Cohen & Steers Infrastructure Fund (UTF) Aperçu de l'action
Cohen & Steers Infrastructure Fund, Inc. est un fonds d'actions à capital fixe lancé par Cohen & Steers, Inc. Plus de détails
| Score flocon de neige | |
|---|---|
| Évaluation | 1/6 |
| Croissance future | 0/6 |
| Performances passées | 4/6 |
| Santé financière | 1/6 |
| Dividendes | 4/6 |
UTF Community Fair Values
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Cohen & Steers Infrastructure Fund, Inc Concurrents
Historique des prix et performances
| Historique des cours de bourse | |
|---|---|
| Prix actuel de l'action | US$26.98 |
| Plus haut sur 52 semaines | US$27.35 |
| Plus bas sur 52 semaines | US$23.42 |
| Bêta | 0.80 |
| Variation sur 1 mois | 2.66% |
| Variation sur 3 mois | 0.78% |
| Variation sur 1 an | 4.94% |
| Variation sur 3 ans | 27.32% |
| Variation sur 5 ans | -8.01% |
| Évolution depuis l'introduction en bourse | 34.83% |
Nouvelles et mises à jour récentes
Recent updates
Seeking Alpha • Feb 14
UTF Vs. ASGI: Why A 6% Discount And Rate Cut Cycle Make UTF The Obvious Choice
Summary Cohen & Steers Infrastructure Fund receives a 'Buy' rating, while abrdn Global Infrastructure Income Fund is rated 'Hold' due to valuation. UTF's 6% discount to NAV, leveraged structure, and focus on traditional utilities offer attractive entry amid expected rate cuts. ASGI's portfolio is concentrated in modern infrastructure and trades at a record premium to NAV, making it less attractive for new purchases. UTF's stable cash flows, defensive holdings, and potential benefit from falling rates outweigh risks from leverage and regulatory intervention. Read the full article on Seeking AlphaSeeking Alpha • Mar 26
UTF: Recent Investment Announcements Into The U.S. Will Provide Tailwinds For Infrastructure
Summary The Trump Administration's $3 trillion investment pledges are bullish for infrastructure, making Cohen & Steers Infrastructure Fund a strong investment for income and capital appreciation. UTF's diverse holdings in utilities, industrials, and energy sectors are poised to benefit from increased infrastructure spending, despite potential risks from leverage and sector concentration. UTF has a 21-year track record of uninterrupted distributions, and its 7.48% yield is attractive, especially as the Fed is expected to cut rates. Major investments from global players like UAE, Saudi Arabia, Hyundai, Apple, and Nvidia will drive unprecedented demand for infrastructure, benefiting UTF's underlying holdings. Read the full article on Seeking AlphaSeeking Alpha • Jan 08
UTF: Time To Take Some Profit (Rating Downgrade)
Summary I previously recommended Cohen & Steers Infrastructure Fund as a BUY for its low valuation, high yield, and rate cut potential. The catalysts underpinning my earlier buy rating for the UTF CEF have run their courses by now. The utility sector is now one of the most overvalued sectors on our dashboard. The macroeconomic outlook has shifted drastically also, with inflation data and Fed's stance reducing the likelihood of further rate cuts. Read the full article on Seeking AlphaSeeking Alpha • Dec 24
UTF: The Decline Sent Distribution To Around 8% Creating A Better Opportunity
Summary After falling by roughly -11% in less than a month, UTF's distribution yield is approaching 8% and creating a strong investment opportunity as the Fed lowers rates. UTF has established a multi-decade track record of generating income for its shareholders and continues to outpace the risk-free rate of return. UTF has several catalysts on the horizon, including deregulation, increased energy consumption, more data centers, increased CapEx spending, and lower rates. Read the full article on Seeking AlphaSeeking Alpha • Nov 22
UTF: 7% Yield On Utilities And Infrastructure Vs. Peers
Summary The Fed's rate easing has boosted the Utilities sector, making it the 3rd best performer, up 32%, behind Financials and Tech. Cohen & Steers Infrastructure Fund, a major infrastructure fund, offers high-yield exposure to Utilities, with a 7.27% yield and significant holdings in Electric Utilities. This article details dividend yields, volume, and discounts for several other Infrastructure & Utilities funds. Read the full article on Seeking AlphaSeeking Alpha • Sep 17
UTF: A Solid Infrastructure Fund For Monthly Distributions
Summary Cohen & Steers Infrastructure Fund (UTF) is a closed-end fund investing in diversified infrastructure from around the globe. The fund's slight discount to NAV makes me hesitant about buying too aggressively, but a lower-rate environment should also be beneficial to the fund. A lower rate environment should bode well for UTF as borrowing cost pressures ease and the underlying interest-rate sensitive portfolio also performs better. Read the full article on Seeking AlphaSeeking Alpha • Aug 25
UTF: 7.7% Yield, Deeper Than Average Discount
Summary The Utilities sector is benefiting from potential rate drops by the Fed, up 4.55% in the past month, in line with the Consumer Defensive sector. The Cohen & Steers Infrastructure Fund invests in infrastructure assets, with top exposure to Electric Utilities at 33%. UTF offers a 7.68% dividend yield, covers distributions, and sells at a 2% discount to NAV, making it a speculative Buy. Read the full article on Seeking AlphaSeeking Alpha • Aug 11
UTF: Utility And Infrastructure Fund With 7.6% Plus Income For The Long Term
Summary Cohen & Steers Infrastructure Fund is a closed-end fund that invests primarily in securities of companies in the infrastructure space. The UTF closed-end fund currently provides a reasonable yield of 7.6% plus; however, it uses a high level of leverage, roughly 30% of total assets. Currently, shares are trading at a small premium of 1.5%. UTF has a decent long-term record of over 20 years for a Utility and infrastructure-focused fund. However, it has performed poorly recently, which is in line with the performance of the sector. Going forward, there are certain tailwinds that should help this fund in general. We believe it is an excellent fund for income investors; we would rate the fund as a selective “buy” for new investors. For existing investors, it is a “Hold.” It may be preferable to dollar-cost-average the buy instead of a lump sum. Read the full article on Seeking AlphaSeeking Alpha • Jul 18
UTF: A Generational Shift In Energy Demand Will Benefit Utilities
Summary Cohen & Steers Infrastructure Fund offers investors a monthly dividend with a diverse portfolio of utility and infrastructure investments. UTF's portfolio includes top utility companies and REITs like American Tower Corporation, Southern Company, and NextEra Energy. We explore potential demand drivers that could benefit UTF's portfolio over the next five years. Read the full article on Seeking AlphaSeeking Alpha • Jul 07
