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DUFF & PHELPS INVESTMENT MANAGEMENT CO

10 S. WACKER DR. 19TH FLOOR, CHICAGO, IL 60606 • 312-263-2610

Q2 2025 · Filed 2025-08-11
Market Value
$8.5B
-0.4%
Holdings
159
New Purchases
8
Added To
73
Closed
7
Reduced
51
Top 10 Concentration
27.1%
Turnover
9.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DLR 2.82% 2.32% +0.51% $239M
IRM 1.78% 1.35% +0.44% $151M
SMA 0.41% 0.00% +0.41% $35M
CSX 0.31% 0.00% +0.31% $26M
KMI 0.86% 0.58% +0.28% $73M
NEE 2.13% 1.90% +0.23% $180M
CNI 0.22% 0.00% +0.22% $18M
SRE 1.82% 1.63% +0.19% $154M
SR 0.89% 0.71% +0.17% $75M
ADC 0.18% 0.01% +0.17% $15M
DTM 0.59% 0.44% +0.16% $50M
XEL 1.77% 1.64% +0.13% $150M
MAA 1.27% 1.15% +0.11% $107M
VMI 0.17% 0.06% +0.11% $15M
KEY.TO 0.48% 0.38% +0.10% $41M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
OKE 0.74% 1.35% -0.61% $63M
UNP 0.24% 0.50% -0.26% $20M
WEC 1.38% 1.63% -0.25% $117M
TRGP 1.02% 1.25% -0.23% $86M
VTR 2.06% 2.28% -0.22% $175M
PLD 3.68% 3.90% -0.21% $312M
WES 0.00% 0.20% -0.20% $0
CNP 1.56% 1.76% -0.20% $132M
PCG 0.85% 1.04% -0.19% $72M
REXR 1.23% 1.41% -0.19% $104M
WTRG 0.94% 1.12% -0.18% $80M
O 0.13% 0.31% -0.18% $11M
NSC 0.16% 0.32% -0.15% $14M
AWK 0.77% 0.92% -0.15% $65M
LNG 1.36% 1.50% -0.15% $115M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Real Estate 45.0%
Utilities 36.6%
Energy 11.8%
Industrials 3.6%
Communication Services 2.5%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $59M 0.7%
Large Cap 103 $7.3B 85.7%
Mid Cap 48 $1.1B 13.1%
Small Cap 5 $39M 0.5%
Micro Cap 1 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$36.0B
Median Market Cap
$17.8B
Avg P/E
29.9
Median P/E
23.8
Avg Dividend Yield
0.03%
Avg Beta
0.85
# Stocks
152
# ETFs / Funds
7

