Brian Cordes, CAIA
Head of Portfolio Specialist Group
26 years of experience
Senior Vice President, is the head of Cohen & Steers’ Portfolio Specialist Group, which represents the company’s investment teams in interactions with institutional and retail clients. Prior to joining Cohen & Steers in 2012, Mr. Cordes was a product manager at Columbia Management. Previously, he was with New York Life Investment Management and Morgan Stanley Dean Witter. Mr. Cordes has a BS from Rider University and is based in New York.
Insights by Brian Cordes, CAIA
What impending resets mean for preferred securities
Upcoming call dates/dividend resets provide preferred securities with a potential catalyst in today's uncertain market. Primarily issued by investment-grade-rated companies, preferred yields are currently in the 7–9% range. Most preferreds come with dividend-resetting structures, potentially leading to income growth for investors in the face of sustained interest rates. Additionally, many securities are selling at 10–20% discounts to par value. Given their historical trend of trading near par, these deep discounts present significant potential for capital appreciation for patient investors.
REIT investing: The active advantage
REITs have historically been fertile ground for active managers leveraging their information advantage to add potential value for investors.