UTF: 8% Yield Should Not Be Ignored By Dividend Investors
Summary Cohen & Steers Infrastructure Fund (UTF) offers attractive current income with a focus on infrastructure assets and a consistent distribution history since 2004. Improved interest rate predictability and cost of debt conditions should support UTF's market cap and cash generation levels from here. UTF's leverage profile and exposure to growth sectors like electric infrastructure and midstream assets provide also a strong foundation for future distribution growth and price appreciation. Read the full article on Seeking AlphaSeeking Alpha • Jun 15
UTF: Infrastructure Investments Are Hot, UTF Is Not; Better Choices Exist
Summary 2024 presents unique opportunities for infrastructure investors due to macroeconomic factors. Infrastructure fundraising faced challenges in 2023, but the outlook is more positive for 2024. Cohen & Steers Infrastructure Fund may not be the best choice for income investors compared to other high-yield options. Read the full article on Seeking AlphaSeeking Alpha • Jun 05
UTF: Infrastructure Companies Will Benefit From AI And This Fund Should Benefit, Yielding 7.9%
Summary Nvidia's Q1 revenue increased by 262.12% YoY, driven by the growing demand for AI chips. Elon Musk estimates that Tesla will spend up to $4 billion on AI chips with Nvidia in 2024. The demand for AI infrastructure, including data centers, grid capacity, and oil and gas, will create opportunities for companies like Cohen & Steers Infrastructure Fund. Read the full article on Seeking AlphaSeeking Alpha • May 13
UTF: Collecting Income From North American Infrastructure
Summary Cohen & Steers Infrastructure Fund offers exposure to essential areas of life such as utilities, pipelines, roads, and telecom while providing a high dividend yield of 7.8%. UTF's price has remained stable over the last decade, making it attractive for investors looking to preserve capital. Infrastructure spending is expected to increase, providing potential growth opportunities for UTF to capture upside movement. The recent distribution had contained some Return Of Capital but I do not think this raises any red flags at the moment. As interest rates eventually get cut, infrastructure-based sectors will benefit from increased operating activity as capital can be obtained cheaper. Read the full article on Seeking AlphaSeeking Alpha • Apr 30
UTF Vs UTG: Great Time To Close Out
Summary Reaves Utility Income Trust has outperformed Cohen & Steers Infrastructure Fund since our last article. The alpha capturing opportunity has been realized quicker than anticipated, with a 12.43% alpha captured in less than 4 months. We tell you why it is a great time to exit UTF. Read the full article on Seeking AlphaSeeking Alpha • Apr 11
UTF: Attractive Long-Term Infrastructure Exposure Providing A Monthly Distribution
Summary Cohen & Steers Infrastructure Fund has seen its discount narrow substantially and is now trading at a slight premium. UTF offers exposure to diversified infrastructure companies and has a distribution yield of 7.98%. The fund's distribution coverage saw minimal impact over the last year despite rising borrowing costs, thanks to higher total investment income and being hedged. Read the full article on Seeking AlphaSeeking Alpha • Mar 27
UTF: Time To Consider A Leveraged Play On Utilities
Summary The overall equity market is expensive, but there are attractive valuations in sectors such as utilities. The Cohen & Steers Infrastructure Fund is a leveraged play on the utility sector. It charges higher fees, entails higher downside risks, but also creates potential for higher returns. We think the positives are strong enough (low valuation, high yield, rate cut potential) to justify a leverage play using the UTF ETF. Read the full article on Seeking AlphaSeeking Alpha • Mar 17
UTF: 8%-Yielding Infrastructure Fund And Alternatives
Summary Cohen & Steers Infrastructure Fund is a closed-end fund that invests in infrastructure assets. The UTF CEF has a focus on income and aims to achieve total return by investing in securities issued by infrastructure companies. UTF's holdings include electric utilities, corporate bonds, and midstream energy, with the US being the largest geographical exposure. Read the full article on Seeking AlphaSeeking Alpha • Feb 13
The $18 Trillion Tailwind For 9%-Yielding UTF And Other High Yields
Summary The infrastructure sector has a massive $18 trillion projected tailwind in the coming years. We look at UTF to see how its top holdings are poised to benefit from this tailwind. We also look at two other high-yielding infrastructure investment opportunities that we like even more that will also likely benefit from this tailwind. Read the full article on Seeking AlphaSeeking Alpha • Jan 14
UTF: Buy This Fund And 1 Other Fund For Reliable Income
Summary Cohen & Steers Infrastructure Fund is a closed-end fund that invests primarily in securities of companies in the infrastructure space. For nearly 20 years since its inception, the UTF CEF has offered nearly 9% of annualized total returns and is currently paying 8.35% in distribution income. We believe UTF is an excellent fund for income investors; we would rate the fund as a selective "buy" for new investors. For existing investors, it is a "Hold." It may be preferable to dollar-cost-average the buy instead of a lump sum. Read the full article on Seeking AlphaSeeking Alpha • Jan 06
UTF: Time To Load Up On A Solid 8.7% Yielding Infrastructure CEF
Summary Utilities stocks faced significant pressure in 2023 due to the Fed's interest rate hikes, but the sector bottomed out in October 2023. Cohen & Steers Infrastructure Fund focuses on infrastructure companies and uses leverage to potentially increase dividend yield. UTF has recovered nearly 26% from its October lows and remains a solid income-generating investment for income-focused investors. I argue why the ongoing recovery in utilities stocks should bolster UTF's utilities-heavy exposure, spurring a robust rally in 2024. With UTF still priced attractively, supported by constructive long-term price action, potential near-term weakness/volatility should be capitalized to add more exposure. Read the full article on Seeking AlphaSeeking Alpha • Jan 01
UTF: This 8.5% Yielder Has Become More Attractive
Summary A couple of months ago, I issued an article on UTF elaborating on the potential red flag areas that are associated with higher for longer scenarios. Now, once the interest rate environment has improved and the chatter has moved from how long to how many cuts, UTF's prospects have strengthened accordingly. In this article, I provide three reasons why it now makes sense to go long UTF and why the current dividend of 8.5% is safe. Read the full article on Seeking AlphaSeeking Alpha • Nov 30
