Duff & Phelps Investment Management Co.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Duff & Phelps Investment Management Co. reported 153 stock positions worth $8.5 billion. Its top holding was Welltower (WELL) at 4.4% of the portfolio, followed by Prologis (PLD, 3.9%) and Equinix (EQIX, 3.8%). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 56 and reduced 72. The biggest buy was Equity Lifestyle Properties (ELS, shares +42002%) and the biggest sale Equinix (EQIX, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000765443
- Portfolio Value
- $8.5B (Q1 2025)
- SEC Filing
- 0001140361-25-018540 ↗ filed May 13, 2025
Holdings Value
Holdings 153 stocks · $8.5B
| WELL Welltower Inc. | 4.44% | 2,476,746 | $379.5M | Reduce -3.8% |
| PLD Prologis Inc. | 3.88% | 2,965,149 | $331.5M | Add +2.2% |
| EQIX Equinix Inc. | 3.78% | 395,530 | $322.5M | Reduce -7.7% |
| DLR Digital Realty Trust Inc. | 2.31% | 1,375,959 | $197.2M | Add +6.2% |
| VTR Ventas Inc. | 2.27% | 2,824,221 | $194.2M | Reduce -1.0% |
| AMT American Tower Corp. | 2.27% | 890,923 | $193.9M | Reduce -2.2% |
| AVB Avalonbay Communities Inc. | 2.12% | 843,799 | $181.1M | Add +1.9% |
| NEE Nextera Energy Inc. | 1.89% | 2,276,185 | $161.4M | Add +1.5% |
| AMH American Homes 4 Rent- A | 1.87% | 4,227,481 | $159.8M | Add +1.4% |
| PSA Public Storage | 1.84% | 524,145 | $156.9M | Reduce -3.2% |
| CNP Centerpoint Energy Inc. | 1.76% | 4,137,598 | $149.9M | Reduce -10.2% |
| SPG Simon Property Group Inc. | 1.66% | 855,848 | $142.1M | Add +0.2% |
| NI Nisource Inc. | 1.66% | 3,535,641 | $141.7M | Reduce -8.2% |
| AEE Ameren Corporation | 1.64% | 1,397,858 | $140.3M | Reduce -7.4% |
| XEL Xcel Energy Inc. | 1.64% | 1,976,451 | $139.9M | No change |
| SRE Sempra | 1.62% | 1,942,867 | $138.6M | Add +0.9% |
| WEC WEC Energy Group Inc. | 1.62% | 1,271,792 | $138.6M | Reduce -6.3% |
| EVRG Evergy Inc. | 1.57% | 1,946,011 | $134.2M | Add +5.1% |
| ETR Entergy Corp. | 1.56% | 1,554,664 | $132.9M | Reduce -0.5% |
| LNG Cheniere Energy Inc. | 1.50% | 552,153 | $127.8M | Reduce -8.7% |
| ATO Atmos Energy Corp. | 1.47% | 813,328 | $125.7M | Reduce -0.8% |
| LNT Alliant Energy Corp. | 1.44% | 1,916,058 | $123.3M | Reduce -6.8% |
| DUK Duke Energy Corp. | 1.43% | 1,000,405 | $122.0M | Add +12.6% |
| WMB Williams Cos Inc. | 1.43% | 2,037,740 | $121.8M | Reduce -3.4% |
| REXR Rexford Industrial Realty Inc. | 1.41% | 3,074,850 | $120.4M | Add +5.6% |
| SO The Southern Co. | 1.40% | 1,300,886 | $119.6M | Reduce -4.7% |
| OKE Oneok Inc. | 1.35% | 1,161,191 | $115.2M | Add +10.6% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.34% | 1,331,161 | $114.5M | Add +6.8% |
| CCI Crown Castle Inc. | 1.32% | 1,084,189 | $113.0M | Add +26.8% |
