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Results 1–50
of 84 found.
International Real Estate Securities: Review and Outlook
We would like to share with you our review and outlook for the international real estate securities market as of July 31, 2012. The FTSE EPRA/NAREIT Developed ex-U.S. Real Estate Index had a total return of 5.2% for the month (net of dividend withholding taxes) in U.S. dollars. By comparison, U.S. REITs returned 2.0% for the month, as measured by the FTSE NAREIT Equity REIT Index. Year to date, the indexes returned 21.3% and 17.2%, respectively.
Closed-End Funds
by Douglas Bond of Cohen & Steers,
We would like to share with you our review and outlook for the closed-end fund market as of July 31, 2012. For the month, the total return of the Morningstar U.S. All Taxable ex-Foreign Equity Closed-End Fund Index was 3.0% based on market price and 2.3% based on net asset value (NAV). Year to date, the index had a market-price return of 11.8% and a NAV return of 8.1%. By comparison, the S&P 500 Index and the Barclays Capital U.S.
U.S. Real Estate Securities: Review and Outlook
We would like to share with you our review and outlook for the U.S. real estate securities market as of July 31, 2012. The FTSE NAREIT Equity REIT Index had a total return of 2.0% for the month, compared with a 1.4% return for the S&P 500 Index. Year to date, the indexes returned 17.2% and 11.0%, respectively.
European Real Estate Securities: Review and Outlook
We would like to share with you our review and outlook for the European real estate securities market as of July 31, 2012. For the month, the FTSE EPRA/NAREIT Developed Europe Real Estate Index had a total return of 3.9% (in U.S. dollars, net of dividend withholding taxes). By comparison, U.S. REITs had a total return of 2.0%, as measured by the FTSE NAREIT Equity REIT Index. Year to date, the indexes had total returns of 14.0% and 17.2%, respectively.
Large Cap Value: Review and Outlook
by Richard Helm of Cohen & Steers,
We would like to share with you our review and outlook for the U.S. large cap value market as of July 31, 2012. For the month, the Russell 1000 Value Index had a total return of 1.0%, compared with a total return of 1.4% for the S&P 500 Index.
Preferred Securities: Review and Outlook
We would like to share with you our review and outlook for the preferred securities market as of July 31, 2012. For the month, the BofA Merrill Lynch Fixed Rate Preferred Index had a total return of 1.7% and the BofA Merrill Lynch Capital Securities Index returned 2.9%. Year to date, the indexes had total returns of 11.1% and 12.7%, respectively.
Emerging Markets Real Estate Securities: Review & Outlook
by Jason Yablon of Cohen & Steers,
We would like to share with you our review and outlook for emerging markets real estate securities as of July 31, 2012. For the month, the FTSE EPRA/NAREIT Emerging Real Estate Index had a total return of 2.2% in U.S. dollars (net of dividend withholding taxes), compared with 3.6% for the FTSE EPRA/NAREIT Developed Real Estate Index (net), a broad measure of the global real estate securities market. Year to date, the indexes returned 19.0% and 18.9%, respectively.
Global Listed Infrastructure: Review and Outlook
We would like to share with you our review of the global infrastructure securities market as of July 31, 2012. For the month, the UBS Global 50/50 Infrastructure & Utilities Index had a total return of 0.5% (net of dividend withholding taxes). Year to date, the index had a return of 5.0%.
Global Real Estate Securities: Review and Outlook
We would like to share with you our review and outlook for the global real estate securities market as of July 31, 2012. The FTSE EPRA/NAREIT Developed Real Estate Index had a total return of 3.6% for the month (net of dividend withholding taxes) in U.S. dollars. Year to date, the index returned 18.9%.
Investment Review & Outlook
by Team of Cohen & Steers,
The headlines in Europe were dominated by political uncertainty and prospects for a prolonged recession, amid signs of deteriorating economic conditions around the globe. The U.S. economy decelerated, as the positive effects of the mild winter wore off and both hiring and spending slowed. Treasury yields fell to all-time lows and oil prices plummeted roughly 30% from their February peak.
