractive return potential, based on our favorable supply-demand outlook, continued access to capital and reasonable valuations. However, in a maturing cycle, we believe active stock selection is critical.

MLPs: June 2016
Beyond Low Oil: A Look Ahead Amid Improving Midstream Fundamentals

We expect the global oil surplus to evaporate over the next year, followed by a widening supply gap in 2017 and beyond. In our view, North American shale oil is uniquely positioned to fill that supply shortfall, presenting a compelling opportunity in the midstream energy space for investors able to weather potential near-term volatility.

Multi Strategy: June 2016
The Brexit Surprise: What it Means for Real Assets and Preferred Securities

The U.K.'s historic decision to leave the European Union (EU) has sparked fears about the economic impact on the region and the world. We discuss the investment implications for select Cohen & Steers asset classes, including global real estate securities, global listed infrastructure, commodities and preferred securities. 

Real Estate Securities: May 2016
REIT Managers and the Active Advantage

Passive index funds may work well for certain investments, but REITs are one area where active managers have historically given investors an advantage. That advantage could add up to a sizeable difference over time, suggesting a place for both active and passive funds in a diversified portfolio.

Commodities : April 2016
The Light at the End of the Tunnel

After an eight-year, 69% decline in the Bloomberg Commodity Total Return Index, we see growing signs that the market is beginning to resolve its oversupply situation, sowing the seeds of a sustainable recovery.

Commodities : February 2016
Dr. Copper Is Dead (for Now)

Despite trading near seven-year lows, we expect copper prices to head even lower in the short term. But with copper prices this low, few producers are looking for new supply sources, setting up a potentially massive shortage toward the end of the decade.

Real Estate Securities: December 2015
Incorporating ESG Factors Into REIT Investing

Asset managers have increasingly incorporated environmental, social, and governance (ESG) issues into their company analysis. We would like to share our perspectives on these issues as a leading investor in listed real estate companies.

Global Listed Infrastructure: December 2015
To Fix the Economy Fix Our Infrastructure

With the Federal Reserve out of stimulus options and fiscal policy shackled by high debt, we believe a massive infrastructure push may be the best way to accelerate the U.S. economy, driving compelling investment opportunities in infrastructure over the coming decade.

Global Listed Infrastructure: October 2015
Global Infrastructure: The Listed Alternative

With more institutions allocating to infrastructure, we believe the listed market offers a compelling solution to the rising backlog of capital in the private market, aiding investors in achieving their target infrastructure weightings, providing liquidity, and expanding the range of global investment opportunities.

Commodities : Whitepaper October 2014
The Case for Allocating to Commodities

Over the past decade, investors have allocated to commodities to enhance portfolio diversification, hedge against unexpected inflation or event risk and participate in the secular bull market for basic materials. We make the case for an actively managed approach grounded in fundamental research.

Real Estate Securities: August 2014
Introduction to Real Estate Securities

Learn about this unique asset class, including what makes REITs different from other companies, how the global real estate market has evolved and why different types of commercial properties perform the way they do in various economic conditions.

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Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.

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