Duff & Phelps Investment Management Co.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Duff & Phelps Investment Management Co. reported 154 stock positions worth $8.5 billion. Its top holding was Welltower (WELL) at 4.5% of the portfolio, followed by Equinix (EQIX, 3.8%) and Prologis (PLD, 3.7%). Compared with Q1 2025, it opened 9 new positions, sold out of 8, added to 74 and reduced 51. The biggest buy was Iron Mountain (IRM, shares +11%) and the biggest sale Oneok (OKE, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000765443
- Portfolio Value
- $8.5B (Q2 2025)
- SEC Filing
- 0001140361-25-030078 ↗ filed Aug 11, 2025
Holdings Value
Holdings 154 stocks · $8.5B
| WELL Welltower Inc. | 4.53% | 2,509,637 | $385.8M | Add +1.3% |
| EQIX Equinix Inc. | 3.81% | 407,760 | $324.4M | Add +3.1% |
| PLD Prologis Inc. | 3.67% | 2,969,334 | $312.1M | Add +0.1% |
| DLR Digital Realty Trust Inc. | 2.81% | 1,371,704 | $239.1M | Reduce -0.3% |
| AMT American Tower Corp. | 2.28% | 877,866 | $194.0M | Reduce -1.5% |
| NEE Nextera Energy Inc. | 2.12% | 2,598,600 | $180.4M | Add +14.2% |
| AVB Avalonbay Communities Inc. | 2.10% | 878,729 | $178.8M | Add +4.1% |
| VTR Ventas Inc. | 2.05% | 2,767,457 | $174.8M | Reduce -2.0% |
| SRE Sempra | 1.81% | 2,036,825 | $154.3M | Add +4.8% |
| AMH American Homes 4 Rent- A | 1.80% | 4,235,737 | $152.8M | Add +0.2% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.78% | 1,472,579 | $151.0M | Add +10.6% |
| XEL Xcel Energy Inc. | 1.77% | 2,206,529 | $150.3M | Add +11.6% |
| PSA Public Storage | 1.76% | 511,296 | $150.0M | Reduce -2.5% |
| SPG Simon Property Group Inc. | 1.62% | 859,593 | $138.2M | Add +0.4% |
| AEE Ameren Corporation | 1.58% | 1,397,244 | $134.2M | Reduce -0.0% |
| EVRG Evergy Inc. | 1.58% | 1,945,073 | $134.1M | Reduce -0.1% |
| NI Nisource Inc. | 1.57% | 3,318,415 | $133.9M | Reduce -6.1% |
| CNP Centerpoint Energy Inc. | 1.55% | 3,596,493 | $132.1M | Reduce -13.1% |
| ETR Entergy Corp. | 1.52% | 1,553,892 | $129.2M | Reduce -0.1% |
| WMB Williams Cos Inc. | 1.51% | 2,040,866 | $128.2M | Add +0.1% |
| SO The Southern Co. | 1.45% | 1,345,974 | $123.6M | Add +3.5% |
| DUK Duke Energy Corp. | 1.45% | 1,043,069 | $123.1M | Add +4.3% |
| WEC WEC Energy Group Inc. | 1.37% | 1,119,245 | $116.6M | Reduce -12.0% |
| LNT Alliant Energy Corp. | 1.36% | 1,906,829 | $115.3M | Reduce -0.5% |
| LNG Cheniere Energy Inc. | 1.35% | 471,846 | $114.9M | Reduce -14.5% |
| ATO Atmos Energy Corp. | 1.35% | 745,178 | $114.8M | Reduce -8.4% |
| CCI Crown Castle Inc. | 1.32% | 1,092,508 | $112.2M | Add +0.8% |
| BRX Brixmor Property Group Inc. | 1.29% | 4,205,401 | $109.5M | Add +0.1% |
| MAA Mid-America Apartment Comm | 1.26% | 725,264 | $107.3M | Add +23.8% |