Cohen & Steers Closed-End Fund Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for the closed-end fund market as of May 31, 2012. For the month, the total return of the Morningstar U.S. All Taxable ex-Foreign Equity Closed-End Fund Index was 4.4 percent based on market-price and 4.6 percent on a net-asset-value (NAV) basis. Year to date, the index had a market-price total return of 5.1 percent and a NAV return of 2.6 percent.
Cohen & Steers U.S. Real Estate Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for the U.S. real estate securities market as of May 31, 2012. The FTSE NAREIT Equity REIT Index had a total return of 4.5% for the month, compared with a 6.0% return for the S&P 500 Index. Year to date, the indexes returned +8.8% and +5.2%, respectively.
Cohen & Steers European Real Estate Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for the European real estate securities market as of May 31, 2012. For the month, the FTSE EPRA/NAREIT Developed Europe Real Estate Index had a total return of 7.5% (in U.S. dollars, net of dividend withholding taxes). By comparison, U.S. REITs had a total return of 4.5%, as measured by the FTSE NAREIT Equity REIT Index. Year to date, the indexes had total returns of +3.0% and +8.8%, respectively.
Cohen & Steers Emerging Markets Real Estate Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for emerging markets real estate securities as of May 31, 2012. For the month, the FTSE EPRA/NAREIT Emerging Real Estate Index had a total return of 9.7% in U.S. dollars (net of dividend withholding taxes), compared with 6.4% for the FTSE EPRA/NAREIT Developed Real Estate Index (net), a broad measure of the global real estate securities market. Year to date, the indexes returned +9.8% and +7.9%, respectively.
Cohen & Steers Global Infrastructure Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review of the global infrastructure securities market as of May 31, 2012. The UBS Global 50/50 Infrastructure & Utilities Index had a total return of 6.2% (net of dividend withholding taxes) for the month. Year to date, the index returned 2.1%.
Cohen & Steers Large Cap Value Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for the U.S. large cap value market as of May 31, 2012. For the month, the Russell 1000 Value Index had a total return of 5.9%, compared with a total return of 6.0% for the S&P 500 Index. For the year to date, the Russell 1000 Value Index had a total return of +3.5%, compared with +5.2% for theS&P 500 Index.
Cohen & Steers Preferred Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for the preferred securities market as of May 31, 2012. For the month, the BofA Merrill Lynch Fixed Rate Preferred Index had a total return of 0.3% and the BofA Merrill Lynch Capital Securities Index returned 0.7%. Year to date, the indexes had total returns of +6.9% and +7.7%, respectively.
Cohen & Steers Global Real Estate Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for the
global real estate securities market as of May 31, 2012. The
FTSE EPRA/NAREIT Developed Real Estate Index had a total
return of 6.4% for the month (net of dividend withholding
taxes) in U.S. dollars. Year to date, the index returned +7.9%.
Cohen & Steers International Real Estate Securities Strategy
by Team of Cohen & Steers,
We would like to share with you our review and outlook for theinternational real estate securities market as of May 31, 2012. The FTSE EPRA/NAREIT Developed ex-U.S. Real Estate Index had a total return of 8.0% for the month (net of dividendwithholding taxes) in U.S. dollars. By comparison, U.S. REITs returned 4.5% for the month, as measured by the FTSE NAREIT Equity REIT Index. Year to date, the indexes returned +7.3% and +8.8%, respectively.
Emerging Markets Real Estate Securities April 2012 Review and Outlook
by Team of Cohen & Steers,
In a global economy characterized by moderating inflation and tepid growth in developed markets, we believe emerging markets real estate securities offer attractive upside potential on a risk-adjusted basis. Policymakers in emerging economies have indicated increasing comfort with accommodative monetary policies, while domestic demand remains robust, creating a positive operating environment for both landlords and developers. On a relative value basis, we are finding more opportunities in residential developers, as we believe share prices remain depressed following their poor 2011 returns.
Global Listed Infrastructure Investment Review and Outlook April 2012
by Team of Cohen & Steers,
The predictable income, modest volatility and long-term growth potential of infrastructure securities continue to offer an attractive combination in the present market environment. We remain focused on subsectors we believe offer attractive relative valuations and compelling growth dynamics, such as pipelines, water and communications infrastructure. We are significantly underweight electric utilities given continued sector-specific fundamental and regulatory risks.
