DUFF & PHELPS INVESTMENT MANAGEMENT CO

Real Assets

DUFF & PHELPS INVESTMENT MANAGEMENT CO is a Real Assets based in Chicago, IL led by George Robert Aylward, reporting $12.2B in AUM as of Q3 2025 with 44% Real Estate concentration and minimal technology exposure.

ChairmanGeorge Robert Aylward

Portfolio Value: $8.8B
Positions: 148
Top Holding: WELL at 5.08%
Last Reported: Q3 2025

Address10 S. Wacker Drive, 19th Floor, Chicago, IL, 60606, United States

Top Holdings

Largest long holdings in DUFF & PHELPS INVESTMENT MANAGEMENT CO's portfolio (28% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Welltower WELL	REIT - Healthcare Facilities Real Estate	$446.1M	5.08%	-$998.5K Sold	0.37% 2.5M shares	Q4 2019 Held for 5y 11m
2 Equinix, Inc. EQIX	REIT - Specialty Real Estate	$342.1M	3.90%	+$22.7M Bought	0.45% 436.8K shares	Q1 2019 Held for 6y 8m
3 Prologis PLD	REIT - Industrial Real Estate	$340.4M	3.88%	+$303.5K Bought	0.32% 3.0M shares	≤ Q2 2013 Held for 12y 5m+
4 Digital Realty DLR	REIT - Office Real Estate	$239.5M	2.73%	+$2.3M Bought	0.41% 1.4M shares	Q2 2020 Held for 5y 5m
5 Sempra Energy SRE	Diversified Utilities Utilities	$192.8M	2.20%	+$9.6M Bought	0.33% 2.1M shares	≤ Q2 2013 Held for 12y 5m+
6 Nextra Energy NEE	Regulated Electric Utilities	$192.5M	2.19%	-$3.7M Sold	0.12% 2.6M shares	≤ Q2 2013 Held for 12y 5m+
7 Xcel Energy XEL	Regulated Electric Utilities	$190.1M	2.17%	+$12.2M Bought	0.40% 2.4M shares	≤ Q2 2013 Held for 12y 5m+
8 American Tower AMT	REIT - Specialty Real Estate	$175.1M	1.99%	+$6.2M Bought	0.19% 910.3K shares	≤ Q2 2013 Held for 12y 5m+
9 AvalonBay Communities AVB	REIT - Residential Real Estate	$173.8M	1.98%	+$4.1M Bought	0.63% 899.8K shares	≤ Q2 2013 Held for 12y 5m+
10 Ventas VTR	REIT - Healthcare Facilities Real Estate	$168.9M	1.92%	-$24.8M Sold	0.53% 2.4M shares	Q4 2022 Held for 2y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in DUFF & PHELPS INVESTMENT MANAGEMENT CO's latest filing

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Market Value

$8.8B

Prior: $8.5B

Q/Q Change

+3.78%

+$319.9M

Net Flows % of MV

-0.428%

Turnover Ratio

4.7%

New Purchases

2 stocks

$77.0M

Added To

46 stocks

+$316.7M

Sold Out Of

5 stocks

$47.9M

Reduced Holdings

76 stocks

-$384.5M

Increased Positions

Position	Shares Δ	Change
1 First Industrial Realty Trust FR	New	0 → 1.4M +$74.6M
2 OMAB Grupo Aeroportuario del Centro Norte OMAB	New	0 → 23.0K +$2.4M
3 Alexandria Real Estate Equities ARE	+1,725.74%	24.7K → 450.1K +$35.5M
4 Agree Realty ADC	+310.96%	204.1K → 838.6K +$45.1M
5 American Healthcare REIT AHR	+129.45%	110.0K → 252.4K +$6.0M

Decreased Positions

Position	Shares Δ	Change
1 Lamar Advertising LAMR	Sold	170.6K → 0 −$20.7M
2 Norfolk Southern NSC	Sold	54.2K → 0 −$13.9M
3 HTO Hyperion 2005 Investment Grade Opportunity Trust HTO	Sold	232.9K → 0 −$12.1M
4 Golar LNG GLNG	Sold	20.8K → 0 −$858.1K
5 Terreno Realty TRNO	Sold	6.8K → 0 −$382.7K