Inflation, Interest Rates, and Opportunities in Real Assets
For the first quarter of 2022, listed clean-energy equities as represented by the S&P Global Clean Energy Index finished up 1.90%. Underlying this modest gain, however, were three distinct themes that created significant volatility throughout the global financial markets: U.S. monetary policy, global supply chain constraints, and Russia’s invasion of Ukraine.
The sector’s inflation protection attributes, higher dividend yields, exposure to durable growth, access to providers of essential services and defensive characteristics have driven the outperformance and why we refer to this strategy as an “all weather
strategy”. Read more in our latest piece.
U.S. REITs outperformed the broader equity and bond markets during the first quarter of 2022. The FTSE Nareit Equity REITs Index (the benchmark) returned -3.86% versus -4.60% for the S&P 500 Index and -7.53% for the FTSE U.S. BIG Corporate Index.
Global listed real estate outperformed global developed equity and bond markets during the first quarter of 2022. The FTSE EPRA Nareit Developed Index (benchmark) returned -3.95% versus -5.15% for the MSCI World Index and -6.16% for the Bloomberg Global Aggregate Bond Index.
Equity markets had a rough start to the year with global developed markets (as measured by the MSCI World Index (net)) falling -5.15% on a total return basis in the first quarter. Good news about the fading of the Omicron variant was quickly pushed aside as investors focused on elevated inflation, higher interest rates, and Russia’s military invasion of Ukraine.
Prices of both oil and natural gas have shot upward to levels not seen in almost a decade, greatly compounding the risks of rising inflation. D&P’s latest piece “A Stretched Energy Market Gets Stretched Further” looks at Russia’s incursion into the Ukraine and its effects on the world’s energy markets.
Following a robust first half of the year, the midstream energy sector could not continue its momentum in the second half. The fourth quarter saw the sector fall -0.35% (as measured by the Alerian Midstream Energy Index) after a -1.26% return in the third quarter.
Following an intra-year selloff in September, international real estate rebounded during the fourth quarter, however it continued to trail the performance of international equities on the quarter and the year.
The emergence of the Omicron variant could not stop a Santa Claus rally from putting an exclamation point on a very strong 2021 for global stocks. The MSCI World Index and S&P 500 returned 4.30% and 4.48%, respectively, in December, capping off returns of 22.35% and 28.71%, respectively, for the year.
D&P is proud to support By The Hand Club for Kids during the 2021 holiday season.
December 16, 2021-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), DTF Tax-Free Income Inc. (NYSE: DTF), and Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), authorized the payment of dividends on each fund’s common stock.
After years of under-investment in U.S. infrastructure, the $1.2 trillion Infrastructure Investment and Jobs Act (Act) was passed on November 15, 2021. Learn how the Act will impact the investment opportunity in each of the global listed infrastructure sectors.
A recent article in the Journal of Portfolio Management delivered important findings for investors who maintain an allocation to real assets.
September 21, 2021-The Board of Directors of Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), authorized the payment of dividends on the fund’s common stock.
September 20, 2021-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP) and DTF Tax-Free Income Inc. (NYSE: DTF), authorized the payment of dividends on each fund’s common stock.
Greeting the world as we emerge from the COVID shutdowns is a word that, at least in many developed countries, has not been used since the 1970’s: inflation.
HARTFORD, CT, August 4, 2021 – Duff & Phelps Investment Management Co. and Virtus ETF Solutions, both affiliates of Virtus Investment Partners, Inc. (NASDAQ: VRTS), today announced the introduction of the Virtus Duff & Phelps Clean Energy ETF (NYSE: VCLN), the first ETF strategy managed by Duff & Phelps.
Clean energy is undergoing a sustained and accelerating market shift which presents a compelling investment opportunity. Watch our latest webinar on why clean energy is a secular growth story, what the future looks like, and how to obtain the right exposures.
June 9, 2021-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), DTF Tax-Free Income Inc. (NYSE: DTF), and Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), authorized the payment of dividends on each fund’s common stock.
D&P’s David Grumhaus shares his latest thoughts on the prospects for inflation and how Global Real Estate and Global Listed Infrastructure asset classes may help protect portfolios in an inflationary environment.
Introducing the Duff & Phelps Global Clean Energy Strategy. As concern surrounding global energy consumption, emissions and climate change have continued to rise in recent years, numerous countries, regions, and major corporations have set carbon-neutral goals that advance a secular shift toward increased clean energy production and consumption.
Duff & Phelps Investment Management Co., an affiliate of Virtus Investment Partners, Inc., with $10.6 billion of assets under management as of December 31, 2020, announced that Susan Ford has joined the company as Managing Director, Institutional Business Development.
March 8, 2021-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), DTF Tax-Free Income Inc. (NYSE: DTF), and Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), authorized the payment of dividends on each fund’s common stock.
With International Women’s Day approaching, we asked Connie to share some of the knowledge and insight that she has developed during her career.
The equity markets experienced an astounding year, with a strong start followed by a precipitous drop in March due to the global pandemic, and ending with a very sharp recovery over the final stretch through December.
CHICAGO, January 8, 2021 – Duff & Phelps Investment Management Co. announced today that David D. Grumhaus, Jr., who had been co-chief investment officer with Nathan I. Partain, CFA, has been named president and chief investment officer, effective January 1.
Looking to the year ahead, we expect variance in global economic growth. Regional and property sector fundamentals in real estate will be more pronounced, due to the lingering impacts of COVID-19. How far the markets will pull forward the expected global economic recovery is a key consideration.
Duff & Phelps Closed End Funds Announce Dividends
D&P is proud to support By The Hand Club for Kids during the 2020 holiday season.
Chicago, September 16, 2020-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
Despite COVID-19 impacts to listed infrastructure, secular trends remain strong and are driving investment opportunities. Portfolio managers Connie Luecke and Steven Wittwer discuss opportunities and trends they see in our latest market insight piece.
Our real asset focus, particularly global listed real estate and global listed infrastructure, is a good place to be for the second half of 2020. Read co-CIO David Grumhaus’ outlook for the space.
Count the defensive characteristics that make investors interested in global listed infrastructure: enormous pent-up demand; historically stable and predictable cash flows; inflation protected revenues; attractive yields; and the potential for capital appreciation. Our latest white paper dives into the secular trends driving growth and investment opportunities in listed infrastructure.
This week David Grumhaus joined Jill Malandrino on Nasdaq #TradeTalks and discussed why global listed real estate and global listed infrastructure could fare well in the second half of 2020.
Chicago, June 11, 2020-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
How resilient are REIT revenues to the pandemic caused by COVID-19? In prior economic downturns, revenues and cash flows across the REIT industry proved more resilient than broader corporate America. Yet it is imperative to acknowledge this crisis is unlike anything we have experienced before.
U.S. REITs have historically provided compelling returns when discounts to NAV were greater than 10%.
Just when we thought we had seen everything in energy in 2020, the bottom fell out of the West Texas Intermediate (WTI) crude oil futures on Monday April 20th.
Chicago, March 10, 2020 – The Board of Directors of Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG) advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on the fund’s common stock.
Chicago, March 9, 2020-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
The Virtus Duff & Phelps Global Real Estate Securities Fund and the Virtus Duff & Phelps International Real Estate Securities Fund were honored with Refinitiv Lipper Fund Awards 2020 U.S. for demonstrating consistent, strong risk-adjusted returns relative to their peers. Read the press release for more information.
“The fundamentals of our underlying companies may prove to be more resilient than the broader market during this recent global health crisis.”
On Monday, February 10th, Simon Property Group (SPG) announced their forthcoming acquisition of competitor Taubman Centers (TCO).
CHICAGO, Jan. 21, 2020 Duff & Phelps Investment Management Co. today announced that David D. Grumhaus, Jr., executive managing director, will become co-chief investment officer, effective February 1, 2020.
Chicago, December 19, 2019-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
Listen to Frank Haggerty on the NAREIT REIT report.
Chicago, December 19, 2019 – The Board of Directors of Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG) advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on the fund’s common stock.
HARTFORD, CT, November 21, 2019 – Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), a closed-end fund advised by Duff & Phelps Investment Management Co., has made changes to its non-fundamental investment policies and name that become effective on November 22, 2019.
Chicago, September 19, 2019-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
Watch John Creswell on Fox Business.
The market has taken us on quite a ride thus far in 2019. A severe selloff around the end of 2018 quickly dissipated in the new year as the economy seemed to be on track and the Fed decided to pause its rate hiking path.
A focus on high-quality businesses
WSJ article “REITs Show Resilience”
Real Estate Securities, i.e. REITs and their international equivalents, provide investors with exposure to commercial real estate assets via publicly traded securities.
Chicago, June 13, 2019-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
Quality. Reliability. Specialization.
Since 1932.
Watch John Creswell on Bloomberg TV.
Watch John Creswell on Fox Business Network.
Duff & Phelps John Creswell discusses REITs on Reuters Insider TV.
Chicago, March 12, 2019-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on each fund’s common stock.
Duff & Phelps John Creswell discusses the case for REITs and global infrastructure on Yahoo! Finance.
The positive fundamentals around MLPs are clearly evident: significant leverage to growing North American oil and gas production, valuation multiples that are well below historical averages and stock prices that are still more than 30% below 2014 highs...
CHICAGO, January 29, 2019 – The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today announced the issuance of an additional series of Mandatory Redeemable Preferred Shares (MRPS).
Cash flow & dividend growth remain positive drivers; while the impact of monetary & fiscal policies remains uncertain.
View Duff & Phelps Executive Managing Director John Creswell’s 10-minute TD Ameritrade interview on global infrastructure investing.
CHICAGO, December 13, 2018 –The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on each fund’s common stock.
Duff & Phelps is pleased to welcome Eric Fogarty, CFA to the firm's Global Listed Infrastructure team. Eric serves as a Managing Director and Senior Research Analyst and is responsible for conducting fundamental analysis on the utilities sector.
For the second time in as many years, devastating wildfires in northern and southern California have led to significant losses for two of California’s major utilities, PG&E Corporation (PCG) and Edison International (EIX).
It should not be assumed that an investment in the securities identified was or will be profitable or that the securities are held in client portfolios.
We are pleased to announce Steven Wittwer, CPA, CFA, has been promoted to Portfolio Manager of the firm’s Global Listed Infrastructure Strategy.
Chicago, September 13, 2018-The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on each fund’s common stock.
It should not be assumed that an investment in the securities identified was or will be profitable or that the securities are held in client portfolios.
In May, we wrote about a surge of M&A activity taking place in the listed REIT space. The largest driver of this uptick in activity was an acceleration of the deployment of private equity money which had been committed but not yet invested in real estate deals.
A surprise March 15, 2018 ruling by the Federal Energy Regulatory Commission – known as the “FERC” – sent the MLP sector into a tailspin. However, in mid-July the FERC did an about-face, significantly softening the previous ruling and handing the sector a major victory.
Jieren (Jenny) Huang, CPA, has joined the global real estate securities team as a global research analyst. Huang will provide in-depth fundamental analysis and estimate intrinsic fair values, for real estate securities in the U.S. and Asia Pacific region. Please see the attached press release for more information.
The oil-price slump triggered fundamental changes that have transformed the investment outlook for the listed infrastructure sector.
The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., announced today that it has filed a prospectus supplement under which it may issue and sell.
In April and May 2018, members of Duff & Phelps’ Global Listed Infrastructure team traveled to Australia, New Zealand and Europe for investment research trips. Insights from the trips follow.
Chicago, June 14, 2018 – The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), four closed-end funds advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on each fund’s common stock.
In the last 30 days, we have seen Prologis offer to acquire their smaller rival DCT Industrial at a 14.5% premium and Blackstone seek to acquire Gramercy Property Trust for a 20.8% premium.
Master Limited Partnerships (MLPs) and stocks of midstream energy companies fell sharply intra-day on March 15, 2018. The downward move was caused by the Federal Energy Regulatory Commission – also known as “FERC” - announcing that it would no longer allow MLPs to include a corporate income tax allowance in the contractual rates charged to certain customers. The Duff & Phelps MLP/Energy team provides their insight on this development...
Italy held its general election on March 4, 2018 following the dissolution of the country’s parliament several months earlier. No political party garnered an outright majority in the election, which resulted in a hung parliament. Duff & Phelps’ International Equity Portfolio team discuss the political and investment implications...
Duff & Phelps Investment Management Co., an affiliated manager of Virtus Investment Partners, Inc. (NASDAQ: VRTS), celebrated the 30th anniversary of the Duff & Phelps Select Income Fund (NYSE: DNP) by ringing The Opening Bell at the New York Stock Exchange on Monday, May 8.
Over the past several quarters, we have been positioning our international equity strategy in a more cyclical direction, recognizing that a broad-based global economic expansion was taking hold. Financials has been a particular area of focus, specifically the European banking sector, based on a range of catalysts.