Fund Evaluator:

Cohen & Steers Real Assets Z Overview

Cohen & Steers Real Assets Z (RAPZX) is an actively managed Allocation Global Moderate Allocation fund. Cohen & Steers launched the fund in 2012.

The investment seeks to achieve attractive total returns over the long-term and to maximize real returns during inflationary environments. The fund allocates at least 80% of its net assets to U.S. and non-U.S. investments providing exposure to or investment in the following real asset classes: (i) real estate companies, including real estate investment trusts ("REITs"); (ii) commodities; (iii) natural resource companies; (iv) infrastructure companies; and (v) gold and other precious metals. It may also invest in certain short-term fixed income securities to manage portfolio volatility.

About Cohen & Steers Real Assets Z (RAPZX)

There are 7 members of the management team with an average tenure of 7.74 years: Yigal Jhirad (2024), Jon Cheigh (2012), Benjamin Morton (2012), Jason Yablon (2024), Vincent Childers (2013), Jeffrey Palma (2022), Tyler Rosenlicht (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and Consumer Price (CPI)+4% index with a weighting of 100%. Cohen & Steers Real Assets Z has 344 securities in its portfolio. The top 10 holdings constitute 32.3% 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 Real Assets Z is part of the Allocation global asset class and is within the Allocation fund group. Cohen & Steers Real Assets Z has 29.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 32.3%. There is 25.2% allocated to foreign stock, and 0.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 12.9% (8.5% domestic bond, 4.4% foreign bond and 0.9% convertible bond). Cohen & Steers Real Assets Z has 5.1% of the portfolio in cash.

Assets Under Management

The fund has $30 million in total assets, which is below the $947 million average for the Global Moderate Allocation 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.

RAPZX 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 Real Assets Z expense ratio is high compared to funds in the Global Moderate Allocation category. Cohen & Steers Real Assets Z has an expense ratio of 0.81%, which is 22% 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. Cohen & Steers Real Assets Z has a portfolio turnover rate of 76%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.

Recently, in the month of July 2026, Cohen & Steers Real Assets Z returned 3.5%, which earned it a grade of A, as the Global Moderate Allocation 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 Real Assets Z has a trailing yield of 5.09%, which is above the 2.61% category average. The fund normally distributes its income semi-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 Real Assets Z Grades

Year to date, the fund has returned 13.0%, 4.9 percentage points better than the category, which translates into a grade of A. The fund has returned 22.5% over the past year (grade of A), 11.9% over the past three years (grade of C) and 8.1% per year over the past five years (grade of A) and 7.0% per year over the past 10 years (grade of D).

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