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DUFF & PHELPS INVESTMENT MANAGEMENT CO

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

Q4 2025 · Filed 2026-01-26
Market Value
$8.8B
Holdings
151
-3
New Purchases
2
Added To
72
Closed
7
Reduced
55
Top 10 Concentration
29.0%
Turnover
6.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PLD 4.58% 3.87% +0.71% $403M
FR 1.42% 0.85% +0.57% $125M
WELL 5.51% 5.08% +0.44% $484M
VTR 2.27% 1.92% +0.35% $199M
EQIX 4.17% 3.89% +0.28% $366M
PCG 0.95% 0.75% +0.21% $84M
TRGP 1.10% 0.91% +0.19% $96M
EPRT 1.16% 0.99% +0.16% $102M
RHP 0.84% 0.68% +0.16% $73M
D 1.00% 0.86% +0.13% $87M
UNP 0.55% 0.41% +0.13% $48M
ARE 0.56% 0.43% +0.13% $49M
ADC 0.79% 0.68% +0.11% $69M
GLPI 0.57% 0.46% +0.10% $50M
SPG 1.85% 1.75% +0.10% $162M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IRM 1.49% 1.90% -0.41% $131M
PSA 1.33% 1.67% -0.35% $117M
NEE 1.89% 2.19% -0.30% $166M
DUK 1.20% 1.45% -0.26% $105M
COLD 0.01% 0.24% -0.23% $1M
XEL 1.98% 2.16% -0.19% $174M
WEC 1.18% 1.34% -0.16% $103M
EVRG 1.42% 1.57% -0.16% $124M
AMT 1.83% 1.99% -0.16% $161M
ACM 0.00% 0.16% -0.16% $0
SPIB 0.00% 0.15% -0.15% $0
O 0.00% 0.13% -0.13% $0
AEE 1.37% 1.49% -0.12% $120M
ATO 1.24% 1.36% -0.11% $109M
CCI 1.21% 1.31% -0.11% $106M

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 $55M 0.6%
Large Cap 100 $7.4B 84.1%
Mid Cap 43 $1.3B 14.8%
Small Cap 5 $40M 0.5%
Micro Cap 1 $2M 0.0%

Portfolio Analytics

Avg Market Cap
$37.2B
Median Market Cap
$19.3B
Avg P/E
30.4
Median P/E
24.3
Avg Dividend Yield
0.03%
Avg Beta
0.85
# Stocks
144
# ETFs / Funds
7

