Martin Cohen
President
Cohen & Steers Capital Management
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Read Cohen & Steers' latest shareholder communique
Read about real estate investment trusts
Cohen & Steers Capital Management, established in 1986, is one of the leading managers of real estate securities portfolios for institutional investors as well as a family of real estate mutual funds, including Cohen & Steers Realty Shares, the largest open-end real estate mutual fund in the United States.
After falling behind major indices during the bull market of the late 1990s, Cohen & Steers Realty Shares returned 27 percent in 2000 and 6 percent in 2001. Through Wednesday it's down 4.8 percent year-to-date, a much smaller loss than the S&P 500. And this isn't the first time the fund has been a more profitable alternative to indexing; Cohen & Steers Realty Shares outperformed the S&P 500 in 1993, 1994 and 1996.
Cohen & Steers Realty Shares matched the Morgan Stanley REIT Index in 2000 and so far this year, but underperformed the real estate investment trust benchmark in 2001, when the Morgan Stanley index gained almost 13 percent.
Morningstar praised the Cohen & Steers fund: "Considering the fund's solid long-term record, Cohen and Steers can be trusted with a compact portfolio."
In 1980, while a vice president at Citibank, Martin Cohen organized and managed the Citibank Real Estate Stock Fund for that bank’s pension clients. In 1985, while a senior vice president at National Securities and Research Corporation, he and Robert Steers organized and managed the nation’s first real estate securities mutual fund. Cohen writes and lectures frequently on investing in real estate securities. In 2001, he received the National Association of Real Estate Investment Trusts Industry Achievement Award.
Cohen received a Bachelor of Science degree from the City College of New York and worked as a biochemist before attending New York University where he earned his MBA degree. He lives in New York City with his wife and four children, and plays classical guitar in his limited spare time.
David Sowerby
Chief market analyst
Loomis Sayles
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The frequently-quoted Sowerby has 18 years of investment experience as a portfolio manager and economist. Based in the Loomis Sayles' Bloomfield Hills, Mich. office, he is responsible for the company's analysis of domestic markets.
Sowerby is a market bull, and proud of it. He sees six reasons to remain in stocks: low inflation; low interest rates; two tax cuts; cash flow improving; healthy productivity; valuations have become more compelling. He believes real estate has a place in your portfolio, though he sees now as a late time to get into it. As for bonds? Fixed income has its place in Sowerby's view, but now is not the time to exchange stocks for bonds, as far as he's concerned.
Before coming to Loomis Sayles, Sowerby served as senior portfolio manager for Beacon Investment Company from 1993 to 1997. Prior to that, he provided economic analysis and market commentary as an economist for Comerica Bank. He is on the Investment Advisory Committee for the state of Michigan's pension fund.
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