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Real Assets: June 2020
Four Extraordinary Events Creating Opportunities in Real Assets

Pandemic domino effects have led to unexpected consequences: sudden meat shortages, commercial buyers being paid to take possession of crude oil, ethanol plant closures, and sudden shut-ins of mines around the world. These dislocations are also creating investment opportunities. We examine four key events and their implications for commodities and the agriculture, energy and mining industries.

Preferred Securities: June 2020
Preferred Securities in a Post-LIBOR World

We expect the London Interbank Offered Rate (LIBOR) to be phased out at the end of 2021, though the COVID-19 pandemic could affect the schedule. Markets are slowly transitioning to alternative benchmarks, but uncertainties remain, as a clear path forward on the transition has not yet been reached among the many stakeholders.

Closed-End Funds: April 2020
Closed-End Fund Commentary Q1 2020

The economic shock from COVID-19 and rising credit spreads led to unprecedented losses for closed-end funds in the quarter. Despite uncertainties, our outlook remains generally positive, and all three major categories (equity, taxable fixed income and municipal funds) reached valuation levels in mid-March that historically have led to above-average returns in the following 12 months.

Real Estate Securities: April 2020
Buying the REIT Recovery in a Dislocated Market

We believe the current dislocation in public and private real estate is creating opportunities to take advantage of rare discounts for high-quality listed real estate franchises that we believe will be among the first to recover as activity resumes.

Midstream Energy & MLPs: April 2020
Opportunities for Investors in Both Public and Private Infrastructure

Chase McWhorter, Institutional Real Estate, Inc.’s managing director, Institutional Investing in Infrastructure, recently spoke with Benjamin Morton, executive vice president, head of global infrastructure, and a senior portfolio manager for Cohen & Steers’ infrastructure portfolios.

Preferred Securities: April 2020
5 Questions for Preferreds in the Pandemic

As investors continue to gauge the impact of COVID-19, we offer our thoughts on key issues affecting the global preferred securities market, including the health of U.S. and European banks, insurance company exposures, default risk and high yield market comparisons.

Real Estate Securities: April 2020
Global Real Estate and the COVID Economy

While the shape and magnitude of the recovery in 2020 is uncertain, global REITs are trading at deep discounts to their intrinsic value, policymakers are providing substantial support, and many property types, including data centers, cell towers and warehouses, should see stronger demand in the crisis.

Real Estate Securities: April 2020
REITs: Answering the Call for DC Plan Diversification

For fiduciaries looking to enhance diversification in defined contribution plans, we believe REITs can be a simple and effective addition to investment lineups, offering a long track record of benefiting investors and characteristics that may be well suited to the needs of DC plans.

Real Estate Securities: March 2020
Next-Generation Sectors Highlight An Evolving REIT Market ►

The past decade has seen a significant expansion of the U.S. REIT market as new property types have emerged, including cell towers, data centers and alternative housing. Brian Cordes, Head of Portfolio Specialists, spoke with Tom Bohjalian, Head of U.S. Real Estate, about how these non-traditional sectors, which now make up over half of the REIT market’s capitalization, have shifted the REIT market to be structurally less cyclical, enhancing the return and diversification benefits REITs have historically offered.

Listed Infrastructure: March 2020
Listed Infrastructure and COVID-19

We believe listed infrastructure generally is well prepared to manage through this challenging period based on companies’ relatively stable cash flows, healthy balance sheets and attractive dividends. 

Real Estate Securities: March 2020
U.S. REITs and COVID-19

We believe most REITs are well prepared to manage—and, in some cases, even thrive—through this challenging period.

Preferred Securities: March 2020
Preferred Securities and COVID-19

We believe the selloff is creating attractive opportunities for preferred securities investors to earn high levels of income from issuers with exceptionally strong balance sheets that are well positioned to defend in a time of economic disruption.

Multi Strategy: March 2020
Three Tax-Smart Income Alternatives

Investors today are facing the dual challenges of historically low interest rates and significant  changes to the U.S. tax code, driving many to search for tax-efficient income.

Preferred Securities: January 2020
The Case for Preferred Securities

Many preferred securities (also known as capital securities or hybrids) 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. 