| REXR Rexford Industrial Realty Inc. | 1.22% | 2,924,187 | $104.0M | Reduce -4.9% |
| PPL PPL Corp. | 1.20% | 3,010,169 | $102.0M | Reduce -0.1% |
| CMS CMS Energy Corp. | 1.18% | 1,453,667 | $100.7M | Add +5.2% |
| DTE DTE Energy Company | 1.13% | 727,542 | $96.4M | No change |
| MPLX MPLX LP | 1.11% | 1,832,792 | $94.4M | Reduce -5.0% |
| CUBE Cubesmart | 1.11% | 2,219,524 | $94.3M | Add +1.6% |
| TRP TC Energy Corp. | 1.09% | 1,893,241 | $92.4M | Reduce -0.1% |
| OGE Oge Energy Corp. | 1.08% | 2,078,184 | $92.2M | Reduce -0.0% |
| ET Energy Transfer LP | 1.08% | 5,045,747 | $91.5M | Add +0.9% |
| T AT&T Inc. | 1.05% | 3,079,500 | $89.1M | No change |
| ELS Equity Lifestyle Properties | 1.04% | 1,436,138 | $88.6M | Add +2.1% |
| PEG Public Service Enterprise GP | 1.03% | 1,045,462 | $88.0M | Add +2.0% |
| TRGP Targa Resources Corp. | 1.01% | 495,650 | $86.3M | Reduce -6.8% |
| ESS Essex Property Trust Inc. | 0.99% | 297,246 | $84.2M | Add +2.0% |
| WTRG Essential Utilities Inc. | 0.94% | 2,142,795 | $79.6M | Reduce -11.2% |
| AEP American Electric Power | 0.93% | 762,162 | $79.1M | No change |
| EPRT Essential Properties Realty | 0.90% | 2,391,968 | $76.3M | Add +7.6% |
| SR Spire Inc. | 0.88% | 1,030,625 | $75.2M | Add +32.8% |
| KMI Kinder Morgan Inc. | 0.86% | 2,476,564 | $72.8M | Add +43.8% |
| PCG P G & E Corp. | 0.85% | 5,158,929 | $71.9M | Reduce -0.1% |
| D Dominion Energy Inc. | 0.82% | 1,238,640 | $70.0M | No change |
| RHP Ryman Hospitality Properties | 0.78% | 674,269 | $66.5M | Add +3.0% |
| AWK American Water Works Co. Inc. | 0.77% | 468,064 | $65.1M | Reduce -11.4% |
| BXP BXP Inc. | 0.76% | 961,754 | $64.9M | Add +1.8% |
| ENB Enbridge Inc. | 0.74% | 1,384,751 | $62.8M | Add +0.4% |
| OKE Oneok Inc. | 0.74% | 767,723 | $62.7M | Reduce -33.9% |
| VZ Verizon Communications Inc. | 0.68% | 1,339,489 | $58.0M | No change |
| PNW Pinnacle West Capital | 0.66% | 624,930 | $55.9M | No change |
| PBA Pembina Pipeline Corp. | 0.63% | 1,428,016 | $53.5M | Add +0.4% |
| PECO Phillips Edison & Company Inc. | 0.63% | 1,522,883 | $53.3M | Add +0.9% |
| CUZ Cousins Properties Inc. | 0.62% | 1,769,553 | $53.1M | Add +10.2% |
| FE Firstenergy Corp. | 0.62% | 1,304,500 | $52.5M | Add +14.6% |
| VNO Vornado Realty Trust | 0.60% | 1,327,406 | $50.8M | Add +0.8% |
| XYL Xylem Inc. | 0.60% | 392,284 | $50.7M | Add +1.5% |
| DTM DT Midstream Inc. | 0.59% | 458,299 | $50.4M | Add +19.0% |
| SBRA Sabra Health Care REIT Inc. | 0.55% | 2,549,438 | $47.0M | Add +0.6% |
| FTS Fortis Inc. | 0.55% | 981,900 | $46.8M | No change |
| TU Telus Corp. | 0.50% | 2,666,500 | $42.7M | No change |
| OGS One Gas Inc. | 0.49% | 576,000 | $41.4M | No change |
