Duff & Phelps Investment Management Co.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Duff & Phelps Investment Management Co. reported 151 stock positions worth $8.8 billion. Its top holding was Welltower (WELL) at 5.1% of the portfolio, followed by Equinix (EQIX, 3.9%) and Prologis (PLD, 3.9%). Compared with Q2 2025, it opened 2 new positions, sold out of 5, added to 46 and reduced 79. The biggest buy was a new position in First Industrial Realty TR (FR) and the biggest sale Rexford Industrial Realty (REXR, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000765443
- Portfolio Value
- $8.8B (Q3 2025)
- SEC Filing
- 0001140361-25-041885 ↗ filed Nov 13, 2025
Holdings Value
Holdings 151 stocks · $8.8B
| WELL Welltower Inc. | 5.06% | 2,504,032 | $446.1M | Reduce -0.2% |
| EQIX Equinix Inc. | 3.88% | 436,765 | $342.1M | Add +7.1% |
| PLD Prologis Inc. | 3.86% | 2,971,984 | $340.4M | Add +0.1% |
| DLR Digital Realty Trust Inc. | 2.71% | 1,385,254 | $239.5M | Add +1.0% |
| SRE Sempra | 2.19% | 2,143,205 | $192.8M | Add +5.2% |
| NEE Nextera Energy Inc. | 2.18% | 2,550,122 | $192.5M | Reduce -1.9% |
| XEL Xcel Energy Inc. | 2.16% | 2,357,297 | $190.1M | Add +6.8% |
| AMT American Tower Corp. | 1.98% | 910,251 | $175.1M | Add +3.7% |
| AVB Avalonbay Communities Inc. | 1.97% | 899,849 | $173.8M | Add +2.4% |
| VTR Ventas Inc. | 1.92% | 2,413,537 | $168.9M | Reduce -12.8% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.90% | 1,642,074 | $167.4M | Add +11.5% |
| SPG Simon Property Group Inc. | 1.74% | 817,943 | $153.5M | Reduce -4.8% |
| PSA Public Storage | 1.67% | 508,821 | $147.0M | Reduce -0.5% |
| CNP Centerpoint Energy Inc. | 1.64% | 3,728,380 | $144.7M | Add +3.7% |
| ETR Entergy Corp. | 1.62% | 1,533,052 | $142.9M | Reduce -1.3% |
| AMH American Homes 4 Rent- A | 1.59% | 4,209,437 | $140.0M | Reduce -0.6% |
| EVRG Evergy Inc. | 1.57% | 1,819,402 | $138.3M | Reduce -6.5% |
| NI Nisource Inc. | 1.53% | 3,122,073 | $135.2M | Reduce -5.9% |
| AEE Ameren Corporation | 1.48% | 1,252,421 | $130.7M | Reduce -10.4% |
| LNT Alliant Energy Corp. | 1.45% | 1,903,207 | $128.3M | Reduce -0.2% |
| DUK Duke Energy Corp. | 1.45% | 1,032,820 | $127.8M | Reduce -1.0% |
| ATO Atmos Energy Corp. | 1.35% | 697,504 | $119.1M | Reduce -6.4% |
| WEC WEC Energy Group Inc. | 1.34% | 1,028,768 | $117.9M | Reduce -8.1% |
| BRX Brixmor Property Group Inc. | 1.31% | 4,162,701 | $115.2M | Reduce -1.0% |
| CCI Crown Castle Inc. | 1.31% | 1,194,047 | $115.2M | Add +9.3% |
| WMB Williams Cos Inc. | 1.29% | 1,801,290 | $114.1M | Reduce -11.7% |
| MAA Mid-America Apartment Comm | 1.24% | 781,279 | $109.2M | Add +7.7% |
| SO The Southern Co. | 1.24% | 1,151,486 | $109.1M | Reduce -14.4% |
