Company Reports

Cohen & Steers ended July 2026 with $102.5 billion in assets under management, or AUM, up 15.7% year over year on solid market gains and positive flows.

Higher interest rates, headwinds from equity and credit markets, and increased competition from private real estate vehicles offered by alternative-asset and other traditional asset managers have adversely affected Cohen & Steers' assets under management, or AUM, since the Federal Reserve started raising short-term rates in early 2022. That said, the firm has seen some recovery in its AUM during the past couple of years, exiting July 2026 with $102.5 billion in managed assets. This was, however, still 3.9% below the firm's peak managed assets of $106.6 billion at the end of December 2021.

Cohen & Steers ended June with $101.1 billion in managed assets. With the firm's average assets under management up 13.4% and its realization rate down slightly year over year, second-quarter adjusted revenue grew 12.2%. Adjusted operating margins increased 270 basis points year over year to 36.3%.

Cohen & Steers ended June 2026 with $101.1 billion in managed assets, up 12.6% year over year on stronger markets and improved flows. While we expect flow headwinds to persist as long as yields on risk-free assets are at or above 4%, a rotation to the real estate sector has already started.

Higher interest rates, headwinds from equity and credit markets, and increased competition from private real estate vehicles offered by alternative-asset and other traditional asset managers have adversely affected Cohen & Steers' assets under management, or AUM. That said, the firm has seen some recovery in its AUM during the past couple of years, exiting June 2026 with $100.1 billion in managed assets. This was still 6.1% below the firm's peak managed assets of $106.6 billion, though, at the end of December 2021.

With the US equity markets up more than 15% in the second quarter and more than 10% year to date at the end of June 2026, most of the traditional asset managers have positive momentum coming into the second-quarter earnings season.

Cohen & Steers ended May with $99.5 billion in managed assets, up 12.2% year over year, driven by strong market performance and improved flows. While we expect flow headwinds to persist as long as yields on risk-free assets remain at or above 4%, a rotation into the real estate sector has begun.

Rising interest rates, headwinds from equity and credit markets, and increased competition from private real estate vehicles offered by alternative-asset and other traditional asset managers have adversely affected Cohen & Steers' assets under management, and this trend is likely to continue. The firm ended March 2026 with $93.1 billion in managed assets, up 6.3% year over year and 12.7% below the peak of $106.6 billion at the end of December 2021.

Cohen & Steers ended March 2026 with $93.1 billion in assets under management. With the firm's average AUM up 8.7% and its realization rate down slightly year over year, first-quarter adjusted revenue grew 7.8%. Adjusted operating margins increased 40 basis points year over year to 35.1%.

A combination of rising interest rates, equity and credit market headwinds, and increased competition from private real estate investment vehicles offered by alternative-asset managers and other traditional asset managers has had (and is likely to continue to have) an adverse effect on Cohen & Steers' level of managed assets. The firm ended February with $98.4 billion in managed assets, up 11.1% year over year and 7.7% below the peak of $106.6 billion at the end of December 2021.

Cohen & Steers ended 2025 with $90.5 billion in assets under management. With the firm's average AUM and realization rate up slightly year over year, fourth-quarter revenue grew by 2.9%. Adjusted operating margins increased 90 basis points year over year to 36.4%, in line with our expectations.

A combination of rising interest rates, equity and credit market headwinds, and increased competition from private real estate investment vehicles offered by alternative asset managers and other traditional asset managers has had (and is likely to continue to have) an adverse effect on Cohen & Steers' level of managed assets. The firm ended September 2025 with $90.9 billion in managed assets, down 1.0% year over year and 14.8% below peak levels of $106.6 billion at the end of December 2021.

Cohen & Steers ended September 2025 with $90.9 billion in assets under management, or AUM. With average AUM and the firm's realization rate up year over year, third-quarter revenue grew 6.4%. Adjusted operating margins increased 40 basis points year over year to 36.1%, in line with our expectations.

A combination of rising interest rates, equity and credit market headwinds, and increased competition from private real estate investment vehicles offered by alternative asset managers and other traditional asset managers has had (and is likely to continue to have) an adverse effect on Cohen & Steers' level of managed assets. The firm closed out July 2025 with $88.6 billion in managed assets, up 4.7% year over year but still down 16.9% from a peak of $106.6 billion at the end of December 2021.

Cohen & Steers closed June with $88.9 billion in assets under management. With average AUM and the company's realization rate up year over year, second-quarter revenue grew 11.8%. However, adjusted operating margin declined 130 basis points year over year to 33.6%.

A combination of rising interest rates, equity and credit market headwinds, and increased competition from private real estate investment vehicles offered by alternative asset managers and other traditional asset managers has had (and is likely to continue to have) an adverse effect on Cohen & Steers' level of managed assets. The firm closed out June 2025 with $88.9 billion in managed assets, up 10.2% year over year but still down 16.6% from a peak of $106.6 billion at the end of December 2021.

A combination of rising interest rates, equity and credit market headwinds, and increased competition from private real estate investment vehicles offered by alternative asset managers and other traditional asset managers has had (and is likely to continue to have) an adverse effect on Cohen & Steers' level of managed assets. The firm closed out March 2025 with $87.6 billion in managed assets, up 7.8% year over year but still down 17.9% from a peak of $106.6 billion at the end of December 2021.

Cohen & Steers closed out March 2025 with $87.6 billion in assets under management, or AUM. With average AUM and the firm's realization rate up year over year, first-quarter revenue grew 9.6%. Adjusted operating margins, however, declined 80 basis points year over year to 34.7%.

Share prices of US-based traditional asset managers like BlackRock and T. Rowe Price are down more than 6% on average on April 3 as the markets react negatively to the Trump administration's global tariffs. While this has made some of the names we cover more approachable, we remain cautious.

There was little in narrow-moat Cohen & Steers' fourth-quarter results that would alter our long-term view of the firm. We are leaving our $92 per share fair value estimate in place. We view the shares as slightly undervalued right now.