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DUFF & PHELPS INVESTMENT MANAGEMENT CO

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

Q3 2025 · Filed 2025-11-13
Market Value
$8.8B
+3.7%
Holdings
154
-5
New Purchases
2
Added To
46
Closed
5
Reduced
77
Top 10 Concentration
28.0%
Turnover
4.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
FR 0.85% 0.00% +0.85% $75M
WELL 5.08% 4.55% +0.52% $446M
ADC 0.68% 0.18% +0.50% $60M
ARE 0.43% 0.02% +0.41% $38M
XEL 2.16% 1.77% +0.39% $190M
SRE 2.19% 1.82% +0.37% $193M
PLD 3.87% 3.68% +0.19% $340M
UNP 0.41% 0.24% +0.18% $36M
ES 0.40% 0.23% +0.17% $35M
EPD 0.62% 0.47% +0.15% $55M
IRM 1.90% 1.78% +0.12% $167M
SPG 1.75% 1.63% +0.12% $154M
CNI 0.32% 0.22% +0.11% $29M
ETR 1.63% 1.52% +0.10% $143M
LNT 1.46% 1.36% +0.10% $128M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
REXR 0.53% 1.23% -0.70% $47M
HST 0.06% 0.49% -0.43% $5M
ET 0.76% 1.08% -0.32% $67M
AMT 1.99% 2.29% -0.30% $175M
LNG 1.10% 1.36% -0.26% $96M
LAMR 0.00% 0.24% -0.24% $0
SO 1.24% 1.46% -0.22% $109M
WMB 1.30% 1.51% -0.21% $114M
AMH 1.59% 1.80% -0.21% $140M
PBA 0.44% 0.63% -0.19% $39M
NSC 0.00% 0.16% -0.16% $0
VICI 0.14% 0.29% -0.15% $12M
HTO 0.00% 0.14% -0.14% $0
COLD 0.24% 0.38% -0.14% $21M
VTR 1.92% 2.06% -0.14% $169M

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 102 $7.5B 84.9%
Mid Cap 44 $1.2B 13.9%
Small Cap 5 $42M 0.5%
Micro Cap 1 $1M 0.0%

Portfolio Analytics

Avg Market Cap
$37.1B
Median Market Cap
$19.3B
Avg P/E
30.3
Median P/E
24.3
Avg Dividend Yield
0.03%
Avg Beta
0.85
# Stocks
147
# ETFs / Funds
7