| PPL PPL Corp. | 1.24% | 2,931,810 | $108.9M | Reduce -2.6% |
| CMS CMS Energy Corp. | 1.21% | 1,453,667 | $106.5M | No change |
| DTE DTE Energy Company | 1.17% | 727,542 | $102.9M | No change |
| PEG Public Service Enterprise GP | 1.12% | 1,182,505 | $98.7M | Add +13.1% |
| LNG Cheniere Energy Inc. | 1.09% | 410,089 | $96.4M | Reduce -13.1% |
| OGE Oge Energy Corp. | 1.09% | 2,068,714 | $95.7M | Reduce -0.5% |
| CUBE Cubesmart | 1.08% | 2,339,974 | $95.1M | Add +5.4% |
| TRP TC Energy Corp. | 1.06% | 1,713,970 | $93.3M | Reduce -9.5% |
| MPLX MPLX LP | 1.04% | 1,837,479 | $91.8M | Add +0.3% |
| WTRG Essential Utilities Inc. | 1.00% | 2,202,525 | $87.9M | Add +2.8% |
| ELS Equity Lifestyle Properties | 0.99% | 1,443,843 | $87.6M | Add +0.5% |
| EPRT Essential Properties Realty | 0.99% | 2,934,243 | $87.3M | Add +22.7% |
| T AT&T Inc. | 0.99% | 3,079,500 | $87.0M | No change |
| AEP American Electric Power | 0.97% | 762,162 | $85.7M | No change |
| SR Spire Inc. | 0.95% | 1,022,932 | $83.4M | Reduce -0.8% |
| ESS Essex Property Trust Inc. | 0.92% | 304,446 | $81.5M | Add +2.4% |
| TRGP Targa Resources Corp. | 0.91% | 478,031 | $80.1M | Reduce -3.5% |
| D Dominion Energy Inc. | 0.86% | 1,238,640 | $75.8M | No change |
| FR First Industrial Realty TR | 0.85% | 1,449,075 | $74.6M | New |
| KMI Kinder Morgan Inc. | 0.81% | 2,531,500 | $71.7M | Add +2.2% |
| AWK American Water Works Co. Inc. | 0.77% | 486,212 | $67.7M | Add +3.9% |
| ET Energy Transfer LP | 0.76% | 3,903,464 | $67.0M | Reduce -22.6% |
| PCG P G & E Corp. | 0.74% | 4,350,186 | $65.6M | Reduce -15.7% |
| ENB Enbridge Inc. | 0.72% | 1,254,913 | $63.3M | Reduce -9.4% |
| BXP BXP Inc. | 0.70% | 828,949 | $61.6M | Reduce -13.8% |
| FE Firstenergy Corp. | 0.68% | 1,304,500 | $59.8M | No change |
| ADC Agree Realty Corp. | 0.68% | 838,570 | $59.6M | Add +311.0% |
| RHP Ryman Hospitality Properties | 0.67% | 664,294 | $59.5M | Reduce -1.5% |
| VZ Verizon Communications Inc. | 0.67% | 1,339,489 | $58.9M | No change |
| XYL Xylem Inc. | 0.67% | 398,243 | $58.7M | Add +1.5% |
| PECO Phillips Edison & Company Inc. | 0.66% | 1,697,608 | $58.3M | Add +11.5% |
| OKE Oneok Inc. | 0.65% | 791,311 | $57.7M | Add +3.1% |
| PNW Pinnacle West Capital | 0.64% | 624,930 | $56.0M | No change |
| EPD Enterprise Products Partners | 0.62% | 1,750,560 | $54.7M | Add +35.6% |
| VNO Vornado Realty Trust | 0.62% | 1,345,231 | $54.5M | Add +1.3% |
| CUZ Cousins Properties Inc. | 0.59% | 1,813,313 | $52.5M | Add +2.5% |
| DTM DT Midstream Inc. | 0.58% | 452,797 | $51.2M | Reduce -1.2% |
| FTS Fortis Inc. | 0.56% | 981,900 | $49.8M | No change |
| REXR Rexford Industrial Realty Inc. | 0.53% | 1,134,098 | $46.6M | Reduce -61.2% |
| OGS One Gas Inc. | 0.53% | 576,000 | $46.6M | No change |
