Duff & Phelps Investment Management Co.

Name: DUFF & PHELPS INVESTMENT MANAGEMENT CO 13F holdings, Q2 2025
Creator: DUFF & PHELPS INVESTMENT MANAGEMENT CO
Published: 2025-08-11

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

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%
MWA Mueller Water Products Inc. Class A	0.14%	500,405	$12.0M	Add +20.7%
TTEK Tetra Tech Inc.	0.13%	311,728	$11.2M	No change
SBAC SBA Communications Corp.	0.13%	46,402	$10.9M	Reduce -2.3%
O Realty Income Corp.	0.13%	188,746	$10.9M	Reduce -58.1%
STN Stantec Inc.	0.12%	93,559	$10.2M	Reduce -19.8%
KIM Kimco Realty Corp.	0.12%	470,551	$9.9M	Reduce -2.1%
IEX Idex Corp.	0.11%	53,246	$9.3M	Add +72.7%
WTS Watts Water Technologies-A	0.10%	34,948	$8.6M	Add +15.7%
VOD Vodafone Group PLC-SP ADR	0.09%	682,200	$7.3M	Reduce -12.8%
WM Waste Management Inc.	0.08%	29,453	$6.7M	Reduce -28.8%
EIX Edison International	0.07%	123,600	$6.4M	Reduce -50.9%
SUN Sunoco LP	0.07%	113,263	$6.1M	Add +470.1%
FELE Franklin Electric Co. Inc.	0.07%	65,480	$5.9M	New
DHR Danaher Corp.	0.07%	29,710	$5.9M	No change
TMO Thermo Fisher Scientific Inc.	0.07%	14,300	$5.8M	Reduce -18.5%
FERG Ferguson Enterprises Inc.	0.07%	26,466	$5.8M	Reduce -11.1%
WY Weyerhaeuser Co.	0.07%	218,334	$5.6M	Add +42.2%
KEYUF Keyera Corp.-Sub RCT	0.07%	175,000	$5.6M	New
ZWS Zurn Elkay Water Solutions C	0.07%	151,772	$5.6M	Reduce -54.1%
FSLR First Solar Inc.	0.05%	27,191	$4.5M	Add +55.9%
INVH Invitation Homes Inc.	0.05%	131,626	$4.3M	Reduce -6.5%
AHR American Healthcare REIT Inc.	0.05%	110,000	$4.0M	New
OMAB Grupo Aeroportuario Cen-ADR	0.04%	34,000	$3.6M	No change
ERII Energy Recovery Inc.	0.04%	248,928	$3.2M	No change
GNR State Street SPDR S&P Global	0.03%	49,400	$2.7M	Add +67.7%
EXR Extra Space Storage Inc.	0.03%	17,103	$2.5M	Reduce -11.8%
NXT Nextpower Inc. filed as NEXTRACKER INC	0.03%	40,094	$2.2M	Add +31.7%
ARE Alexandria Real Estate Equit	0.02%	24,651	$1.8M	Reduce -41.4%
CWEN Clearway Energy Inc. Class C	0.02%	55,838	$1.8M	Add +13.3%
PAGP Plains GP Holdings LP	0.02%	80,859	$1.6M	Reduce -25.2%
BE Bloom Energy Corp. Class A	0.02%	65,320	$1.6M	Add +138.2%
ENPH Enphase Energy Inc.	0.02%	35,312	$1.4M	Add +13.2%
CEG Constellation Energy	0.01%	3,770	$1.2M	Add +67.0%
TEL Te Connectivity PLC	0.01%	7,148	$1.2M	Add +9.3%
GDX Vaneck Gold Miners ETF	0.01%	22,930	$1.2M	Add +31.8%
SCHP Schwab U.S. Tips ETF	0.01%	41,820	$1.1M	Add +349.7%
VCLN Virtus Duff & Phelps Clean E	0.01%	57,575	$1.1M	Add +175.5%
EGP Eastgroup Properties Inc.	0.01%	5,725	$957K	No change
HUBB Hubbell Inc.	0.01%	2,265	$925K	Add +58.7%
DBC Invesco DB Commodity Index T	0.01%	40,844	$891K	Add +22.4%
GLNG Golar LNG Ltd.	0.01%	20,832	$858K	Reduce -24.6%
CCJ Cameco Corp.	0.01%	11,353	$843K	Add +5.5%
KNTK Kinetik Holdings Inc.	0.01%	18,539	$817K	Reduce -1.3%
ORA Ormat Technologies Inc.	0.01%	9,035	$757K	New
GEV GE Vernova Inc.	0.01%	1,381	$731K	Add +13.2%
MP MP Materials Corp.	0.01%	20,965	$698K	Reduce -31.5%
VLO Valero Energy Corp.	0.01%	4,185	$563K	Reduce -92.7%
DBA Invesco DB Agriculture Fund	0.01%	20,525	$537K	Add +130.6%
RUN Sunrun Inc.	0.01%	51,807	$424K	Add +47.3%
GBNXF Gibson Energy Inc.	0.01%	24,082	$422K	New
SEDG Solaredge Technologies Inc.	0.00%	20,161	$411K	New
TRNO Terreno Realty Corp.	0.00%	6,825	$383K	No change
PLUG Plug Power Inc.	0.00%	217,689	$324K	Add +13.2%
ARRY Array Technologies Inc.	0.00%	36,365	$215K	Add +13.2%

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