Duff & Phelps Investment Management Co.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Duff & Phelps Investment Management Co. reported 156 stock positions worth $8.4 billion. Its top holding was Equinix (EQIX) at 4.8% of the portfolio, followed by Welltower (WELL, 3.9%) and Prologis (PLD, 3.7%). Compared with Q3 2024, it opened 4 new positions, sold out of 5, added to 53 and reduced 71. The biggest buy was Duke Energy (DUK, shares +143%) and the biggest sale Prologis (PLD, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000765443
- Portfolio Value
- $8.4B (Q4 2024)
- SEC Filing
- 0001140361-25-003945 ↗ filed Feb 12, 2025
Holdings Value
Holdings 156 stocks · $8.4B
| EQIX Equinix Inc. | 4.83% | 428,291 | $403.8M | Add +0.9% |
| WELL Welltower Inc. | 3.89% | 2,575,721 | $324.6M | Add +1.5% |
| PLD Prologis Inc. | 3.67% | 2,902,254 | $306.8M | Reduce -0.5% |
| DLR Digital Realty Trust Inc. | 2.75% | 1,296,118 | $229.8M | Add +0.8% |
| AVB Avalonbay Communities Inc. | 2.18% | 827,751 | $182.1M | Reduce -3.4% |
| SRE Sempra | 2.02% | 1,925,727 | $168.9M | Reduce -0.7% |
| VTR Ventas Inc. | 2.01% | 2,851,476 | $167.9M | Add +0.2% |
| AMT American Tower Corp. | 2.00% | 910,738 | $167.0M | Reduce -0.3% |
| PSA Public Storage | 1.94% | 541,260 | $162.1M | Reduce -2.5% |
| NEE Nextera Energy Inc. | 1.92% | 2,243,128 | $160.8M | Reduce -4.9% |
| AMH American Homes 4 Rent- A | 1.87% | 4,166,956 | $155.9M | Add +17.3% |
| SPG Simon Property Group Inc. | 1.76% | 853,872 | $147.0M | Reduce -25.2% |
| CNP Centerpoint Energy Inc. | 1.75% | 4,605,566 | $146.1M | Reduce -8.1% |
| NI Nisource Inc. | 1.69% | 3,849,521 | $141.5M | Reduce -1.3% |
| AEE Ameren Corporation | 1.61% | 1,509,058 | $134.5M | Reduce -0.2% |
| XEL Xcel Energy Inc. | 1.60% | 1,976,451 | $133.4M | No change |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.57% | 1,246,311 | $131.0M | Add +0.5% |
| LNG Cheniere Energy Inc. | 1.56% | 604,812 | $130.0M | Reduce -14.2% |
| WEC WEC Energy Group Inc. | 1.53% | 1,357,527 | $127.7M | Reduce -0.6% |
| LNT Alliant Energy Corp. | 1.46% | 2,056,042 | $121.6M | Add +9.0% |
| ETR Entergy Corp. | 1.42% | 1,563,177 | $118.5M | Add +8.6% |
| WMB Williams Cos Inc. | 1.37% | 2,110,109 | $114.2M | Reduce -0.8% |
| ATO Atmos Energy Corp. | 1.37% | 819,458 | $114.1M | Reduce -4.1% |
| EVRG Evergy Inc. | 1.36% | 1,851,745 | $114.0M | Add +1.6% |
| REXR Rexford Industrial Realty Inc. | 1.35% | 2,910,765 | $112.5M | Add +40.4% |
| SO The Southern Co. | 1.35% | 1,365,574 | $112.4M | Reduce -14.7% |
| BRX Brixmor Property Group Inc. | 1.34% | 4,027,809 | $112.1M | Reduce -7.5% |
| OKE Oneok Inc. | 1.26% | 1,050,105 | $105.4M | Add +3.2% |
| PCG P G & E Corp. | 1.19% | 4,931,520 | $99.5M | Add +22.4% |
| TRGP Targa Resources Corp. | 1.19% | 557,198 | $99.5M | Reduce -7.8% |
| ET Energy Transfer LP | 1.17% | 4,994,274 | $97.8M | Add +0.9% |