Real Estate Securities: December 2019
Where Is the Illiquidity Premium in Private Real Estate?

Investors allocate to private equity with the expectation of achieving superior returns relative to public-market investments. This approach has generally paid off in corporate private equity with return premiums that have compensated investors for the risk of illiquidity. However, the same cannot be said for real estate private equity.

Preferred Securities: November 2019
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. Since many preferreds pay legal dividends, preferreds can also offer significant tax advantages.

Midstream Energy & MLPs: October 2019
A New Era for Midstream Energy

Midstream energy companies provide a unique way to participate in the continued growth in North American energy production, offering the potential for high, inflation-linked income, total return and other portfolio-enhancing characteristics. We believe improving fundamentals and the adoption of a more sustainable business model strengthen what was already a compelling investment opportunity.

Preferred Securities: October 2019
Why Preferreds and High Yield Make a Great Pair

With many investors turning to risky bonds for yield, being diversified may be more important than ever. For a more balanced portfolio, consider pairing high yield bonds with preferred securities, which typically offer attractive yields and have distinct characteristics that may complement traditional fixed income holdings.

Preferred Securities: October 2019
Diversifying High Yield With Preferred Securities

With many investors turning to risky bonds for yield, being diversified may be more important than ever. Investors should consult their investment professional about the potential benefits of pairing high yield bonds with preferred securities, which often pay attractive tax-advantaged income and have distinct characteristics that may complement traditional fixed income holdings.

Preferred Securities: October 2019
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.

Midstream Energy & MLPs: September 2019
A New Era for Midstream Energy

MLPs and other midstream energy companies provide a unique way to participate in the continued growth in North American energy production, offering the potential for high, inflation-linked income, total return and other portfolio-enhancing characteristics. We believe improving fundamentals and the adoption of a more sustainable business model strengthen what was already a compelling investment opportunity.

Preferred Securities: August 2019
Diversifying High Yield With Preferred Securities

With many investors turning to risky bonds for yield, being diversified may be more important than ever. Investors should consult their investment professional about the potential benefits of pairing high yield bonds with preferred securities, which often pay attractive tax-advantaged income and have distinct characteristics that may complement traditional fixed income holdings.

Listed Infrastructure: August 2019
Cell Towers and Data Centers in the 5G Economy ►

5G wireless network technology is generating a lot of buzz these days about what it might mean for consumer devices, for innovation and for economic growth. These applications are built on infrastructure. Without it, they can’t exist. We talked with senior research analysts Ji Zhang and Humberto Medina to understand the real estate and infrastructure opportunities behind 5G.

Real Estate Securities: August 2019
European Real Estate Securities Come of Age: A Bigger, Broader, More Investable Market

In the 10 years since the global financial crisis, Europe’s real estate securities market has evolved into a more diverse and investable asset class, with access to new and specialized property types coinciding with a shift toward more efficient business models and management practices. Yet we find that many investors underestimate the listed property market’s scale and sophistication despite its track record of superior returns relative to private real estate.

Multi Strategy: July 2019
Infrastructure REITs Towering Over the 5G Economy

Over the next decade, wireless applications powered by fifth-generation (5G) network technologies are expected to disrupt nearly every sector of the economy, requiring massive investments in communications infrastructure.

We believe cell tower and data center owner-operators will be key beneficiaries of 5G-related spending, providing critical assets to carry economies into the next digital era.

Real Estate Securities: June 2019
Domestic Focus Gives REITs an Edge Amid Trade Wars

We believe REITs are well positioned to defend in a trade war due to their domestic focus, predictable revenues, solid fundamentals and easing pressure from interest rates—but some sectors are likely to feel the effects more than others.

Real Estate Securities: June 2019
Domestic Focus Gives REITs an Edge Amid Trade Wars

We believe REITs are well positioned to defend in a trade war due to their domestic focus, predictable revenues, solid fundamentals and easing pressure from interest rates—but some sectors are likely to feel the effects more than others.

Preferred Securities: June 2019
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.

Preferred Securities: June 2019
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: Cohen & Steers Preferred Securities and Income Fund and Cohen & Steers Low Duration Preferred and Income Fund.

