13F
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DUFF & PHELPS INVESTMENT MANAGEMENT CO

13F equity value
$9.6B
Positions
148
Top 10 concentration
28.9%
Quarters / total new picks
30 / 164
13F equity value over time
$0M$5B$10B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 30 quarters, returned +2.5% per quarter — versus +2.5% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = -1.04, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-2.0%
t-stat
-1.04
Quarterly win rate
50%
Annualized excess
-1.2%
$1 → follow vs universe
$1.70 vs $1.85
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190331: universe 0.93220190630: universe 1.00220191231: universe 0.80820200331: universe 0.97420200630: universe 1.07620200930: universe 1.32020201231: universe 1.38120210331: universe 1.39320210630: universe 1.50420210930: universe 1.35020211231: universe 1.14920220331: universe 1.23420220630: universe 1.14320220930: universe 1.22820221231: universe 1.14020230331: universe 1.20120230630: universe 1.15820230930: universe 1.31520231231: universe 1.37420240331: universe 1.40520240630: universe 1.53220240930: universe 1.51920241231: universe 1.41820250331: universe 1.54520250630: universe 1.59420250930: universe 1.79220251231: universe 1.854 20180331: follow 1.05020180630: follow 0.97320181231: follow 0.97220190331: follow 0.93820190630: follow 1.03220191231: follow 0.88120200331: follow 0.98120200630: follow 1.04820200930: follow 1.16820201231: follow 1.22120210331: follow 1.19020210630: follow 1.61620210930: follow 1.17620211231: follow 1.24920220331: follow 1.33220220630: follow 1.25520220930: follow 1.31820221231: follow 1.26320230331: follow 1.18320230630: follow 0.98120230930: follow 1.05520231231: follow 0.97220240331: follow 1.04120240630: follow 1.17920240930: follow 1.24720241231: follow 1.18120250331: follow 1.24920250630: follow 1.35520250930: follow 1.43220251231: follow 1.702 0.74 1.37 2.00 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 148 · 2026 Q1

Ticker Value Weight QoQ
WELL $520M
5.4%
HOLD
EQIX $463M
4.8%
HOLD
PLD $395M
4.1%
TRIM
DLR $279M
2.9%
HOLD
VTR $214M
2.2%
HOLD
SRE $203M
2.1%
HOLD
XEL $193M
2.0%
ADD
NEE $178M
1.8%
TRIM
ETR $172M
1.8%
TRIM
CNP $167M
1.7%
HOLD
SPG $162M
1.7%
HOLD
IRM $161M
1.7%
HOLD
AMT $159M
1.7%
HOLD
PSA $150M
1.6%
ADD
NI $145M
1.5%
HOLD
WMB $141M
1.5%
ADD
LNT $136M
1.4%
HOLD
EVRG $136M
1.4%
TRIM
AVB $132M
1.4%
TRIM
BRX $129M
1.3%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ACMAWRCWTEMAFERHTOPEBSWX

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.