| HST Host Hotels & Resorts Inc. | 0.48% | 2,679,213 | $41.2M | Add +7.0% |
| KEYUF Keyera Corp. | 0.48% | 1,242,693 | $40.6M | Add +20.4% |
| EPD Enterprise Products Partners | 0.47% | 1,290,489 | $40.0M | Reduce -9.7% |
| GLPI Gaming and Leisure Propertie | 0.45% | 828,752 | $38.7M | Add +1.1% |
| NWN Northwest Natural Holding Co. | 0.44% | 940,470 | $37.4M | Add +20.7% |
| SMA Smartstop Self Storage REIT | 0.41% | 956,447 | $34.7M | New |
| PAA Plains All Amer Pipeline LP | 0.40% | 1,856,900 | $34.0M | Reduce -15.1% |
| VLTO Veralto Corp. | 0.40% | 334,238 | $33.7M | Add +15.0% |
| COLD Americold Realty Trust Inc. | 0.38% | 1,948,398 | $32.4M | Reduce -1.7% |
| CP Canadian Pacific Kansas City | 0.37% | 393,468 | $31.2M | Add +16.3% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.35% | 1,361,191 | $29.9M | Reduce -1.0% |
| BCE Bce Inc. | 0.32% | 1,216,375 | $27.0M | No change |
| CSX CSX Corp. | 0.31% | 797,977 | $26.0M | New |
| PNR Pentair PLC | 0.30% | 245,072 | $25.2M | Add +6.2% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.29% | 757,283 | $24.7M | Reduce -1.9% |
| ECL Ecolab Inc. | 0.28% | 88,401 | $23.8M | Reduce -2.4% |
| CNM Core & Main Inc. Class A | 0.27% | 383,850 | $23.2M | No change |
| BKH Black Hills Corp. | 0.26% | 389,700 | $21.9M | No change |
| LAMR Lamar Advertising Co. Class A | 0.24% | 170,581 | $20.7M | Add +0.1% |
| UNP Union Pacific Corp. | 0.23% | 86,810 | $20.0M | Reduce -51.7% |
| ES Eversource Energy | 0.23% | 303,840 | $19.3M | No change |
| CNI Canadian Natl Railway Co. | 0.22% | 176,477 | $18.4M | New |
| KGS Kodiak Gas Services Inc. | 0.20% | 484,960 | $16.6M | Add +19.1% |
| ADC Agree Realty Corp. | 0.18% | 204,050 | $14.9M | Add +3300.8% |
| WMS Advanced Drainage Systems Inc. | 0.17% | 127,078 | $14.6M | Reduce -17.3% |
| GFL GFL Environmental Inc.-Sub VT | 0.17% | 289,125 | $14.6M | Reduce -24.2% |
| VMI Valmont Industries | 0.17% | 44,449 | $14.5M | Add +153.8% |
| NSC Norfolk Southern Corp. | 0.16% | 54,205 | $13.9M | Reduce -52.5% |
| ACM Aecom | 0.16% | 118,114 | $13.3M | Add +39.3% |
| BMI Badger Meter Inc. | 0.15% | 53,563 | $13.1M | No change |
| SPIB SS SPDR P Int C Corp. ETF | 0.15% | 372,415 | $12.5M | Add +1.5% |
| HTO H2O America | 0.14% | 232,932 | $12.1M | Add +27.8% |
Portfolio Sells Q1 2025 → Q2 2025
| OKE Oneok Inc. | Reduce -33.9% | 0.74% | −0.61 |
| UNP Union Pacific Corp. | Reduce -51.7% | 0.23% | −0.26 |
| WEC WEC Energy Group Inc. | Reduce -12.0% | 1.37% | −0.25 |
| TRGP Targa Resources Corp. | Reduce -6.8% | 1.01% | −0.23 |
| VTR Ventas Inc. | Reduce -2.0% | 2.05% | −0.22 |
| WES Western Midstream Partners L | Sold out | 0.00% | −0.20 |
| CNP Centerpoint Energy Inc. | Reduce -13.1% | 1.55% | −0.20 |
| PCG P G & E Corp. | Reduce -0.1% | 0.85% | −0.19 |
