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Insights

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.

Listed Infrastructure: June 2019
Infrastructure Assets Poised to Outperform

Interview with Head of Global Listed Infrastructure Benjamin Morton highlighting our view on infrastructure assets that we believe are poised to outperform and options for strategizing within the asset class.

Listed Infrastructure: May 2019
Listed Infrastructure—Opportunity Amid a Maturing Economic Cycle

As more signals point to slowing economic growth in 2019 and beyond, we believe listed infrastructure’s history of resilience in late-cycle environments may appeal to investors looking to reduce overall market sensitivity without sacrificing the potential for attractive long-term returns.

Listed Infrastructure: May 2019
Listed Infrastructure—Opportunity Amid a Maturing Economic Cycle

As more signals point to slowing economic growth in 2019 and beyond, we believe listed infrastructure’s history of resilience in late-cycle environments may appeal to investors looking to reduce overall market sensitivity without sacrificing the potential for attractive long-term returns.

Closed-End Funds: May 2019
Closed-End Fund Commentary—Q1 2019

Following a difficult fourth quarter, closed-end funds had sizable gains in the first quarter of 2019 in a broadly positive period for equity and fixed income markets.

Real Estate Securities: May 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.

Multi Strategy: April 2019
Three Tax-Smart Alternatives for 2019

Investors are facing the most significant changes to the U.S. tax code in decades, creating new opportunities for investors to potentially enhance their take-home income.

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.

Real Estate Securities: February 2019
A REIT Defense for the Late Cycle

We believe defensive characteristics, healthy fundamentals and private-market demand have the potential to drive attractive absolute and relative returns for REITs in the shift to late cycle.

Real Estate Securities: February 2019
A REIT Defense for the Late Cycle

We believe defensive characteristics, healthy fundamentals and private-market demand have the potential to drive attractive absolute and relative returns for REITs in the shift to late cycle.

Midstream Energy & MLPs: January 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 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.

Midstream Energy & MLPs: January 2019
5 Key Questions for Midstream Energy in 2019

2018 was a roller coaster ride for midstream investors despite strong pipeline fundamentals. We discuss what happened, why this year might be different, and how U.S. energy independence and better business models could be good for the asset class.

Midstream Energy & MLPs: January 2019
5 Key Questions for Midstream Energy in 2019

2018 was a roller coaster ride for midstream investors despite strong pipeline fundamentals. We discuss what happened, why this year might be different, and how U.S. energy independence and better business models could be good for the asset class.

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.

Real Estate Securities: November 2018
Riding a Wave of REIT M&A

Significant demand for commercial property and attractive values in listed real estate companies have driven increasing M&A activity in recent quarters. We expect continued buyout activity to provide potential support for REITs for the foreseeable future.

Real Estate Securities: November 2018
Riding a Wave of REIT M&A

Significant demand for commercial property and attractive values in listed real estate companies have driven increasing M&A activity in recent quarters. We expect continued buyout activity to provide potential support for REITs for the foreseeable future.

Real Estate Securities: November 2018
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.

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.

Preferred Securities: September 2018
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: 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
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: 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.

Preferred Securities: August 2018
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.

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.

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.  

Preferred Securities: July 2018
Meeting the Rising Rates Challenge

With interest rates more volatile and potentially moving higher, we believe preferred securities are well positioned relative to many other fixed income investments thanks to their high income, wide credit spreads and variety of lower-duration structures.

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: June 2018
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: 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
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.

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.

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.

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.

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.

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.

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: 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.

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: 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 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 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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