Cohen & Steers (NYSE: CNS) is committed to investment excellence and placing the interests of clients first. In that spirit, all share classes of the Cohen & Steers Real Estate Securities Fund (Class A: CSEIX; Class C: CSCIX; Class I: CSDIX; Class R: CIRRX; Class Z: CSZIX; Class F: CREFX) will be closed to new investors, effective at the close of business on November 8, 2019. The Fund will remain open to its current shareholders, participants in qualifying retirement plans, and existing intermediary-sponsored discretionary models.
The Fund's exceptional performance versus its peers and benchmark has resulted in sustained asset growth in recent years. As of August 31, 2019, the Fund had assets under management of $6.0 billion and carried a 5-star Morningstar rating. It ranked in the top decile of Morningstar's U.S. Real Estate fund category for the five- and 10-year periods, and in the top quartile for the one- and three-year periods.(1)
Joseph Harvey, Cohen & Steers President and Chief Investment Officer, said:
"Striving to deliver consistent outperformance is central to our competitive advantage and reputation. The Fund invests across the REIT market-capitalization spectrum and opportunistically invests in international real estate securities, real estate fixed income securities and options. Closing the Fund to new investors should allow us to maintain an asset level that will preserve our ability to meet the Fund's investment objectives."
"Our other real estate strategies, which invest primarily in high-quality, large- and mid-cap companies, have significant capacity and will remain open to new investors. We continue to see meaningful potential for asset growth across our listed real assets and alternative income strategies, and we are committed to expanding our global footprint into new markets and distribution channels."
Cohen & Steers continues to offer attractive options for new investors looking to participate in real estate opportunities, through mutual funds, collective investment trusts and separate accounts. These include the firm's flagship real estate fund, Cohen & Steers Realty Shares (A: CSJAX; I: CSJIX), and Cohen & Steers Institutional Realty Shares (CSRIX). The 5-star Morningstar-rated Realty Shares stands in the top decile among its Morningstar category peers for the one-, three- and five- periods, and in the top quartile for the 10-year period. Realty Shares recently reduced its fees and expanded its share classes to provide investors greater access through brokerage, advisory and retirement platforms. Institutional Realty Shares is managed similarly to Realty Shares and has a $1 million investment minimum. For investors looking for global real estate exposure, Cohen & Steers Global Realty Shares (A: CSFAX; I: CSSPX) also features a strong performance track record.
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong and Tokyo.
