CNS (Cohen & Steers Inc) vs S&P 500 Comparison

CNS

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CNS

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CNS

S&P 500

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Cohen & Steers Inc
Glance View

Market Cap

4.5B USD

Industry

Financial Services

In the bustling world of asset management, Cohen & Steers Inc. has carved a distinctive niche for itself, predominantly focusing on real assets and alternative income investments. Founded in 1986, the firm swiftly developed a reputation as a pioneer in investing in real estate securities, which remains a cornerstone of its operations to this day. The company's journey has been characterized by strategic expansion into other disciplines including infrastructure, natural resources, preferred securities, and multi-strategy offerings. This diversity allows Cohen & Steers to cater to a wide array of investors—from individuals to large institutions—all seeking to enhance their portfolios with alternative income streams and diversification opportunities. Cohen & Steers generates revenue through a structured asset management fee model. This involves charging clients a percentage of the assets under management (AUM) as well as performance-related fees when their investment portfolios achieve above-market returns. The success of Cohen & Steers' business model hinges on its ability to consistently deliver superior investment performance, thereby growing its AUM over time. Its investment strategies, deeply rooted in research and market analysis, are designed to capitalize on secular trends in real estate and other real assets. These strategies not only provide clients with potential inflation protection and stable income streams but also enable Cohen & Steers to thrive in the competitive asset management industry by continuously attracting and retaining capital.

View CNS Analysis

CNS Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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CNS

vs

S&P 500

Stocks Performance
CNS vs S&P 500

Performance Gap
CNS vs S&P 500

Performance By Year
CNS vs S&P 500

Competitors Performance
Cohen & Steers Inc vs Peers

Cohen & Steers Inc
Glance View

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CNS vs S&P 500

Stocks Performance CNS vs S&P 500

Performance Gap CNS vs S&P 500

Performance By Year CNS vs S&P 500

Competitors Performance Cohen & Steers Inc vs Peers

Cohen & Steers Inc Glance View

Company

Help

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Stocks

CNS

vs

S&P 500

Stocks Performance
CNS vs S&P 500

Performance Gap
CNS vs S&P 500

Performance By Year
CNS vs S&P 500

Competitors Performance
Cohen & Steers Inc vs Peers

Cohen & Steers Inc
Glance View