| SBRA Sabra Health Care REIT Inc. | 0.52% | 2,472,988 | $46.1M | Reduce -3.0% |
| NWN Northwest Natural Holding Co. | 0.48% | 940,470 | $42.3M | No change |
| TU Telus Corp. | 0.48% | 2,666,500 | $42.0M | No change |
| GLPI Gaming and Leisure Propertie | 0.46% | 873,202 | $40.7M | Add +5.4% |
| PBA Pembina Pipeline Corp. | 0.44% | 966,286 | $39.1M | Reduce -32.3% |
| KEYUF Keyera Corp. | 0.43% | 1,131,679 | $38.0M | Reduce -8.9% |
| ARE Alexandria Real Estate Equit | 0.43% | 450,062 | $37.5M | Add +1725.7% |
| VLTO Veralto Corp. | 0.42% | 344,881 | $36.8M | Add +3.2% |
| UNP Union Pacific Corp. | 0.41% | 153,928 | $36.4M | Add +77.3% |
| SMA Smartstop Self Storage REIT | 0.41% | 959,547 | $36.1M | Add +0.3% |
| ES Eversource Energy | 0.40% | 493,027 | $35.1M | Add +62.3% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.38% | 1,348,445 | $33.6M | Reduce -0.9% |
| CSX CSX Corp. | 0.36% | 892,552 | $31.7M | Add +11.8% |
| PAA Plains All Amer Pipeline LP | 0.36% | 1,856,900 | $31.7M | No change |
| CNI Canadian Natl Railway Co. | 0.32% | 302,540 | $28.5M | Add +71.4% |
| BCE Bce Inc. | 0.32% | 1,216,375 | $28.5M | No change |
| CP Canadian Pacific Kansas City | 0.32% | 379,288 | $28.3M | Reduce -3.6% |
| PNR Pentair PLC | 0.30% | 242,777 | $26.9M | Reduce -0.9% |
| ECL Ecolab Inc. | 0.29% | 92,844 | $25.4M | Add +5.0% |
| BKH Black Hills Corp. | 0.27% | 389,700 | $24.0M | No change |
| COLD Americold Realty Trust Inc. | 0.24% | 1,724,098 | $21.1M | Reduce -11.5% |
| WMS Advanced Drainage Systems Inc. | 0.21% | 136,558 | $18.9M | Add +7.5% |
| VMI Valmont Industries | 0.21% | 47,917 | $18.6M | Add +7.8% |
| KIM Kimco Realty Corp. | 0.21% | 839,451 | $18.3M | Add +78.4% |
| CNM Core & Main Inc. Class A | 0.21% | 336,909 | $18.1M | Reduce -12.2% |
| KGS Kodiak Gas Services Inc. | 0.20% | 472,736 | $17.5M | Reduce -2.5% |
| MWA Mueller Water Products Inc. Class A | 0.16% | 559,811 | $14.3M | Add +11.9% |
| ACM Aecom | 0.16% | 105,506 | $13.8M | Reduce -10.7% |
| SPIB SS SPDR P Int C Corp. ETF | 0.14% | 376,265 | $12.8M | Add +1.0% |
| GFL GFL Environmental Inc.-Sub VT | 0.14% | 257,232 | $12.2M | Reduce -11.0% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.14% | 369,133 | $12.0M | Reduce -51.3% |
| O Realty Income Corp. | 0.13% | 185,746 | $11.3M | Reduce -1.6% |
Portfolio Sells Q2 2025 → Q3 2025
| REXR Rexford Industrial Realty Inc. | Reduce -61.2% | 0.53% | −0.69 |
| HST Host Hotels & Resorts Inc. | Reduce -89.0% | 0.06% | −0.43 |
| ET Energy Transfer LP | Reduce -22.6% | 0.76% | −0.32 |
| LNG Cheniere Energy Inc. | Reduce -13.1% | 1.09% | −0.26 |
| LAMR Lamar Advertising Co. Class A | Sold out | 0.00% | −0.24 |
| SO The Southern Co. | Reduce -14.4% | 1.24% | −0.22 |
