Name: Inflation protection strategies
Start: 2022-04-12T12:39:00Z
End: 2022-04-12T12:39:09.000Z
Location: BrightTALK
Rating: 0

Dedicated to the pursuit of excellence in everything we do, Cohen & Steers is the leading global investment manager specializing in real assets and alternative income, focused on delivering diversification, alpha and income. 

Our teams are relentless in their drive to provide superior investment solutions and passionate about constantly innovating to meet the needs of clients today and anticipate their challenges of tomorrow. 

Recent headlines have sparked questions about the health of the commercial real estate market. But data from lending standards, CRE mortgage maturities, and loan defaults can help separate fact from fiction.

The Real Estate Reel: Fact vs. fiction in commercial real estate debt

The world is transitioning from an era of commodity abundance to one of undersupply. We believe this shift may result in significant returns for commodities and resource producers over the next decade.
Hear from our Head of Real Assets Multi-Strategy and Portfolio Manager, Vince Childers, CFA, and Portfolio Manager, Tyler Rosenlicht, as they discuss the following topics: 
• A market update and macro-outlook of real assets in 2024.
• Compelling valuations favoring real assets relative to broad equities.
• The new regime of secular stagflation favoring real assets as they have demonstrated a history of defending well in the past.

Real Assets: Opportunities and risks in the era of scarcity

We see scope for good relative performance, with appealing valuations and structures that can benefit from high interest rates. Solid fundamentals today and tighter bank regulations to come may provide a credit tailwind.

Hear from our Head of Fixed Income and Preferred Securities, Bill Scapell, CFA, Senior Portfolio Manager, Elaine Zaharis-Nikas, CFA, and Portfolio Manager, Jerry Dorost, CFA, as they share: 
• A market update – rate cuts, new issuance, and overall yield
• How intermediate duration preferreds can offer tax-advantaged income for U.S. investors
• The fundamental health of European banks and new issuance trends
• Portfolio sector weights, earnings and credit of U.S. banks

What the new market regime means for preferred securities

Real assets may be a particularly compelling allocation in today’s environment.
Join Vince Childers, CFA, Head of Real Assets Multi-Strategy, as he discusses:
- The performance of real assets in 2023, and our outlook for 2024. 
- Implementing a strategic allocation to real assets may help mitigate risk. 
- Real Assets have demonstrated historically strong returns with less volatility, during inflationary periods.

Real Assets in a changing global landscape: What to expect in 2024

The recent REIT rally created a supportive backdrop for real estate investors going into 2024, in our view. 
• The impact of interest rates on REITs.
• Tactical entry points that exists as REITs continue to rally.
• Resilience of fundamentals as we anticipate economic activity to slow, the labor market to soften, and inflation to continue to trend down.

Top considerations for real estate investors in 2024 Webcast

European listed REITs rallied significantly to end 2023, and were up more than 30% over the last two months of the year. However, two key measures of their valuations indicate they still are attractively priced.

Watch this month’s Real Estate Reel to find out why the rally occurred and what’s next.

The Real Estate Reel: European real estate investing

Hear Rich Hill discuss the following key takeaways: 
- Why we believe commercial real estate prices are only halfway to our projected declines and the opportunity this presents for private real estate.

- What’s driving our projection for a recovery in listed REITs and the scenarios for returns we expect in 2024.

- What media headlines are missing when it comes to the health of CRE debt markets.

The Real Estate Reel: Real estate investing in 2024 – Three data points to watch

With the backdrop of a significant and far-reaching macroeconomic regime change, we see strong reasons for a highly attractive REIT investing environment.
Hear Rich Hill, Head of Real Estate Strategy and Research as he highlights: 
• State and direction of the commercial real estate market
• A deep dive into sectors, valuations and entry point considerations
• Optimizing real estate portfolios via listed and unlisted holdings

Optimizing Real Estate Returns

Watch this month’s Real Estate Reel to find out what these data points mean for real estate investing.
Key Takeaways
- Data is suggesting potential for a rally in listed REITs once rates stabilize because listed REIT returns, which have declined for three months straight, have become correlated to real rates.

- Listed REIT valuations are around 10-year lows, which we view as another indication of a strong potential entry point for listed REITs.

- The selloff and recovery in private real estate could be a slow grind, as the pattern in the decline in valuations appears to be reminiscent of the 1990s S&L crisis.

