Experienced global investment team

Our investment team is one of the largest dedicated to listed infrastructure investing, with leadership that has overseen our infrastructure investing since 2004


Unique and rigorous investment process

Blends proprietary top-down, macro-level framework with rigorous bottom-up, company-level research


Strong 17-year+ track record, outperforming in both up and down markets


Differentiated performance profile

Potential for strong total returns, reduced volatility and inflation hedging

Global Listed Infrastructure

Access to critical forces driving economic change

Including infrastructure modernization, digital transformations of economies, decarbonization and improvements in supply chain logistics

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Attractive complement to private infrastructure

Offering diversified exposure with access to assets and industries that may be less available to private investors

The Cohen & Steers Global Listed Infrastructure Focus Strategy employs a total-return, relative-value approach to investing in global listed infrastructure. The strategy seeks to achieve attractive risk-adjusted total returns over the long term and to outperform its benchmark over a full market cycle (approximately 3–5 years). The strategy is concentrated in securities in which we have the highest conviction and offer the most attractive valuations according to our proprietary models.

Our global listed infrastructure team’s experience positions us to better navigate market risks and identify superior investment opportunities. The team comprises 11 professionals (with an average 13 years of investment experience) whose sole or primary responsibility is to the Global Listed Infrastructure Strategy.


Essential assets: The case for listed infrastructure

Investors’ search for diversification and inflation protection has put a spotlight on infrastructure, made brighter by massive public investment programs and the accelerating transition to a digitized, decarbonized economy.

November 2021 | 1 min


Delivering value to our clients

Cohen & Steers has been investing in listed infrastructure since we launched our flagship Global Listed Infrastructure Strategy in 2004. Based on our commitment to global listed infrastructure and our drive for excellence, we have built a platform positioned to outperform our peers and deliver compelling returns for our clients.


An experienced team

Benjamin Morton

Head of Global Infrastructure

25 years of experience

Tyler Rosenlicht

Portfolio Manager, Global Infrastructure

12 years of experience

Thuy Quynh
Thuy Quynh Dang

Portfolio Manager, Global Infrastructure

23 years of experience

+9 analysts and associates


Supporting our investment team and clients

Michelle Butler

Senior Portfolio Specialist

27 years of experience

Evan Serton

Senior Portfolio Specialist

22 years of experience

We believe listed infrastructure offers attractive long-term growth potential and inflation protection through favorable pricing mechanisms and predictable, often inflation-linked, cash flows. The philosophy that guides our Global Listed Infrastructure Strategy is underpinned by the following principles:

Global listed infrastructure markets are inherently inefficient

due to regulation, industry fundamental cycles, securitization of the asset class and a lack of dedicated specialist coverage, which provides opportunities for active investment managers to add value.

A strict definition of the investment universe is critically important to manage global listed infrastructure portfolios.

A disciplined investment process

that combines top-down industry/sector research with bottom-up company specific analysis can deliver a sustainable advantage because of the range of infrastructure subsectors with varying business models and economic sensitivities.

Experience and local, on-the-ground research are critical

to understanding local regulatory precedents, local languages and the prevailing political environment.

The delivery of superior risk-adjusted returns demands an embedded, comprehensive and multidimensional approach to risk management.

We seek to take advantage of the following inefficiencies in the global listed infrastructure markets:

  • The discounting mechanism of public markets whereby price movements typically occur ahead of changes in fundamentals
  • The variations in infrastructure subsector fundamentals that result from changing macroeconomic conditions
  • The opaqueness, lack of history and limited investor experience


Our investment process

The strategy employs a total-return, relative-value approach, and we adhere to a strict definition of the listed infrastructure universe that focuses on core owners and operators of infrastructure assets.

Investment universe
We begin by identifying the core global infrastructure investment universe, with a strict focus on owners and operators of infrastructure assets with stable cash flows that tend to be regulated, in monopolistic or oligopolistic sectors that have high barriers to entry. Although the universe is global and well diversified on regional and sector bases, as an active manager we may choose not to invest in a particular country, subsector or company.

Fundamental research
Analysts are responsible for conducting detailed bottom-up research, developing high-conviction views on fundamentals and valuations on the companies they cover. We continually reassess management’s capabilities to add value and deliver on its goals. In addition, we integrate ESG factors into our research and valuation models.

Subsector overlay
A proprietary macroeconomic overlay ranks the attractiveness of infrastructure subsectors based on our view of key macro factors and drives subsector allocations in our portfolio.

Portfolio construction
After we have determined subsector positioning, outputs from security-level models quantify relative value within each subsector. As valuations change, we rotate capital among individual securities. Risk management, diversification, liquidity and other factors are also key considerations.

Market developments at Credit Suisse 

Market developments at Credit Suisse 

March 2023 | 6 mins

The government-backed deal for UBS to acquire Credit Suisse will trigger a complete write-down of the nominal value of all Credit Suisse additional tier 1 bonds. We believe Credit Suisse is most likely to be an isolated incident, while we have been reducing our portfolios’ exposure to Credit Suisse significantly over the past several months.

Client brief: Addressing developments at regional banks

Addressing developments at regional banks

March 2023 | 8 mins

The U.S. government's actions to minimize risk across the banking industry following the events of Silicon Valley Bank and Signature Bank have strong potential to prevent further bank runs and subsequent bank failures. But scrutiny of some regional banks will persist. 

Citywire Selector: Fed insider-turned-bond boss backs central banks to beat inflation

March 2023 | 1 min

Head of Fixed Income and Preferred Securities Bill Scapell spoke with Citywire Selector about Cohen & Steers’ preferred securities strategy and his fixed income outlook as central banks battle inflation.

The preferred securities asset allocation advantage

The preferred securities asset allocation advantage

February 2023 | 12 mins

Preferreds offer long-term return potential superior to investment-grade and comparable to high-yield bonds, with diversification and quality advantages.

Institutional Investor: Competition Is Fierce for Private Infrastructure Deals. Here’s An Alternative

February 2023 | 1 min

Portfolio Manager Tyler Rosenlicht spoke with Institutional Investor for a feature story on our recent infrastructure thought leadership and why listed infrastructure can be an attractive alternative or complement to private infrastructure in a portfolio.

Five reasons to consider preferred securities if you own municipal bonds

Five reasons to consider preferred securities if you own municipal bonds

February 2023 | 11 mins

With many investors feeling the sting of taxes, municipal bonds aren’t the only option for tax-advantaged income. Preferred securities currently offer among the highest after-tax yields in fixed income, regardless of tax bracket.

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We’d be happy to answer questions about our investment solutions or any corporate-related inquiries.