| WMB Williams Cos Inc. | Reduce -11.7% | 1.29% | −0.21 |
| AMH American Homes 4 Rent- A | Reduce -0.6% | 1.59% | −0.21 |
| PBA Pembina Pipeline Corp. | Reduce -32.3% | 0.44% | −0.19 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.16 |
| VICI Vici Properties Inc. | Reduce -51.3% | 0.14% | −0.15 |
| HTO H2O America | Sold out | 0.00% | −0.14 |
| COLD Americold Realty Trust Inc. | Reduce -11.5% | 0.24% | −0.14 |
| VTR Ventas Inc. | Reduce -12.8% | 1.92% | −0.14 |
| RHP Ryman Hospitality Properties | Reduce -1.5% | 0.67% | −0.11 |
| TRGP Targa Resources Corp. | Reduce -3.5% | 0.91% | −0.11 |
| PCG P G & E Corp. | Reduce -15.7% | 0.74% | −0.10 |
| PSA Public Storage | Reduce -0.5% | 1.67% | −0.10 |
| AEE Ameren Corporation | Reduce -10.4% | 1.48% | −0.10 |
| CNM Core & Main Inc. Class A | Reduce -12.2% | 0.21% | −0.07 |
| BXP BXP Inc. | Reduce -13.8% | 0.70% | −0.06 |
| BMI Badger Meter Inc. | Reduce -0.9% | 0.11% | −0.05 |
| CP Canadian Pacific Kansas City | Reduce -3.6% | 0.32% | −0.05 |
| KEYUF Keyera Corp. | Reduce -8.9% | 0.43% | −0.05 |
| NI Nisource Inc. | Reduce -5.9% | 1.53% | −0.04 |
| WEC WEC Energy Group Inc. | Reduce -8.1% | 1.34% | −0.03 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -11.0% | 0.14% | −0.03 |
| SBRA Sabra Health Care REIT Inc. | Reduce -3.0% | 0.52% | −0.03 |
| TTEK Tetra Tech Inc. | Reduce -13.6% | 0.10% | −0.03 |
| TRP TC Energy Corp. | Reduce -9.5% | 1.06% | −0.03 |
| IEX Idex Corp. | Reduce -14.3% | 0.08% | −0.03 |
| WM Waste Management Inc. | Reduce -21.9% | 0.06% | −0.02 |
| ENB Enbridge Inc. | Reduce -9.4% | 0.72% | −0.02 |
| SUN Sunoco LP | Reduce -19.7% | 0.05% | −0.02 |
| FERG Ferguson Enterprises Inc. | Reduce -26.3% | 0.05% | −0.02 |
| OMAB Grupo Aeroportuario Cen-ADR | Reduce -32.4% | 0.03% | −0.02 |
| DTM DT Midstream Inc. | Reduce -1.2% | 0.58% | −0.01 |
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −0.01 |
| EVRG Evergy Inc. | Reduce -6.5% | 1.57% | −0.01 |
| STN Stantec Inc. | Reduce -0.9% | 0.11% | −0.01 |
| ENPH Enphase Energy Inc. | Reduce -20.0% | 0.01% | −0.01 |
| CWEN Clearway Energy Inc. Class C | Reduce -10.5% | 0.02% | −0.01 |
| GEV GE Vernova Inc. | Reduce -61.4% | 0.00% | −0.00 |
| TRNO Terreno Realty Corp. | Sold out | 0.00% | −0.00 |
| CEG Constellation Energy | Reduce -28.5% | 0.01% | −0.00 |
| HUBB Hubbell Inc. | Reduce -38.9% | 0.01% | −0.00 |
| DHR Danaher Corp. | Reduce -0.9% | 0.07% | −0.00 |
| TEL Te Connectivity PLC | Reduce -36.1% | 0.01% | −0.00 |
| MP MP Materials Corp. | Reduce -64.1% | 0.01% | −0.00 |
| PAGP Plains GP Holdings LP | Reduce -4.0% | 0.02% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| FR First Industrial Realty TR | New | 0.85% | +0.85 |
| ADC Agree Realty Corp. | Add +311.0% | 0.68% | +0.50 |