| DTE DTE Energy Company | 1.15% | 796,847 | $96.2M | Reduce -12.2% |
| DUK Duke Energy Corp. | 1.15% | 888,309 | $95.7M | Add +143.3% |
| CMS CMS Energy Corp. | 1.14% | 1,433,047 | $95.5M | Reduce -7.1% |
| PPL PPL Corp. | 1.14% | 2,929,007 | $95.1M | Add +45.1% |
| MPLX MPLX LP | 1.13% | 1,971,331 | $94.3M | Add +2.0% |
| CUBE Cubesmart | 1.12% | 2,182,425 | $93.5M | Reduce -0.8% |
| PEG Public Service Enterprise GP | 1.08% | 1,069,370 | $90.4M | Add +6.3% |
| WTRG Essential Utilities Inc. | 1.05% | 2,410,529 | $87.6M | Reduce -4.8% |
| OGE Oge Energy Corp. | 1.03% | 2,089,289 | $86.2M | Add +11.7% |
| TRP TC Energy Corp. | 1.01% | 1,809,457 | $84.2M | Add +2.6% |
| ESS Essex Property Trust Inc. | 1.00% | 291,975 | $83.3M | Reduce -6.0% |
| KIM Kimco Realty Corp. | 0.93% | 3,322,192 | $77.8M | Reduce -24.2% |
| CCI Crown Castle Inc. | 0.93% | 855,116 | $77.6M | Reduce -4.4% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.87% | 592,367 | $72.8M | Reduce -2.8% |
| T AT&T Inc. | 0.84% | 3,079,500 | $70.1M | No change |
| AEP American Electric Power | 0.81% | 735,162 | $67.8M | Add +20.9% |
| D Dominion Energy Inc. | 0.80% | 1,238,640 | $66.7M | No change |
| RHP Ryman Hospitality Properties | 0.80% | 636,914 | $66.5M | Add +4.2% |
| EPRT Essential Properties Realty | 0.77% | 2,053,195 | $64.2M | Add +0.9% |
| ENB Enbridge Inc. | 0.73% | 1,439,951 | $61.1M | Add +10.6% |
| EPD Enterprise Products Partners | 0.70% | 1,876,842 | $58.9M | Reduce -11.0% |
| AWK American Water Works Co. Inc. | 0.70% | 469,681 | $58.5M | Reduce -13.8% |
| PECO Phillips Edison & Company Inc. | 0.65% | 1,456,975 | $54.6M | Reduce -1.2% |
| VNO Vornado Realty Trust | 0.65% | 1,284,352 | $54.0M | Reduce -25.5% |
| VZ Verizon Communications Inc. | 0.64% | 1,339,489 | $53.6M | No change |
| PBA Pembina Pipeline Corp. | 0.64% | 1,438,421 | $53.1M | Reduce -8.4% |
| PNW Pinnacle West Capital | 0.63% | 624,930 | $53.0M | No change |
| BXP BXP Inc. | 0.63% | 712,206 | $53.0M | Reduce -1.1% |
| SR Spire Inc. | 0.63% | 776,340 | $52.7M | No change |
| XYL Xylem Inc. | 0.61% | 439,358 | $51.0M | Reduce -2.9% |
| HST Host Hotels & Resorts Inc. | 0.56% | 2,688,017 | $47.1M | Reduce -2.8% |
| KMI Kinder Morgan Inc. | 0.55% | 1,671,381 | $45.8M | Add +0.0% |
| FE Firstenergy Corp. | 0.54% | 1,138,500 | $45.3M | No change |
| MAA Mid-America Apartment Comm | 0.54% | 289,188 | $44.7M | Add +271.3% |
| SBRA Sabra Health Care REIT Inc. | 0.53% | 2,539,749 | $44.0M | Add +16.3% |
| ES Eversource Energy | 0.50% | 729,549 | $41.9M | Reduce -12.8% |
| COLD Americold Realty Trust Inc. | 0.50% | 1,947,335 | $41.7M | Add +11.1% |
| PAA Plains All Amer Pipeline LP | 0.50% | 2,436,900 | $41.6M | Add +14.0% |
| UNP Union Pacific Corp. | 0.50% | 182,486 | $41.6M | Reduce -3.6% |
| FTS Fortis Inc. | 0.49% | 981,900 | $40.8M | No change |