UTF: This CEF Is Facing Increasingly Fierce Headwinds
Summary Cohen & Steers Infrastructure Fund has been negatively impacted by the current rate cycle and the Fed's hawkish stance. The fund's performance has struggled due to rising rates, a weakening economy, and expensive leverage. The fund's heavy exposure to the utility sector and industrial real estate sector makes it ill-suited for the current high-rate and inflationary environment. Read the full article on Seeking AlphaSeeking Alpha • Nov 21
UTF: Infrastructure CEF Yields 8.93%, Sets Up Well For 2024
Summary UTF is a utilities closed-end fund that is expected to benefit from a declining rate environment and focus on income-producing assets. The macroeconomic landscape suggests a higher likelihood of a recession in 2024, making UTF an attractive investment for its potential capital appreciation. As rates start to fall, capital is likely to flow into utilities, infrastructure companies, and real estate, benefiting UTF and its holdings. Read the full article on Seeking AlphaSeeking Alpha • Oct 30
Buy The Big Dip In The Utility Sector With 9.8% Yield: UTF
Summary Utilities and other infrastructure are heavily oversold. The time to buy is when others are selling in fear and panic. I'm locking in double-digit yields from top-notch holdings. Read the full article on Seeking AlphaSeeking Alpha • Oct 12
UTF: Utilities Spiral Creating Long-Term Opportunity
Summary Cohen & Steers Infrastructure Fund has a solid track record but has recently taken a sharp turn lower due to its exposure to utilities. The fund's largest position, NextEra Energy, has seen a massive move lower, impacting the performance of the fund. Despite the drop in UTF, its discount to net asset value per share has not significantly widened, but the drop is still presenting a potential opportunity for investors. Read the full article on Seeking AlphaSeeking Alpha • Sep 24
UTG: 9% Yielding Utilities CEF And High Yield Alternatives Like UTF
Summary Utilities sector underperforms in 2023 due to rising rates and wildfire liabilities. Reaves Utility Income Trust has outperformed over the past 10 years and has a deep discount to NAV. Reaves has a lower yield but the highest 5-year dividend growth rate among comparable funds. Read the full article on Seeking AlphaSeeking Alpha • Sep 03
UTF: 8.5% Yield Subject To Interest Rate Risk
Summary Cohen & Steers Infrastructure Fund is a closed-end fund that aims to generate high current income through investments in infrastructure securities. UTF incorporates external leverage to increase yield from its infrastructure investments. UTF has a diversified sector allocation and geographic exposure, with a focus on stable and predictable infrastructure securities. All of the top ten holdings have investment grade balance sheets and earnings estimates, which indicate a slight growth in 2023 and 2024. However, the higher debt financing cost associated with UTF's external leverage and inherently debt-saturated infrastructure companies, put the 8.5% dividend at risk. Read the full article on Seeking AlphaSeeking Alpha • Aug 24
UTF: A Look At This 8.2% Yielding Infrastructure Closed End Fund
Summary Cohen and Steers Infrastructure Fund invests in infrastructure companies, which provide the physical framework for society. The fund has delivered solid returns over the long term and its current leverage is better financed than many other CEFs. We look at the price at which this would be attractive to us. Read the full article on Seeking AlphaSeeking Alpha • Jul 25
UTF: +8% Yield From Mission-Critical Infrastructure
Summary UTF could be a great holding for income investors due to its high yield of over 8% and diversified portfolio of infrastructure assets. UTF's underlying holdings, including utilities, industrials, energy, and infrastructure REITs, could benefit from forward government infrastructure spending. UTF trades at a slight discount to NAV/share, making it a good value for investors seeking diversification and high yield. Read the full article on Seeking AlphaSeeking Alpha • Jul 04
UTF: Raising To A Buy On Relative Valuation
Summary The Cohen & Steers Infrastructure Fund has been upgraded to a relative buy due to its solid historical performance and corrected sector valuations. Despite higher interest rates potentially impacting the fund, the Federal Reserve's end to its rate hiking cycle could ease pressures on long-duration assets like utilities and infrastructure. The UTF fund has delivered 10Yr average annual returns of 8.6% and is currently paying a 8.0% forward distribution yield. Read the full article on Seeking AlphaSeeking Alpha • May 27
UTF: Top 10 Big Yield CEFs
Summary We share updated data on more than 10 of the biggest and most-popular big-yield CEFs. We have a special focus on Cohen & Steers Infrastructure Fund (UTF), currently yielding over 8%, and trading at a significant discount to its net asset value. We also briefly provide updates on two other very popular big-yield CEFs: Guggenheim Strategic Opportunities (GOF) and Adams Diversified Equity (ADX). We conclude with our strong opinion on these opportunities, plus more attractive big-yield ideas for you to consider. Read the full article on Seeking AlphaSeeking Alpha • Feb 03
UTF: An Infrastructure Backed 7.3% Distribution Rate
Summary UTF is an infrastructure-focused CEF with a healthy 7.3% distribution rate paid monthly. The CEF's largest position is set for strong long-term growth on the back of the Inflation Reduction Act. Whilst its distributions have had to lean on return of capital, this has been relatively rare and only occurred twice over the last 12 months. Cohen & Steers Infrastructure Fund (UTF) forms a solid source of income and should be strongly considered by income investors looking for stability and certainty in 2023. The closed-end fund last declared a monthly cash dividend per share of $0.155, in line with its prior payout and for a distribution rate that works out to be 7.2% against its current price. The monthly payout has stayed consistently at $0.155 per share since 2018 when it was increased from $0.1340 per share. This has placed the next five years of dividends into view as UTF's equity portfolio of infrastructure companies stares down a period of elevated interest rates and potentially poor economic growth. CEFConnect But there is a lot to like about the CEF. Firstly, it actually has a healthy allocation to non-US infrastructure companies which form roughly 40% of the CEF. Canada, Australia and the United Kingdom all form the next four largest locations against a portfolio that held 250 positions as of the