Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests mainly in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for 62% of its $80.4 billion in managed assets at the end of 2022. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. It expects to balance distribution among its closed-end mutual funds, open-end mutual funds, and institutional accounts over time. During 2022, the company garnered 40% (25%) of its managed assets (base management fees) from institutional clients, 46% (55%) from open-end funds, and 14% (20%) from closed-end funds.