| GLPI Gaming and Leisure Propertie | 0.48% | 838,720 | $40.4M | Add +16.1% |
| OGS One Gas Inc. | 0.48% | 576,000 | $39.9M | No change |
| CUZ Cousins Properties Inc. | 0.46% | 1,262,180 | $38.7M | Reduce -0.9% |
| DTM DT Midstream Inc. | 0.46% | 388,578 | $38.6M | Add +43.4% |
| TU Telus Corp. | 0.43% | 2,666,500 | $36.1M | No change |
| KEYUF Keyera Corp. | 0.38% | 1,031,314 | $31.5M | No change |
| NWN Northwest Natural Holding Co. | 0.37% | 779,470 | $30.8M | No change |
| O Realty Income Corp. | 0.35% | 541,887 | $28.9M | Reduce -5.5% |
| BCE Bce Inc. | 0.34% | 1,216,375 | $28.2M | No change |
| VLTO Veralto Corp. | 0.33% | 272,904 | $27.8M | Add +3.0% |
| PNR Pentair PLC | 0.33% | 272,247 | $27.4M | Reduce -11.9% |
| ECL Ecolab Inc. | 0.31% | 112,140 | $26.3M | Reduce -10.2% |
| CP Canadian Pacific Kansas City | 0.29% | 332,450 | $24.1M | Add +132.8% |
| NSC Norfolk Southern Corp. | 0.29% | 102,137 | $24.0M | Reduce -27.5% |
| WES Western Midstream Partners L | 0.28% | 611,183 | $23.5M | Reduce -13.8% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.27% | 782,130 | $22.8M | Reduce -1.9% |
| BKH Black Hills Corp. | 0.27% | 389,700 | $22.8M | No change |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.27% | 1,578,158 | $22.6M | Add +0.0% |
| LAMR Lamar Advertising Co. Class A | 0.26% | 179,991 | $21.9M | Reduce -0.2% |
| CNM Core & Main Inc. Class A | 0.26% | 424,376 | $21.6M | Reduce -17.2% |
| TTEK Tetra Tech Inc. | 0.23% | 482,826 | $19.2M | Reduce -23.5% |
| WMS Advanced Drainage Systems Inc. | 0.22% | 159,424 | $18.4M | Add +4.2% |
| STN Stantec Inc. | 0.20% | 214,097 | $16.8M | Reduce -15.6% |
| GFL GFL Environmental Inc.-Sub VT | 0.18% | 341,820 | $15.2M | Add +9.9% |
| ZWS Zurn Elkay Water Solutions C | 0.16% | 367,857 | $13.7M | Add +10.4% |
| EIX Edison International | 0.16% | 163,600 | $13.1M | Reduce -59.8% |
| DOC Healthpeak Properties Inc. | 0.15% | 637,478 | $12.9M | Reduce -1.9% |
| TMO Thermo Fisher Scientific Inc. | 0.14% | 23,056 | $12.0M | Reduce -11.7% |
| SPIB SS SPDR P Int C Corp. ETF | 0.14% | 365,715 | $12.0M | Add +1.0% |
Portfolio Sells Q3 2024 → Q4 2024
| PLD Prologis Inc. | Reduce -0.5% | 3.67% | −0.56 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.52 |
| SPG Simon Property Group Inc. | Reduce -25.2% | 1.76% | −0.46 |
| AMT American Tower Corp. | Reduce -0.3% | 2.00% | −0.44 |
| PSA Public Storage | Reduce -2.5% | 1.94% | −0.38 |
| NEE Nextera Energy Inc. | Reduce -4.9% | 1.92% | −0.37 |
| SO The Southern Co. | Reduce -14.7% | 1.35% | −0.31 |
| CCI Crown Castle Inc. | Reduce -4.4% | 0.93% | −0.29 |
| EIX Edison International | Reduce -59.8% | 0.16% | −0.25 |
| CUBE Cubesmart | Reduce -0.8% | 1.12% | −0.24 |
| KIM Kimco Realty Corp. | Reduce -24.2% | 0.93% | −0.24 |
| AWK American Water Works Co. Inc. | Reduce -13.8% | 0.70% | −0.22 |
| DTE DTE Energy Company | Reduce -12.2% | 1.15% | −0.19 |