end of December 31, 2022. Cohen & Steers Infrastructure Fund So what exactly are you buying into for a 2.19% expense ratio? You're 5.6% invested in the largest wind and solar energy producer in the world NextEra Energy (NEE), around 4% invested in Class I freight railroad Norfolk Southern (NSC), and around 3.6% invested in the owner and operator of wireless and broadcast communications infrastructure American Tower (AMT). The top ten holdings collectively form 31.3% of the fund which also comes with a healthy level of sector diversification. Healthy Diversification And Long-Term Growth Cohen & Steers Infrastructure Fund Electric utilities are doing the bulk of the heavy lifting at 30% of the fund. This is a sector that would form the bulwark of any fund targeting low-risk dividend growth. Utilities are driven by broadly investor-friendly regulated returns and stand to ride the decade-long growth trend of decarbonization. Indeed, Juno Beach, Florida-based NextEra is looking to extend its position as the largest renewable energy company in the world on the back of the $370 billion Inflation Reduction Act. NextEra's capital investment plan will see it spend $85 billion to $95 billion between 2022 and 2025 to build at least 8 GW of battery storage capacity. The company intends to seize the IRA's tax incentives to increase its generating capacity towards 100 GW from renewable natural gas, solar and both onshore and offshore wind. The IRA is a remarkable generational piece of legislation that will provide strong opportunities for growth for the electric utilities section of UTF's portfolio. It provides a blend of production tax credits to the growing climate economy. With the average return on equity for US utilities at around 10.13%, a regulated level set by Public Utility Commissions, every capex dollar drives a corresponding return. This has laid the groundwork for dividends over the next few years on the back of the structural shift to lower carbon energy. Hence, even as the US potentially faces down a recession later this year, the longer-term fundamentals of the CEF look healthy. CEFConnectSeeking Alpha • Jan 23
UTF: This 7.49%-Yielding Infrastructure CEF Is A Solid Buy Today
Summary Infrastructure companies are a favorite of income-focused investors due to their general stability and high yields. The companies in which Cohen & Steers Infrastructure Fund is invested held up very well in 2022 and will likely continue to be solid holdings through any recession that occurs in 2023. The UTF closed-end fund has one of the best track records in terms of its distribution and currently boasts a 7.49% yield. The fund can probably maintain its yield and is currently trading at a discount to the net asset value. The fund could deserve to be a core holding in any investor's portfolio. For many years, infrastructure companies have been among the favorite holdings of income-focused investors. There are many reasons for this, including the fact that these companies tend to be very resistant to economic cycles and enjoy remarkably stable cash flows. Unfortunately, it can be difficult to put together an appropriately diversified portfolio of these firms without having a significant amount of capital. In addition, some infrastructure companies enjoy tax advantages, such as master limited partnerships, and can be quite difficult to include in an individual retirement account or similar structure. Fortunately, there are a few ways around some of these problems. One of the best of them is to purchase shares of a closed-end fund that specializes in investing in infrastructure companies. These funds are quite nice because they provide an easy way to obtain a professionally-managed and diversified portfolio of infrastructure companies. In many cases, these funds can deliver a much higher yield than any of the underlying assets possesses. Finally, as most of these funds are structured as corporations, they avoid the tax problems that can be associated with master limited partnerships. In this article, we will discuss one of the more popular infrastructure companies on the market, the Cohen & Steers Infrastructure Fund (UTF). I have discussed this 7.49%-yielding closed-end fund ("CEF") quite often at Energy Profits in Dividends but have not generally made the reports publicly available. As such, this article will make an effort to discuss the changes since the last time that we discussed the fund while still including enough information to allow someone that has not seen my previous work on the fund to make an informed decision about its credentials as an investment. About The Fund According to the fund’s website, the Cohen & Steers Infrastructure Fund has the stated objective of providing its investors with a high level of total return. This is not exactly uncommon for an equity fund as common equities are by themselves a total return vehicle. After all, we primarily buy equities both for their potential to generate capital gains as well as the dividends that many of these securities pay to the investors. With that said, many infrastructure companies boast very high dividend yields. This is due to the fact that infrastructure companies tend to have fairly low growth rates. As such, they pay out a much higher percentage of their cash flows than a company that wants to conserve its capital to invest in growth. In addition, their low growth rate tends to result in the market assigning lower multiples to their stock prices, which results in the dividend being a higher percentage of the stock price than would be the case at a high-growth firm. As might be expected from this dynamic, the fund focuses its efforts to generate a high total return on direct payments made to its investors. The fund’s attempts to generate capital gains are secondary but no less important. This focus on providing direct payments to investors is not unusual for a closed-end fund. In fact, many of them aim to keep their own share price relatively stable while paying out all of their capital gains and dividend income to investors. The Cohen & Steers Infrastructure Fund has been somewhat successful at this over time. As we can see here, the fund’s price has only increased by 6.75% over the past five years: Seeking Alpha Other than the steep drop in 2020, we do not see very much movement over the period. In fact, the fund’s price was between $23.00 and $27.00 per share for most of the period. This is exactly as intended though since the shareholders of the fund get their returns in the form of the monthly payment that they receive from the fund. It would be logical to assume that this will continue going forward so anyone looking for substantial capital appreciation from the fund itself would be best served to look