| REXR Rexford Industrial Realty Inc. | Reduce -4.9% | 1.22% | −0.19 |
| WTRG Essential Utilities Inc. | Reduce -11.2% | 0.94% | −0.18 |
| O Realty Income Corp. | Reduce -58.1% | 0.13% | −0.18 |
| NSC Norfolk Southern Corp. | Reduce -52.5% | 0.16% | −0.15 |
| AWK American Water Works Co. Inc. | Reduce -11.4% | 0.77% | −0.15 |
| LNG Cheniere Energy Inc. | Reduce -14.5% | 1.35% | −0.15 |
| ATO Atmos Energy Corp. | Reduce -8.4% | 1.35% | −0.12 |
| COLD Americold Realty Trust Inc. | Reduce -1.7% | 0.38% | −0.12 |
| PAA Plains All Amer Pipeline LP | Reduce -15.1% | 0.40% | −0.11 |
| EPD Enterprise Products Partners | Reduce -9.7% | 0.47% | −0.10 |
| MPLX MPLX LP | Reduce -5.0% | 1.11% | −0.10 |
| EIX Edison International | Reduce -50.9% | 0.07% | −0.10 |
| SOBO South Bow Corp. | Sold out | 0.00% | −0.10 |
| LNT Alliant Energy Corp. | Reduce -0.5% | 1.36% | −0.09 |
| NI Nisource Inc. | Reduce -6.1% | 1.57% | −0.09 |
| VLO Valero Energy Corp. | Reduce -92.7% | 0.01% | −0.08 |
| PPL PPL Corp. | Reduce -0.1% | 1.20% | −0.07 |
| PSA Public Storage | Reduce -2.5% | 1.76% | −0.07 |
| AEE Ameren Corporation | Reduce -0.0% | 1.58% | −0.07 |
| ZWS Zurn Elkay Water Solutions C | Reduce -54.1% | 0.07% | −0.06 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -24.2% | 0.17% | −0.04 |
| ETR Entergy Corp. | Reduce -0.1% | 1.52% | −0.04 |
| OGE Oge Energy Corp. | Reduce -0.0% | 1.08% | −0.03 |
| TMO Thermo Fisher Scientific Inc. | Reduce -18.5% | 0.07% | −0.03 |
| WM Waste Management Inc. | Reduce -28.8% | 0.08% | −0.03 |
| ARE Alexandria Real Estate Equit | Reduce -41.4% | 0.02% | −0.02 |
| WMS Advanced Drainage Systems Inc. | Reduce -17.3% | 0.17% | −0.02 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.02 |
| CWT California Water Service Grp | Sold out | 0.00% | −0.02 |
| AWR American States Water Co. | Sold out | 0.00% | −0.01 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.01 |
| PAGP Plains GP Holdings LP | Reduce -25.2% | 0.02% | −0.01 |
| HESM Hess Midstream LP Class A | Sold out | 0.00% | −0.01 |
| INVH Invitation Homes Inc. | Reduce -6.5% | 0.05% | −0.01 |
| AES AES Corp. | Sold out | 0.00% | −0.01 |
| VICI Vici Properties Inc. | Reduce -1.9% | 0.29% | −0.00 |
| EXR Extra Space Storage Inc. | Reduce -11.8% | 0.03% | −0.00 |
| KIM Kimco Realty Corp. | Reduce -2.1% | 0.12% | −0.00 |
| GLNG Golar LNG Ltd. | Reduce -24.6% | 0.01% | −0.00 |
| KNTK Kinetik Holdings Inc. | Reduce -1.3% | 0.01% | −0.00 |
| MP MP Materials Corp. | Reduce -31.5% | 0.01% | −0.00 |
| VOD Vodafone Group PLC-SP ADR | Reduce -12.8% | 0.09% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| IRM Iron Mountain Inc. | Add +10.6% | 1.78% | +0.43 |
| SMA Smartstop Self Storage REIT | New | 0.41% | +0.41 |