The Real Estate Reel: The listed REIT selloff

The next phase for preferred securities
Hear from our Head of Fixed Income and Preferred Securities, Bill Scapell, and Portfolio Managers Elaine Zaharis-Nikas and Jerry Dorost, as they share:
• An update on the preferred securities market
• The fundamental health of European banks and new issuance
• Portfolio sector weights, earnings and credit of U.S. banks

The next phase for preferred securities

Welcome to 2nd edition of The Real Estate Reel from Cohen & Steers for October.
Institutional investors have increased their allocations to real estate, CRE debt delinquency rates are increasing but remain relatively low, and CRE valuations are down more than 16% so far this year. Watch this month’s Real Estate Reel to find out what these data points mean for real estate investing.

KEY TAKEAWAYS

- Institutional investors increased their allocations to real estate in the first half of 2023, and we see a backdrop where large investors are buying real estate to meet their allocation targets as positive for real estate prices.
- Commercial Real Estate (CRE) debt delinquency rates are on the rise but remain relatively low, indicating the headwinds facing CRE debt markets are lower than feared in March.
- CRE valuations are down -16.4% year to date as of August, but there are wide variations in how much levered returns are down by sector.

The Real Estate Reel: Institutional allocations and CRE debt

Welcome to The Real Estate Reel from Cohen & Steers where we provide three insights on real estate investing in three minutes each month.

KEY TAKEAWAYS

- Private real estate has declined for the third consecutive quarter, and its sell-off is one indication of several we track that there may be an attractive entry point for listed real estate.
- Bank lending standards have also historically been a leading indicator for real estate, and recent data shows that a major net share of banks reported having tightened standards on all categories of Commercial Real Estate loans.
- Commercial real estate debt spreads are tightening, and this has been a recent tailwind for listed REIT returns as fears the market held in the spring have eased.

The Real Estate Reel: Three data points actually driving real estate investing

Recent market events, including a downturn in private real estate, give us greater conviction in our analysis showing favorable entry points emerging for global listed REITs.

Join Jason Yablon, Head of U.S. Real Estate & Sr. Portfolio Manager and Ji Zhang, Portfolio Manager, Global Real Estate, as they highlight:  

- Rates, fundamentals and entry points for U.S. and Global REITs
- How the composition of the REIT universe has changed over the past 10 years
- The role of data centers & AI in the regime shift

Global Listed Real Estate: What's driving a more favorable outlook

Recent market events, including a downturn in private real estate, give us greater conviction in our analysis showing favorable entry points emerging for listed REITs.

As private real estate sells off, our conviction in REITs grows

Join Rogier Quirijns, Head of Europe Real Estate and Ji Zhang, CFA, Global Real Estate Portfolio Manager, as they discuss: 
• The state of the global real estate market
• Healthy fundamentals and current valuations indicating a favourable buying opportunity for both global and European real estate
• Implications of the CRE debt markets

Listed real estate: Key reasons to invest in REITs now

Hear from our Head of Fixed Income, Bill Scapell, and Portfolio Managers Elaine Zaharis-Nikas and Jerry Dorost, as they share why we believe there is a supportive backdrop for the preferred securities market:
• Today’s attractive yield opportunity
• The underlying strength of issuers and potentially beneficial new regulations
• Historical performance following market corrections and end of rate hikes

Preferred Securities: Resetting for a new cycle

We believe markets have transitioned to a new regime of slow growth and elevated inflationary risks. It’s an environment we believe warrants diversification and inflation mitigation. And it’s precisely the role that we feel real assets can fulfill. Watch why we think we are in a period of secular stagflation and what role real assets can play.

Defending against sustained inflation with real assets

Real estate securities allow investors to access the beneficial investment characteristics of real estate ownership, while addressing some of the challenges that arise from the capital-intensive and illiquid process of investing in properties directly. Portfolio Specialist Evan Serton provides a brief overview of the global REIT market, its attributes, and Cohen & Steers’ approach to investing in this unique asset class.

Investing in Real Estate Securities

Coming off a 30-year high in the U.S. Consumer Price Index in October 2021, institutional investors have been concerned with whether the recent inflation spike signals the start of a new and persistent phase of higher inflation or a transitory hike. Pensions & Investments spoke with Vince Childers, Head of Real Assets Multi-Strategy who shared his recommendations for institutional investment portfolios.

Inflation protection strategies

Inflation

Investment Management

Asset Allocation

Asset Management

Wealth Management

Investment Strategy

Equities

Interest Rates

Real Assets

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Inflation protection strategies

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