elsewhere. Of course, there is still very much the potential to grow the size of your position in the fund by simply reinvesting the distributions that it pays you. That reinvestment would also allow you to reap the benefits of compounding until such time as you are ready to simply stop the reinvestment and begin using the fund as a source of income. As my long-time readers are certainly well aware, I have spent a great deal of time discussing various infrastructure companies on this site. These companies are things like utilities, railroads, pipeline companies, and toll road companies that provide the things that many people take for granted in modern society. As I have discussed these companies fairly extensively, many of the largest positions in this fund will likely be familiar to many readers. Here they are: Cohen & Steers Indeed, I have discussed most of these companies at one point or another. There are also quite a few that I have never discussed, though, which include the two railroads, Transurban Group (TRAUF), and The Southern Company (SO). For the most part, though, these companies are exactly what we would expect to see in an infrastructure fund. We see a few utilities, railroads, a toll road operator, one of the largest pipeline companies in North America, and American Tower (AMT). American Tower certainly does fit in with many of the rest of these companies at first glance. American Tower owns a number of cellular towers located around the country and internationally that it then leases out to telecommunications companies like AT&T (T) and Verizon (VZ). When we consider how important cellular phones are to most people in today’s world though, it is pretty easy to see how American Tower can be considered as providing a critical part of the infrastructure that allows modern society to function. The majority of the holdings on the fund’s largest position list have been in the fund for quite some time. In fact, there have only been two changes since I discussed the fund a year ago. These two changes are the removal of Duke Energy (DUK) and Cheniere Energy (LNG) in favor of PPL Corporation (PPL) and Alliant Energy (LNT). As there have been so few changes over an entire year, one might be led to think that the fund has a very low turnover. However, this is not exactly correct as the Cohen & Steers Infrastructure Fund has a 47.00% annual turnover. Admittedly, that is not especially high for an equity fund but it is still higher than we might expect. The reason that this is important is that it costs money to trade stocks or other assets, which is billed to the shareholders. This creates a drag on the portfolio’s performance and makes things somewhat more difficult for the fund’s management. This is because management will need to generate sufficient returns to cover these costs and still deliver a good enough return after covering the costs to satisfy the shareholders. This is a task that few management teams have been able to accomplish on a consistent basis. This is one reason why index funds tend to outperform actively managed funds. The management of the Cohen & Steers Infrastructure Fund has enjoyed some reasonable success at this task, however. As we can see here, the fund has outperformed its benchmark index during most, but not all, periods: Cohen & Steers The fund’s performance over 2022 was particularly noteworthy. That was a period in which just about everything lost money: Index Performance in 2022 Nasdaq Composite (COMP.IND) -33.1% Russell 2000 (RTY) -21.6% S&P 500 Index (SP500) -19.4% Dow Jones Industrial Average (DJI) -8.8% The Cohen & Steers Infrastructure Fund held up much better, however. As we can see above, during 2022 the fund’s market price was down 9.53% (worse than the Dow but better than all the other indices). However, the fund’s net asset value, which is a better measure of how well the fund’s portfolio performed, was only down 7.42%. Thus, the fund outperformed all of the major broad market indices. That is certainly a respectable performance during a bear market and it is an indication that this is the type of investment that one should want in their portfolio during challenging conditions, such as 2023 is likely to be. One of the reasons why the Cohen & Steers Infrastructure Fund should hold up better in a recession or bear market is because of the financial stability that most of the companies in the portfolio have. As we have already seen, a significant percentage of the portfolio consists of electric utilities. In fact, these utilities comprise 30.11% of the fund’s portfolio. Electric utilities are famous for their stability since they provide a necessary service for modern life. Thus, most people will prioritize paying their electric bills ahead of discretionary expenses during times when money gets tight. The same characteristic is shown by midstream companies, which comprise 12.16% of the portfolio and also enjoy remarkable stability regardless of economic conditions. I have shown that in numerous past articles. The same thing is certainly true of American Tower, since it is very hard to believe that any of the major cellular carriers will reduce the reach of their networks due to a recession. Thus, over half of the fund’s portfolio should generally be very resistant to any recession that may occur in 2023. That is something that is certainly going to appeal to any investor that is interested in capital preservation, which is a category that would include most retirees. Distribution Analysis As stated earlier in this article, many infrastructure companies boast fairly high dividend yields. The Cohen & Steers Infrastructure Fund’s primary objective is total return but it aims to deliver this primarily in the form of current income to its investors. As such, we might assume that the fund will have a suitably high dividend yield. This is certainly the case as it pays out a monthly distribution of $0.1550 per share ($1.86 per share annually), which gives the fund a 7.49% yield at the current price. The fund has been remarkably consistent about its payout over its lifetime, with the current distribution being maintained since 2018: CEF Connect This actually gives the Cohen & Steers Infrastructure Fund one of the better track records among all infrastructure closed-end funds. It is also one of the few funds that did not cut the distribution in response to the collapse of the energy infrastructure sector back in 2020. The fund’s strong history is almost certainly going to be appealing to those investors that are looking for a safe and consistent source of income with which to pay their bills. Another thing that these conservative investors may appreciate is the fact that the fund’s distributions are almost entirely classified