Top Holdings (151 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 WELL 5.51% 2,609,690 $484M $185.61 $38M +105,658 +4.2%
2 PLD 4.58% 3,156,371 $403M $127.66 $63M +184,387 +6.2%
3 EQIX 4.17% 478,333 $366M $766.16 $24M +41,568 +9.5%
4 DLR 2.72% 1,542,710 $239M $154.71 -$810K +157,456 +11.4%
5 VTR 2.27% 2,576,274 $199M $77.38 $30M +162,737 +6.7%
6 SRE 2.10% 2,086,619 $184M $88.29 -$9M -56,586 -2.6%
7 XEL 1.98% 2,352,387 $174M $73.86 -$16M -4,910 -0.2%
8 AVB 1.94% 940,065 $170M $181.31 -$3M +40,216 +4.5%
9 NEE 1.89% 2,068,314 $166M $80.28 -$26M -481,808 -18.9%
10 SPG 1.85% 877,686 $162M $185.11 $9M +59,743 +7.3%
11 AMT 1.83% 917,855 $161M $175.57 -$14M +7,604 +0.8%
12 AMH 1.66% 4,556,397 $146M $32.10 $6M +346,960 +8.2%
13 CNP 1.66% 3,811,242 $146M $38.34 $1M +82,862 +2.2%
14 ETR 1.66% 1,579,455 $146M $92.43 $3M +46,403 +3.0%
15 IRM 1.49% 1,580,452 $131M $82.95 -$36M -61,622 -3.8%
16 NI 1.48% 3,106,606 $130M $41.76 -$5M -15,467 -0.5%
17 FR 1.42% 2,184,408 $125M $57.27 $51M +735,333 +50.7%
18 EVRG 1.42% 1,715,935 $124M $72.49 -$14M -103,467 -5.7%
19 LNT 1.40% 1,898,522 $123M $65.01 -$5M -4,685 -0.2%
20 AEE 1.37% 1,204,941 $120M $99.86 -$10M -47,480 -3.8%
21 MAA 1.34% 850,093 $118M $138.91 $9M +68,814 +8.8%
22 PSA 1.33% 449,410 $117M $259.50 -$30M -59,411 -11.7%
23 BRX 1.32% 4,430,543 $116M $26.22 $945K +267,842 +6.4%
24 WMB 1.28% 1,865,628 $112M $60.11 -$2M +64,338 +3.6%
25 ATO 1.24% 652,306 $109M $167.63 -$10M -45,198 -6.5%
26 SO 1.23% 1,238,217 $108M $87.20 -$1M +86,731 +7.5%
27 PPL 1.22% 3,055,621 $107M $35.02 -$2M +123,811 +4.2%
28 CCI 1.21% 1,192,658 $106M $88.87 -$9M -1,389 -0.1%
29 DUK 1.20% 896,780 $105M $117.21 -$23M -136,040 -13.2%
30 WEC 1.18% 981,194 $103M $105.46 -$14M -47,574 -4.6%
31 DTE 1.16% 792,446 $102M $128.98 -$687K +64,904 +8.9%
32 CMS 1.16% 1,453,667 $102M $69.93 -$5M
33 EPRT 1.16% 3,424,842 $102M $29.66 $14M +490,599 +16.7%
34 CUBE 1.12% 2,719,631 $98M $36.05 $3M +379,657 +16.2%
35 MPLX 1.11% 1,832,003 $98M $53.37 $6M -5,476 -0.3%
36 TRGP 1.10% 522,546 $96M $184.50 $16M +44,515 +9.3%
37 PEG 1.08% 1,179,391 $95M $80.30 -$4M -3,114 -0.3%
38 ELS 1.07% 1,545,120 $94M $60.61 $6M +101,277 +7.0%
39 TRP 1.06% 1,696,644 $93M $55.01 $75K -17,326 -1.0%
40 LNG 1.02% 462,495 $90M $194.39 -$6M +52,406 +12.8%
41 OGE 1.02% 2,096,429 $90M $42.70 -$6M +27,715 +1.3%
42 AEP 1.00% 762,162 $88M $115.31 $2M
43 D 1.00% 1,492,575 $87M $58.59 $12M +253,935 +20.5%
44 ESS 0.98% 328,657 $86M $261.68 $5M +24,211 +8.0%
45 WTRG 0.96% 2,188,681 $84M $38.36 -$4M -13,844 -0.6%
46 PCG 0.95% 5,210,950 $84M $16.07 $18M +860,764 +19.8%
47 SR 0.93% 983,436 $81M $82.70 -$2M -39,496 -3.9%
48 T 0.89% 3,140,500 $78M $24.84 -$9M +61,000 +2.0%
49 RHP 0.84% 776,253 $73M $94.62 $14M +111,959 +16.9%
50 ADC 0.79% 957,943 $69M $72.03 $9M +119,373 +14.2%