Top Holdings (154 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 WELL 5.08% 2,504,032 $446M $178.14 $60M -5,605 -0.2%
2 EQIX 3.89% 436,765 $342M $783.24 $18M +29,005 +7.1%
3 PLD 3.87% 2,971,984 $340M $114.52 $28M +2,650 +0.1%
4 DLR 2.73% 1,385,254 $239M $172.88 $354K +13,550 +1.0%
5 SRE 2.19% 2,143,205 $193M $89.98 $39M +106,380 +5.2%
6 NEE 2.19% 2,550,122 $193M $75.49 $12M -48,478 -1.9%
7 XEL 2.16% 2,357,297 $190M $80.65 $40M +150,768 +6.8%
8 AMT 1.99% 910,251 $175M $192.32 -$19M +32,385 +3.7%
9 AVB 1.98% 899,849 $174M $193.17 -$5M +21,120 +2.4%
10 VTR 1.92% 2,413,537 $169M $69.99 -$6M -353,920 -12.8%
11 IRM 1.90% 1,642,074 $167M $101.94 $16M +169,495 +11.5%
12 SPG 1.75% 817,943 $154M $187.67 $15M -41,650 -4.8%
13 PSA 1.67% 508,821 $147M $288.85 -$3M -2,475 -0.5%
14 CNP 1.65% 3,728,380 $145M $38.80 $13M +131,887 +3.7%
15 ETR 1.63% 1,533,052 $143M $93.19 $14M -20,840 -1.3%
16 AMH 1.59% 4,209,437 $140M $33.25 -$13M -26,300 -0.6%
17 EVRG 1.57% 1,819,402 $138M $76.02 $4M -125,671 -6.5%
18 NI 1.54% 3,122,073 $135M $43.30 $1M -196,342 -5.9%
19 AEE 1.49% 1,252,421 $131M $104.38 -$3M -144,823 -10.4%
20 LNT 1.46% 1,903,207 $128M $67.41 $13M -3,622 -0.2%
21 DUK 1.45% 1,032,820 $128M $123.75 $5M -10,249 -1.0%
22 ATO 1.36% 697,504 $119M $170.75 $4M -47,674 -6.4%
23 WEC 1.34% 1,028,768 $118M $114.59 $1M -90,477 -8.1%
24 BRX 1.31% 4,162,701 $115M $27.68 $6M -42,700 -1.0%
25 CCI 1.31% 1,194,047 $115M $96.49 $3M +101,539 +9.3%
26 WMB 1.30% 1,801,290 $114M $63.35 -$14M -239,576 -11.7%
27 MAA 1.24% 781,279 $109M $139.73 $2M +56,015 +7.7%
28 SO 1.24% 1,151,486 $109M $94.77 -$14M -194,488 -14.4%
29 PPL 1.24% 2,931,810 $109M $37.16 $7M -78,359 -2.6%
30 CMS 1.21% 1,453,667 $106M $73.26 $6M
31 DTE 1.17% 727,542 $103M $141.43 $7M
32 PEG 1.12% 1,182,505 $99M $83.46 $11M +137,043 +13.1%
33 LNG 1.10% 410,089 $96M $234.98 -$19M -61,757 -13.1%
34 OGE 1.09% 2,068,714 $96M $46.27 $3M -9,470 -0.5%
35 CUBE 1.08% 2,339,974 $95M $40.66 $814K +120,450 +5.4%
36 TRP 1.06% 1,713,970 $93M $54.41 $886K -179,271 -9.5%
37 MPLX 1.04% 1,837,479 $92M $49.95 -$3M +4,687 +0.3%
38 WTRG 1.00% 2,202,525 $88M $39.90 $8M +59,730 +2.8%
39 ELS 1.00% 1,443,843 $88M $60.70 -$925K +7,705 +0.5%
40 EPRT 0.99% 2,934,243 $87M $29.76 $11M +542,275 +22.7%
41 T 0.99% 3,079,500 $87M $28.24 -$2M
42 AEP 0.98% 762,162 $86M $112.50 $7M
43 SR 0.95% 1,022,932 $83M $81.52 $8M -7,693 -0.8%
44 ESS 0.93% 304,446 $81M $267.66 -$3M +7,200 +2.4%
45 TRGP 0.91% 478,031 $80M $167.54 -$6M -17,619 -3.5%
46 D 0.86% 1,238,640 $76M $61.17 $6M
47 FR 0.85% 1,449,075 $75M $51.47 +1,449,075 NEW
48 KMI 0.82% 2,531,500 $72M $28.31 -$1M +54,936 +2.2%
49 AWK 0.77% 486,212 $68M $139.19 $3M +18,148 +3.9%
50 ET 0.76% 3,903,464 $67M $17.16 -$24M -1,142,283 -22.6%
