Duff & Phelps Investment Management Co.

Name: DUFF & PHELPS INVESTMENT MANAGEMENT CO 13F holdings, Q4 2024
Creator: DUFF & PHELPS INVESTMENT MANAGEMENT CO
Published: 2025-02-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

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%
BMI Badger Meter Inc.	0.14%	55,596	$11.8M	Reduce -10.7%
KGS Kodiak Gas Services Inc.	0.14%	283,204	$11.6M	Add +911.4%
WM Waste Management Inc.	0.13%	52,894	$10.7M	Reduce -2.5%
DHR Danaher Corp.	0.13%	46,205	$10.6M	Reduce -12.5%
SOBO South Bow Corp.	0.13%	446,896	$10.5M	Add +26.7%
ACM Aecom	0.12%	96,650	$10.3M	Reduce -2.5%
SBAC SBA Communications Corp.	0.12%	50,202	$10.2M	No change
MWA Mueller Water Products Inc. Class A	0.12%	442,893	$10.0M	Add +13.5%
IEX Idex Corp.	0.11%	44,191	$9.2M	Reduce -2.5%
WY Weyerhaeuser Co.	0.10%	306,634	$8.6M	No change
VMI Valmont Industries	0.09%	24,442	$7.5M	Reduce -2.5%
WTS Watts Water Technologies-A	0.09%	35,356	$7.2M	Reduce -2.5%
FERG Ferguson Enterprises Inc.	0.08%	39,418	$6.8M	Reduce -2.5%
FELE Franklin Electric Co. Inc.	0.08%	69,433	$6.8M	Reduce -2.5%
VOD Vodafone Group PLC-SP ADR	0.08%	782,200	$6.6M	No change
SUN Sunoco LP	0.07%	111,630	$5.7M	Add +16.7%
EXR Extra Space Storage Inc.	0.06%	35,503	$5.3M	No change
ARE Alexandria Real Estate Equit	0.06%	49,651	$4.8M	No change
INVH Invitation Homes Inc.	0.06%	144,326	$4.6M	No change
ERII Energy Recovery Inc.	0.05%	258,376	$3.8M	New
CSX CSX Corp.	0.04%	95,000	$3.1M	Reduce -73.8%
FSLR First Solar Inc.	0.03%	14,384	$2.5M	Add +23.5%
OMAB Grupo Aeroportuario Cen-ADR	0.03%	34,000	$2.3M	No change
PAGP Plains GP Holdings LP	0.02%	105,103	$1.9M	Add +31.2%
RYN Rayonier Inc.	0.02%	69,150	$1.8M	No change
ENPH Enphase Energy Inc.	0.02%	25,724	$1.8M	Add +14.7%
AWR American States Water Co. filed as AMER STATES WTR CO	0.02%	22,305	$1.7M	Reduce -47.7%
CWT California Water Service Grp	0.02%	36,335	$1.6M	Reduce -42.8%
MSEX Middlesex Water Co.	0.02%	28,180	$1.5M	Reduce -21.0%
GNR State Street SPDR S&P Global	0.02%	27,550	$1.4M	Reduce -16.6%
HTO H2O America filed as SJW GROUP	0.02%	26,723	$1.3M	Reduce -2.5%
EGP Eastgroup Properties Inc.	0.01%	5,725	$919K	No change
NXT Nextpower Inc. filed as NEXTRACKER INC	0.01%	25,146	$919K	Add +44.6%
DBC Invesco DB Commodity Index T	0.01%	42,374	$906K	Reduce -18.0%
CWEN Clearway Energy Inc. Class C	0.01%	34,238	$890K	Add +23.4%
GBNXF Gibson Energy Inc.	0.01%	47,579	$810K	No change
GTLS Chart Industries Inc.	0.01%	4,135	$789K	Add +50.0%
HESM Hess Midstream LP Class A	0.01%	20,429	$756K	No change
GDX Vaneck Gold Miners ETF	0.01%	22,100	$749K	No change
CCJ Cameco Corp.	0.01%	12,363	$635K	Reduce -10.8%
TEL Te Connectivity PLC	0.01%	4,225	$604K	Add +42.7%
BE Bloom Energy Corp. Class A	0.01%	25,831	$574K	Reduce -47.2%
AES AES Corp.	0.01%	40,970	$527K	Add +10.1%
FLNC Fluence Energy Inc.	0.01%	27,192	$432K	Add +5.6%
ADC Agree Realty Corp.	0.01%	6,000	$423K	No change
GEV GE Vernova Inc.	0.00%	1,252	$412K	Reduce -17.7%
TRNO Terreno Realty Corp.	0.00%	6,825	$404K	No change
MP MP Materials Corp.	0.00%	25,227	$394K	Add +23.3%
NVT Nvent Electric PLC	0.00%	5,499	$375K	New
HUBB Hubbell Inc.	0.00%	885	$371K	New
PLUG Plug Power Inc.	0.00%	158,576	$338K	Add +111.0%
CEG Constellation Energy	0.00%	1,398	$313K	Add +23.2%
RUN Sunrun Inc.	0.00%	29,035	$269K	Reduce -30.5%
SCHP Schwab U.S. Tips ETF	0.00%	9,300	$240K	Reduce -29.6%
DBA Invesco DB Agriculture Fund	0.00%	8,900	$237K	Reduce -19.1%
ELS Equity Lifestyle Properties	0.00%	3,340	$222K	New

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