51 KMI 0.76% 2,434,803 $67M $27.49 -$5M -96,697 -3.8%
52 ENB 0.74% 1,363,419 $65M $47.83 $2M +108,506 +8.7%
53 PECO 0.72% 1,788,426 $64M $35.57 $5M +90,818 +5.3%
54 ET 0.71% 3,765,800 $62M $16.49 -$5M -137,664 -3.5%
55 BXP 0.67% 879,131 $59M $67.48 -$2M +50,182 +6.0%
56 AWK 0.67% 449,022 $59M $130.50 -$9M -37,190 -7.7%
57 FE 0.66% 1,304,500 $58M $44.77 -$1M
58 PNW 0.63% 624,930 $55M $88.70 -$600K
59 VZ 0.62% 1,339,489 $55M $40.73 -$4M
60 CUZ 0.61% 2,091,727 $54M $25.78 $1M +278,414 +15.3%
61 SBRA 0.60% 2,788,795 $53M $18.94 $7M +315,807 +12.8%
62 OKE 0.60% 717,725 $53M $73.50 -$5M -73,586 -9.3%
63 FTS 0.58% 981,900 $51M $52.06 $1M
64 XYL 0.57% 369,910 $50M $136.18 -$8M -28,333 -7.1%
65 EPD 0.57% 1,561,283 $50M $32.06 -$5M -189,277 -10.8%
66 GLPI 0.57% 1,114,299 $50M $44.69 $9M +241,097 +27.6%
67 ARE 0.56% 999,846 $49M $48.94 $11M +549,784 +122.2%
68 VNO 0.56% 1,466,710 $49M $33.28 -$6M +121,479 +9.0%
69 UNP 0.55% 207,322 $48M $231.32 $12M +53,394 +34.7%
70 OGS 0.51% 576,000 $44M $77.25 -$2M
71 REXR 0.50% 1,145,690 $44M $38.72 -$2M +11,592 +1.0%
72 DTM 0.50% 369,048 $44M $119.68 -$7M -83,749 -18.5%
73 ES 0.47% 607,620 $41M $67.33 $6M +114,593 +23.2%
74 NWN 0.46% 856,710 $40M $46.74 -$2M -83,760 -8.9%
75 PAA 0.44% 2,176,900 $39M $17.96 $7M +320,000 +17.2%
76 KEY.TO 0.44% 1,200,638 $39M $32.10 $565K +68,959 +6.1%
77 PBA 0.42% 963,076 $37M $38.14 -$2M -3,210 -0.3%
78 VLTO 0.40% 356,391 $36M $99.78 -$1M +11,510 +3.3%
79 TU 0.40% 2,666,500 $35M $13.20 -$7M
80 SBS 0.39% 1,444,628 $34M $23.85 $892K +96,183 +7.1%
81 SMA 0.39% 1,099,700 $34M $30.94 -$2M +140,153 +14.6%
82 CNI 0.38% 336,789 $33M $99.03 $5M +34,249 +11.3%
83 CSX 0.33% 805,115 $29M $36.25 -$3M -87,437 -9.8%
84 BKH 0.31% 389,700 $27M $69.42 $3M
85 BCE 0.31% 1,127,288 $27M $23.82 -$2M -89,087 -7.3%
86 PNR 0.30% 250,547 $26M $104.14 -$798K +7,770 +3.2%
87 ECL 0.27% 90,879 $24M $262.52 -$2M -1,965 -2.1%
88 WMS 0.23% 139,606 $20M $144.83 $1M +3,048 +2.2%
89 KIM 0.22% 935,321 $19M $20.27 $617K +95,870 +11.4%
90 VMI 0.21% 46,903 $19M $402.32 $291K -1,014 -2.1%
91 CNM 0.21% 357,052 $19M $51.97 $420K +20,143 +6.0%
92 KGS 0.20% 462,123 $17M $37.40 -$194K -10,613 -2.2%
93 AHR 0.18% 328,275 $15M $47.06 $5M +75,875 +30.1%
94 GFL 0.16% 323,747 $14M $42.95 $2M +66,515 +25.9%
95 MWA 0.15% 547,963 $13M $23.82 -$1M -11,848 -2.1%
96 FELE 0.12% 110,184 $11M $95.53 $1M +12,591 +12.9%
97 TMO 0.11% 16,191 $9M $579.45 $3M +2,025 +14.3%
98 WTS 0.11% 33,888 $9M $276.02 -$315K -733 -2.1%
99 BMI 0.10% 51,938 $9M $174.41 -$417K -1,123 -2.1%
100 WM 0.10% 38,217 $8M $219.71 $3M +15,214 +66.1%

New Positions

SymbolValue% Port
SUNC $5M 0.06%
AROC $551K 0.01%

Sold Out Positions

SymbolValue% Port
SUN —%
ACM —%
MP —%
O —%
VLO —%
VOD —%
SPIB —%
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