| CSX CSX Corp. | New | 0.31% | +0.31 |
| KMI Kinder Morgan Inc. | Add +43.8% | 0.86% | +0.28 |
| NEE Nextera Energy Inc. | Add +14.2% | 2.12% | +0.23 |
| CNI Canadian Natl Railway Co. | New | 0.22% | +0.22 |
| SRE Sempra | Add +4.8% | 1.81% | +0.19 |
| SR Spire Inc. | Add +32.8% | 0.88% | +0.17 |
| ADC Agree Realty Corp. | Add +3300.8% | 0.18% | +0.17 |
| DTM DT Midstream Inc. | Add +19.0% | 0.59% | +0.16 |
| XEL Xcel Energy Inc. | Add +11.6% | 1.77% | +0.13 |
| VMI Valmont Industries | Add +153.8% | 0.17% | +0.11 |
| MAA Mid-America Apartment Comm | Add +23.8% | 1.26% | +0.11 |
| KEYUF Keyera Corp. | Add +20.4% | 0.48% | +0.10 |
| WELL Welltower Inc. | Add +1.3% | 4.53% | +0.09 |
| CP Canadian Pacific Kansas City | Add +16.3% | 0.37% | +0.09 |
| WMB Williams Cos Inc. | Add +0.1% | 1.51% | +0.08 |
| RHP Ryman Hospitality Properties | Add +3.0% | 0.78% | +0.08 |
| FE Firstenergy Corp. | Add +14.6% | 0.62% | +0.08 |
| CUZ Cousins Properties Inc. | Add +10.2% | 0.62% | +0.07 |
| FELE Franklin Electric Co. Inc. | New | 0.07% | +0.07 |
| HST Host Hotels & Resorts Inc. | Add +7.0% | 0.48% | +0.07 |
| KEYUF Keyera Corp.-Sub RCT | New | 0.07% | +0.07 |
| VLTO Veralto Corp. | Add +15.0% | 0.40% | +0.06 |
| ACM Aecom | Add +39.3% | 0.16% | +0.06 |
| PNR Pentair PLC | Add +6.2% | 0.30% | +0.06 |
| SUN Sunoco LP | Add +470.1% | 0.07% | +0.06 |
| XYL Xylem Inc. | Add +1.5% | 0.60% | +0.06 |
| SO The Southern Co. | Add +3.5% | 1.45% | +0.05 |
| NWN Northwest Natural Holding Co. | Add +20.7% | 0.44% | +0.05 |
| EPRT Essential Properties Realty | Add +7.6% | 0.90% | +0.05 |
| AHR American Healthcare REIT Inc. | New | 0.05% | +0.05 |
| PEG Public Service Enterprise GP | Add +2.0% | 1.03% | +0.05 |
| IEX Idex Corp. | Add +72.7% | 0.11% | +0.04 |
| EQIX Equinix Inc. | Add +3.1% | 3.81% | +0.04 |
| SBRA Sabra Health Care REIT Inc. | Add +0.6% | 0.55% | +0.03 |
| WTS Watts Water Technologies-A | Add +15.7% | 0.10% | +0.03 |
| FSLR First Solar Inc. | Add +55.9% | 0.05% | +0.03 |
| VNO Vornado Realty Trust | Add +0.8% | 0.60% | +0.03 |
| HTO H2O America | Add +27.8% | 0.14% | +0.03 |
| ENB Enbridge Inc. | Add +0.4% | 0.74% | +0.02 |
| BXP BXP Inc. | Add +1.8% | 0.76% | +0.02 |
| MWA Mueller Water Products Inc. Class A | Add +20.7% | 0.14% | +0.02 |
| DUK Duke Energy Corp. | Add +4.3% | 1.45% | +0.02 |
| KGS Kodiak Gas Services Inc. | Add +19.1% | 0.20% | +0.02 |
| CUBE Cubesmart | Add +1.6% | 1.11% | +0.02 |
| LAMR Lamar Advertising Co. Class A | Add +0.1% | 0.24% | +0.02 |
| WY Weyerhaeuser Co. | Add +42.2% | 0.07% | +0.01 |
| GNR State Street SPDR S&P Global | Add +67.7% | 0.03% | +0.01 |
| BE Bloom Energy Corp. Class A | Add +138.2% | 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 |