| ES Eversource Energy | Reduce -12.8% | 0.50% | −0.15 |
| VNO Vornado Realty Trust | Reduce -25.5% | 0.65% | −0.13 |
| NSC Norfolk Southern Corp. | Reduce -27.5% | 0.29% | −0.12 |
| TTEK Tetra Tech Inc. | Reduce -23.5% | 0.23% | −0.11 |
| PBA Pembina Pipeline Corp. | Reduce -8.4% | 0.64% | −0.11 |
| CMS CMS Energy Corp. | Reduce -7.1% | 1.14% | −0.11 |
| CSX CSX Corp. | Reduce -73.8% | 0.04% | −0.11 |
| XYL Xylem Inc. | Reduce -2.9% | 0.61% | −0.09 |
| SUI Sun Communities Inc. | Reduce -2.8% | 0.87% | −0.07 |
| WTRG Essential Utilities Inc. | Reduce -4.8% | 1.05% | −0.07 |
| O Realty Income Corp. | Reduce -5.5% | 0.35% | −0.07 |
| ESS Essex Property Trust Inc. | Reduce -6.0% | 1.00% | −0.06 |
| BRX Brixmor Property Group Inc. | Reduce -7.5% | 1.34% | −0.05 |
| ECL Ecolab Inc. | Reduce -10.2% | 0.31% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -11.7% | 0.14% | −0.04 |
| DHR Danaher Corp. | Reduce -12.5% | 0.13% | −0.04 |
| AVB Avalonbay Communities Inc. | Reduce -3.4% | 2.18% | −0.04 |
| UNP Union Pacific Corp. | Reduce -3.6% | 0.50% | −0.04 |
| STN Stantec Inc. | Reduce -15.6% | 0.20% | −0.03 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.03 |
| BXP BXP Inc. | Reduce -1.1% | 0.63% | −0.03 |
| VICI Vici Properties Inc. | Reduce -1.9% | 0.27% | −0.03 |
| WES Western Midstream Partners L | Reduce -13.8% | 0.28% | −0.03 |
| ED Consolidated Edison Inc. | Sold out | 0.00% | −0.02 |
| AWR American States Water Co. | Reduce -47.7% | 0.02% | −0.02 |
| CWT California Water Service Grp | Reduce -42.8% | 0.02% | −0.02 |
| PNR Pentair PLC | Reduce -11.9% | 0.33% | −0.02 |
| DOC Healthpeak Properties Inc. | Reduce -1.9% | 0.15% | −0.02 |
| BMI Badger Meter Inc. | Reduce -10.7% | 0.14% | −0.02 |
| LAMR Lamar Advertising Co. Class A | Reduce -0.2% | 0.26% | −0.01 |
| FERG Ferguson Enterprises Inc. | Reduce -2.5% | 0.08% | −0.01 |
| MSEX Middlesex Water Co. | Reduce -21.0% | 0.02% | −0.01 |
| AGX Argan Inc. | Sold out | 0.00% | −0.01 |
| GNR State Street SPDR S&P Global | Reduce -16.6% | 0.02% | −0.01 |
| RUN Sunrun Inc. | Reduce -30.5% | 0.00% | −0.01 |
| FELE Franklin Electric Co. Inc. | Reduce -2.5% | 0.08% | −0.00 |
| CNM Core & Main Inc. Class A | Reduce -17.2% | 0.26% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| DUK Duke Energy Corp. | Add +143.3% | 1.15% | +0.66 |
| EQIX Equinix Inc. | Add +0.9% | 4.83% | +0.50 |
| MAA Mid-America Apartment Comm | Add +271.3% | 0.54% | +0.39 |
| PPL PPL Corp. | Add +45.1% | 1.14% | +0.37 |
| DLR Digital Realty Trust Inc. | Add +0.8% | 2.75% | +0.36 |
| ETR Entergy Corp. | Add +8.6% | 1.42% | +0.33 |
| AMH American Homes 4 Rent- A | Add +17.3% | 1.87% | +0.30 |
| PCG P G & E Corp. | Add +22.4% | 1.19% | +0.28 |
| ET Energy Transfer LP | Add +0.9% | 1.17% | +0.26 |
| DTM DT Midstream Inc. | Add +43.4% | 0.46% | +0.22 |
| OKE Oneok Inc. | Add +3.2% | 1.26% | +0.20 |
