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Market Updates Hub

Managing Volatility

Current market insights directly from our investment teams

Webcasts

REPLAY: REIT Roadmap: Fundamentals, Valuations and Accelerating Digital Trends

Watch our webcast replay with Real Estate Portfolio Managers Jason Yablon and Laurel Durkay, CFA, to hear their views on the real estate market's road to recovery. They discuss REIT fundamentals, current valuations, and the opportunity in the listed market to access new property types as the trend of technology adoption continues to accelerate across society. Watch Replay.

 

REPLAY: Buying the REIT Recovery in a Dislocated Market

Watch our Head of U.S. Real Estate, Tom Bohjalian, discuss how current REIT discounts are creating an arbitrage opportunity in the listed and private real estate markets. Tom highlights the state of the REIT market and the attractive investment themes we are seeing around the world, from data infrastructure and logistics, to apartments and health care. Watch Replay.

Insights

Listed Infrastructure

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.

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Real Estate Securities

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.

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Real Assets

Four Extraordinary Events Creating Opportunities in Real Assets

Pandemic domino effects have led to unexpected consequences that are also creating investment opportunities. We examine four key events and their implications for commodities and the agriculture, energy and mining industries.

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Preferred Securities

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.

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Real Estate Securities

Global Real Estate and the COVID Economy

In this report, we seek to help investors understand the dynamics at work in the global real estate securities market, the durability of the cash flows and balance sheets, how our views have shifted based on the new reality, and how to assess fundamental value to make informed investment decisions.

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Listed Infrastructure

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.

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Real Estate Securities

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.

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Commodities

Midstream Energy and the Twin Shocks to Crude Oil Supply and Demand

Low oil prices have upended the midstream industry, but we are seeing compelling value in companies with strong balance sheets, low sensitivity to commodity prices and sufficient liquidity to weather the downturn.

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Preferred Securities

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.

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Multi Strategy

Assessing Real Assets and Preferreds as COVID-19 Enters Global Phase

With COVID-19 spreading beyond China’s borders, markets have recalibrated over concerns of a broader economic slowdown. We discuss risks and positioning for real estate securities, preferred securities, listed infrastructure, resource equities and commodities.

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Videos

Listed Infrastructure

The Case for Utilities: Fundamentals, Valuations & Outlook

4:43
Real Estate Securities

3 Factors Shaping Global Office Demand

5:39
Real Estate Securities

Healthcare: A Short-Term Opportunity for Long-Term Alpha Generation

4:13
Real Estate Securities

3 Things Driving Interest in REITs

4:04
Real Estate Securities

Hotel Real Estate: Breaking Down the Coronavirus Impact

3:43
Real Estate Securities

Retail Reckoning: What’s Next for Landlords?

3:33
Real Estate Securities

Office Space and Rent Collections: What’s Ahead for REITs?

3:15
The Case for Utilities: Fundamentals, Valuations & Outlook
3 Factors Shaping Global Office Demand
Healthcare: A Short-Term Opportunity for Long-Term Alpha Generation
3 Things Driving Interest in REITs
Hotel Real Estate: Breaking Down the Coronavirus Impact
Retail Reckoning: What’s Next for Landlords?
Office Space and Rent Collections: What’s Ahead for REITs?

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Important Disclosures

This information is provided for informational purposes only, and should not be construed as legal or tax advice. You should consult your legal or tax advisor regarding your individual circumstances.

The views and opinions are as of the date of publication and are subject to change without notice. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict the performance of any investment. We consider the information to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of appropriateness for investment. There is no guarantee that any historical trend illustrated above will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that a market forecast set forth in this commentary will be realized.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers fund carefully before investing. A summary prospectus and prospectus containing this and other information may be obtained free of charge, by visiting cohenandsteers.com or by calling 800.330.7348. Please read the summary prospectus and prospectus carefully before investing.

Risks of investing in Real Estate Securities
The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and be less liquid than larger companies. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved.

Risks of Investing in Preferred Securities
Investing in any market exposes investors to risks. In general, the risks of investing in preferred securities are similar to those of investing in bonds, including credit risk and interest-rate risk. As nearly all preferred securities have issuer call options, call risk and reinvestment risk are also important considerations. In addition, investors face equity-like risks, such as deferral or omission of distributions, subordination to bonds and other more senior debt, and higher corporate governance risks with limited voting rights.

Risks associated with preferred securities differ from risks inherent with other investments. In particular, in the event of bankruptcy, a company’s preferred securities are senior to common stock but subordinated to all other types of corporate debt. Throughout this presentation we will make comparisons of preferred securities to corporate bonds, municipal bonds and 10- Year Treasury bonds. It is important to note that corporate bonds sit higher in the capital structure than preferred securities, and therefore in the event of bankruptcy will be senior to the preferred securities. Municipal bonds are issued and backed by state and local governments and their agencies, and the interest from municipal securities is often free from both state and local income taxes. 10-Year Treasury bonds are issued by the U.S. government and are generally considered the safest of all bonds since they’re backed by the full faith and credit of the U.S. government as to timely payment of principal and interest.

Duration Risk
Duration is a mathematical calculation of the average life of a fixed-income or preferred security that serves as a measure of the security’s price risk to changes in interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes than securities with shorter durations. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Fund’s duration. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Risks of Investing in Global Infrastructure Securities. Investments in global infrastructure securities will likely be more susceptible to adverse economic or regulatory occurrences affecting global infrastructure companies than an investment that is not primarily invested in global infrastructure companies. Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, operational or other mishaps, tariffs, and changes in tax laws, regulatory policies, and accounting standards.

Risks of Investing in Foreign Securities. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquidity than larger companies.

Risks of Investing in Commodities. An investment in commodity-linked derivative instruments may be subject to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are market risk, credit risk, counterparty risk, leverage risk and liquidity risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

Futures Trading Is Volatile, Highly Leveraged and May Be Illiquid. Investments in commodity futures contracts and options on commodity futures contracts have a high degree of price variability and are subject to rapid and substantial price changes. Such investments could incur significant losses. There can be no assurance that the options strategy will be successful. The use of options on commodity futures contracts is to enhance risk-adjusted total returns. The use of options, however, may not provide any, or only partial, protection for market declines. The return performance of the commodity futures contracts may not parallel the performance of the commodities or indexes that serve as the basis for the options it buys or sells; this basis risk may reduce overall returns.

Risks of Investing in Natural Resource Equities. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics.

Cohen & Steers Capital Management, Inc. (Cohen & Steers) is a registered investment advisory firm that provides investment management services to corporate retirement, public and union retirement plans, endowments, foundations and mutual funds. Cohen & Steers U.S. registered open-end funds are distributed by Cohen & Steers Securities, LLC and are only available to U.S. residents. Cohen & Steers UK Limited is authorized and regulated by the Financial Conduct Authority of the United Kingdom (FRN 458459). Cohen & Steers Asia Limited is authorized and registered with the Hong Kong Securities and Futures Commission (ALZ367). Cohen & Steers Japan Limited is a registered financial instruments operator (investment advisory and agency business and discretionary investment management business with the Financial Services Agency of Japan and the Kanto Local Finance Bureau No. 3157) and is a member of the Japan Investment Advisers Association.

Notes for Readers in the Middle East: This document is for information purposes only. It does not constitute or form part of any marketing initiative, any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any products, strategies or other services nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract resulting therefrom. In the event that the recipient of this document wishes to receive further information with regard to any products, strategies other services, it shall specifically request the same in writing from us.

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Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.

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