Cohen & Steers Total Return Realty Fund (NYSE:RFI) is a closed-end management investment company that seeks to deliver total return through a combination of capital appreciation and current income. The fund primarily invests in publicly traded real estate securities, with an emphasis on equity real estate investment trusts (REITs) and real estate operating companies. Structured as a diversified portfolio, it allocates across residential, office, industrial, retail and specialized property sectors.
The fund’s investment strategy includes both domestic and global holdings, allowing for exposure to North American markets alongside select international real estate opportunities. In addition to equity REITs, the portfolio may hold mortgage REITs, real estate debt instruments and infrastructure-related securities. The use of modest leverage is a key feature designed to enhance returns over market cycles, subject to prevailing regulatory and market conditions.
Launched in the early 1990s, Cohen & Steers Total Return Realty Fund leverages the deep real estate expertise of its advisor, Cohen & Steers, Inc., a New York–based investment manager with a long track record in property securities. The fund’s portfolio team is led by seasoned real estate specialists who conduct fundamental research and thematic analysis to identify opportunities across capitalization sizes and geographic regions.
The fund typically distributes income to shareholders on a monthly basis, making it of interest to investors seeking regular cash flow from a diversified mix of real estate assets. Its closed-end structure provides the flexibility to pursue longer-term investments and employ portfolio strategies aimed at navigating changing market environments.
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