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Insights

Preferred Securities: September 2021
Strength and value: A preferreds market update ►

With banks comprising about 50% of the preferred security universe, monitoring the health of the sector is key for investors. Portfolio manager Elaine Zaharis-Nikas unpacks what bank stress test results tell us about fundamentals, the relative valuation of preferreds and offers an update on the transition away from LIBOR.

Preferred Securities: September 2021
A primer on investing in preferred securities

At a time of scarce yields and growing tax challenges, preferred securities may enhance after-tax income and return potential, while broadening diversification with other fixed income investments.

Listed Real Estate: August 2021
Office sector headwinds and opportunities ►

Office landlords have been heavily impacted by the pandemic and now face uncertainty as tenants evaluate their needs in hybrid working environments. Senior Analyst Alec Overby reviews the current state of the sector, including the changing work-from-home landscape, our outlook over the near and long term, as well as how we see valuations and potential for opportunity.

Listed Infrastructure: August 2021
Decarbonization opportunities within infrastructure ►

The energy transition away from fossil fuels towards renewable sources is not just making headlines. Investors are increasingly looking for ways to take advantage of something we see as a long-term trend. Analyst Chris DeNunzio shares key listed infrastructure subsectors that could benefit from decarbonization, the economic drivers behind the opportunities and the political catalysts supporting them.

Listed Real Estate: July 2021
Real estate open for business

As the global vaccine rollout continues, listed real estate appears well positioned to benefit from a cyclical recovery, housing demand and digital growth.

Listed Real Estate: July 2021
REIT investing: The active advantage ►

REITs have historically been fertile ground for active managers leveraging their information advantage to add potential value for investors.  Brian Cordes, Head of Portfolio Specialists, discusses the three things we think give active, specialist managers a potential edge when investing in real estate. 

Listed Real Estate: July 2021
Real estate and inflation ►

An accelerating economy has led investors to wonder if the spike in inflation will last. Evan Serton, Senior Portfolio Specialist, discusses real estate properties’ historical relationship to inflation, the fundamental drivers behind real estate’s inflation sensitivity, and how REIT share prices respond to rising rates.

Listed Infrastructure: July 2021
Hedging inflation with infrastructure ►

The potential for high inflation to linger and how to protect investment portfolios in that environment is a common investor concern. Michelle Butler, Senior Portfolio Specialist, discusses how listed infrastructure has historically delivered inflation sensitivity when needed, the drivers behind that sensitivity and current sub-sector opportunities. 

Commodities : June 2021
Commodities recovery poised to continue

After a decade-long bear market, commodities are showing signs of life. We see further upside potential despite significant repricing from pandemic lows, driven by a supportive macro backdrop, attractive fundamentals and growing investor demand for inflation-sensitive assets.

Listed Infrastructure: April 2021
Stimulus proposal could add fuel to infrastructure tailwinds ►

Head of Global Infrastructure, Ben Morton shares why we see the proposed spending package and tax changes as a clear positive for listed infrastructure.  He highlights how the stimulus ties into key themes we’ve highlighted over the past year in decarbonization, data growth and the transport recovery.

Listed Real Estate: March 2021
REITs offer 3 flavors of tax advantaged income ►

With interest rates near historic lows, many investors are turning to asset classes that offer attractive yields with tax advantages to enhance potential take-home income. REITs have a history of attractive distributions before and after taxes. Neil Bloom, CPA, senior vice president and head of fund tax, discusses the special tax treatment available to REITs and how that may benefit investors.

Preferred Securities: March 2021
Preferred securities answer the call for tax-efficient income ►

With interest rates near historic lows, many investors are turning to asset classes that offer attractive yields with tax advantages to enhance potential take-home income. Neil Bloom, CPA, senior vice president and head of fund tax, explains how low duration preferred securities can offer investors higher before and after tax yields than other investment-grade fixed-income categories.

Listed Real Estate: March 2021
REITs in a rising rate environment ►

Whether looking at global or U.S. real estate, REITs have generally performed very well during times of higher interest rates.  But it is important to understand and focus on what is driving interest rates.  Senior Portfolio Manager Jason Yablon explains the key drivers and how active managers can take advantage of the interest rate sensitivity in individual sectors. 

Preferred Securities: February 2021
Tax-smart income for rising rates ►

In 2021, investors face the triple challenge of finding income in a historically low-yielding environment, protecting that income from taxes and protecting principal in a potentially higher rate environment. Head of Portfolio Specialists Brian Cordes shares why low duration preferred securities are uniquely suited to helping investors meet these challenges. 

Listed Real Estate: December 2020
REITs: Vaccines and Value ►

With positive vaccine trials making headlines and where we are in the economic cycle, Brian Cordes, Head of Portfolio Specialists, sees reasons to believe that REITs currently offer attractive relative valuation. He discusses these factors and where we are seeing opportunities.

Listed Real Estate: December 2020
A Modern Perspective on REITs

As REITs emerge from the Great Shutdown of 2020, Cohen & Steers is finding attractive opportunities across the market—from cyclical property sectors that should benefit from economic reopening, to REITs that own the buildings that make e-commerce and cloud computing possible.

Listed Infrastructure: November 2020
Factors Driving the Infrastructure Opportunity ►

Investing in infrastructure accesses the hard assets that underpin societies and economies globally.  Head of Global Listed Infrastructure Ben Morton talks about the secular drivers and key subsector themes the team sees and how we as active managers can dynamically allocate to take advantage of them.  

Preferred Securities: October 2020
Accessing Tax-Advantaged Income with Preferred Securities ►

Investors have experienced significant changes to the U.S. tax code at the same time as historically low yields. These dual challenges are driving the search for income. We believe this is creating new opportunities for investors to potentially enhance their take-home income with preferred securities.  Head of Portfolio Specialists Brian Cordes delves into the potential benefits of this hybrid asset class.

Listed Infrastructure: October 2020
The Case for Utilities: Fundamentals, Valuations & Outlook ►

The utility sector is often where investors head during times of economic uncertainty. Yet utility stocks have underperformed the market and are undervalued relative to history today. Analyst Chris DeNunzio breaks down the team’s view and the opportunities they are seeing.

Listed Real Estate: October 2020
How REITs Benefit Asset Allocations

We discuss the attractive investment characteristics of REITs, including a history of strong returns with tax-advantaged dividends, access to next generation growth themes and the potential to enhance private real estate.

Multi Strategy: September 2020
ESG’s Evolving Landscape

As awareness of ESG implications continues to grow among companies and investors, we discuss our approach to ESG integration in real assets and alternative income.

Preferred Securities: August 2020
Preferred Securities in a Post-LIBOR World ►

There are far-reaching implications for many preferred securities should the London Interbank Offered Rate (LIBOR) be phased out at the end of 2021, as scheduled. Those that carry LIBOR-based payment resets have contingency “fallback” language, which isn’t always favorable to investors. Portfolio manager Jerry Dorost discusses the team’s thinking and active approach to managing these risks.

Preferred Securities: August 2020
Strength and Sustainability: U.S. Bank Preferred Dividends ►

Despite a challenging economic backdrop, most U.S. banks have managed to build their reserves and  remain profitable. Portfolio manager Jerry Dorost discusses the team’s analysis and why they see U.S. bank preferred dividends as sustainable, even with the introduction of a new Fed dividend test.

Listed Real Estate: July 2020
Where Real Estate and Technology Intersect ►

The shift to everything online is driving demand for infrastructure to support the digital economy. Senior Portfolio Manager Jason Yablon shares his insights on how REIT investors stand to benefit from this global secular trend.

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.

Listed Real Estate: 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: 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.

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