Duff & Phelps Investment Management Co.

Name: DUFF & PHELPS INVESTMENT MANAGEMENT CO 13F holdings, Q1 2025
Creator: DUFF & PHELPS INVESTMENT MANAGEMENT CO
Published: 2025-05-13

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

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%
HTO H2O America filed as SJW GROUP	0.12%	182,302	$10.0M	Add +582.2%
STN Stantec Inc.	0.11%	116,614	$9.7M	Reduce -45.5%
WM Waste Management Inc.	0.11%	41,340	$9.6M	Reduce -21.8%
TTEK Tetra Tech Inc.	0.11%	311,728	$9.1M	Reduce -35.4%
TMO Thermo Fisher Scientific Inc.	0.10%	17,552	$8.7M	Reduce -23.9%
SOBO South Bow Corp.	0.10%	323,467	$8.3M	Reduce -27.6%
ACM Aecom	0.09%	84,810	$7.9M	Reduce -12.3%
VLO Valero Energy Corp.	0.09%	57,453	$7.6M	New
VOD Vodafone Group PLC-SP ADR	0.09%	782,200	$7.3M	No change
WTS Watts Water Technologies-A	0.07%	30,216	$6.2M	Reduce -14.5%
DHR Danaher Corp.	0.07%	29,710	$6.1M	Reduce -35.7%
IEX Idex Corp.	0.07%	30,835	$5.6M	Reduce -30.2%
VMI Valmont Industries	0.06%	17,515	$5.0M	Reduce -28.3%
INVH Invitation Homes Inc.	0.06%	140,826	$4.9M	Reduce -2.4%
FERG Ferguson Enterprises Inc.	0.06%	29,774	$4.8M	Reduce -24.5%
WY Weyerhaeuser Co.	0.05%	153,534	$4.5M	Reduce -49.9%
ERII Energy Recovery Inc.	0.05%	248,928	$4.0M	Reduce -3.7%
ARE Alexandria Real Estate Equit	0.05%	42,051	$3.9M	Reduce -15.3%
EXR Extra Space Storage Inc.	0.03%	19,403	$2.9M	Reduce -45.4%
OMAB Grupo Aeroportuario Cen-ADR	0.03%	34,000	$2.7M	No change
PAGP Plains GP Holdings LP	0.03%	108,119	$2.3M	Add +2.9%
FSLR First Solar Inc.	0.03%	17,442	$2.2M	Add +21.3%
RYN Rayonier Inc.	0.02%	72,245	$2.0M	Add +4.5%
ENPH Enphase Energy Inc.	0.02%	31,191	$1.9M	Add +21.3%
CWT California Water Service Grp	0.02%	35,006	$1.7M	Reduce -3.7%
GNR State Street SPDR S&P Global	0.02%	29,450	$1.6M	Add +6.9%
CWEN Clearway Energy Inc. Class C	0.02%	49,306	$1.5M	Add +44.0%
NXT Nextpower Inc. filed as NEXTRACKER INC	0.01%	30,446	$1.3M	Add +21.1%
SUN Sunoco LP	0.01%	19,869	$1.2M	Reduce -82.2%
AWR American States Water Co. filed as AMER STATES WTR CO	0.01%	14,146	$1.1M	Reduce -36.6%
GLNG Golar LNG Ltd.	0.01%	27,640	$1.1M	New
EGP Eastgroup Properties Inc.	0.01%	5,725	$1.0M	No change
KNTK Kinetik Holdings Inc.	0.01%	18,779	$975K	New
TEL Te Connectivity PLC	0.01%	6,543	$925K	Add +54.9%
GDX Vaneck Gold Miners ETF	0.01%	17,400	$800K	Reduce -21.3%
DBC Invesco DB Commodity Index T	0.01%	33,374	$751K	Reduce -21.2%
MP MP Materials Corp.	0.01%	30,589	$747K	Add +21.3%
GTLS Chart Industries Inc.	0.01%	5,109	$738K	Add +23.6%
HESM Hess Midstream LP Class A	0.01%	16,929	$716K	Reduce -17.1%
BE Bloom Energy Corp. Class A	0.01%	27,424	$539K	Add +6.2%
HUBB Hubbell Inc.	0.01%	1,427	$472K	Add +61.2%
ADC Agree Realty Corp.	0.01%	6,000	$463K	No change
CEG Constellation Energy	0.01%	2,258	$455K	Add +61.5%
CCJ Cameco Corp.	0.01%	10,759	$443K	Reduce -13.0%
AES AES Corp.	0.01%	35,536	$441K	Reduce -13.3%
TRNO Terreno Realty Corp.	0.01%	6,825	$431K	No change
GEV GE Vernova Inc.	0.00%	1,220	$372K	Reduce -2.6%
VCLN Virtus Duff & Phelps Clean E	0.00%	20,900	$349K	New
PLUG Plug Power Inc.	0.00%	192,282	$260K	Add +21.3%
SCHP Schwab U.S. Tips ETF	0.00%	9,300	$250K	No change
DBA Invesco DB Agriculture Fund	0.00%	8,900	$234K	No change
RUN Sunrun Inc.	0.00%	35,164	$206K	Add +21.1%
ARRY Array Technologies Inc.	0.00%	32,120	$156K	New

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