| BRX Brixmor Property Group Inc. | 1.31% | 4,202,064 | $111.6M | Add +4.3% |
| PPL PPL Corp. | 1.27% | 3,012,100 | $108.8M | Add +2.8% |
| TRGP Targa Resources Corp. | 1.25% | 531,529 | $106.6M | Reduce -4.6% |
| CMS CMS Energy Corp. | 1.22% | 1,382,047 | $103.8M | Reduce -3.6% |
| MPLX MPLX LP | 1.21% | 1,928,792 | $103.2M | Reduce -2.2% |
| DTE DTE Energy Company | 1.18% | 727,542 | $100.6M | Reduce -8.7% |
| MAA Mid-America Apartment Comm | 1.15% | 585,940 | $98.2M | Add +102.6% |
| OGE Oge Energy Corp. | 1.12% | 2,078,962 | $95.5M | Reduce -0.5% |
| WTRG Essential Utilities Inc. | 1.12% | 2,413,764 | $95.4M | Add +0.1% |
| ELS Equity Lifestyle Properties | 1.10% | 1,406,205 | $93.8M | Add +42001.9% |
| CUBE Cubesmart | 1.09% | 2,183,764 | $93.3M | Add +0.1% |
| ET Energy Transfer LP | 1.09% | 4,998,607 | $92.9M | Add +0.1% |
| TRP TC Energy Corp. | 1.05% | 1,895,178 | $89.5M | Add +4.7% |
| ESS Essex Property Trust Inc. | 1.05% | 291,470 | $89.4M | Reduce -0.2% |
| PCG P G & E Corp. | 1.04% | 5,163,710 | $88.7M | Add +4.7% |
| T AT&T Inc. | 1.02% | 3,079,500 | $87.1M | No change |
| PEG Public Service Enterprise GP | 0.99% | 1,025,370 | $84.4M | Reduce -4.1% |
| AEP American Electric Power | 0.98% | 762,162 | $83.3M | Add +3.7% |
| AWK American Water Works Co. Inc. | 0.91% | 528,356 | $77.9M | Add +12.5% |
| EPRT Essential Properties Realty | 0.85% | 2,222,555 | $72.5M | Add +8.3% |
| D Dominion Energy Inc. | 0.81% | 1,238,640 | $69.5M | No change |
| BXP BXP Inc. | 0.74% | 944,481 | $63.5M | Add +32.6% |
| ENB Enbridge Inc. | 0.72% | 1,379,710 | $61.1M | Reduce -4.2% |
| VZ Verizon Communications Inc. | 0.71% | 1,339,489 | $60.8M | No change |
| SR Spire Inc. | 0.71% | 776,340 | $60.7M | No change |
| RHP Ryman Hospitality Properties | 0.70% | 654,971 | $59.9M | Add +2.8% |
| PNW Pinnacle West Capital | 0.70% | 624,930 | $59.5M | No change |
| PBA Pembina Pipeline Corp. | 0.67% | 1,422,104 | $56.9M | Reduce -1.1% |
| PECO Phillips Edison & Company Inc. | 0.64% | 1,508,480 | $55.0M | Add +3.5% |
| KMI Kinder Morgan Inc. | 0.58% | 1,721,875 | $49.1M | Add +3.0% |
| EPD Enterprise Products Partners | 0.57% | 1,428,358 | $48.8M | Reduce -23.9% |
| VNO Vornado Realty Trust | 0.57% | 1,316,217 | $48.7M | Add +2.5% |
| CUZ Cousins Properties Inc. | 0.55% | 1,605,390 | $47.4M | Add +27.2% |
| XYL Xylem Inc. | 0.54% | 386,590 | $46.2M | Reduce -12.0% |
| FE Firstenergy Corp. | 0.54% | 1,138,500 | $46.0M | No change |
| FTS Fortis Inc. | 0.52% | 981,900 | $44.7M | No change |
| SBRA Sabra Health Care REIT Inc. | 0.52% | 2,533,369 | $44.3M | Reduce -0.3% |
| PAA Plains All Amer Pipeline LP | 0.51% | 2,186,900 | $43.7M | Reduce -10.3% |
| OGS One Gas Inc. | 0.51% | 576,000 | $43.5M | No change |
| COLD Americold Realty Trust Inc. | 0.50% | 1,981,770 | $42.5M | Add +1.8% |
