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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 reported preliminary assets under management (AUM) of $71.2 billion as of October 31, 2020, reflecting an increase of $715 million from September 30, 2020. This growth was primarily driven by net inflows totaling $2.0 billion, though it was partially offset by market depreciation of $1.1 billion and distributions of $219 million.
Cohen & Steers, Inc. (NYSE:CNS) declared a cash dividend of $0.39 per share for Q4 2020, payable on December 1, 2020 to stockholders of record by November 16, 2020. Additionally, a special cash dividend of $1.00 per share will also be paid on the same date to stockholders of record by the same date. This announcement highlights the firm's commitment to returning earnings to shareholders alongside its focus on liquid real assets investment management.
On November 2, 2020, Cohen & Steers MLP Income and Energy Opportunity Fund (NYSE: MIE) reported the repurchase of 13,900 shares since the last update on October 1, 2020. This brings the total repurchased shares for the year to 604,976 and since inception to 758,638. The fund operates a buyback program allowing for up to 10% of its outstanding shares to be repurchased annually at management's discretion. Investors are encouraged to review the fund's investment objectives and risks before investment.
Cohen & Steers Infrastructure Fund (NYSE: UTF) announced its upcoming distribution of $0.1550 per share, payable on October 30, 2020. This is part of its managed distribution policy, which aims to provide regular, fixed-rate distributions to shareholders. The current distribution comprises 96.58% net investment income, and the cumulative returns as of September 30, 2020, show a -12.69% total return, with a 6.81% cumulative distribution rate. Shareholders are reminded that returns of capital can affect tax bases but are not taxable at the time received.
This press release from Cohen & Steers Quality Income Realty Fund, Inc. (RQI) informs shareholders about the distribution sources scheduled for October 30, 2020. The Fund follows a managed distribution policy since December 2012 to facilitate regular monthly payments. The current distribution totals $0.0800 per share, sourced from net investment income (32.5%), return of capital (67.5%), with no short- or long-term capital gains reported. The year-to-date cumulative total return is -12.80%, with a cumulative distribution rate of 6.61%. Shareholders will receive Form 1099-DIV to detail tax reporting.
The Cohen & Steers REIT and Preferred and Income Fund (RNP) announced the distribution of $0.1240 per share, payable on October 30, 2020. This distribution comprises 100% net investment income, while year-to-date distributions total $1.2400 per share, with 21.1% derived from net investment income. The Fund operates under a managed distribution policy, allowing regular monthly distributions and capital gains realization. The year-to-date cumulative total return stands at -6.05%, with a cumulative distribution rate of 5.65%. Investors are advised that actual tax characteristics will be finalized after year-end.
Cohen & Steers Select Preferred and Income Fund (PSF) announced its monthly distribution of $0.1570 per share, set for October 30, 2020. This distribution comprises $0.1027 from net investment income, $0.0543 as return of capital, while no short or long-term capital gains were realized. Year-to-date cumulative distributions total $1.6600 per share. The Fund follows a managed distribution policy allowing for regular payouts, although the Board can amend or suspend this policy at any time, which could impact share prices. Shareholders will receive a Form 1099-DIV for tax reporting at the year's end.
The Cohen & Steers Total Return Realty Fund (NYSE: RFI) announced the distribution details for shareholders, set to be paid on October 30, 2020. The Fund employs a managed distribution policy aimed at providing regular monthly payments to shareholders while allowing flexibility to realize long-term capital gains. For October 2020, the total distribution is $0.0800 per share, with 91.37% coming from long-term capital gains. The year-to-date cumulative total return stands at -7.57%, with a cumulative distribution rate of 6.47%. Shareholders should consider that returns may include a return of capital.
Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (LDP) announces its distribution details for October 30, 2020. The Fund follows a managed distribution policy initiated in December 2016, aiming to offer regular monthly distributions based on a fixed rate per share. For October 2020, the distribution totals $0.1430 per share, comprising $0.0981 from net investment income and $0.0449 as return of capital. For fiscal year 2020, the year-to-date cumulative total return is -1.87% while the cumulative distribution rate is 6.16%.
Cohen & Steers (NYSE: CNS) reported its financial results for the third quarter of 2020, which ended on September 30, 2020. The company will hold a conference call on October 22, 2020, at 10:00 a.m. ET to discuss these results. Investors can access the call via a dedicated phone line or through the company's website. Founded in 1986 and headquartered in New York City, Cohen & Steers specializes in liquid real assets, including real estate securities and listed infrastructure.
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