Preferred Securities Review & Outlook for April 2012
by Team of Cohen & Steers,
Barring meaningful erosion in the economic backdrop, preferreds can continue to deliver attractive total returns due to generally improving credit fundamentals and historically wide credit spreads. In addition, favorable technicals should continue to support the asset class, as investor appetite for income is likely to remain strong and the overall size of the market could shrink as banks retire issues that may lose Tier 1 capital status. Preferreds offer an average yield close to 7%, which is significantly higher than other investment-grade alternatives such as corporate bonds and Treasurys.
U.S. Real Estate Securities Review & Outlook for April 2012
by Team of Cohen & Steers,
We have a generally favorable view of key office markets, including life sciences, technology and media, as well as NY offices broadly. We have decreased our allocation to apartments based on valuations and the prospects for more direct and indirect (housing rentals) competition. We continue to favor prime retail owners, while staying cautious toward health care properties, suburban offices and secondary retail.
Real Assets
by Team of Cohen & Steers,
Chinas economic growth is a key theme that drives our outlook for real asset categories. As the worlds dominant consumer of most commodities, China is the largest importer of iron ore, producer of steel and consumer of copper. About 65% of the worlds soybean production is imported to the region. Thus, we were encouraged by central bank easing in response to the first-quarter slowdown, as it seems to have orchestrated a soft landing. Should there be further policy actions, it could spur opportunities in a number of natural resource categories.
U.S. Large Cap Value Investment Commentary As of April 30, 2012
by Team of Cohen & Steers,
The economic expansion is likely to continue, but at a pace that is modest both in absolute terms and relative to previous recoveries. Many stocks are still attractively valued, in our view, and they have the potential to advance in the coming months. At the same time we are watchful of global economic developments, particularly in Europe and the Middle East. A winding down of monetary stimulus (such as the Federal Reserves Operation Twist program) could create headwinds.
European Real Estate Securities April 2012 Reivew & Outlook
by Team of Cohen & Steers,
Valuations for many listed real estate companies have reached levels that are likely too low on a relative basis. We continue to closely monitor macroeconomic developments, and remain focused on companies that we think are best positioned to shield themselves from the adverse effects of deleveraging. Specifically, we generally favor high-quality companies with strong balance sheets and relatively low cash flow multiples. We continue to like London offices and the Berlin residential market.
Closed-End Funds April 2012 Review and Outlook
by Team of Cohen & Steers,
Given various risks to the domestic and global economies and generally modest inflation, monetary policy in the US will remain accommodative. With borrowing rates likely to remain low for an extended period, the yield advantage of leveraged closed-end funds will continue to draw investor interest. As a result, we see potential for the broad closed-end fund market to maintain historically narrow discounts, or even at times trade at premiums to NAV.
U.S. Real Estate Securities Review and Outlook, First Quarter 2012
by Team of Cohen & Steers,
We have a very favorable view of specific office markets, including life sciences, technology and media, as well as New York offices broadly. We also continue to like prime retail and self storage owners, which are seeing very strong fundamentals. In contrast, we remain cautious toward health care properties and secondary retail. We have also reduced our allocation to apartment REITs on the margin following their strong run in 2011.
International Real Estate Securities Investment Review & Outlook First Quarter 2012
by Team of Cohen & Steers,
Europes attempt to rein in its fiscal imbalances has made for a negative macroeconomic backdrop, and we expect a moderate recession as a base-case scenario for the continent, marked by more severe contraction in the southern region. The recent LTRO facilities have prevented a severe credit crunch and collapse of the EU banking system. However, we take the view that this three-year program merely buys time to sort out the overleveraged balance sheets of most EU banks. It does not solve the long-term solvency crisis facing Greece and possibly Portugal.
Preferred Securities First Quarter 2012 Review and Outlook
by Team of Cohen & Steers,
Preferred securities continue to offer a compelling total return proposition. Treasury yields are at or near historic lows, and the Federal Reserve appears committed to holding interest rates steady for the foreseeable future. At the same time, with preferred yields near 7%, the yield spread between preferred securities and Treasuries remains far wider than its long-term average, and few other investments offer as much income.
