Fund Evaluator:
Cohen & Steers Preferred Sec & Inc Z (CPXZX)
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Best Performing in Preferred Stock Over the Last Year
| 7.1% | Cohen & Steers Preferred Sec & Inc Z (CPXZX) |
Fund Details
Cohen & Steers Preferred Sec & Inc Z Overview
Cohen & Steers Preferred Sec & Inc Z (CPXZX) is an actively managed Taxable Bond Preferred Stock fund. Cohen & Steers launched the fund in 2014.
The investment seeks total return. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies. It also will invest at least 25% of its net assets in the financial sector. The fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar denominated, including up to 15% of the fund's net assets in securities issued by companies domiciled in emerging market countries.
About Cohen & Steers Preferred Sec & Inc Z (CPXZX)
There are 3 members of the management team with an average tenure of 5.68 years: Elaine Zaharis-Nikas (2015), Jerry Dorost (2022), Robert Kastoff (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: ICE BofA US All Captl TR USD index with a weighting of 100% and ICE BofA Fxd Rate Pref TR USD index with a weighting of 100%. Cohen & Steers Preferred Sec & Inc Z has 303 securities in its portfolio. The top 10 holdings constitute 11.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Cohen & Steers Preferred Sec & Inc Z is part of the Hybrid Securities global asset class and is within the Taxable Bond fund group. Cohen & Steers Preferred Sec & Inc Z has 50.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 0.0% allocated to foreign stock, and 27.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 65.2% (14.8% domestic bond, 50.4% foreign bond and 5.5% convertible bond). Cohen & Steers Preferred Sec & Inc Z has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $27 million in total assets, which is below the $550 million average for the Preferred Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CPXZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Cohen & Steers Preferred Sec & Inc Z expense ratio is above average compared to funds in the Preferred Stock category. Cohen & Steers Preferred Sec & Inc Z has an expense ratio of 0.78%, which is 29% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Cohen & Steers Preferred Sec & Inc Z. By way of comparison, the average portfolio turnover is 37% for the Preferred Stock category.
Recently, in the month of June 2026, Cohen & Steers Preferred Sec & Inc Z returned 0.5%, which earned it a grade of A, as the Preferred Stock category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Cohen & Steers Preferred Sec & Inc Z has a trailing yield of 5.86%, which is above the 5.51% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Cohen & Steers Preferred Sec & Inc Z Grades
Year to date, the fund has returned 2.2%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 7.1% over the past year (grade of B), 9.7% over the past three years (grade of B) and 2.9% per year over the past five years (grade of B) and 4.8% per year over the past 10 years (grade of B).
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CPXZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CPXZX Return (NAV) | 0.5% | 3.1% | 7.1% | 9.7% | 2.9% | 4.8% |
| CPXZX Grade | A | A | B | B | B | B |
| +/- Category | 0.2% | 0.4% | 0.5% | 0.6% | -0.1% | 0.1% |
| Preferred Stock Avg | 0.3% | 2.7% | 6.6% | 9.2% | 2.9% | 4.7% |
| CPXZX Tax Cost Ratio | na | na | 2.4% | 2.0% | 2.1% | 2.2% |
CPXZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPXZX Return (NAV) | 2.2% | 8.5% | 10.4% | 6.5% | -12.4% | 3.4% | 6.6% | 18.1% | -4.5% | 11.4% | 4.6% |
| CPXZX Grade | B | C | B | B | D | C | A | B | B | B | C |
| +/- Category | 0.4% | 0.4% | 0.4% | -0.3% | -1.1% | -1.4% | 1.3% | 1.3% | 0.0% | 1.3% | -0.9% |
| Preferred Stock Avg | 1.8% | 8.1% | 10.0% | 6.9% | -11.3% | 4.8% | 5.3% | 16.8% | -4.6% | 10.1% | 5.4% |
| Risk Measures | |
| Standard Deviation: | 4.9% |
| Total Risk Index: | 0.40 - Low |
| Category Risk Index: | 1.03 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | 0.66 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7182 Mil |
| Fund Total Assets: | $ 28 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.5 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Zaharis-Nikas Elaine (2015), Dorost Jerry (2022), Kastoff Robert (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 303 |
| % in Top 10 Holdings: | 11.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 50.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 27.2% |
| Domestic Bond: | 14.8% |
| Foreign Bond: | 50.4% |
| Convertible Bond: | 5.5% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Cohen & Steers |
| Phone Number: | 800-437-9912 |
| Website: | www.cohenandsteers.com |
| Status: | Open |
| Inception Date: | October 1, 2014 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.78% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | Cohen & Steers Preferred Sec & Inc I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
