Duff & Phelps Investment Management Co.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Duff & Phelps Investment Management Co. reported 146 stock positions worth $8.8 billion. Its top holding was Welltower (WELL) at 5.5% of the portfolio, followed by Prologis (PLD, 4.6%) and Equinix (EQIX, 4.2%). Compared with Q3 2025, it opened 2 new positions, sold out of 7, added to 72 and reduced 57. The biggest buy was Prologis (PLD, shares +6%) and the biggest sale Iron Mountain (IRM, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0000765443
- Portfolio Value
- $8.8B (Q4 2025)
- SEC Filing
- 0001140361-26-002362 ↗ filed Jan 26, 2026
Holdings Value
Holdings 146 stocks · $8.8B
| WELL Welltower Inc. | 5.49% | 2,609,690 | $484.4M | Add +4.2% |
| PLD Prologis Inc. | 4.57% | 3,156,371 | $402.9M | Add +6.2% |
| EQIX Equinix Inc. | 4.15% | 478,333 | $366.5M | Add +9.5% |
| DLR Digital Realty Trust Inc. | 2.71% | 1,542,710 | $238.7M | Add +11.4% |
| VTR Ventas Inc. | 2.26% | 2,576,274 | $199.4M | Add +6.7% |
| SRE Sempra | 2.09% | 2,086,619 | $184.2M | Reduce -2.6% |
| XEL Xcel Energy Inc. | 1.97% | 2,352,387 | $173.7M | Reduce -0.2% |
| AVB Avalonbay Communities Inc. | 1.93% | 940,065 | $170.4M | Add +4.5% |
| NEE Nextera Energy Inc. | 1.88% | 2,068,314 | $166.0M | Reduce -18.9% |
| SPG Simon Property Group Inc. | 1.84% | 877,686 | $162.5M | Add +7.3% |
| AMT American Tower Corp. | 1.83% | 917,855 | $161.1M | Add +0.8% |
| AMH American Homes 4 Rent- A | 1.66% | 4,556,397 | $146.3M | Add +8.2% |
| CNP Centerpoint Energy Inc. | 1.66% | 3,811,242 | $146.1M | Add +2.2% |
| ETR Entergy Corp. | 1.65% | 1,579,455 | $146.0M | Add +3.0% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.49% | 1,580,452 | $131.1M | Reduce -3.8% |
| NI Nisource Inc. | 1.47% | 3,106,606 | $129.7M | Reduce -0.5% |
| FR First Industrial Realty TR | 1.42% | 2,184,408 | $125.1M | Add +50.7% |
| EVRG Evergy Inc. | 1.41% | 1,715,935 | $124.4M | Reduce -5.7% |
| LNT Alliant Energy Corp. | 1.40% | 1,898,522 | $123.4M | Reduce -0.3% |
| AEE Ameren Corporation | 1.36% | 1,204,941 | $120.3M | Reduce -3.8% |
| MAA Mid-America Apartment Comm | 1.34% | 850,093 | $118.1M | Add +8.8% |
| PSA Public Storage | 1.32% | 449,410 | $116.6M | Reduce -11.7% |
| BRX Brixmor Property Group Inc. | 1.32% | 4,430,543 | $116.2M | Add +6.4% |
| WMB Williams Cos Inc. | 1.27% | 1,865,628 | $112.1M | Add +3.6% |
| ATO Atmos Energy Corp. | 1.24% | 652,306 | $109.3M | Reduce -6.5% |
| SO The Southern Co. | 1.22% | 1,238,217 | $108.0M | Add +7.5% |
| PPL PPL Corp. | 1.21% | 3,055,621 | $107.0M | Add +4.2% |
| CCI Crown Castle Inc. | 1.20% | 1,192,658 | $106.0M | Reduce -0.1% |
| DUK Duke Energy Corp. | 1.19% | 896,780 | $105.1M | Reduce -13.2% |
