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About Cohen & Steers Inc. (NYSE: CNS)
Cohen & Steers Inc. is a globally recognized investment manager specializing in liquid real assets and alternative income solutions. Founded in 1986 and headquartered in New York City, the firm has established itself as a pioneer in real estate securities and related investment strategies. With additional offices in London, Dublin, Hong Kong, Tokyo, and Singapore, Cohen & Steers serves a diverse, global client base, including institutional investors, financial intermediaries, and individual investors.
Core Business Areas
The company’s investment expertise spans a range of asset classes, including:
- Real Estate Securities: Focused on equity shares of Real Estate Investment Trusts (REITs) and other real estate-related securities, both domestically and internationally.
- Listed Infrastructure: Investments in essential infrastructure assets such as utilities, transportation, and communication networks.
- Commodities and Natural Resource Equities: Exposure to global commodity markets and natural resources.
- Preferred Securities: High-yield investment options designed to provide stable income.
- Multi-Strategy and Income Solutions: Tailored portfolios combining various asset classes to meet specific income and diversification goals.
Cohen & Steers is particularly known for its focus on real assets, which are tangible, income-generating investments that provide stability and inflation protection. This specialization positions the firm as a trusted partner for clients seeking alternatives to traditional equity and fixed-income investments.
Revenue Model and Distribution Channels
The company generates revenue primarily through management fees, which are tied to assets under management (AUM). Its distribution is balanced across three primary channels:
- Institutional Accounts: Representing a significant portion of its AUM, these include pension funds, endowments, and sovereign wealth funds.
- Open-End Funds: Mutual funds available to retail and institutional investors, offering liquidity and diversification.
- Closed-End Funds: Publicly traded funds that provide access to specialized investment strategies.
This diversified revenue structure ensures a stable income stream and reduces dependency on any single client segment.
Market Position and Competitive Landscape
Cohen & Steers operates in the competitive asset management industry, with a niche focus on liquid real assets. Its key competitors likely include other specialized asset managers and larger firms with diversified offerings. However, the company differentiates itself through:
- Specialized Expertise: Decades of experience in real assets and alternative income solutions.
- Global Reach: A presence in major financial hubs worldwide, enabling access to diverse markets.
- Innovative Strategies: Tailored investment solutions designed to meet evolving client needs.
These strengths, combined with a commitment to research-driven investment processes, solidify its reputation as a leader in its niche.
Challenges and Opportunities
While Cohen & Steers benefits from its specialization, it faces challenges such as market volatility, regulatory changes, and competition from passive investment products. However, its focus on real assets positions it well to capitalize on trends like urbanization, infrastructure development, and the growing demand for income-generating investments.
Conclusion
Cohen & Steers Inc. is a distinguished player in the asset management industry, offering unique investment opportunities in liquid real assets and alternative income solutions. Its expertise, global presence, and diversified revenue model make it a compelling choice for investors seeking stability, income, and diversification. By continuously adapting to market dynamics and client needs, the firm remains well-positioned to deliver value over the long term.
Cohen & Steers (NYSE: CNS) has scheduled the release of its first quarter 2025 financial results after market close on Wednesday, April 16, 2025. The company will follow up with a conference call on Thursday, April 17, 2025, at 10:00 a.m. (ET).
The earnings presentation will be accessible through the company's website. Key executives including CEO Joseph Harvey, CFO Raja Dakkuri, and President/CIO Jon Cheigh will discuss operating results and outlook during the call.
Investors and analysts can join via phone (800-715-9871 U.S., +1-646-307-1963 international) using passcode 8494569. A two-week replay will be available, and a webcast archive will be maintained on the company website for one month.
Cohen & Steers (NYSE: CNS) reported preliminary assets under management (AUM) of $87.6 billion as of March 31, 2025, marking a decrease of $979 million from February's $88.6 billion. The decline was attributed to:
- Market depreciation: -$1.1 billion
- Distributions: -$301 million
- Net inflows: +$452 million
Breakdown by investment vehicle shows:
- Open-end Funds: $42.3 billion
- Institutional Accounts: $33.9 billion
- Closed-end Funds: $11.4 billion
Cohen & Steers Quality Income Realty Fund (NYSE: RQI) has announced its March 31, 2025 distribution details and provided information about its managed distribution policy. The Fund, which implemented this policy in December 2012, aims to deliver long-term total returns through regular monthly distributions at a fixed rate per share.
The monthly distributions may include various components such as long-term capital gains, short-term capital gains, net investment income, and/or return of capital. The Fund notes that distribution amounts may vary based on portfolio and market conditions. Distributions from REIT investments may be later characterized as capital gains or return of capital.
The Fund provides regular updates on distribution sources through its website and shareholder notices, with final tax characteristics reported on Form 1099-DIV after the calendar year end.