51 PCG 0.75% 4,350,186 $66M $15.08 -$6M -808,743 -15.7%
52 ENB 0.72% 1,254,913 $63M $50.46 $566K -129,838 -9.4%
53 BXP 0.70% 828,949 $62M $74.34 -$3M -132,805 -13.8%
54 FE 0.68% 1,304,500 $60M $45.82 $7M
55 ADC 0.68% 838,570 $60M $71.04 $45M +634,520 +311.0%
56 RHP 0.68% 664,294 $60M $89.59 -$7M -9,975 -1.5%
57 VZ 0.67% 1,339,489 $59M $43.95 $911K
58 XYL 0.67% 398,243 $59M $147.50 $8M +5,959 +1.5%
59 PECO 0.66% 1,697,608 $58M $34.33 $5M +174,725 +11.5%
60 OKE 0.66% 791,311 $58M $72.97 -$5M +23,588 +3.1%
61 PNW 0.64% 624,930 $56M $89.66 $119K
62 EPD 0.62% 1,750,560 $55M $31.27 $15M +460,071 +35.6%
63 VNO 0.62% 1,345,231 $55M $40.53 $4M +17,825 +1.3%
64 CUZ 0.60% 1,813,313 $52M $28.94 -$662K +43,760 +2.5%
65 DTM 0.58% 452,797 $51M $113.06 $822K -5,502 -1.2%
66 FTS 0.57% 981,900 $50M $50.73 $3M
67 REXR 0.53% 1,134,098 $47M $41.11 -$57M -1,790,089 -61.2%
68 OGS 0.53% 576,000 $47M $80.94 $5M
69 SBRA 0.52% 2,472,988 $46M $18.64 -$915K -76,450 -3.0%
70 NWN 0.48% 940,470 $42M $44.93 $5M
71 TU 0.48% 2,666,500 $42M $15.75 -$730K
72 GLPI 0.46% 873,202 $41M $46.61 $2M +44,450 +5.4%
73 PBA 0.44% 966,286 $39M $40.44 -$14M -461,730 -32.3%
74 KEY.TO 0.43% 1,131,679 $38M $33.56 -$3M -111,014 -8.9%
75 ARE 0.43% 450,062 $38M $83.34 $36M +425,411 +1725.7%
76 VLTO 0.42% 344,881 $37M $106.61 $3M +10,643 +3.2%
77 UNP 0.41% 153,928 $36M $236.37 $16M +67,118 +77.3%
78 SMA 0.41% 959,547 $36M $37.64 $1M +3,100 +0.3%
79 ES 0.40% 493,027 $35M $71.14 $16M +189,187 +62.3%
80 SBS 0.38% 1,348,445 $34M $24.89 $4M -12,746 -0.9%
81 CSX 0.36% 892,552 $32M $35.51 $6M +94,575 +11.8%
82 PAA 0.36% 1,856,900 $32M $17.06 -$2M
83 CNI 0.32% 302,540 $29M $94.32 $10M +126,063 +71.4%
84 BCE 0.32% 1,216,375 $28M $23.39 $1M
85 PNR 0.31% 242,777 $27M $110.76 $2M -2,295 -0.9%
86 ECL 0.29% 92,844 $25M $273.86 $2M +4,443 +5.0%
87 BKH 0.27% 389,700 $24M $61.59 $2M
88 COLD 0.24% 1,724,098 $21M $12.24 -$11M -224,300 -11.5%
89 WMS 0.22% 136,558 $19M $138.70 $4M +9,480 +7.5%
90 VMI 0.21% 47,917 $19M $387.73 $4M +3,468 +7.8%
91 KIM 0.21% 839,451 $18M $21.85 $8M +368,900 +78.4%
92 CNM 0.21% 336,909 $18M $53.83 -$5M -46,941 -12.2%
93 KGS 0.20% 472,736 $17M $36.97 $857K -12,224 -2.5%
94 MWA 0.16% 559,811 $14M $25.52 $2M +59,406 +11.9%
95 ACM 0.16% 105,506 $14M $130.47 $435K -12,608 -10.7%
96 SPIB 0.15% 376,265 $13M $33.89 $246K +3,850 +1.0%
97 GFL 0.14% 257,232 $12M $47.38 -$2M -31,893 -11.0%
98 VICI 0.14% 369,133 $12M $32.61 -$13M -388,150 -51.3%
99 O 0.13% 185,746 $11M $60.79 $418K -3,000 -1.6%
100 AHR 0.12% 252,400 $11M $42.01 $7M +142,400 +129.4%

New Positions

SymbolValue% Port
FR $75M 0.85%
EQT $522K 0.01%

Sold Out Positions

SymbolValue% Port
TRNO —%
NSC —%
GLNG —%
HTO —%
LAMR —%
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