| WEC WEC Energy Group Inc. | 1.17% | 981,194 | $103.5M | Reduce -4.6% |
| DTE DTE Energy Company | 1.16% | 792,446 | $102.2M | Add +8.9% |
| CMS CMS Energy Corp. | 1.15% | 1,453,667 | $101.7M | No change |
| EPRT Essential Properties Realty | 1.15% | 3,424,842 | $101.6M | Add +16.7% |
| CUBE Cubesmart | 1.11% | 2,719,631 | $98.0M | Add +16.2% |
| MPLX MPLX LP | 1.11% | 1,832,003 | $97.8M | Reduce -0.3% |
| TRGP Targa Resources Corp. | 1.09% | 522,546 | $96.4M | Add +9.3% |
| PEG Public Service Enterprise GP | 1.07% | 1,179,391 | $94.7M | Reduce -0.3% |
| ELS Equity Lifestyle Properties | 1.06% | 1,545,120 | $93.6M | Add +7.0% |
| TRP TC Energy Corp. | 1.06% | 1,696,644 | $93.3M | Reduce -1.0% |
| LNG Cheniere Energy Inc. | 1.02% | 462,495 | $89.9M | Add +12.8% |
| OGE Oge Energy Corp. | 1.01% | 2,096,429 | $89.5M | Add +1.3% |
| AEP American Electric Power | 1.00% | 762,162 | $87.9M | No change |
| D Dominion Energy Inc. | 0.99% | 1,492,575 | $87.4M | Add +20.5% |
| ESS Essex Property Trust Inc. | 0.97% | 328,657 | $86.0M | Add +8.0% |
| WTRG Essential Utilities Inc. | 0.95% | 2,188,681 | $84.0M | Reduce -0.6% |
| PCG P G & E Corp. | 0.95% | 5,210,950 | $83.7M | Add +19.8% |
| SR Spire Inc. | 0.92% | 983,436 | $81.3M | Reduce -3.9% |
| T AT&T Inc. | 0.88% | 3,140,500 | $78.0M | Add +2.0% |
| RHP Ryman Hospitality Properties | 0.83% | 776,253 | $73.4M | Add +16.9% |
| ADC Agree Realty Corp. | 0.78% | 957,943 | $69.0M | Add +14.2% |
| KMI Kinder Morgan Inc. | 0.76% | 2,434,803 | $66.9M | Reduce -3.8% |
| ENB Enbridge Inc. | 0.74% | 1,363,419 | $65.2M | Add +8.7% |
| PECO Phillips Edison & Company Inc. | 0.72% | 1,788,426 | $63.6M | Add +5.3% |
| ET Energy Transfer LP | 0.70% | 3,765,800 | $62.1M | Reduce -3.5% |
| BXP BXP Inc. | 0.67% | 879,131 | $59.3M | Add +6.0% |
| AWK American Water Works Co. Inc. | 0.66% | 449,022 | $58.6M | Reduce -7.7% |
| FE Firstenergy Corp. | 0.66% | 1,304,500 | $58.4M | No change |
| PNW Pinnacle West Capital | 0.63% | 624,930 | $55.4M | No change |
| VZ Verizon Communications Inc. | 0.62% | 1,339,489 | $54.6M | No change |
| CUZ Cousins Properties Inc. | 0.61% | 2,091,727 | $53.9M | Add +15.3% |
| SBRA Sabra Health Care REIT Inc. | 0.60% | 2,788,795 | $52.8M | Add +12.8% |
| OKE Oneok Inc. | 0.60% | 717,725 | $52.8M | Reduce -9.3% |
| FTS Fortis Inc. | 0.58% | 981,900 | $51.1M | No change |
| XYL Xylem Inc. | 0.57% | 369,910 | $50.4M | Reduce -7.1% |
| EPD Enterprise Products Partners | 0.57% | 1,561,283 | $50.1M | Reduce -10.8% |
| GLPI Gaming and Leisure Propertie | 0.56% | 1,114,299 | $49.8M | Add +27.6% |
| ARE Alexandria Real Estate Equit | 0.55% | 999,846 | $48.9M | Add +122.2% |
| VNO Vornado Realty Trust | 0.55% | 1,466,710 | $48.8M | Add +9.0% |
| UNP Union Pacific Corp. | 0.54% | 207,322 | $48.0M | Add +34.7% |