| UNP Union Pacific Corp. | 0.50% | 179,757 | $42.5M | Reduce -1.5% |
| GLPI Gaming and Leisure Propertie | 0.49% | 819,430 | $41.7M | Reduce -2.3% |
| TU Telus Corp. | 0.45% | 2,666,500 | $38.2M | No change |
| DTM DT Midstream Inc. | 0.44% | 385,153 | $37.2M | Reduce -0.9% |
| HST Host Hotels & Resorts Inc. | 0.42% | 2,504,968 | $35.6M | Reduce -6.8% |
| NWN Northwest Natural Holding Co. | 0.39% | 779,470 | $33.3M | No change |
| KEYUF Keyera Corp. | 0.38% | 1,032,212 | $32.1M | Add +0.1% |
| VLTO Veralto Corp. | 0.33% | 290,641 | $28.3M | Add +6.5% |
| BCE Bce Inc. | 0.33% | 1,216,375 | $27.9M | No change |
| NSC Norfolk Southern Corp. | 0.32% | 114,143 | $27.0M | Add +11.8% |
| O Realty Income Corp. | 0.31% | 450,558 | $26.1M | Reduce -16.9% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.29% | 771,615 | $25.2M | Reduce -1.3% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.29% | 1,374,376 | $24.5M | Reduce -12.9% |
| CP Canadian Pacific Kansas City | 0.28% | 338,292 | $23.7M | Add +1.8% |
| BKH Black Hills Corp. | 0.28% | 389,700 | $23.6M | No change |
| ECL Ecolab Inc. | 0.27% | 90,564 | $23.0M | Reduce -19.2% |
| PNR Pentair PLC | 0.24% | 230,756 | $20.2M | Reduce -15.2% |
| LAMR Lamar Advertising Co. Class A | 0.23% | 170,336 | $19.4M | Reduce -5.4% |
| ES Eversource Energy | 0.22% | 303,840 | $18.9M | Reduce -58.4% |
| CNM Core & Main Inc. Class A | 0.22% | 383,850 | $18.5M | Reduce -9.6% |
| GFL GFL Environmental Inc.-Sub VT | 0.22% | 381,231 | $18.4M | Add +11.5% |
| WES Western Midstream Partners L | 0.20% | 425,434 | $17.4M | Reduce -30.4% |
| WMS Advanced Drainage Systems Inc. | 0.20% | 153,594 | $16.7M | Reduce -3.7% |
| KGS Kodiak Gas Services Inc. | 0.18% | 407,077 | $15.2M | Add +43.7% |
| EIX Edison International | 0.17% | 251,600 | $14.8M | Add +53.8% |
| SPIB SS SPDR P Int C Corp. ETF | 0.14% | 366,915 | $12.2M | Add +0.3% |
| ZWS Zurn Elkay Water Solutions C | 0.13% | 330,840 | $10.9M | Reduce -10.1% |
| MWA Mueller Water Products Inc. Class A | 0.12% | 414,620 | $10.5M | Reduce -6.4% |
| SBAC SBA Communications Corp. | 0.12% | 47,502 | $10.5M | Reduce -5.4% |
| KIM Kimco Realty Corp. | 0.12% | 480,551 | $10.2M | Reduce -85.5% |
| BMI Badger Meter Inc. | 0.12% | 53,563 | $10.2M | Reduce -3.7% |
Portfolio Sells Q4 2024 → Q1 2025
| EQIX Equinix Inc. | Reduce -7.7% | 3.78% | −1.06 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −0.87 |
| KIM Kimco Realty Corp. | Reduce -85.5% | 0.12% | −0.81 |
| ES Eversource Energy | Reduce -58.4% | 0.22% | −0.28 |
| DOC Healthpeak Properties Inc. | Sold out | 0.00% | −0.15 |
| HST Host Hotels & Resorts Inc. | Reduce -6.8% | 0.42% | −0.15 |
| EPD Enterprise Products Partners | Reduce -23.9% | 0.57% | −0.13 |