Top Holdings (159 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 WELL 4.55% 2,509,637 $386M $153.73 $6M +32,891 +1.3%
2 EQIX 3.83% 407,760 $324M $795.47 $2M +12,230 +3.1%
3 PLD 3.68% 2,969,334 $312M $105.12 -$19M +4,185 +0.1%
4 DLR 2.82% 1,371,704 $239M $174.33 $42M -4,255 -0.3%
5 AMT 2.29% 877,866 $194M $221.02 $161K -13,057 -1.5%
6 NEE 2.13% 2,598,600 $180M $69.42 $19M +322,415 +14.2%
7 AVB 2.11% 878,729 $179M $203.50 -$2M +34,930 +4.1%
8 VTR 2.06% 2,767,457 $175M $63.15 -$19M -56,764 -2.0%
9 SRE 1.82% 2,036,825 $154M $75.77 $16M +93,958 +4.8%
10 AMH 1.80% 4,235,737 $153M $36.07 -$7M +8,256 +0.2%
11 IRM 1.78% 1,472,579 $151M $102.57 $37M +141,418 +10.6%
12 XEL 1.77% 2,206,529 $150M $68.10 $10M +230,078 +11.6%
13 PSA 1.77% 511,296 $150M $293.42 -$7M -12,849 -2.5%
14 SPG 1.63% 859,593 $138M $160.76 -$4M +3,745 +0.4%
15 AEE 1.58% 1,397,244 $134M $96.04 -$6M -614 -0.0%
16 EVRG 1.58% 1,945,073 $134M $68.93 -$104K -938 -0.1%
17 NI 1.58% 3,318,415 $134M $40.34 -$8M -217,226 -6.1%
18 CNP 1.56% 3,596,493 $132M $36.74 -$18M -541,105 -13.1%
19 ETR 1.52% 1,553,892 $129M $83.12 -$4M -772 -0.1%
20 WMB 1.51% 2,040,866 $128M $62.81 $6M +3,126 +0.1%
21 SO 1.46% 1,345,974 $124M $91.83 $4M +45,088 +3.5%
22 DUK 1.45% 1,043,069 $123M $118.00 $1M +42,664 +4.3%
23 WEC 1.38% 1,119,245 $117M $104.20 -$22M -152,547 -12.0%
24 LNT 1.36% 1,906,829 $115M $60.47 -$8M -9,229 -0.5%
25 LNG 1.36% 471,846 $115M $243.52 -$13M -80,307 -14.5%
26 ATO 1.36% 745,178 $115M $154.11 -$11M -68,150 -8.4%
27 CCI 1.32% 1,092,508 $112M $102.73 -$772K +8,319 +0.8%
28 BRX 1.29% 4,205,401 $110M $26.04 -$2M +3,337 +0.1%
29 MAA 1.27% 725,264 $107M $148.01 $9M +139,324 +23.8%
30 REXR 1.23% 2,924,187 $104M $35.57 -$16M -150,663 -4.9%
31 PPL 1.20% 3,010,169 $102M $33.89 -$7M -1,931 -0.1%
32 CMS 1.19% 1,453,667 $101M $69.28 -$3M +71,620 +5.2%
33 DTE 1.14% 727,542 $96M $132.46 -$4M
34 MPLX 1.11% 1,832,792 $94M $51.51 -$9M -96,000 -5.0%
35 CUBE 1.11% 2,219,524 $94M $42.50 $1M +35,760 +1.6%
36 TRP 1.09% 1,893,241 $92M $48.79 $3M -1,937 -0.1%
37 OGE 1.09% 2,078,184 $92M $44.38 -$3M -778 -0.0%
38 ET 1.08% 5,045,747 $91M $18.13 -$1M +47,140 +0.9%
39 T 1.05% 3,079,500 $89M $28.94 $2M
40 ELS 1.05% 1,436,138 $89M $61.67 -$5M +29,933 +2.1%
41 PEG 1.04% 1,045,462 $88M $84.18 $4M +20,092 +2.0%
42 TRGP 1.02% 495,650 $86M $174.08 -$20M -35,879 -6.8%
43 ESS 0.99% 297,246 $84M $283.40 -$5M +5,776 +2.0%
44 WTRG 0.94% 2,142,795 $80M $37.14 -$16M -270,969 -11.2%
45 AEP 0.93% 762,162 $79M $103.76 -$4M
46 EPRT 0.90% 2,391,968 $76M $31.91 $4M +169,413 +7.6%
47 SR 0.89% 1,030,625 $75M $72.99 $14M +254,285 +32.8%
48 KMI 0.86% 2,476,564 $73M $29.40 $24M +754,689 +43.8%
49 PCG 0.85% 5,158,929 $72M $13.94 -$17M -4,781 -0.1%
50 D 0.83% 1,238,640 $70M $56.52 $557K
51 RHP 0.79% 674,269 $67M $98.67 $7M +19,298 +3.0%