| WELL Welltower Inc. | Add +1.5% | 3.89% | +0.15 |
| OGE Oge Energy Corp. | Add +11.7% | 1.03% | +0.15 |
| REXR Rexford Industrial Realty Inc. | Add +40.4% | 1.35% | +0.15 |
| CP Canadian Pacific Kansas City | Add +132.8% | 0.29% | +0.15 |
| MPLX MPLX LP | Add +2.0% | 1.13% | +0.14 |
| LNT Alliant Energy Corp. | Add +9.0% | 1.46% | +0.14 |
| KGS Kodiak Gas Services Inc. | Add +911.4% | 0.14% | +0.13 |
| KMI Kinder Morgan Inc. | Add +0.0% | 0.55% | +0.12 |
| ENB Enbridge Inc. | Add +10.6% | 0.73% | +0.12 |
| AEP American Electric Power | Add +20.9% | 0.81% | +0.09 |
| PAA Plains All Amer Pipeline LP | Add +14.0% | 0.50% | +0.07 |
| EVRG Evergy Inc. | Add +1.6% | 1.36% | +0.07 |
| SBRA Sabra Health Care REIT Inc. | Add +16.3% | 0.53% | +0.06 |
| GLPI Gaming and Leisure Propertie | Add +16.1% | 0.48% | +0.06 |
| PEG Public Service Enterprise GP | Add +6.3% | 1.08% | +0.05 |
| ERII Energy Recovery Inc. | New | 0.05% | +0.05 |
| TRP TC Energy Corp. | Add +2.6% | 1.01% | +0.04 |
| RHP Ryman Hospitality Properties | Add +4.2% | 0.80% | +0.04 |
| GFL GFL Environmental Inc.-Sub VT | Add +9.9% | 0.18% | +0.04 |
| SOBO South Bow Corp. | Add +26.7% | 0.13% | +0.03 |
| ZWS Zurn Elkay Water Solutions C | Add +10.4% | 0.16% | +0.03 |
| MWA Mueller Water Products Inc. Class A | Add +13.5% | 0.12% | +0.02 |
| SUN Sunoco LP | Add +16.7% | 0.07% | +0.01 |
| PAGP Plains GP Holdings LP | Add +31.2% | 0.02% | +0.01 |
| GTLS Chart Industries Inc. | Add +50.0% | 0.01% | +0.01 |
| NVT Nvent Electric PLC | New | 0.00% | +0.00 |
| HUBB Hubbell Inc. | New | 0.00% | +0.00 |
| NXT Nextpower Inc. | Add +44.6% | 0.01% | +0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Add +1.0% | 0.14% | +0.00 |
| ELS Equity Lifestyle Properties | New | 0.00% | +0.00 |
| PLUG Plug Power Inc. | Add +111.0% | 0.00% | +0.00 |
| TEL Te Connectivity PLC | Add +42.7% | 0.01% | +0.00 |
| CWEN Clearway Energy Inc. Class C | Add +23.4% | 0.01% | +0.00 |
| MP MP Materials Corp. | Add +23.3% | 0.00% | +0.00 |
| CEG Constellation Energy | Add +23.2% | 0.00% | +0.00 |
| FLNC Fluence Energy Inc. | Add +5.6% | 0.01% | −0.00 |
| AES AES Corp. | Add +10.1% | 0.01% | −0.00 |
| FSLR First Solar Inc. | Add +23.5% | 0.03% | −0.00 |
| ENPH Enphase Energy Inc. | Add +14.7% | 0.02% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 161 | $10.6B | WELL, EQIX, PLD, DLR, VTR |
| Q1 2026Amended | 148 | $9.6B | WELL, EQIX, PLD, DLR, VTR |
| Q4 2025 | 146 | $8.8B | WELL, PLD, EQIX, DLR, VTR |
| Q3 2025 | 151 | $8.8B | WELL, EQIX, PLD, DLR, SRE |
| Q2 2025 | 154 | $8.5B | WELL, EQIX, PLD, DLR, AMT |
| Q1 2025 | 153 | $8.5B | WELL, PLD, EQIX, DLR, VTR |
| Q4 2024 | 156 | $8.4B | EQIX, WELL, PLD, DLR, AVB |
| Q3 2024 | 156 | $8.7B | EQIX, PLD, WELL, AMT, DLR |
| Q2 2024 | 229 | $7.8B | PLD, EQIX, WELL, AMT, AVB |
| Q1 2024 | 249 | $8.4B | PLD, WY, EQIX, AMT, PSA |