WHY COHEN & STEERS

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

Analysis

Disciplined and rigorous investment process

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

Performance

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

WHY LISTED INFRASTRUCTURE

Differentiated performance profile

Historically strong total returns, reduced volatility and inflation hedging

Access to critical forces driving economic change

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

icon fund

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 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).

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.

FEATURED INSIGHT

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

WHY INVEST WITH US

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.

PORTFOLIO MANAGEMENT

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

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

APPROACH

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.

Unlocking value: What end of rate hikes may mean for preferreds

December 2022 | 19 mins

With inflation peaking and recession looming, we anticipate a strong vintage year for fixed income—with declining rates potentially leading to outsized returns and high tax-advantaged income from preferred securities.

A portfolio managers perspective Opportunities in listed infrastructure

ESG: opportunities and challenges within real estate

November 2022 | 6 mins

Environmental, social and governance issues present demonstrable risks and opportunities for real estate. Khalid Husain, Head of ESG, and Jan Willem van Kranenburg, Senior Analyst, discuss how our integrated ESG approach at Cohen & Steers assesses and values these topics as part of our investment approach among different real estate sectors and companies.

Closed-end fund commentary 3Q 2022

October 2022 | 3 mins

Closed-end funds finished the quarter down following persistent inflation and continued talk of monetary policy tightening.

Institutional Investor: The Best Real Estate Returns Come After Recessions

October 2022 | 1 min

Head of Private Real Estate James Corl spoke with Institutional Investor for a feature story on our recent whitepaper and why an optimized real estate portfolio may require access to both listed and private markets.

With Intelligence: Cohen & Steers’ new private RE group eyes discounted retail, office

October 2022 | 1 min

Head of Private Real Estate James Corl spoke to With Intelligence about the Private Real Estate Group’s current market outlook and the opportunities that the team is looking at, including retail, surban office and housing.

Recession and the roadmap for listed and private real estate

September 2022 | 17 mins

We see an economic backdrop that will create an opportunity for strong vintage returns for both listed and private real estate. Both cyclical and secular shifts are likely to create investment opportunities, and we think allocating across both private and listed real estate will be critical.

Need to contact us?

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