European Real Estate Securities Investment Reivew & Outlook First Quarter 2012
by Team of Cohen & Steers,
Europes attempt to rein in its fiscal imbalances has made for a negative macroeconomic backdrop, and we expect a moderate recession as a base-case scenario for the continent, marked by more severe contraction in the southern region. The recent LTRO facilities have prevented a severe credit crunch and collapse of the EU banking system. However, we take the view that this three-year program merely buys time to sort out the overleveraged balance sheets of most EU banks; it does not solve the long-term solvency crisis facing Greece and possibly Portugal.
Global Listed Infrastructure Investment Commentary
by Team of Cohen & Steers,
Infrastructure securities predictable income, modest volatility and long-term growth potential have always attracted income-focused, risk-averse investors. If market volatility increases in the second half of the year, we expect these qualities will exert an even greater pull.
Emerging Markets Real Estate Securities Investment Review & Outlook First Quarter 2012
by Team of Cohen & Steers,
A general moderation in inflation pressures is giving emerging market authorities more liberty to pursue policy stimulus, auguring well for domestic growth. We believe this will create opportunities for residential developers in various markets and we have increased our allocation to these companies.
Closed End Funds First Quarter 2012 Review and Outlook
by Team of Cohen & Steers,
. With borrowing rates likely to remain low for an extended period, we believe the yield advantage of leveraged closed-end funds will continue to draw investor interest. As a result, we see potential for the broad closed-end fund market to trade at even narrower discounts or even premiums to NAV. In addition, the recent success of new issues should allow the closed-end fund IPO window to remain open in 2012. At the present pace, we do not believe new supply will pressure pricing in the secondary market or impede discount narrowing.
Global Real Estate Securities Investment Review and Outlook First Quarter 2012
by Team of Cohen & Steers,
We are encouraged by the recent trend of U.S. economic data showing measured improvement, although our expectation for GDP growth in 2012 remains modest at around 2%. With funding costs likely to remain low and demand showing signs of strengthening, we believe U.S. real estate fundamentals will continue to gradually improve in 2012, driven by growing demand from tenants and the scarcity of new supply in most markets. We believe these fundamentals will help support growth in asset values and dividend distributions for the U.S. public real estate sector.
U.S. Large Cap Value Investment Commentary as of March 31, 2012
by Team of Cohen & Steers,
Valuations are still attractive, in our view, if somewhat less so than at the beginning of the year, and volatility has subsided. We expect to see an increase in dividend payers; Apple has opened the door for other technology companies, a sector that has had a relatively low proportion of dividend-paying companies. We are also seeing solid dividend increases among industrials companies.
Global Listed Infrastructure - February 2012 Review & Outlook
by Team of Cohen & Steers,
We have a positive near-term outlook for infrastructure securities based on improving U.S. economic data and stabilizing credit conditions in Europe. But our optimism remains tempered by rising sovereign debt levels in Europe and the United States and a likely protracted period of economic hardship in the European periphery. Emerging markets are likely to be somewhat stronger, in our view, driven by better structural demand and monetary easing. For this reason, we have increased our investments in Brazil, China and Mexico.
Closed End Funds - February 2012 Review and Outlook
by Team of Cohen & Steers,
The U.S. economic picture has brightened since the fall of 2011, and we expect the trend to continue. We are also encouraged by progress in Europe, as economic austerity measures will likely weigh meaningfully on the regions growth. In this period of extended easy monetary policy by the Fed, we believe the yield advantage of leveraged closed-end funds will continue to draw investor interest. The success of recent IPOs should bode well for closed-end fund issuance in 2012, although we do not believe new supply will pressure pricing in the secondary market or impede discount narrowing.
Emerging Markets Real Estate Securities - Investment Review & Outlook February 2012
by Team of Cohen & Steers,
As emerging economies work through the late stages of a mid-cycle slowdown, policy markets are attempting to engineer soft landings as inflation pressures continue to moderate. Given the potential for better domestic growth in such an environment, we expect to take advantage of buying opportunities among residential developers. Our favored markets include Brazil, based on its natural resources, growing consumption trends and shareholder-friendly business environment. We particularly like the retail market, which continues to exhibit strong fundamentals.
