Cohen & Steers European Real Estate Securities

Cohen & Steers is the industry leader in real estate securities. Cohen & Steers European Real Estate Securities fund has a tried and tested process allowing the well-resourced team to sift through the market and try to deliver consistent, above market returns led mostly by stock selection, as well as some sector and regional allocations.

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Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

There are a wide number of drivers behind the performance of the European real estate market, but the resources and experience of Rogier and the team allow them to disseminate all the information available to them and build a risk aware portfolio which can offer investors exposure to this diversifying asset class, knowing it is backed with a repeatable, sound process.

Fund Managers

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Fund Managers

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Roiger Quirijns, Co-Manager Rogier Quirijns, Senior Vice President, leads the Europe Real Estate team at Cohen & Steers, overseeing the research and analysis of European real estate securities. He joined the firm in 2008, having previously worked as a senior real estate equity analyst at ABN AMRO in Amsterdam, covering France, Scandinavia, and Benelux. Rogier also managed direct real estate portfolios at Equity Estate and was an analyst at Arthur Andersen's real estate corporate finance team. He holds a degree in business economics from the University of Amsterdam and is based in London.

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Leonard Geiger, Co-Manager Leonard Geiger, CFA, Senior Vice President at Cohen & Steers, is a portfolio manager and senior research analyst specializing in European office and residential sectors. He joined Cohen & Steers in 2006, following a role as portfolio manager and director at CBRE Global Real Estate Securities, focusing on pan-European property securities. Previously, he spent seven years at Lombard Odier Darier Hentsch and U.S. Trust, and two years as an equity research analyst at Deutsche Morgan Grenfell. Leonard holds a BA from Middlebury College and an MBA and MA in International Affairs from Columbia University. He is based in London.

Roiger Quirijns, Co-Manager Rogier Quirijns, Senior Vice President, leads the Europe Real Estate team at Cohen & Steers, overseeing the research and analysis of European real estate securities. He joined the firm in 2008, having previously worked as a senior real estate equity analyst at ABN AMRO in Amsterdam, covering France, Scandinavia, and Benelux. Rogier also managed direct real estate portfolios at Equity Estate and was an analyst at Arthur Andersen's real estate corporate finance team. He holds a degree in business economics from the University of Amsterdam and is based in London.

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Leonard Geiger, Co-Manager Leonard Geiger, CFA, Senior Vice President at Cohen & Steers, is a portfolio manager and senior research analyst specializing in European office and residential sectors. He joined Cohen & Steers in 2006, following a role as portfolio manager and director at CBRE Global Real Estate Securities, focusing on pan-European property securities. Previously, he spent seven years at Lombard Odier Darier Hentsch and U.S. Trust, and two years as an equity research analyst at Deutsche Morgan Grenfell. Leonard holds a BA from Middlebury College and an MBA and MA in International Affairs from Columbia University. He is based in London.

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Key Facts

Asset type Property

Annual Income (Historic) -

Sector Property

Gearing-

Fund Size-

Fund Manager Start Date 01 April 2013

Ongoing Charges Figure (OCF) -

Annual Management Charge (AMC) -

Fund Performance

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Risk

The portfolio is reasonably concentrated in 20-45 positions, though this reflects the narrower universe across the continent. There are some restrictions on individual stock weightings, with a maximum of 10% in any one company, as well as a maximum of 10% in emerging European markets. The fund can take country exposures ±20% of the benchmark for those countries that are at least 20% of that index, and ±15% for those below 20% weight in the index. These constraints are designed to allow the stock selection to be the primary driver of performance. The risk of the portfolio is actively monitored, looking at active weights, as well as any factors that dominate the portfolio. Each stock is put through a scenario analysis to get an idea of what could go wrong and what damage this could do the portfolio.

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Company Description

Cohen & Steers was founded in 1986 as specialists in Real Estate and was the first dedicated manager in the sector. It is now a publicly listed industry leader, with over 350 staff across five cities in three continents. The firm has $97bn of assets under management, predominantly in the listed real assets space, as well as some assets in alternative income and multi-strategy. Almost all are in asset backed securities. The firm’s specialism and experience has given it enormous scale and a huge depth to its research team.

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Fund Performance

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Risk

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The portfolio is reasonably concentrated in 20-45 positions, though this reflects the narrower universe across the continent. There are some restrictions on individual stock weightings, with a maximum of 10% in any one company, as well as a maximum of 10% in emerging European markets. The fund can take country exposures ±20% of the benchmark for those countries that are at least 20% of that index, and ±15% for those below 20% weight in the index. These constraints are designed to allow the stock selection to be the primary driver of performance. The risk of the portfolio is actively monitored, looking at active weights, as well as any factors that dominate the portfolio. Each stock is put through a scenario analysis to get an idea of what could go wrong and what damage this could do the portfolio.

Company Description

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Cohen & Steers was founded in 1986 as specialists in Real Estate and was the first dedicated manager in the sector. It is now a publicly listed industry leader, with over 350 staff across five cities in three continents. The firm has $97bn of assets under management, predominantly in the listed real assets space, as well as some assets in alternative income and multi-strategy. Almost all are in asset backed securities. The firm’s specialism and experience has given it enormous scale and a huge depth to its research team.

Investment process

Rogier believes that there are many market inefficiencies in the REITs sector which allows him and the team to add value through active management. The process uses a combination of fundamental company analysis, and a view of the wider economic environment to balance investment views. This helps them cut through the market noise and understand the nuances behind each stock and what is driving performance.

The investment universe starts with around 120 different REITs (Real Estate Investment Trusts). The team analyses these from two angles; the short-term, when REITs can behave more like equities, and the long-term when they exhibit property-like characteristics.

When looking at valuations, the team will consider the buildings themselves and their net asset values (NAV), whereas equity analysis is more about using a dividend discount model (DDM) which is a way of valuing future income streams compared to today’s value.

Each analyst has the capacity to conduct extremely in-depth research on their holdings, because they only cover 20-25 stocks on average (compared to 40-60 for industry standards). This allows them to look beyond just the performance of the underlying company, to the drivers behind it. This gives the analysts a better understanding behind their ideas and enables them to build higher conviction in their ideas with the aim of generating better performance.

The combination of this fundamental analysis, long and short-term modelling, and factor analysis leads to a ranking of the universe by their estimate of discount to the current share price. It allows them to get the best idea of what looks cheapest globally today. Their positioning is driven by what they find most attractive at the biggest discount.

Risk

The portfolio is reasonably concentrated in 20-45 positions, though this reflects the narrower universe across the continent. There are some restrictions on individual stock weightings, with a maximum of 10% in any one company, as well as a maximum of 10% in emerging European markets. The fund can take country exposures ±20% of the benchmark for those countries that are at least 20% of that index, and ±15% for those below 20% weight in the index. These constraints are designed to allow the stock selection to be the primary driver of performance. The risk of the portfolio is actively monitored, looking at active weights, as well as any factors that dominate the portfolio. Each stock is put through a scenario analysis to get an idea of what could go wrong and what damage this could do the portfolio.

ESG

ESG - Integrated
Cohen & Steers views ESG as critical to unlocking value and mitigating risk. There is a four-stage process. First, ESG factors are identified by analysts using MSCI as a guide. Second, they score each E, S and G factor for a stock starting with third-party data and enhancing this with their own proprietary assessments. Thirdly, they will integrate this into the investment assumptions made in valuing a stock. They will make adjustments to cash flow growth, or valuation adjustments in the dividend discount model to make a quantitative impact to a stock. Finally, they will look to encourage better behaviour. Cohen & Steers will look to engage with a company.

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