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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 invested approximately $100 million in Lineage Logistics, the leading provider of temperature-controlled logistics solutions. This investment targets the growing demand for innovative cold storage amidst evolving food supply chains. Lineage, with over 1.9 billion cubic feet across 320 facilities in 13 countries, is well-positioned for future growth. This strategic move aligns with Cohen & Steers' goal to generate alpha through private real estate investments, particularly in a post-pandemic environment where companies seek capital partners.
Cohen & Steers reported preliminary assets under management (AUM) of $72.1 billion as of August 31, 2020, reflecting an increase of $1.9 billion compared to July 31, 2020. This rise was driven by net inflows of $1.0 billion and market appreciation of $1.2 billion, though offset by distributions totaling $211 million.
The firm specializes in liquid real assets and is headquartered in New York City. The increase in AUM highlights growth in investment management capabilities.
Cohen & Steers MLP Income and Energy Opportunity Fund (MIE) has repurchased 115,682 outstanding shares since the last update on August 4, 2020, totaling 508,250 shares for the year-to-date as of August 31, 2020. This buyback is part of an authorized program allowing repurchases of up to 10% of outstanding shares. The total shares repurchased since inception on March 26, 2013, is 661,912. The management retains discretion over future repurchases, and there are no guarantees of additional buybacks.
Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) has announced the distribution sources for the $0.1550 payment due on August 31, 2020. Implemented in March 2015, the managed distribution policy aims to provide long-term returns through regular monthly payments. The current distribution comprises 78% net investment income, 22% return of capital, with no short- or long-term capital gains reported. Cumulative total return for 2020 stands at -11.02%, while the average annual total return over five years is 7.68%. Investors are advised that a portion of the distribution may be taxable as a return of capital.
The press release informs shareholders of Cohen & Steers Total Return Realty Fund (NYSE: RFI) about the sources for the upcoming distribution on August 31, 2020, and cumulative distributions for the fiscal year. The Fund follows a managed distribution policy, allowing for monthly distributions that may include net investment income, capital gains, and return of capital. As of August 2020, the total current distribution is $0.0800 per share. The Year-to-date cumulative total return is reported at -6.46%, while the average annual total return over five years stands at 6.59%. Shareholders will receive a Form 1099-DIV for tax reporting.
Cohen & Steers REIT and Preferred and Income Fund (NYSE: RNP) announced the distribution of $0.1240 per share for August 2020, part of its managed distribution policy initiated in December 2017. This policy is designed to provide long-term total return through fixed monthly distributions. The current distribution consists of 9.52% from net investment income and 90.48% from net realized short-term capital gains, while cumulative year-to-date distributions total $0.9920 per share. Shareholders are advised that tax characteristics will be finalized in the Form 1099-DIV after the fiscal year.
The press release from Cohen & Steers Limited Duration Preferred and Income Fund details the distribution to shareholders scheduled for August 31, 2020. The Fund has a managed distribution policy aimed at delivering long-term returns through regular distributions. The August distribution is $0.1430 per share, with sources including net investment income and return of capital. Year-to-date cumulative total return is -4.87%, with a cumulative distribution rate of 5.08%. The current annualized distribution rate is 7.14% for 2020. Shareholders will receive a Form 1099-DIV for tax purposes.
Cohen & Steers Quality Income Realty Fund (NYSE: RQI) announced its distribution sources for August 31, 2020. The managed distribution policy, active since December 2012, allows the Fund to distribute long-term capital gains regularly. For August, the total current distribution per share is $0.0800, comprising $0.0657 in net investment income (82.12%) and $0.0143 in short-term capital gains (17.88%). Year-to-date, the Fund's cumulative total return stands at -11.31%, while the cumulative distribution rate is 5.13%. Shareholders will receive a Form 1099-DIV for tax reporting purposes after the year-end.
Cohen & Steers Select Preferred and Income Fund (NYSE: PSF) announced its monthly distribution of $0.1570 per share, payable on August 31, 2020. The Fund's managed distribution policy, in place since December 2016, allows for regular monthly distributions and provides flexibility in realizing long-term capital gains. This month’s distribution consists of $0.1294 from net investment income and $0.0276 from return of capital. Year-to-date cumulative total return is -4.38%, with a cumulative distribution rate of 5.40%. Shareholders will receive a Form 1099-DIV for tax reporting.
Cohen & Steers (NYSE: CNS) announced upcoming changes to its International Realty Majors Portfolio Index (IRP) and Global Realty Majors Portfolio Index (GRM), effective August 21, 2020. The adjustments include the addition of LondonMetric Property PLC (LMP.LN), Warehouses De Pauw SCA (WDP.BB), and Fabege AB (FABG.SS) to both indexes. Conversely, Unibail-Rodamco-Westfield (URW.NA), GPT Group (GPT.AU), and Hongkong Land Holdings Ltd. (HKL.SP) will be removed. These modified market capitalization-weighted total return indexes serve as benchmarks for real estate equity securities.
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