| OGS One Gas Inc. | 0.50% | 576,000 | $44.5M | No change |
| REXR Rexford Industrial Realty Inc. | 0.50% | 1,145,690 | $44.4M | Add +1.0% |
| DTM DT Midstream Inc. | 0.50% | 369,048 | $44.2M | Reduce -18.5% |
| ES Eversource Energy | 0.46% | 607,620 | $40.9M | Add +23.2% |
| NWN Northwest Natural Holding Co. | 0.45% | 856,710 | $40.0M | Reduce -8.9% |
| PAA Plains All Amer Pipeline LP | 0.44% | 2,176,900 | $39.1M | Add +17.2% |
| KEYUF Keyera Corp. | 0.44% | 1,200,638 | $38.5M | Add +6.1% |
| PBA Pembina Pipeline Corp. | 0.42% | 963,076 | $36.7M | Reduce -0.3% |
| VLTO Veralto Corp. | 0.40% | 356,391 | $35.6M | Add +3.3% |
| TU Telus Corp. | 0.40% | 2,666,500 | $35.2M | No change |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.39% | 1,444,628 | $34.5M | Add +7.1% |
| SMA Smartstop Self Storage REIT | 0.39% | 1,099,700 | $34.0M | Add +14.6% |
| CNI Canadian Natl Railway Co. | 0.38% | 336,789 | $33.4M | Add +11.3% |
| CSX CSX Corp. | 0.33% | 805,115 | $29.2M | Reduce -9.8% |
| CP Canadian Pacific Kansas City | 0.31% | 370,512 | $27.3M | Reduce -2.3% |
| BKH Black Hills Corp. | 0.31% | 389,700 | $27.1M | No change |
| BCE Bce Inc. | 0.30% | 1,127,288 | $26.9M | Reduce -7.3% |
| PNR Pentair PLC | 0.30% | 250,547 | $26.1M | Add +3.2% |
| ECL Ecolab Inc. | 0.27% | 90,879 | $23.9M | Reduce -2.1% |
| WMS Advanced Drainage Systems Inc. | 0.23% | 139,606 | $20.2M | Add +2.2% |
| KIM Kimco Realty Corp. | 0.21% | 935,321 | $19.0M | Add +11.4% |
| VMI Valmont Industries | 0.21% | 46,903 | $18.9M | Reduce -2.1% |
| CNM Core & Main Inc. Class A | 0.21% | 357,052 | $18.6M | Add +6.0% |
| KGS Kodiak Gas Services Inc. | 0.20% | 462,123 | $17.3M | Reduce -2.3% |
| AHR American Healthcare REIT Inc. | 0.18% | 328,275 | $15.4M | Add +30.1% |
| GFL GFL Environmental Inc.-Sub VT | 0.16% | 323,747 | $13.9M | Add +25.9% |
| MWA Mueller Water Products Inc. Class A | 0.15% | 547,963 | $13.1M | Reduce -2.1% |
| FELE Franklin Electric Co. Inc. | 0.12% | 110,184 | $10.5M | Add +12.9% |
| TMO Thermo Fisher Scientific Inc. | 0.11% | 16,191 | $9.4M | Add +14.3% |
| WTS Watts Water Technologies-A | 0.11% | 33,888 | $9.4M | Reduce -2.1% |
| BMI Badger Meter Inc. | 0.10% | 51,938 | $9.1M | Reduce -2.1% |
Portfolio Sells Q3 2025 → Q4 2025
| IRM Iron Mountain Inc. | Reduce -3.8% | 1.49% | −0.41 |
| PSA Public Storage | Reduce -11.7% | 1.32% | −0.34 |
| NEE Nextera Energy Inc. | Reduce -18.9% | 1.88% | −0.30 |
| DUK Duke Energy Corp. | Reduce -13.2% | 1.19% | −0.26 |
| COLD Americold Realty Trust Inc. | Reduce -94.4% | 0.01% | −0.23 |
| XEL Xcel Energy Inc. | Reduce -0.2% | 1.97% | −0.19 |
| WEC WEC Energy Group Inc. | Reduce -4.6% | 1.17% | −0.16 |
| EVRG Evergy Inc. | Reduce -5.7% | 1.41% | −0.16 |
