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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.

Real Assets: July 2018
Real Asset Winners and Losers in a Trade War

Recent tariff actions have put the world at greater risk of a global trade war than at any time since the 1930s. Read our insights on what it could mean for REITs, infrastructure, MLPs, commodities and resource equities.  

Real Assets: July 2018
Real Asset Winners and Losers in a Trade War

Recent tariff actions have put the world at greater risk of a global trade war than at any time since the 1930s. Read our insights on what it could mean for REITs, infrastructure, MLPs, commodities and resource equities.  

Closed-End Funds: July 2018
Closed-End Fund Commentary—Q2 2018

After a difficult start to the year, equity and bond markets delivered positive total returns in the second quarter—despite increasing crosscurrents that at times made for choppy trading.

Global 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.

Global 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: June 2018
[Video] Why It’s Time to Buy Midstream Energy

We believe fundamentals for pipeline demand are improving and valuations appear attractive. In our view, the midstream energy space represents one of today’s most compelling total-return opportunities in an otherwise richly valued market.

Multi Strategy: June 2018
Four Strategies for Fighting Inflation

The transition to the later stages of the business cycle calls for creative portfolio solutions to hedge against increased inflation risk. We highlight four ideas: global real estate securities, low-duration preferred securities, global listed infrastructure and multi-strategy real assets.

Real Estate Securities: May 2018
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 90 consecutive months of job growth, an 18-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 returns—despite higher interest rates.

Multi Strategy: May 2018
Four Strategies for Fighting Inflation

The transition to the later stages of the business cycle calls for creative portfolio solutions to hedge against increased inflation risk. We highlight four ideas: global REITs, low-duration preferred securities, midstream energy and multi-strategy real assets.

Midstream Energy & MLPs: May 2018
The Midstream Energy Cycle Has Turned: Time to Buy

We believe fundamentals for pipeline demand are improving and the MLP business model is changing for the better—representing what we view as one of the most compelling total-return opportunities today in an otherwise richly valued market.

Midstream Energy & MLPs: May 2018
The Midstream Energy Cycle Has Turned: Time to Buy

We believe fundamentals for pipeline demand are improving and the MLP business model is changing for the better—representing what we view as one of the most compelling total-return opportunities today in an otherwise richly valued market.

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.

Real Estate Securities: March 2018
[Video] Rate Reaction Opens a REIT Opportunity

One of the things we find that some investors and the financial press consistently get wrong about REITs is the relationship with interest rates— that if rates are rising, you shouldn’t own REITs.

Real Estate Securities: March 2018
REITs: Answering the Call for U.K. DC Scheme Diversification

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

Global Listed Infrastructure: March 2018
[Video] 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.

Preferred Securities: March 2018
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.

Preferred Securities: March 2018
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: March 2018
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.

Midstream Energy & MLPs: March 2018
Green Shoots for MLP 2.0

We believe midstream energy companies are changing for the better. After the MLP business model was called into question in recent years for its reliance on capital markets, the industry has now begun to adopt better practices focused on management alignment with unitholders and returns on invested capital.

Midstream Energy & MLPs: March 2018
Green Shoots for MLP 2.0

We believe midstream energy companies are changing for the better. After the MLP business model was called into question in recent years for its reliance on capital markets, the industry has now begun to adopt better practices focused on management alignment with unitholders and returns on invested capital.

Real Estate Securities: February 2018
Rate Reaction Opens a REIT Opportunity

Despite a generally healthy real estate market, REITs have been held back amid heightened short-term sensitivity to interest rates. While rates could remain a factor, we see the recent pullback as an opportunity to build allocations to REITs: they’re looking attractive next to stocks, bonds and private real estate, equity correlations are at a 1-year low, and better fundamentals may be on the horizon.

Real Estate Securities: February 2018
Rate Reaction Opens a REIT Opportunity

Despite a generally healthy real estate market, REITs have been held back amid heightened short-term sensitivity to interest rates. While rates could remain a factor, we see the recent pullback as an opportunity to build allocations to REITs: they’re looking attractive next to stocks, bonds and private real estate, equity correlations are at a 1-year low, and better fundamentals may be on the horizon.

Preferred Securities: February 2018
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 offer attractive tax-advantaged income and have distinct characteristics that may complement traditional fixed income holdings.

Real Assets: January 2018
Tax Cut Turbocharge

The Tax Cuts and Jobs Act is set to deliver $1.5 trillion in tax savings over the next decade, adding fuel to an already healthy economy and generally improving the tax efficiency of REITs and other real asset investments. Here’s our guide to what you need to know.

Global Listed Infrastructure: December 2017
The $150B Backlog Supporting Listed Infrastructure Valuations

Demand for infrastructure investment seems to have overwhelmed the private market’s ability to find suitable opportunities, with increased competition for assets pushing transaction multiples higher and creating a record backlog of capital waiting to be deployed.

Global Listed Infrastructure: December 2017
The $150B Backlog Supporting Listed Infrastructure Valuations

Demand for infrastructure investment seems to have overwhelmed the private market’s ability to find suitable opportunities, with increased competition for assets pushing transaction multiples higher and creating a record backlog of capital waiting to be deployed.

Real Estate Securities: December 2017
The Growing Opportunity in European Real Estate

With Europe in its best shape since 2008, we expect a strengthening economy to boost already attractive real estate fundamentals. Adding to the total-return potential of European REITs are a reduced cost of capital resulting from governance reforms, and compelling relative and absolute valuations.

Real Estate Securities: October 2017
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.

Midstream Energy & MLPs: November 2017
Filling the Pipes

The continuing efforts by OPEC and its allies to stabilize oil prices are further evidence of the game-changing influence of North America’s shale resource base, which is transforming global oil markets just as e-commerce has transformed the retail industry. 

Real Estate Securities: September 2017
REITs: Think Local, Invest Global

Since real estate is inherently local, what happens in New York generally has little impact on London, Berlin or Tokyo. By taking a global approach to real estate allocations, investors gain access to different property cycles, economic trends and interest-rate environments. 

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.

Preferred Securities: May 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: May 2017
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. 

Preferred Securities: May 2017
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.

Real Estate Securities: April 2017
What’s Ahead for Retail Landlords?

Despite an improving economy, retail property owners are contending with a fundamental shift in consumer behavior that could challenge the sector for years to come.

Real Estate Securities: April 2017
What’s Ahead for Retail Landlords?

Despite an improving economy, retail property owners are contending with a fundamental shift in consumer behavior that could challenge the sector for years to come.

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: 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 our toolkit below.

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 returns—despite higher interest rates.

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. 

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.

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. 

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
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 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: 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.

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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