as dividend or capital gains income, and include a minimal return of capital: Fidelity Investments The reason why this is likely to be comforting is that a return of capital distribution can be a sign that the fund is returning the investors’ own money back to them. This is obviously not sustainable over any sort of extended period. However, capital gains may also not be sustainable over extended periods since they obviously require the fund to generate capital gains. That can sometimes be a difficult task, as few stocks outside of the energy sector actually delivered a positive return in 2022, and pretty much everything declined significantly in the fourth quarter of 2018. As such, we should investigate the fund’s finances in order to determine exactly how it is financing its distributions and how sustainable they are likely to be. Unfortunately, we do not have an especially recent document to consult for that purpose. The fund’s most recent financial report as of the time of writing corresponds to the six-month period that ended on June 30, 2022. As such, it will not include any information about the fund’s performance in the second half of the year. That could be an important omission as energy infrastructure companies generally performed much better in the first half of 2022 than in the second half of the year. Nonetheless, the document should give us a good idea of how well the fund handled the Federal Reserve’s switch to a hawkish monetary policy, which has been blamed for much of the market weakness that we saw during the year. During the six-month period, the Cohen & Steers Infrastructure Fund received a total of $43,544,207 in dividends and $8,027,265 in interest from the investments in its portfolio. When we combine this with a small amount of income from other sources, the fund had a total income of $52,048,276 during the period. It paid its expenses out of this amount, leaving it with $25,818,721 available for the stockholders.Seeking Alpha • Dec 12
Cohen & Steers Infrastructure Fund goes ex-dividend tomorrow
Cohen & Steers Infrastructure Fund (NYSE:UTF) had declared $0.155/share monthly dividend, in line with previous. Forward yield 7.58% Payable Dec. 30; for shareholders of record Dec. 14; ex-div Dec. 13. See UTF Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Nov 14
Cohen & Steers Infrastructure Fund goes ex-dividend tomorrow
Cohen & Steers Infrastructure Fund (NYSE:UTF) had declared $0.155/share monthly dividend, in line with previous. Payable Nov. 30; for shareholders of record Nov. 16; ex-div Nov. 15. See UTF Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Oct 18
UTF: Infrastructure And Utilities, Essential Even In A Recession
Summary Despite the latest volatility pushing several CEFs to wider discounts, UTF has last settled at a slight premium. That could mean some underperformance from discount widening if it returns back to a discount. Despite the valuation not being the best in terms of the discount, the underlying fact is that infrastructure is essential even in economic slowdowns.Seeking Alpha • Oct 10
Cohen & Steers Infrastructure Fund goes ex-dividend tomorrow
Cohen & Steers Infrastructure Fund (NYSE:UTF) had declared $0.155/share monthly dividend, in line with previous. Forward yield 8.22% Payable Oct. 31; for shareholders of record Oct. 12; ex-div Oct. 11. See UTF Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Sep 23
UTF: Caution Warranted From Rising Rates
Summary The UTF fund is a utilities and infrastructure focused closed-end fund. It has strong long-term total returns and has a current distribution yield of 7.6%. I am cautious on utilities and infrastructure funds in general due to rising interest rates. The Cohen & Steers Infrastructure Fund (UTF) is a utilities and infrastructure focused fund that has strong historical performance. However, I am cautious on future performance of the fund, as P/E multiples for utilities are at all time highs with rising interest rates that could hurt valuations. If I had to choose between UTF, the Reaves Utility Income Fund (UTG), and the DNP Select Income Fund (DNP), I believe UTF is the best choice as it has the best long-term track record and highest current distribution yield. It is also trading at a slight discount to NAV. Fund Overview The Cohen & Steers Infrastructure Fund ("Fund") is one of the larger closed-end-fund ("CEF") on the market focused on investments in utilities and other infrastructure assets like pipelines and railroads. It has $2.5 billion in net assets and has been in operation for almost 2 decades. The fund's investment objective is total returns with an emphasis on investment income. Strategy The strategy of UTF is to invest primarily in securities issued by infrastructure companies such as utilities, pipelines, railroads, toll roads, airports, ports, and telecom companies. Under normal circumstances, at least 80% of the fund's managed assets (net assets plus leverage) will be invested in infrastructure companies. The fund may also invest up to 25% of managed assets in Energy-related MLPs and royalty trusts. UTF also employs leverage to enhance returns. As of the June 2022 semi-annual report, the fund had 28% leverage ($909 million in leverage on $3.4 billion in managed assets), and the vast majority (85%) of the leverage is fixed rate (Figure 1). Figure 1 - UTF leverage (UTF Semi-annual report) Portfolio Holdings Adhering to the fund's strategy, the UTF fund is almost 100% invested in infrastructure assets, with the sector breakdown shown in Figure 2. Figure 2 - UTF sector breakdown (cohenandsteers.com) The fund also invests all over the world, with Figure 3 showing its geographical breakdown of managed assets. Figure 3 - UTF geographical breakdown (cohenandsteers.com) Returns For a defensive infrastructure fund, UTF has delivered exceptional long-term performance, with a 10-year annual return of 11.3%, not far below the S&P 500 Index's 13.1%. If calculated from inception, UTF has outperformed the S&P 500 Index, delivering 10.1% returns vs. 9.2%. On shorter time frames, UTF has lagged the S&P 500 Index, with 3 and 5 year returns of 6.6% and 8.2% vs. 12.4% and 11.8% respectively, as markets were driven higher by growth stocks. Figure 4 - UTF historical returns (cohenandsteers.com) Importantly, the UTF has outperformed its benchmark, which consists of a blend of 80% infrastructure (currently using the FTSE Global Core Infrastructure 50/50 Net Tax Index) and 20% Preferred Securities (BofA Fixed Rate Preferred Securities Index). This suggests management skill in selecting investments that have beaten the benchmark. Distribution & Yield The UTF fund has a long history of paying its high distributions. Currently, the fund is paying a $0.155 / share monthly