| ACM Aecom | Sold out | 0.00% | −0.16 |
| SPIB SS SPDR P Int C Corp. ETF | Sold out | 0.00% | −0.14 |
| O Realty Income Corp. | Sold out | 0.00% | −0.13 |
| AEE Ameren Corporation | Reduce -3.8% | 1.36% | −0.12 |
| ATO Atmos Energy Corp. | Reduce -6.5% | 1.24% | −0.11 |
| CCI Crown Castle Inc. | Reduce -0.1% | 1.20% | −0.10 |
| AWK American Water Works Co. Inc. | Reduce -7.7% | 0.66% | −0.10 |
| VICI Vici Properties Inc. | Reduce -69.6% | 0.04% | −0.10 |
| SRE Sempra | Reduce -2.6% | 2.09% | −0.10 |
| XYL Xylem Inc. | Reduce -7.1% | 0.57% | −0.09 |
| VOD Vodafone Group PLC-SP ADR | Sold out | 0.00% | −0.09 |
| DTM DT Midstream Inc. | Reduce -18.5% | 0.50% | −0.08 |
| NI Nisource Inc. | Reduce -0.5% | 1.47% | −0.06 |
| OKE Oneok Inc. | Reduce -9.3% | 0.60% | −0.06 |
| ET Energy Transfer LP | Reduce -3.5% | 0.70% | −0.06 |
| LNT Alliant Energy Corp. | Reduce -0.3% | 1.40% | −0.06 |
| KMI Kinder Morgan Inc. | Reduce -3.8% | 0.76% | −0.05 |
| EPD Enterprise Products Partners | Reduce -10.8% | 0.57% | −0.05 |
| TTEK Tetra Tech Inc. | Reduce -52.2% | 0.05% | −0.05 |
| SUN Sunoco LP | Sold out | 0.00% | −0.05 |
| PEG Public Service Enterprise GP | Reduce -0.3% | 1.07% | −0.05 |
| WTRG Essential Utilities Inc. | Reduce -0.6% | 0.95% | −0.04 |
| STN Stantec Inc. | Reduce -29.3% | 0.07% | −0.04 |
| CSX CSX Corp. | Reduce -9.8% | 0.33% | −0.03 |
| PBA Pembina Pipeline Corp. | Reduce -0.3% | 0.42% | −0.03 |
| NWN Northwest Natural Holding Co. | Reduce -8.9% | 0.45% | −0.03 |
| SR Spire Inc. | Reduce -3.9% | 0.92% | −0.02 |
| BCE Bce Inc. | Reduce -7.3% | 0.30% | −0.02 |
| ECL Ecolab Inc. | Reduce -2.1% | 0.27% | −0.02 |
| SBAC SBA Communications Corp. | Reduce -16.2% | 0.09% | −0.02 |
| MWA Mueller Water Products Inc. Class A | Reduce -2.1% | 0.15% | −0.01 |
| CP Canadian Pacific Kansas City | Reduce -2.3% | 0.31% | −0.01 |
| FSLR First Solar Inc. | Reduce -27.9% | 0.05% | −0.01 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −0.01 |
| ERII Energy Recovery Inc. | Reduce -2.1% | 0.05% | −0.01 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.01 |
| BMI Badger Meter Inc. | Reduce -2.1% | 0.10% | −0.00 |
| KEYUF Keyera Corp.-Sub RCT | Reduce -0.8% | 0.06% | −0.00 |
| WTS Watts Water Technologies-A | Reduce -2.1% | 0.11% | −0.00 |
| TEL Te Connectivity PLC | Reduce -33.8% | 0.01% | −0.00 |
| ZWS Zurn Elkay Water Solutions C | Reduce -2.1% | 0.08% | −0.00 |
| KGS Kodiak Gas Services Inc. | Reduce -2.3% | 0.20% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| PLD Prologis Inc. | Add +6.2% | 4.57% | +0.71 |
| FR First Industrial Realty TR | Add +50.7% | 1.42% | +0.57 |
| WELL Welltower Inc. | Add +4.2% | 5.49% | +0.43 |
| VTR Ventas Inc. | Add +6.7% | 2.26% | +0.34 |
| EQIX Equinix Inc. | Add +9.5% | 4.15% | +0.28 |