Real Estate Securities: March 2019
Tee Up for REIT Tax Benefits

A recent announcement by the IRS on January 18, 2019 gives U.S. investors one more reason to own REIT funds: lower taxes on income.

Midstream Energy & MLPs: February 2019
A New Era for Midstream Energy

Midstream energy companies provide a unique way to participate in the continued growth in North American energy production, offering high total return potential and other portfolio-enhancing characteristics. We believe improving fundamentals and the adoption of a new business model strengthen what was already a compelling investment opportunity.

Preferred Securities: December 2018
CoCos in Context: An Introduction to Contingent Capital Securities

Contingent capital securities (CoCos) have been the fastest-growing segment of the preferred securities market in recent years, with income rates often competitive with high-yield bonds. These securities are issued mostly by large, well-regulated financial companies to satisfy stricter capital requirements in the wake of the financial crisis and have become increasingly accepted by the market.

Preferred Securities: December 2018
CoCos in Context: An Introduction to Contingent Capital Securities

Contingent capital securities (CoCos) have been the fastest-growing segment of the preferred securities market in recent years, with income rates often competitive with high-yield bonds. These securities are issued mostly by large, well-regulated financial companies to satisfy stricter capital requirements in the wake of the financial crisis and have become increasingly accepted by the market.

Real Estate Securities: November 2018
The Truth About Non-Traded REITs

Despite recent improvements to non-traded REITs, our analysis shows investors are generally paying higher fees for lower return potential, less liquidity, less diversification and less pricing transparency.

Listed Infrastructure: November 2018
Macro Factor Sensitivities in Listed Infrastructure

This paper seeks to provide historical context for listed infrastructure performance characteristics across various market environments. This analysis may be used as a framework for understanding how infrastructure may fit into a broader asset allocation strategy, while providing insight into the role of macroeconomic research in Cohen & Steers’ active investment process.

Midstream Energy & MLPs: September 2018
Midstream in Motion ►

We see several catalysts that could drive MLP and midstream energy performance over the coming year, including better supply-demand balances for pipelines, improving corporate structures and interest from private equity buyers.

Preferred Securities: August 2018
How Institutional Investors Can Benefit From Preferred Securities

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.

Listed Infrastructure: August 2018
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 : July 2018
Commodity Synchronicity

We believe an allocation to commodities represents a compelling opportunity for investors, as many commodity markets already in or near supply deficits, while supportive macroeconomic factors could continue to provide the stimulus needed for increased commodities consumption and trade.

Listed Infrastructure: June 2018
The Case for Global Listed Infrastructure

Allocations to listed infrastructure have been on the rise in recent years amid growing demand for real assets offering relatively predictable cash flows and the potential for attractive real returns.

Listed Infrastructure: June 2018
The Case for Global Listed Infrastructure

Allocations to listed infrastructure have been on the rise in recent years amid growing demand for real assets offering relatively predictable cash flows and the potential for attractive real returns. We examine the asset class’s historical investment characteristics and the secular themes driving significant capital formation in infrastructure globally.

Midstream Energy & MLPs: April 2018
MLP and Midstream Energy Funds: Know What You Own

Whether a midstream energy mutual fund is taxed as a C-corporation or a regulated investment company (RIC) can have a meaningful effect on its portfolio composition, performance characteristics and after-tax returns. 

Real Assets: April 2018
Building Better Portfolios with Listed Real Assets

We believe liquid real assets — including real estate securities, commodities, natural resource equities and listed infrastructure — offer an attractive way to enhance diversification, particularly as the market pivots away from quantitative easing and low interest rates to a policy-induced reflationary environment.

Listed Infrastructure: March 2018
The $150 Billion Infrastructure Backlog ►

A growing mountain of capital is sitting on the sidelines in private infrastructure funds, waiting to find suitable assets for investment. We discuss how this backlog of demand could benefit listed infrastructure companies.

Real Estate Securities: June 2017
Acting From Strength

We have long advocated for a more progressive and flexible approach to offensive capital raising by European REITs—one that allows companies to approach value-creating opportunities from a position of strength.

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: 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. 

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
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.

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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