distribution that has been kept constant since 2018. The current annualized yield is 7.6%. The fund also pays a periodic special distribution. The last special distribution of $0.14 was paid in December 2018. Looking through the fund's historical results, we see that distributions have been funded through net investment income ("NII") and realized gains for the past several years. In 2021, 29% of the distribution came from NII, and 71% came from realized gains (Figure 5). This is comforting to know the fund has not had to dip into return-of-capital ("ROC") to fund its high distribution yield. Figure 5 - UTF historical distribution breakdown (UTF Semi-Annual report) YTD to August, the distribution has been funded through NII and realized gains in roughly similar ratios (Figure 6). Figure 6 - UTF 2022 YTD distribution breakdown (cohenandsteers.com) Fees UTF fees are modestly high, compared to peer funds. As a % of net assets, expenses was 2.05% YTD 2022. Excluding interest expense, it was 1.32% (Figure 7). Actual management fee is set at 0.85% of managed assets. Figure 7 - UTF fee as % of net assets (cohenandsteers.com) For comparison, UTG has a 0.575% management fee rate, and a 1.23% expense ratio. DNP has a 0.60% management fee rate, and a 1.77 expense ratio. Risk Similar to my comments in my recent articles on the UTG fund and the DNP fund, UTF has several main risks. First, if we look at Figure 8, we can see that utilities are currently trading at multi-decade high P/E multiples. So while historical results have benefited from multiple expansion, from ~13x in 2004 when UTF began to >18x currently, going forward, it may be tougher for valuation multiples to expand, so forward returns will have to rely on earnings growth. Figure 8 - Utilities trading at multi-decade high multiples (yardeni.com) With forward earnings growth of 5-6% expected for 2022 and 2023 and historical earnings growth sub 6%, it may be hard for UTF to deliver the 8 - 10% total returns that the fund has achieved historically (Figure 9). Figure 9 - Utilities earnings growth (yardeni.com) Second, with the Federal Reserve continuing to increase interest rates, we could actually see valuation multiples contract, especially for long duration assets like utilities and infrastructure where the revenues and cash flows are far out in the future and are sensitive to increases in discount rates. Finally, note that for levered funds like UTF, rising interest rates could potentially hurt net investment income as the interest it pays for leverage rises. Luckily, for UTF, 85% of its leverage is fixed rate with a weighted average rate of 2.7%. However, as the leverage is refinanced, they will most likely be at higher interest rates, as even 2-Yr treasury yields are now above 4%. Figure 10 - 2Yr Treasury Yield (tradingeconomics.com) Comparing UTF, UTG, and DNP Comparing the UTF fund against peer utility and infrastructure funds like UTG and DNP, we see that total return-wise, UTF has the highest long-term returns, with 10 Yr CAGR returns of 12.6%. However, in the short-term, DNP has been navigating the current drawdown period best, with positive YTD and 1YR returns. In terms of risk, UTF is the most volatile and has the highest drawdown, but also the highest sharpe ratio. DNP appears to be the most defensive fund, with materially lower volatility.Seeking Alpha • Jul 11
Cohen & Steers Infrastructure Fund goes ex-dividend tomorrow
Cohen & Steers Infrastructure Fund (NYSE:UTF) had declared $0.155/share monthly dividend, in line with previous. Payable July 29; for shareholders of record July 13; ex-div July 12. Payable August 31; for shareholders of record August 17; ex-div August 16. Payable September 30; for shareholders of record September 14 ; ex-div September 13. See UTF Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • May 17
UTF: An Infrastructure Play With A 7.2% Distribution Yield
UTF is a solid fund that has delivered results to shareholders over the long term. It is invested in utilities and infrastructure, with a small tilt towards global positions. The fund has the flexibility to invest across the capital structure but primarily sticks with a heavier equity positioning.Seeking Alpha • Feb 13
UTF: After Latest Declines, This Fund Is Back In My Portfolio
UTF is a core type holding, but it got too expensive through 2021, pushing me to unload my position. Since then, the fund has flirted back into discount territory, and the overall declines opened up an opportunity to add it back. The fund has been a solid performer, so I'm happy to have it back in my portfolio.Seeking Alpha • Nov 30
UTF: Benefit From Infrastructure Spending With A Best-In-Class CEF
UTF is a closed-end fund that utilizes a utilities-focused portfolio to drive current income and total return. The fund is managed by Cohen & Steers and has a two-decade track record. Infrastructure spending will benefit the portfolio as America looks to spend $1 trillion on projects across the country. We dive into the fund and discuss UTF’s current outlook.Seeking Alpha • Sep 07
Where Fundamentals Meet Technicals: UTF - Yield 6.32%
UTF provides a diversified opportunity in utilities and infrastructure. Demand for the services of these companies is non-discretionary. Utilities offer a defensive investment strategy. UTF pays a monthly dividend. Biden's Massive Infrastructural bill should be tremendously beneficial to the utilities and infrastructure companies in UTF.Seeking Alpha • Jul 29
UTF: Opportunities, Risk Assessment, And Hedging
The Cohen & Steers Infrastructure Fund (UTF) is a popular choice for income investors through investment in securities issued by infrastructure companies. The fund provides an attractive ~6.7% of distribution rate, and potential growth opportunities with the Biden’s administration’s undergoing bill to invest in American infrastructure. However, the fund has also suffered large volatility during market turmoil, partially due to its use of leverage as a close-end fund. This article shows that by adding some diversification, such volatility risks can be hedged away substantially.Seeking Alpha • Jul 12
Evaluating CEFs: UTF Provides Dependable Income
UTF has a 6.55% yield that is quite attractive if the distribution can be maintained. I continue my series on CEFs where I look beyond the yield with a long-time favorite of mine, UTF. UTF has a great track record of increasing the NAV, only 1 distribution cut during the GFC, and a well-supported distribution.Rendement pour les actionnaires
| UTF | US Capital Markets | US Marché | |
|---|---|---|---|
| 7D | 1.2% | -0.3% | 1.1% |
| 1Y | 4.9% | 10.4% | 28.7% |
Rendement vs Industrie: UTF a sous-performé le secteur US Capital Markets qui a rapporté 10.4 % au cours de l'année écoulée.