Cohen & Steers Closed-End Opportunity Fund (NYSE: FOF) has announced its March 31, 2025 distribution details and provided information about its managed distribution policy implemented in December 2021. The policy aims to deliver the Fund's long-term total return potential through regular monthly distributions at a fixed rate per common share.
The monthly distributions may include long-term capital gains, short-term capital gains, net investment income, and/or return of capital. The Fund estimates it has distributed more than its income and capital gains, indicating a portion of distributions may be return of capital. Return of capital reduces a shareholder's tax basis and is not taxable.
The Fund provides distribution information through its website and shareholder notices, with final tax characteristics reported on Form 1099-DIV after the calendar year end. The Board of Directors retains the right to amend, terminate, or suspend the managed distribution policy, which could affect the Fund's market price.
Cohen & Steers Infrastructure Fund (UTF) has announced its distribution details for March 31, 2025, operating under a managed distribution policy implemented in March 2015. The policy aims to deliver long-term total returns through regular monthly distributions at fixed rates per share.
The Fund's monthly distributions may include various components: long-term capital gains, short-term capital gains, net investment income, and/or return of capital. Distributions from MLP investments are attributed to different sources, including net investment income and return of capital. The Board of Directors retains the right to modify or suspend this policy, which could impact the Fund's market price.
The Fund's performance metrics through February 28, 2025, include Year-to-date Cumulative Total Return and five-year Average Annual Total Return, with distributions based on the Fund's Net Asset Value (NAV). The Fund emphasizes that distribution amounts may vary based on portfolio and market conditions.
Cohen & Steers Total Return Realty Fund (NYSE: RFI) has announced its March 31, 2025 distribution details under Section 19(a). The Fund operates under a managed distribution policy implemented in December 2011, which aims to deliver long-term total returns through regular monthly distributions at fixed rates per share.
The distributions may include various components such as long-term capital gains, short-term capital gains, net investment income, and/or return of capital. The Fund's distributions from REIT investments may be later characterized as capital gains or return of capital, based on year-end REIT dividend reporting.
The Fund emphasizes that distribution amounts may vary based on portfolio and market conditions. Monthly distribution information will be posted on cohenandsteers.com and mailed to shareholders, with final tax characteristics provided on Form 1099-DIV after the calendar year end.
Cohen & Steers REIT and Preferred and Income Fund (NYSE: RNP) has announced its March 31, 2025 distribution details under Section 19(a). The Fund operates under a managed distribution policy implemented in December 2017, which aims to deliver long-term total returns through fixed monthly distributions.
The distributions may include various components such as long-term capital gains, short-term capital gains, net investment income, and/or return of capital. The Fund estimates it has distributed more than its income and capital gains, indicating a portion may be return of capital. Notably, distributions from the Fund's REIT investments may be later characterized as capital gains or return of capital.
The Fund's performance metrics include Year-to-date Cumulative Total Return (January 1 - February 28, 2025) and five-year Average Annual Total Return ending February 28, 2025, though specific figures are not provided in the release.
Cohen & Steers (NYSE: CNS) announced that their Real Estate Securities Fund (CSZIX) has received the 2025 LSEG Lipper Fund Award for its strong risk-adjusted performance over the 10-year period ending November 30, 2024. This marks the tenth consecutive year of Lipper recognition for the Fund, which competed among 136 share classes in the Real Estate category.
The Fund has been closed to new investors since 2019 but remains accessible to current shareholders, qualifying retirement plan participants, and existing intermediary-sponsored discretionary models. The company continues to offer alternative real estate investment options through ETFs, mutual funds, collective investment trusts, and separate accounts, including the Cohen & Steers Real Estate Active ETF (CSRE) and flagship real estate mutual funds.
Cohen & Steers (NYSE: CNS) announced the upcoming retirement of Daniel P. Charles, Executive Vice President and Head of Global Distribution, after nearly six years with the company and 37 years in sales leadership roles. Charles, who oversees the firm's global wealth, institutional sales, relationship management departments, and global marketing, will remain to assist with the transition while the company searches for his successor.
During his tenure, Charles achieved significant milestones, including realigning U.S. distribution efforts to better address clients' needs for real assets and alternative investment solutions, and expanding the firm's distribution across EMEA and APAC regions. CEO Joseph Harvey acknowledged Charles' contributions in enhancing distribution capabilities, building global sales teams, fostering a relationship culture, and expanding marketing efforts.
Cohen & Steers (NYSE: CNS) reported preliminary assets under management (AUM) of $88.6 billion as of February 28, 2025, marking a $2.1 billion increase from January 31, 2025's $86.4 billion. The growth was primarily driven by market appreciation of $2.3 billion, which was partially offset by distributions of $151 million and net outflows of $16 million.
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