| ARE Alexandria Real Estate Equit | Add +1725.7% | 0.43% | +0.40 |
| XEL Xcel Energy Inc. | Add +6.8% | 2.16% | +0.39 |
| SRE Sempra | Add +5.2% | 2.19% | +0.37 |
| PLD Prologis Inc. | Add +0.1% | 3.86% | +0.19 |
| UNP Union Pacific Corp. | Add +77.3% | 0.41% | +0.18 |
| ES Eversource Energy | Add +62.3% | 0.40% | +0.17 |
| EPD Enterprise Products Partners | Add +35.6% | 0.62% | +0.15 |
| IRM Iron Mountain Inc. | Add +11.5% | 1.90% | +0.12 |
| CNI Canadian Natl Railway Co. | Add +71.4% | 0.32% | +0.11 |
| EPRT Essential Properties Realty | Add +22.7% | 0.99% | +0.09 |
| KIM Kimco Realty Corp. | Add +78.4% | 0.21% | +0.09 |
| CNP Centerpoint Energy Inc. | Add +3.7% | 1.64% | +0.09 |
| PEG Public Service Enterprise GP | Add +13.1% | 1.12% | +0.08 |
| AHR American Healthcare REIT Inc. | Add +129.4% | 0.12% | +0.07 |
| XYL Xylem Inc. | Add +1.5% | 0.67% | +0.07 |
| EQIX Equinix Inc. | Add +7.1% | 3.88% | +0.07 |
| WTRG Essential Utilities Inc. | Add +2.8% | 1.00% | +0.06 |
| CSX CSX Corp. | Add +11.8% | 0.36% | +0.05 |
| WMS Advanced Drainage Systems Inc. | Add +7.5% | 0.21% | +0.04 |
| VMI Valmont Industries | Add +7.8% | 0.21% | +0.04 |
| FELE Franklin Electric Co. Inc. | Add +49.0% | 0.11% | +0.04 |
| PECO Phillips Edison & Company Inc. | Add +11.5% | 0.66% | +0.03 |
| VNO Vornado Realty Trust | Add +1.3% | 0.62% | +0.02 |
| MWA Mueller Water Products Inc. Class A | Add +11.9% | 0.16% | +0.02 |
| VLTO Veralto Corp. | Add +3.2% | 0.42% | +0.02 |
| ERII Energy Recovery Inc. | Add +23.7% | 0.05% | +0.02 |
| ECL Ecolab Inc. | Add +5.0% | 0.29% | +0.01 |
| KNTK Kinetik Holdings Inc. | Add +91.9% | 0.02% | +0.01 |
| GLPI Gaming and Leisure Propertie | Add +5.4% | 0.46% | +0.01 |
| EQT Eqt Corp. | New | 0.01% | +0.01 |
| SMA Smartstop Self Storage REIT | Add +0.3% | 0.41% | +0.00 |
| ORA Ormat Technologies Inc. | Add +10.2% | 0.01% | +0.00 |
| AWK American Water Works Co. Inc. | Add +3.9% | 0.77% | +0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Add +1.0% | 0.14% | −0.00 |
| CCI Crown Castle Inc. | Add +9.3% | 1.31% | −0.01 |
| MAA Mid-America Apartment Comm | Add +7.7% | 1.24% | −0.02 |
| CUZ Cousins Properties Inc. | Add +2.5% | 0.59% | −0.03 |
| CUBE Cubesmart | Add +5.4% | 1.08% | −0.03 |
| KMI Kinder Morgan Inc. | Add +2.2% | 0.81% | −0.04 |
| ELS Equity Lifestyle Properties | Add +0.5% | 0.99% | −0.05 |
| ESS Essex Property Trust Inc. | Add +2.4% | 0.92% | −0.07 |
| MPLX MPLX LP | Add +0.3% | 1.04% | −0.07 |
| OKE Oneok Inc. | Add +3.1% | 0.65% | −0.08 |
| DLR Digital Realty Trust Inc. | Add +1.0% | 2.71% | −0.10 |
| AVB Avalonbay Communities Inc. | Add +2.4% | 1.97% | −0.13 |
| AMT American Tower Corp. | Add +3.7% | 1.98% | −0.30 |
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 |