| PCG P G & E Corp. | Add +19.8% | 0.95% | +0.21 |
| TRGP Targa Resources Corp. | Add +9.3% | 1.09% | +0.18 |
| EPRT Essential Properties Realty | Add +16.7% | 1.15% | +0.16 |
| RHP Ryman Hospitality Properties | Add +16.9% | 0.83% | +0.16 |
| D Dominion Energy Inc. | Add +20.5% | 0.99% | +0.13 |
| UNP Union Pacific Corp. | Add +34.7% | 0.54% | +0.13 |
| ARE Alexandria Real Estate Equit | Add +122.2% | 0.55% | +0.13 |
| ADC Agree Realty Corp. | Add +14.2% | 0.78% | +0.11 |
| GLPI Gaming and Leisure Propertie | Add +27.6% | 0.56% | +0.10 |
| SPG Simon Property Group Inc. | Add +7.3% | 1.84% | +0.10 |
| MAA Mid-America Apartment Comm | Add +8.8% | 1.34% | +0.10 |
| PAA Plains All Amer Pipeline LP | Add +17.2% | 0.44% | +0.08 |
| SBRA Sabra Health Care REIT Inc. | Add +12.8% | 0.60% | +0.08 |
| AMH American Homes 4 Rent- A | Add +8.2% | 1.66% | +0.07 |
| ELS Equity Lifestyle Properties | Add +7.0% | 1.06% | +0.07 |
| ES Eversource Energy | Add +23.2% | 0.46% | +0.07 |
| PECO Phillips Edison & Company Inc. | Add +5.3% | 0.72% | +0.06 |
| SUNC Sunococorp LLC | New | 0.06% | +0.06 |
| AHR American Healthcare REIT Inc. | Add +30.1% | 0.18% | +0.05 |
| CNI Canadian Natl Railway Co. | Add +11.3% | 0.38% | +0.05 |
| KNTK Kinetik Holdings Inc. | Add +380.9% | 0.07% | +0.05 |
| ESS Essex Property Trust Inc. | Add +8.0% | 0.97% | +0.05 |
| WM Waste Management Inc. | Add +66.1% | 0.10% | +0.04 |
| ETR Entergy Corp. | Add +3.0% | 1.65% | +0.04 |
| CUBE Cubesmart | Add +16.2% | 1.11% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +14.3% | 0.11% | +0.03 |
| OMAB Grupo Aeroportuario Cen-ADR | Add +87.0% | 0.05% | +0.03 |
| DHR Danaher Corp. | Add +18.1% | 0.09% | +0.02 |
| ENB Enbridge Inc. | Add +8.7% | 0.74% | +0.02 |
| GFL GFL Environmental Inc.-Sub VT | Add +25.9% | 0.16% | +0.02 |
| CNP Centerpoint Energy Inc. | Add +2.2% | 1.66% | +0.02 |
| CUZ Cousins Properties Inc. | Add +15.3% | 0.61% | +0.02 |
| WMS Advanced Drainage Systems Inc. | Add +2.2% | 0.23% | +0.01 |
| FELE Franklin Electric Co. Inc. | Add +12.9% | 0.12% | +0.01 |
| HST Host Hotels & Resorts Inc. | Add +14.6% | 0.07% | +0.01 |
| BRX Brixmor Property Group Inc. | Add +6.4% | 1.32% | +0.01 |
| SBS Cia Saneamento Basico DE-ADR | Add +7.1% | 0.39% | +0.01 |
| GNR State Street SPDR S&P Global | Add +19.5% | 0.04% | +0.01 |
| KIM Kimco Realty Corp. | Add +11.4% | 0.21% | +0.01 |
| ORA Ormat Technologies Inc. | Add +40.0% | 0.02% | +0.01 |
| KEYUF Keyera Corp. | Add +6.1% | 0.44% | +0.01 |
| AROC Archrock Inc. | New | 0.01% | +0.01 |
| NXT Nextpower Inc. | Add +3.1% | 0.03% | +0.01 |
| CNM Core & Main Inc. Class A | Add +6.0% | 0.21% | +0.00 |
| GDX Vaneck Gold Miners ETF | Add +7.6% | 0.02% | +0.00 |
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 |