Europe Investment Review & Outlook February 2012
by Team of Cohen & Steers,
Europes difficult grapple with its fiscal crises has made for a negative macroeconomic backdrop, and we expect a moderate recession as a base-case scenario for the region. The recent LTRO facilities have prevented a severe credit crunch and collapse of the EU banking system. However, we take the view that this three-year program merely buys time to sort out the overleveraged balance sheets of most EU banks; it does not solve the long-term solvency crisis facing Greece and possibly Portugal.
Large Cap Value Strategy February 2012 Review & Outlook
by Team of Cohen & Steers,
Our near-term outlook for the U.S. economy and markets is increasingly favorable, as several of our long-term concerns appear to be easing. Economic indicators are strengthening, the danger of a eurozone collapse has receded and earnings reports for 2011 have been good. Valuations remain attractive, if somewhat less so than a few months ago, and investors are poised to put their considerable cash balances back to work. Cyclical names and sectors are most likely to lead the rally over the next few months.
Preferred Securities - February 2012 Review and Outlook
by Team of Cohen & Steers,
We are encouraged by the trajectory of U.S. economic data and credit trends, as well as positive developments in Europe that have somewhat brightened the outlook for risk assets. However, we are closely monitoring various macro risks that could weigh on the global economic recovery, including a recession in Europe, high oil prices and slowing growth in China. Our portfolio remains more heavily weighted towards domestic issuers and is somewhat conservative relative to credit. That said, we continue to add to certain European issues and other higher-beta securities.
International Real Estate Securities- Investment Review & Outlook - February 2012
by Team of Cohen & Steers,
International real estate securities added to their year-to-date gains in February, although the pace of the rally moderated. Most markets in Europe and Asia Pacific continued to benefit from the retreat of macro risk concerns. Europes difficult grapple with its fiscal crises has made for a negative macroeconomic backdrop, and we expect a moderate recession as a base-case scenario for the region. Given this environment, we seek to invest in companies that are best able to shield themselves from the most adverse effects of slowing economies and a general deleveraging.
U.S. Real Estate Securities - February 2012 Review & Outlook
by Team of Cohen & Steers,
We are encouraged by the recent trend of U.S. economic data showing measured improvement, including solid employment gains, as well as positive developments in Europe that have somewhat brightened the outlook for risk assets globally. With funding costs likely to remain low and demand showing signs of strengthening, we believe U.S. real estate fundamentals will continue to gradually improve in 2012, supported by a scarcity of new supply in most markets.
Global Real Estate Securities Investment Review and Outlook February 2012
by Team of Cohen & Steers,
Global real estate securities added to their year-to-date gains in February, although the pace of the rally moderated. Most markets in Europe and Asia Pacific continued to benefit from the retreat of macro risk concerns. U.S. REITs, which advanced in 2011 while other regions struggled, had a modest decline.
Global Real Estate Securities - January 2012 Review & Outlook
by Team of Cohen & Steers,
We are encouraged by the recent trend of U.S. economic data showing measured improvement, including steady employment gains. With funding costs remaining low and demand showing signs of strengthening, we believe U.S. real estate fundamentals will continue to gradually improve in 2012. Importantly, new supply remains scarce in most sectors, due in large part to banks continued reluctance to finance speculative development projects.
International Real Estate Securities - January 2012 Review & Outlook
by Team of Cohen & Steers,
International real estate securities rallied along with stocks broadly in January amid an easing of macro risk concerns. Positive developments in Europe significantly reduced the risk of a liquidity crisis, while data from China suggested the country was successfully navigating a soft landing to its economy. Meanwhile, the U.S. economy continued to show evidence of modest yet self-sustaining growth.
Global Listed Infrastructure - January 2012 Review & Outlook
by Team of Cohen & Steers,
We have a positive near-term outlook for infrastructure securities based on improving U.S. economic data and stabilizing credit conditions in Europe. But there are still headwinds. The road to Europes recovery is unlikely to be smooth; and in the United States, state and local government debt may dampen growth. Emerging markets are likely to be somewhat stronger, in our view, driven by better structural demand. For this reason, we have increased our investments in Brazil, China and Mexico.
Results 1–50
of 84 found.