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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.
On January 28, 2021, Cohen & Steers Infrastructure Fund (NYSE: UTF) announced the sources of its January 29, 2021 distribution, totaling $0.1550 per share, entirely classified as a return of capital (100%). The Fund's managed distribution policy, initiated in March 2015, enables it to distribute long-term capital gains flexibly. The Year-to-date Cumulative Total Return for 2020 was -3.66%, while the Average Annual Total Return over five years was 11.01%. Investors are advised that a portion of distributions may return their invested capital, which does not indicate investment performance.
The Cohen & Steers Quality Income Realty Fund (NYSE: RQI) announced details regarding the sources of its distribution set for January 29, 2021. The Fund operates under a managed distribution policy implemented in December 2012, aimed at providing regular monthly distributions to shareholders. The January distribution totals $0.0800 per share, entirely sourced from net realized long-term capital gains. Shareholders will receive a Form 1099-DIV detailing tax reporting for these distributions. The Fund's Year-to-Date Cumulative Total Return for fiscal year 2020 is -3.20%, with a Current Annualized Distribution Rate of 7.29%.
Cohen & Steers REIT and Preferred and Income Fund, Inc. (NYSE: RNP) announces the distribution sources for its January 29, 2021 payment. The Fund's managed distribution policy, effective since December 2017, aims to enhance regular monthly distributions by allowing for long-term capital gains realization. For January, the total distribution is $0.1240, sourced entirely from net realized long-term capital gains. Shareholders will receive a Form 1099-DIV for tax reporting after the year-end, detailing the distribution characteristics.
Cohen & Steers Limited Duration Preferred and Income Fund (NYSE: LDP) announces its monthly distribution of $0.1430 per share, payable on January 29, 2021. The distribution consists of $0.0924 from net investment income (64.62%) and $0.0506 as return of capital (35.38%). The Fund employs a managed distribution policy since December 2016 to enhance long-term return potential. Year-to-date cumulative total return is at 5.90% for 2020, with an average annual total return of 8.49%. Shareholders should consider the risk and investment objectives before investing.
Cohen & Steers Total Return Realty Fund (NYSE: RFI) announced details regarding its upcoming monthly distribution on January 29, 2021. Implementing a managed distribution policy since December 2011, it aims to provide regular monthly payouts while enabling capital gains realization throughout the year. January's distribution totals $0.08 per share, entirely sourced from long-term capital gains. As of January 31, 2021, the fund's year-to-date cumulative total return is 0.08%, with an average annual total return of 7.06% for the past five years. Form 1099-DIV will follow for tax reporting.
The Cohen & Steers Select Preferred and Income Fund (PSF) announced the distribution payment scheduled for January 29, 2021. The Fund, which follows a managed distribution policy since December 2016, aims to provide long-term total returns through regular monthly distributions. For January 2021, the total distribution is estimated at $0.1570 per share, comprising $0.0970 from net investment income and $0.0600 as return of capital. Year-to-date cumulative total return is recorded at 6.03% with a current annualized distribution rate of 7.03%.
Cohen & Steers reported its financial results for Q4 and the full year of 2020, highlighting net income and earnings per share figures. The details can be found in their earnings release and presentation. A conference call will occur on January 28, 2021, at 10:00 a.m. ET, featuring key executives discussing these results. The firm, established in 1986, focuses on liquid real assets including real estate securities and natural resource equities.
Cohen & Steers MLP Income and Energy Opportunity Fund (MIE) has announced a proposal for liquidation and dissolution, subject to stockholder approval. This decision stems from the challenging market environment and the Fund's current asset levels and expenses. A special meeting for stockholder approval is set for May 27, 2021. Investors are recommended to review the Fund's investment objectives and risks. The firm specializes in liquid real assets and is headquartered in New York City.
Cohen & Steers MLP Income and Energy Opportunity Fund (NYSE: MIE) announced a proposal for liquidation and dissolution based on a thorough review of market challenges and the Fund's financial status. The Board of Directors believes this decision is in the best interest of stockholders. A special meeting for stockholder approval is scheduled for May 27, 2021, at 10:00 AM ET. This move comes as a response to ongoing difficulties faced by closed-end MLP funds over the past few years, aiming to address asset levels and expenses.
Cohen & Steers (NYSE: CNS) will release its fourth quarter and full year 2020 financial results on January 27, 2021, after market close. Details for the earnings release and accompanying presentation will be available on www.cohenandsteers.com. A conference call will follow on January 28, 2021, at 10:00 a.m. ET, featuring CEO Robert Steers and CFO Matthew Stadler to discuss the results and future outlook. Investors can access the call via telephone or webcast. A replay will be available for two weeks post-call.
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