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Duff & Phelps Co-CIO: Real Assets Outlook

Why Quality, Reliability and Specialization Matter

David Grumhaus - Color Bkgrnd - 400x400

David D. Grumhaus, Jr.
Co-Chief Investment Officer, Senior Portfolio Manager
Duff & Phelps Investment Management

Duff & Phelps Investment Management’s Co-CIO David Grumhaus discusses the impact of COVID-19 on real assets, recent market volatility, and the opportunities and risks in Global Real Estate and Global Listed Infrastructure markets. Recorded June 17, 2020.

Topics discussed:

Global listed real estate - did not display normal defensive characteristics as sub-sectors like retail and lodging, were hit especially hard. The pullback has left REITS at significant discounts to NAV, the majority of the market-cap within REITs is focused on sub-sectors including data centers, cell towers and industrial logistics which are experiencing very strong growth.


Global listed infrastructure – offers a mix of protection and cyclical upside to a recovery. Utilities are well insulated from both an economic slowdown and a possible Democratic sweep, but also positioned to capitalize on the growth in clean energy. Both midstream energy and global transportation stocks have seen sharp pull backs, but should benefit if the global economy continues to bounce off the bottom.

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