52 AWK 0.77% 468,064 $65M $139.11 -$13M -60,292 -11.4%
53 BXP 0.77% 961,754 $65M $67.47 $1M +17,273 +1.8%
54 ENB 0.74% 1,384,751 $63M $45.32 $2M +5,041 +0.4%
55 OKE 0.74% 767,723 $63M $81.63 -$53M -393,468 -33.9%
56 VZ 0.68% 1,339,489 $58M $43.27 -$3M
57 PNW 0.66% 624,930 $56M $89.47 -$4M
58 PBA 0.63% 1,428,016 $54M $37.47 -$3M +5,912 +0.4%
59 PECO 0.63% 1,522,883 $53M $35.03 -$2M +14,403 +0.9%
60 CUZ 0.63% 1,769,553 $53M $30.03 $6M +164,163 +10.2%
61 FE 0.62% 1,304,500 $53M $40.26 $7M +166,000 +14.6%
62 VNO 0.60% 1,327,406 $51M $38.24 $2M +11,189 +0.8%
63 XYL 0.60% 392,284 $51M $129.36 $5M +5,694 +1.5%
64 DTM 0.59% 458,299 $50M $109.91 $13M +73,146 +19.0%
65 SBRA 0.55% 2,549,438 $47M $18.44 $3M +16,069 +0.6%
66 FTS 0.55% 981,900 $47M $47.65 $2M
67 TU 0.50% 2,666,500 $43M $16.03 $4M
68 OGS 0.49% 576,000 $41M $71.86 -$2M
69 HST 0.49% 2,679,213 $41M $15.36 $6M +174,245 +7.0%
70 KEY.TO 0.48% 1,242,693 $41M $32.64 $8M +210,481 +20.4%
71 EPD 0.47% 1,290,489 $40M $31.01 -$9M -137,869 -9.7%
72 GLPI 0.46% 828,752 $39M $46.68 -$3M +9,322 +1.1%
73 NWN 0.44% 940,470 $37M $39.72 $4M +161,000 +20.7%
74 SMA 0.41% 956,447 $35M $36.23 +956,447 NEW
75 PAA 0.40% 1,856,900 $34M $18.32 -$10M -330,000 -15.1%
76 VLTO 0.40% 334,238 $34M $100.95 $5M +43,597 +15.0%
77 COLD 0.38% 1,948,398 $32M $16.63 -$10M -33,372 -1.7%
78 SBS 0.35% 1,361,191 $30M $21.97 $5M -13,185 -1.0%
79 BCE 0.32% 1,216,375 $27M $22.17 -$961K
80 CSX 0.31% 797,977 $26M $32.63 +797,977 NEW
81 PNR 0.30% 245,072 $25M $102.66 $5M +14,316 +6.2%
82 VICI 0.29% 757,283 $25M $32.60 -$483K -14,332 -1.9%
83 ECL 0.28% 88,401 $24M $269.44 $859K -2,163 -2.4%
84 CNM 0.27% 383,850 $23M $60.35 $5M
85 BKH 0.26% 389,700 $22M $56.10 -$2M
86 LAMR 0.24% 170,581 $21M $121.36 $1M +245 +0.1%
87 UNP 0.24% 86,810 $20M $230.08 -$22M -92,947 -51.7%
88 ES 0.23% 303,840 $19M $63.62 $459K
89 CNI 0.22% 176,477 $18M $103.99 +176,477 NEW
90 KGS 0.20% 484,960 $17M $34.27 $1M +77,883 +19.1%
91 ADC 0.18% 204,050 $15M $73.06 $14M +198,050 +3300.8%
92 WMS 0.17% 127,078 $15M $114.86 -$2M -26,516 -17.3%
93 GFL 0.17% 289,125 $15M $50.46 -$4M -92,106 -24.2%
94 VMI 0.17% 44,449 $15M $326.57 $10M +26,934 +153.8%
95 NSC 0.16% 54,205 $14M $255.97 -$13M -59,938 -52.5%
96 ACM 0.16% 118,114 $13M $112.86 $5M +33,304 +39.3%
97 BMI 0.15% 53,563 $13M $244.95 $3M
98 SPIB 0.15% 372,415 $13M $33.58 $309K +5,500 +1.5%
99 HTO 0.14% 232,932 $12M $51.97 $2M +50,630 +27.8%
100 MWA 0.14% 500,405 $12M $24.04 $1M +85,785 +20.7%

New Positions

SymbolValue% Port
SMA $35M 0.41%
CSX $26M 0.31%
CNI $18M 0.22%
FELE $6M 0.07%
AHR $4M 0.05%
ORA $757K 0.01%
GEI.TO $422K —%
SEDG $411K —%

Sold Out Positions

SymbolValue% Port
CWT —%
WES —%
AWR —%
HESM —%
AES —%
RYN —%
GTLS —%
View SEC EDGAR Filings for DUFF & PHELPS INVESTMENT MANAGEMENT CO →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms