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- **Revenue Growth**: Q4 revenue +2% QoQ, full-year +6.9% to $554M. Operating margin 36.4%. 
- **Strategy Performance**: Natural resources +30%, infrastructure +14%. Active ETFs launched with $378M AUM. 
- **Pipeline Strength**: $1.7B pipeline, 54% in U.S. REITs. 2026 focus: harvest ROI, ETF scaling. 
- **Cost Control**: 40% comp ratio, G&A growth 5%. 2026 tax rate 25.4%.

**【Management Opening Remarks】**
- Reported Q4 EPS of $0.81, matching prior quarter. Full-year EPS rose 5.5% to $3.09. Revenue increased 6.9% YoY to $554M, driven by higher AUM and stable fee rates. Q4 net inflows of $1.2B, with 5/6 trailing quarters of inflows. Operating income up 3% QoQ to $52.4M, margin 36.4%. Liquidity at $403M, up $39M QoQ. 
- CFO highlights: 2% QoQ revenue growth, 59bp fee rate, $1.7M performance fees. Operating expenses controlled, compensation ratio 39%, below 40.5% guidance. 2026 tax rate 25.4%.

**【CEO Commentary】**
- Q4 net inflows $1.28B, full-year $1.5B. U.S. REITs returned 3.2%, while natural resource equities +30%, infrastructure +14%, and global listed REITs +10%. Active ETFs launched, AUM growth 159% YoY. Private REITs gaining interest, pipeline $1.7B. 2026 focus: harvest ROI from new strategies, ETF scaling, and global infrastructure. Nontraded REIT +10.3% YoY, gold +64% in 2025. Active ETFs launched with $378M AUM, targeting 15% of 60-40 portfolios. 
- Q&A highlights: private real estate demand rising, ETFs scaling 159% YoY, and global listed infrastructure +14%. Active ETFs outperforming, with $50M in 159 days. Institutional pipeline +54% in U.S. REITs. 

**【CFO Financial Commentary】**
- Q4 revenue $143.8M (+2% QoQ), full-year $554M (+6.9% YoY). Operating margin 36.4%, tax rate 25.7%. 2026 guidance: 40% comp ratio, mid-single-digit G&A growth. 

**【Q&A Highlights】**
- Private real estate interest rising, nontraded REIT +10.3%. ETFs scaling 159% YoY. Institutional pipeline +54%, global listed infrastructure +14%. Active ETFs outperforming, with $50M in 159 days. 2026 focus: harvest ROI, ETF scaling, and global infrastructure. 

Cohen & Steers, Inc. (CNS) Q4 2025 Earnings Call Transcript

- **Revenue & AUM Growth**: Q3 revenue up 4.2% to $141M, AUM expands to $90.9B (+3.5% QoQ).
- **Margin Expansion**: Operating margin improves to 36.1%, compensation ratio at 40.25% YTD.
- **Investment Success**: 93% of AUM outperforms 1-year benchmarks; ETFs lead peers by 490bps.
- **Pipeline Surge**: $1.75B one-unfunded pipeline, 66% allocated to U.S. REITs.
- **New Product Momentum**: $353M infrastructure fund offering, 2 new ETFs launching Q4.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 revenue increased 4.2% to $141 million, driven by higher AUM and stable fee rates. Effective fee rate remained at 59 basis points.
- **AUM Expansion**: Ending AUM reached $90.9 billion, up 3.5% from Q2, with market appreciation and net inflows contributing 1.7% and 1.8% respectively.
- **Operating Margin**: Expanded to 36.1% (vs. 33.6% in Q2), supported by flat expenses and lower G&A costs.
- **Expense Management**: Compensation ratio improved to 40.25% YTD, with G&A expected to grow 9% in 2025 (vs. 2024 levels). 2026 G&A growth projected at mid-single digits.
- **Liquidity**: $364 million in liquidity at quarter-end, up 12.7% from Q2.

**【CIO Investment Performance】**
- **Short-Term Performance**: 33% of AUM outperformed benchmarks in Q3, with global infrastructure leading (+10.7%) and U.S. REITs lagging (+1.4%).
- **Long-Term Track Record**: 93% of AUM outperformed 1-year benchmarks, with 3- and 5-year excess returns of 227bps and 216bps.
- **ETF Success**: Active ETFs outperformed peers by 490bps (resource equities), 124bps (preferreds), and 217bps (real estate), with AUM surpassing $200 million.
- **Market Outlook**: Bullish on real assets due to Fed rate cuts, AI-driven CapEx, and supply-demand dynamics in natural resources.

**【CEO Business Updates】**
- **Net Flows**: Q3 net inflows of $233 million (YTD: $325M), with open-end funds (+$768M) offsetting institutional outflows (-$537M).
- **Pipeline Growth**: One-unfunded pipeline surged to $1.75 billion (Q2: $776M), 66% allocated to U.S. REITs.
- **New Products**: $353M raised in infrastructure closed-end fund rights offering, with 2 new ETFs launching in Q4.
- **Private Real Estate**: $236M raised for first drawdown fund, with nontraded REIT performing industry-leading 12.7% YTD.

**【Q&A Highlights】**
- **U.S. REIT Demand**: Wealth channel inflows driven by rate cuts and REIT valuation normalization. Institutional pipeline strength (+$1.75B) signals broader allocation shift.
- **Cash Allocation**: Expected flows into inflation-sensitive strategies (infrastructure, natural resources) and short-duration preferreds as rates decline.
- **Comp Ratio**: 2025 guidance of 40.25% expected to hold, with 2026 trends dependent on market performance and new product revenue generation.

Cohen & Steers, Inc. (CNS) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: Q2 revenue up 1.1% to $135M, with AUM rebounding to $88.9B despite April volatility.
- **Investment Excellence**: 89% of AUM outperformed benchmarks, with real estate recovery driving strategic innovation.
- **Pipeline Growth**: Won-but-unfunded pipeline rebuilt to $776M, offsetting $500M in prospective redemptions.
- **Strategic Expansion**: Active ETFs and blended real estate strategies attract new capital, with AUM growing 400% in first quarter.

**【CFO Financial Commentary】**
- Q2 revenue increased 1.1% to $135 million, driven by higher average AUM and day count. Ending AUM rose to $88.9 billion, up 1.5% from Q1, with market appreciation offsetting April's volatility.
- Operating margin was 33.6%, down from 34.7% in Q1, due to higher expenses including talent acquisition and business development (e.g., ETF launches).
- Full-year G&A expenses are expected to rise 7-8% in 2025, primarily from talent acquisition and travel costs, with a mid-single-digit growth rate post-2025.
- Effective tax rate remains stable at 25.3%.

**【CIO Investment Performance】**
- 89% of AUM outperformed benchmarks in Q2, with 94% outperforming over 1 year and 95%+ over 3-10 years. Excess returns exceed 200 basis points across timeframes.
- Real estate recovery: Private real estate prices have bottomed after 7 quarters of declines, with open-air shopping centers leading. Listed REITs are expected to lead private market repricing.
- New tactical strategy: Blended listed/private real estate strategy offers higher returns, reduced risk, and enhanced liquidity compared to core private allocations.

**【CEO Business Update】**
- Q2 net outflows of $131 million (vs. $3.2B inflows over 12 months), driven by preferred securities redemptions and institutional rebalancing. Open-end funds saw $285M inflows, 4th consecutive quarter of growth.
- Won-but-unfunded pipeline rebuilt to $776 million (vs. $61M in Q1), with 52% in U.S. real estate and 26% in global infrastructure. Prospective redemptions of $500M reduce net pipeline to $275M.
- Strategic initiatives: Active ETFs launched in Q2 (AUM $133M) show strong early performance; private real estate REIT returned 12.2% vs. 5% for peers. New infrastructure ETFs planned for H2.

**【Q&A Highlights】**
- **Wealth Channel**: RIA allocations growing, with ETFs attracting new investors. Q2 gross sales down 10% vs. prior quarters, but seasonality noted.
- **Global Infrastructure**: Q2 outflows due to institutional rebalancing, but long-term bullish on listed/private integration.
- **Geographic Demand**: U.S. remains largest market, but Asia showing momentum. Europe and Middle East lagging but opportunities exist.
- **Policy Impact**: Minimal impact from U.S. tax concerns; one European redemption noted but not a trend.

Cohen & Steers, Inc. (CNS) Q2 2025 Earnings Call Transcript

- **Resilient AUM growth**: $87.6B ending AUM (+2% Q/Q) with $222M net inflows, driven by open-end funds.
- **Strong investment performance**: 81% of AUM outperformed benchmarks, with infrastructure +4.8% vs. equities.
- **Tariff resilience**: Listed real assets (REITs, infrastructure) see minimal direct impact (-0-3% EPS) vs. S&P 500 (-10%).
- **ETF momentum**: $12.8M annualized ETF flows, with natural resource ETF leading.
- **Pipeline caution**: Institutional pipeline at $61M (vs. $531M last quarter), but 800M+ redemptions resolved.

**【CFO Financial Summary】**
- Q1 2025 revenue: $133.8M (down from $143.3M in Q4 2024), driven by lower AUM and day count.
- GAAP EPS: $0.75 vs. $0.78 in Q4; effective fee rate: 59bps (up from 58bps).
- Ending AUM: $87.6B (up 2% Q/Q), with net inflows of $222M (open-end funds: $585M inflows, offset by $364M outflows in advisory/sub-advisory).
- Operating margin: 34.7% (vs. 35.5% in Q4), with compensation ratio stable at 40.5%.
- Liquidity: $295M (down from $320M in Q4), due to annual incentive payouts.

**【CIO Investment Performance】**
- 81% of AUM outperformed benchmarks in Q1; 1-year+ outperformance >95% across strategies.
- U.S. REITs +2.8%, Global Listed Infrastructure +4.8% vs. broader equity indices.
- Real assets (infrastructure, REITs) showed resilience in volatile markets, with listed infrastructure up 5% YTD.
- Tariff impact: U.S. REITs/EPS -0-1%, infrastructure -2-3%, vs. S&P 500 earnings -10%.

**【CEO Strategic Updates】**
- 3rd consecutive quarter of net inflows ($222M), driven by open-end funds and ETF launches.
- Active ETFs launched in Q1: Real Estate, Preferreds, Natural Resources (AUM: $12.8M annualized).
- CNS REIT (private REIT) outperformed peers (+13.4% vs. 4.4% average), with 5 shopping centers in portfolio.
- Institutional pipeline: $61M (down from $531M in Q4), but 800M+ pending redemptions resolved to $290M.
- New initiatives: hybrid listed/private real estate strategy, offshore CCAP vehicles, and ETF-as-open-end-fund share class exploration.

**【Q&A Key Takeaways】**
- Wealth channel: U.S. REITs seeing interest amid rate cuts, but preferreds underperforming due to fixed income competition.
- Tariff second-order effects: slower growth (infrastructure resilient), higher inflation (supports real assets).
- ETF strategy: retaining assets from RIA clients migrating to ETFs, with natural resource ETF showing early momentum.
- Pipeline dynamics: low Q1 pipeline ($61M) reflects timing, but activity levels remain healthy for H2 conversion.
- M&A potential: open to strategic acquisitions in wealth channel to complement organic growth.

Cohen & Steers (CNS)-17 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 revenue up 4.9% to $139.9M, full-year +5.9% to $518M, driven by AUM growth and performance fees.
- **Performance Excellence**: 95% of AUM outperformed benchmarks over 1 year, with 1-year excess return of 288bps.
- **New Products**: Launching 3 active ETFs in Q1 2025 targeting U.S. REITs, global preferreds, and natural resources.
- **Market Trends**: $530M pipeline reflects growing demand for real assets amid macro shifts favoring listed strategies.
- **Risks & Costs**: $800M in expected 2025 redemptions, G&A up 6-7% for ETFs and tech investments.


**【CFO Financial Commentary】**
- Q4 2024 revenue increased 4.9% sequentially to $139.9 million, driven by higher AUM and $1.4 million in performance fees. Full-year revenue rose 5.9% to $518 million.
- Operating income was $49.7 million (35.5% margin), stable from Q3. Compensation expenses rose in line with revenue, with a full-year ratio of 40.5%.
- AUM ended at $85.8 billion, down 6.6% from Q3 due to market depreciation, despite $860 million in net inflows.
- 2025 outlook includes 3 new ETF launches, G&A expenses up 6-7%, and a 25.3% tax rate.

**【CEO Business Update】**
- 95% of AUM outperformed benchmarks over 1 year, with 1-, 3-, and 5-year excess returns of 288, 162, and 224 basis points.
- Q4 net inflows of $860 million (open-end funds) offset $205 million in sub-advisory outflows. Full-year net outflows were $171 million.
- Pipeline of $530 million reflects growing interest in real assets, with 50% in real estate and 42% in infrastructure.
- 2025 initiatives include ETF launches (U.S. REITs, preferreds, natural resources), expanding private real estate, and targeting RIAs.

**【Q&A Highlights】**
- **ETF Strategy**: 3 active ETFs launching Q1 2025, targeting RIAs with $119B in passive REITs. No cannibalization risk due to active management focus.
- **Redemption Risk**: $800M in expected 2025 redemptions (half from Q1), driven by private allocations and client rebalancing.
- **International Growth**: Expanding offices in London, Tokyo, Hong Kong, and Singapore to tap Asian demand for real assets.
- **Operating Leverage**: 2025 G&A up 6-7% for ETFs, private real estate, and tech. Margins depend on market recovery and organic growth.
- **M&A Policy**: Focused on organic growth but open to strategic acquisitions if aligned with core strategies.


Actual											0.61	0.54	0.67	0.76	0.79	0.94	1.06	1.24	1.04	0.96	0.92	0.79	0.76	0.7	0.7	0.67	0.7	0.68	0.77	0.78	0.75	0.73	0.81	0.81
Forecast											0.6433	0.5267	0.6033	0.6767	0.765	0.85	0.95	0.98	1.0067	0.935	0.86	0.76	0.68	0.72	0.7	0.6398	0.7079	0.6711	0.742	0.7764	0.72	0.755	0.775	0.825
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.18%	+2.53%	+11.06%	+12.31%	+3.27%	+10.59%	+11.58%	+26.53%	+3.31%	+2.67%	+6.98%	+3.95%	+11.76%	-2.78%	0.00%	+4.72%	-1.12%	+1.33%	+3.77%	+0.46%	+4.17%	-3.31%	+4.52%	-1.82%

Actual	--	--	--	--	--	--	--	--	--	--	105.80M	94.00M	111.40M	116.56M	125.84M	144.37M	154.29M	159.74M	154.31M	147.72M	140.17M	125.50M	126.27M	120.31M	123.55M	119.05M	122.94M	121.99M	133.43M	139.91M	133.79M	135.32M	140.94M	143.79M
Forecast	--	--	--	--	--	--	--	--	--	--	107.50M	94.31M	106.06M	112.41M	122.50M	137.87M	147.98M	147.13M	147.23M	138.26M	136.28M	145.29M	--	--	--	122.80M	125.01M	121.48M	124.18M	137.00M	130.64M	136.39M	139.13M	145.39M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.58%	-0.33%	+5.03%	+3.69%	+2.73%	+4.72%	+4.26%	+8.57%	+4.81%	+6.84%	+2.85%	-13.63%	0.00%	0.00%	0.00%	-3.06%	-1.65%	+0.42%	+7.45%	+2.12%	+2.41%	-0.78%	+1.30%	-1.10%

CNS

CNS fundamentals

CNS Q4 2025 Earnings

Earnings Call

You can ask Aime

CNS

CNS fundamentals

CNS Q4 2025 Earnings

Earnings Call

CNS Earnings Call Summary for Q4/202510:00 AM on Jan 23, 2026

CNS Earnings Call Summary for Q3/202510:00 AM on Oct 17, 2025

CNS Earnings Call Summary for Q2/202510:00 AM on Jul 18, 2025

CNS Earnings Call Summary for Q1/202510:00 AM on Apr 17, 2025

CNS Earnings Call Summary for Q4/202410:00 AM on Jan 23, 2025

You can ask Aime