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Insights

Real Estate Securities: 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.

Real Estate Securities: 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.  

Closed-End Funds: October 2020
Closed-End Fund Commentary Q3 2020

Closed-end funds advanced in the third quarter as financial markets continued to rally off of March lows. Some late quarter weakness aside, the period was positive for financial assets amid optimism regarding COVID containment and the prospect for wider business reopenings, additional fiscal stimulus and a broader economic recovery. 

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.

Real Estate Securities: 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.

Preferred Securities: July 2020
3 Developments Supporting European Preferreds ►

European banks offer among the highest income rates within the global preferred market.  Portfolio Manager Elaine Zaharis-Nikas discusses regulatory and fiscal actions that should be supportive factors for these banks and their preferred payments to investors.

Real Estate Securities: 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.

Midstream Energy & MLPs: July 2020
Midstream Energy: Challenges and Opportunities ►

The regulatory backdrop for building new pipelines in North America remains challenging, but headlines also point to overlooked opportunities. Tyler Rosenlicht, Head of Midstream Energy and MLPs, shares an update on what these developments mean for the sector and valuations.

Real Estate Securities: July 2020
3 Things Driving Interest in REITs ►

In the past few months, we’ve seen more interest from investors looking to put capital to work in REITs. Tom Bohjalian, Head of U.S. Real Estate, shares the three things we think are driving this.

Real Estate Securities: July 2020
Hotel Real Estate: Breaking Down the Coronavirus Impact ►

The hotel industry was rocked by cancelled travel plans, but is beginning to see signs of improvement as economies gradually reopen. REIT analyst Alex Yaraghi takes a closer look at different hotel industry segments and operating models, as well as his outlook for the sector.

Real Estate Securities: July 2020
Retail Reckoning: What’s Next for Landlords? ►

The health crisis has compounded an already challenging backdrop for retail landlords, but some REITs could emerge stronger. Senior REIT analyst Alec Overby discusses how retail landlords are managing through COVID-19 and which segments look attractive.

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.

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.

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: 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.

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.

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.

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.

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