DUFF & PHELPS INVESTMENT MANAGEMENT CO

CIK 0000765443 · Q2 2026

13F Equity AUM

$10.6B

+10.0% QoQ

Positions

160

+13 QoQ

AUM Rank

#1,097

Top 9%

Skill Alpha (FF)

+0.5%/yr^ns

No Clear Edge

Rank #2,245 · Top 27%

vs S&P -5.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 20.1%Top 10: 29.5%Top 20: 45.1%

WELL6.5%

EQIX4.2%

PLD4.1%

FQI2.9%

VEN2.4%

SPG2.1%

PSA1.9%

XEL1.8%

SRE1.8%

ETR1.8%

Others (150)70.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Real Estate48.7%

Utilities32.9%

Energy10.2%

Industrials4.5%

Other3.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 160Median: 0.35%Avg: 0.63%

0–0.5%

89(9.8%)

0.5–1%

33(23.9%)

1–3%

35(51.5%)

3–5%

2(8.3%)

5%+

1(6.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 160vs 20 funds

0%Low

160

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New17Increased69Decreased54Exited3

New Positions

NATIONAL HEALTHCARE …0.6%

+4.1M

NSC0.1%

+50K

FBIN0.0%

+65K

MRP0.0%

+2K

BNLEUR0.0%

+3K

FVR0.0%

+2K

KNTK0.0%

+8K

MTDR0.0%

+9K

UDR0.0%

+2K

WPC0.0%

+532

Increased

SAJA0.3%

+5.0M(+342%)

AHR1.5%

+2.0M(+186%)

AMH1.7%

+704K(+15%)

EPRT1.1%

+606K(+18%)

BRX1.5%

+539K(+12%)

SBC0.6%

+503K(+18%)

CUBE1.2%

+502K(+18%)

WELL6.5%

+392K(+15%)

VNO0.7%

+326K(+21%)

FR1.4%

+274K(+12%)

Decreased

PEB0.4%

-997,299(-31%)

PCG0.7%

-657,339(-13%)

ARE0.2%

-547,016(-56%)

PEG0.6%

-368,599(-31%)

ENB0.7%

-222,837(-14%)

EMA0.8%

-187,660(-14%)

NEE1.4%

-176,795(-9%)

WTRG0.7%

-134,101(-6%)

IRM1.7%

-119,902(-8%)

PAA0.3%

-100,000(-6%)

Exited

-424,140

TEL

-3,638

RUN

-58,602

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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