The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: John Dunn - Evercore ISI Institutional Equities - Analyst
: Thank you. Um, could you maybe talk a little more about your kind of instincts on gross sales and redemptions in 24 for US res and preferreds in
the wealth channel and given where we are with rate expectations, what have you seen in past cycles, how people react?
Question: John Dunn - Evercore ISI Institutional Equities - Analyst
: Got you. And maybe Japan, there was kind of a delayed response die with Joy distribution cut than we had a big pop in region for 4Q, presumably
generating some gains. But do you think this time around if the typical cycle is six to nine months of outflows, do you think this time around could
be shorter than that?
Question: John Dunn - Evercore ISI Institutional Equities - Analyst
: Thank you.
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JANUARY 25, 2024 / 3:00PM, CNS.N - Q4 2023 Cohen & Steers Inc Earnings Call
Question: Adam Beatty - USB - Analyst
: Thank you and good morning. I appreciate John's comments on the dynamics in the real estate market and the outlook. Wondering as a follow-up,
if maybe you could try and parse out a little bit on the trajectory and maybe historical experience around fundamentals versus valuation.
We've obviously seen some recovery in valuations so far, but you meant you mentioned that there might be some lag effects in fundamentals in
terms of your rent growth or what have you. So just wondering at this point, how you see those playing out and kind of the timing that you would
expect?
And also assuming we've got peak rates at this point, which seems very reasonable, how important are rate cuts versus a plateau from here? Thanks.
Question: Adam Beatty - USB - Analyst
: So no idea, yes. Okay. Yes. Very helpful. And I appreciate the distinction between sort of decelerating to normalizing versus versus really slowing
the load below long-term trend or what have you so so that's excellent. And then just on geography, like many who follow CNS, I'm more familiar
with U.S. markets, but just wondering how you would compare the situation in U.S. with Europe right now? Thanks.
Question: Adam Beatty - USB - Analyst
: That makes sense. Appreciate it. And then if I could just maybe one more for maybe for Joe, but thinking about CNSRE. and going into kind of the
wealth channel, whether it's RIA.s or wirehouses or whatever, it's likely a compelling product obviously, your long-term track record is very good,
but also a crowded market.
Right. And well, so just wondering how you're pitching the differentiation of the product maybe to some of those gatekeepers banks?
Question: Adam Beatty - USB - Analyst
: Got it. Sounds good. That's all for me. Thank you very much.
Question: John Dunn - Evercore ISI Institutional Equities - Analyst
: Thanks again, and just given we're moving seem to be in a more constructive market. Is it is there any chance that maybe the next couple of years
there could be some loosening of the closed-end fund window?
Question: John Dunn - Evercore ISI Institutional Equities - Analyst
: Okay, great. And then maybe just one more from me on that for the institutional advisory channel, can you maybe do a quick wrap around of where
demand levels are for by client type and then by geography?
Question: John Dunn - Evercore ISI Institutional Equities - Analyst
: Thanks very much.
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consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
JANUARY 25, 2024 / 3:00PM, CNS.N - Q4 2023 Cohen & Steers Inc Earnings Call
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