Duff & Phelps Investment Management Co.

Name: DUFF & PHELPS INVESTMENT MANAGEMENT CO 13F holdings, Q4 2025
Creator: DUFF & PHELPS INVESTMENT MANAGEMENT CO
Published: 2026-01-26

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

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%
WM Waste Management Inc.	0.10%	38,217	$8.4M	Add +66.1%
DHR Danaher Corp.	0.09%	34,748	$8.0M	Add +18.1%
IEX Idex Corp.	0.09%	44,675	$7.9M	Reduce -2.1%
SBAC SBA Communications Corp.	0.09%	38,902	$7.5M	Reduce -16.2%
EIX Edison International	0.08%	123,600	$7.4M	No change
ZWS Zurn Elkay Water Solutions C	0.08%	147,169	$6.8M	Reduce -2.1%
STN Stantec Inc.	0.07%	65,496	$6.2M	Reduce -29.3%
KNTK Kinetik Holdings Inc.	0.07%	171,094	$6.2M	Add +380.9%
HST Host Hotels & Resorts Inc.	0.07%	339,144	$6.0M	Add +14.6%
KEYUF Keyera Corp.-Sub RCT	0.06%	171,584	$5.3M	Reduce -0.8%
SUNC Sunococorp LLC	0.06%	105,654	$5.2M	New
WY Weyerhaeuser Co.	0.06%	218,334	$5.2M	No change
OMAB Grupo Aeroportuario Cen-ADR	0.05%	43,000	$4.7M	Add +87.0%
TTEK Tetra Tech Inc.	0.05%	128,648	$4.3M	Reduce -52.2%
FERG Ferguson Enterprises Inc.	0.05%	19,095	$4.3M	Reduce -2.1%
ERII Energy Recovery Inc.	0.05%	301,487	$4.1M	Reduce -2.1%
FSLR First Solar Inc.	0.05%	15,428	$4.0M	Reduce -27.9%
INVH Invitation Homes Inc.	0.04%	131,626	$3.7M	No change
GNR State Street SPDR S&P Global	0.04%	56,400	$3.5M	Add +19.5%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.04%	112,368	$3.2M	Reduce -69.6%
BE Bloom Energy Corp. Class A	0.03%	34,248	$3.0M	Reduce -0.4%
NXT Nextpower Inc.	0.03%	33,054	$2.9M	Add +3.1%
EXR Extra Space Storage Inc.	0.03%	17,103	$2.2M	No change
GDX Vaneck Gold Miners ETF	0.02%	22,580	$1.9M	Add +7.6%
VCLN Virtus Duff & Phelps Clean E	0.02%	61,475	$1.6M	Add +6.8%
ORA Ormat Technologies Inc.	0.02%	13,931	$1.5M	Add +40.0%
CWEN Clearway Energy Inc. Class C	0.02%	45,380	$1.5M	Reduce -9.2%
PAGP Plains GP Holdings LP	0.02%	76,862	$1.5M	Reduce -1.0%
SCHP Schwab U.S. Tips ETF	0.02%	53,420	$1.4M	Add +27.7%
COLD Americold Realty Trust Inc.	0.01%	97,037	$1.2M	Reduce -94.4%
EGP Eastgroup Properties Inc.	0.01%	5,725	$1.0M	No change
DBC Invesco DB Commodity Index T	0.01%	41,694	$932K	Add +27.9%
ENPH Enphase Energy Inc.	0.01%	28,053	$899K	Reduce -0.7%
CEG Constellation Energy	0.01%	2,416	$854K	Reduce -10.4%
RUN Sunrun Inc.	0.01%	42,207	$777K	Add +1.9%
TEL Te Connectivity PLC	0.01%	3,024	$688K	Reduce -33.8%
HUBB Hubbell Inc.	0.01%	1,546	$687K	Add +11.8%
DBA Invesco DB Agriculture Fund	0.01%	26,225	$669K	Add +30.3%
CCJ Cameco Corp.	0.01%	6,670	$610K	Reduce -26.4%
PLUG Plug Power Inc.	0.01%	290,110	$572K	Add +66.6%
AROC Archrock Inc.	0.01%	21,193	$551K	New
EQT Eqt Corp.	0.01%	9,499	$509K	Reduce -1.0%
GEV GE Vernova Inc.	0.01%	717	$469K	Add +34.5%
GBNXF Gibson Energy Inc.	0.01%	23,895	$438K	No change
SEDG Solaredge Technologies Inc.	0.00%	14,452	$417K	Reduce -10.4%
ARRY Array Technologies Inc.	0.00%	26,070	$240K	Reduce -10.4%

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