| TTEK Tetra Tech Inc. | Reduce -35.4% | 0.11% | −0.12 |
| PSA Public Storage | Reduce -3.2% | 1.84% | −0.10 |
| PEG Public Service Enterprise GP | Reduce -4.1% | 0.99% | −0.09 |
| PNR Pentair PLC | Reduce -15.2% | 0.24% | −0.09 |
| STN Stantec Inc. | Reduce -45.5% | 0.11% | −0.09 |
| FELE Franklin Electric Co. Inc. | Sold out | 0.00% | −0.08 |
| WES Western Midstream Partners L | Reduce -30.4% | 0.20% | −0.08 |
| XYL Xylem Inc. | Reduce -12.0% | 0.54% | −0.07 |
| LNG Cheniere Energy Inc. | Reduce -8.7% | 1.50% | −0.06 |
| DHR Danaher Corp. | Reduce -35.7% | 0.07% | −0.06 |
| SUN Sunoco LP | Reduce -82.2% | 0.01% | −0.06 |
| WY Weyerhaeuser Co. | Reduce -49.9% | 0.05% | −0.05 |
| ECL Ecolab Inc. | Reduce -19.2% | 0.27% | −0.05 |
| IEX Idex Corp. | Reduce -30.2% | 0.07% | −0.05 |
| CNM Core & Main Inc. Class A | Reduce -9.6% | 0.22% | −0.04 |
| TMO Thermo Fisher Scientific Inc. | Reduce -23.9% | 0.10% | −0.04 |
| O Realty Income Corp. | Reduce -16.9% | 0.31% | −0.04 |
| CSX CSX Corp. | Sold out | 0.00% | −0.04 |
| ZWS Zurn Elkay Water Solutions C | Reduce -10.1% | 0.13% | −0.04 |
| LAMR Lamar Advertising Co. Class A | Reduce -5.4% | 0.23% | −0.04 |
| NI Nisource Inc. | Reduce -8.2% | 1.66% | −0.03 |
| ACM Aecom | Reduce -12.3% | 0.09% | −0.03 |
| VMI Valmont Industries | Reduce -28.3% | 0.06% | −0.03 |
| EXR Extra Space Storage Inc. | Reduce -45.4% | 0.03% | −0.03 |
| SOBO South Bow Corp. | Reduce -27.6% | 0.10% | −0.03 |
| DTM DT Midstream Inc. | Reduce -0.9% | 0.44% | −0.03 |
| FERG Ferguson Enterprises Inc. | Reduce -24.5% | 0.06% | −0.03 |
| WMS Advanced Drainage Systems Inc. | Reduce -3.7% | 0.20% | −0.03 |
| BMI Badger Meter Inc. | Reduce -3.7% | 0.12% | −0.02 |
| MSEX Middlesex Water Co. | Sold out | 0.00% | −0.02 |
| WM Waste Management Inc. | Reduce -21.8% | 0.11% | −0.02 |
| ENB Enbridge Inc. | Reduce -4.2% | 0.72% | −0.02 |
| WTS Watts Water Technologies-A | Reduce -14.5% | 0.07% | −0.01 |
| ARE Alexandria Real Estate Equit | Reduce -15.3% | 0.05% | −0.01 |
| LNT Alliant Energy Corp. | Reduce -6.8% | 1.44% | −0.01 |
| GBNXF Gibson Energy Inc. | Sold out | 0.00% | −0.01 |
| SBRA Sabra Health Care REIT Inc. | Reduce -0.3% | 0.52% | −0.01 |
| AWR American States Water Co. | Reduce -36.6% | 0.01% | −0.01 |
| FLNC Fluence Energy Inc. | Sold out | 0.00% | −0.01 |
| NVT Nvent Electric PLC | Sold out | 0.00% | −0.00 |
| CCJ Cameco Corp. | Reduce -13.0% | 0.01% | −0.00 |
| DBC Invesco DB Commodity Index T | Reduce -21.2% | 0.01% | −0.00 |
| AES AES Corp. | Reduce -13.3% | 0.01% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| ELS Equity Lifestyle Properties | Add +42001.9% | 1.10% | +1.10 |
| MAA Mid-America Apartment Comm | Add +102.6% | 1.15% | +0.61 |
| CCI Crown Castle Inc. | Add +26.8% | 1.32% | +0.39 |
