Cohen & Steers Select Preferred and Income Fund (NYSE: PSF) is a closed-end management investment company that seeks to provide shareholders with a high level of current income and the potential for capital appreciation. The fund trades on the New York Stock Exchange and offers investors exposure to a diversified portfolio of preferred and other hybrid securities, combining the liquidity of an exchange-traded vehicle with a specialized income strategy.
The fund’s primary business activity is investing in preferred stocks, bank capital instruments, trust preferreds and other hybrid capital structures issued by U.S. and foreign entities. Portfolio managers employ a bottom-up selection process, conducting fundamental credit analysis to identify securities that offer attractive yields relative to their risk profiles. Emphasis is placed on credit quality, capital structure position and interest rate outlook to build a balanced portfolio designed to withstand different market environments.
Cohen & Steers, the fund’s investment adviser, is a New York–based asset management firm with expertise in global real estate securities, preferred income strategies and alternative income solutions. The income team leverages proprietary research, extensive market experience and a disciplined risk-management framework to oversee sector allocations, duration positioning and geographic exposures. This approach aims to deliver consistent income while managing the inherent risks associated with fixed-income and hybrid capital markets.
PSF generally distributes income on a monthly basis and may employ moderate leverage to enhance yield potential. While the fund predominantly holds U.S. dollar–denominated preferred issues, it retains the flexibility to invest across developed and emerging markets. As a result, investors gain access to a diversified portfolio of preferred and hybrid securities within a closed-end structure, benefiting from professional management and the potential for both income and capital appreciation.
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