Rendement vs marché: UTF a sous-performé le marché US qui a rapporté 28.7 % au cours de l'année écoulée.
Volatilité des prix
| UTF volatility | |
|---|---|
| UTF Average Weekly Movement | 1.9% |
| Capital Markets Industry Average Movement | 3.6% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.4% |
| 10% least volatile stocks in US Market | 3.1% |
Cours de l'action stable: UTF n'a pas connu de volatilité de prix significative au cours des 3 derniers mois par rapport au marché US.
Volatilité au fil du temps: La volatilité hebdomadaire de UTF ( 2% ) est restée stable au cours de l'année écoulée.
À propos de l'entreprise
| Fondée | Salariés | PDG | Site web |
|---|---|---|---|
| 2004 | n/a | Adam Derechin | www.cohenandsteers.com/funds/details/infrastructure-fund |
Cohen & Steers Infrastructure Fund, Inc. est un fonds d'actions à capital fixe lancé par Cohen & Steers, Inc. Le fonds est géré par Cohen & Steers Capital Management, Inc. Il investit sur les marchés publics d'actions des Etats-Unis. Le fonds investit principalement dans des actions de valeur de sociétés d'infrastructure de toutes capitalisations boursières. Il utilise l'analyse fondamentale pour réaliser ses investissements.
Cohen & Steers Infrastructure Fund, Inc Résumé des fondamentaux
| UTF statistiques fondamentales | |
|---|---|
| Capitalisation boursière | US$2.61b |
| Bénéfices(TTM) | US$383.38m |
| Recettes(TTM) | US$145.79m |
6.8x
Ratio P/E17.9x
Ratio P/SLe site UTF est-il surévalué ?
Voir Juste valeur et analyse de l'évaluationBénéfices et recettes
| UTF compte de résultat (TTM) | |
|---|---|
| Recettes | US$145.79m |
| Coût des recettes | US$0 |
| Marge brute | US$145.79m |
| Autres dépenses | -US$237.59m |
| Les revenus | US$383.38m |
Derniers bénéfices déclarés
Dec 31, 2025
Prochaine date de publication des résultats
s/o
| Résultat par action (EPS) | 3.96 |
| Marge brute | 100.00% |
| Marge bénéficiaire nette | 262.97% |
| Ratio dettes/capitaux propres | 42.3% |
Quelles ont été les performances à long terme de UTF?
Voir les performances historiques et les comparaisonsDividendes
6.9%
Rendement actuel des dividendes54%
Ratio de distributionLe site UTF verse-t-il des dividendes fiables ?
Voir UTF l'historique des dividendes et les indices de référence| Cohen & Steers Infrastructure Fund dates des dividendes | |
|---|---|
| Date ex-dividende | May 12 2026 |
| Date de paiement du dividende | May 29 2026 |
| Jours jusqu'au dividende Ex | 14 days |
| Jours jusqu'à la date de paiement du dividende | 3 days |
Le site UTF verse-t-il des dividendes fiables ?
Voir UTF l'historique des dividendes et les indices de référenceAnalyse de l'entreprise et données financières
| Données | Dernière mise à jour (heure UTC) |
|---|---|
| Analyse de l'entreprise | 2026/05/25 22:19 |
| Cours de l'action en fin de journée | 2026/05/22 00:00 |
| Les revenus | 2025/12/31 |
| Revenus annuels | 2025/12/31 |
Sources de données
Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.
| Paquet | Données | Cadre temporel | Exemple de source américaine * |
|---|---|---|---|
| Finances de l'entreprise | 10 ans |
| |
| Estimations consensuelles des analystes | +3 ans |
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| Prix du marché | 30 ans |
| |
| Propriété | 10 ans |
| |
| Gestion | 10 ans |
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| Principaux développements | 10 ans |
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* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.
Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.
Modèle d'analyse et flocon de neige
Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.
Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.
Indicateurs de l'industrie et du secteur
Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.
Sources des analystes
Cohen & Steers Infrastructure Fund, Inc est couverte par 0 analystes. 0 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.