| DUK Duke Energy Corp. | Add +12.6% | 1.43% | +0.28 |
| AWK American Water Works Co. Inc. | Add +12.5% | 0.91% | +0.21 |
| PLD Prologis Inc. | Add +2.2% | 3.88% | +0.21 |
| EVRG Evergy Inc. | Add +5.1% | 1.57% | +0.21 |
| AEP American Electric Power | Add +3.7% | 0.98% | +0.16 |
| PPL PPL Corp. | Add +2.8% | 1.27% | +0.14 |
| BXP BXP Inc. | Add +32.6% | 0.74% | +0.11 |
| HTO H2O America | Add +582.2% | 0.12% | +0.10 |
| CUZ Cousins Properties Inc. | Add +27.2% | 0.55% | +0.09 |
| VLO Valero Energy Corp. | New | 0.09% | +0.09 |
| OKE Oneok Inc. | Add +10.6% | 1.35% | +0.09 |
| EPRT Essential Properties Realty | Add +8.3% | 0.85% | +0.08 |
| WTRG Essential Utilities Inc. | Add +0.1% | 1.12% | +0.07 |
| REXR Rexford Industrial Realty Inc. | Add +5.6% | 1.41% | +0.06 |
| TRP TC Energy Corp. | Add +4.7% | 1.05% | +0.04 |
| KGS Kodiak Gas Services Inc. | Add +43.7% | 0.18% | +0.04 |
| GFL GFL Environmental Inc.-Sub VT | Add +11.5% | 0.22% | +0.03 |
| NSC Norfolk Southern Corp. | Add +11.8% | 0.32% | +0.03 |
| KMI Kinder Morgan Inc. | Add +3.0% | 0.58% | +0.03 |
| EIX Edison International | Add +53.8% | 0.17% | +0.02 |
| GLNG Golar LNG Ltd. | New | 0.01% | +0.01 |
| KNTK Kinetik Holdings Inc. | New | 0.01% | +0.01 |
| CWEN Clearway Energy Inc. Class C | Add +44.0% | 0.02% | +0.01 |
| AMH American Homes 4 Rent- A | Add +1.4% | 1.87% | +0.01 |
| VCLN Virtus Duff & Phelps Clean E | New | 0.00% | +0.00 |
| MP MP Materials Corp. | Add +21.3% | 0.01% | +0.00 |
| NXT Nextpower Inc. | Add +21.1% | 0.01% | +0.00 |
| PAGP Plains GP Holdings LP | Add +2.9% | 0.03% | +0.00 |
| TEL Te Connectivity PLC | Add +54.9% | 0.01% | +0.00 |
| RYN Rayonier Inc. | Add +4.5% | 0.02% | +0.00 |
| GNR State Street SPDR S&P Global | Add +6.9% | 0.02% | +0.00 |
| ARRY Array Technologies Inc. | New | 0.00% | +0.00 |
| CEG Constellation Energy | Add +61.5% | 0.01% | +0.00 |
| ENPH Enphase Energy Inc. | Add +21.3% | 0.02% | +0.00 |
| HUBB Hubbell Inc. | Add +61.2% | 0.01% | +0.00 |
| BE Bloom Energy Corp. Class A | Add +6.2% | 0.01% | −0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Add +0.3% | 0.14% | −0.00 |
| COLD Americold Realty Trust Inc. | Add +1.8% | 0.50% | −0.00 |
| GTLS Chart Industries Inc. | Add +23.6% | 0.01% | −0.00 |
| RUN Sunrun Inc. | Add +21.1% | 0.00% | −0.00 |
| PLUG Plug Power Inc. | Add +21.3% | 0.00% | −0.00 |
| VLTO Veralto Corp. | Add +6.5% | 0.33% | −0.00 |
| KEYUF Keyera Corp. | Add +0.1% | 0.38% | −0.00 |
| FSLR First Solar Inc. | Add +21.3% | 0.03% | −0.00 |
| PECO Phillips Edison & Company Inc. | Add +3.5% | 0.64% | −0.01 |
| CP Canadian Pacific Kansas City | Add +1.8% | 0.28% | −0.01 |
| CUBE Cubesmart | Add +0.1% | 1.09% | −0.03 |
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 |