Updated:
Cohen & Steers Ltd Duration Preferred & Income Fund, Inc.
The Cohen & Steers Ltd Duration Preferred & Income Fund launched in 2010 as a New York Stock Exchange-listed closed-end vehicle.
Cohen & Steers Ltd Duration Preferred & Income Fund, Inc.
The Cohen & Steers Ltd Duration Preferred & Income Fund launched in 2010 as a New York Stock Exchange-listed closed-end vehicle. It operates under the umbrella of Cohen & Steers, Inc., a specialized asset manager founded in 1986. The fund's mandate is narrow: invest primarily in preferred securities and other income-producing instruments with limited interest-rate sensitivity. Unlike open-end peers, the closed-end structure permits strategic use of leverage to enhance yield, a feature embedded since inception. The portfolio concentrates on investment-grade preferreds issued chiefly by financial institutions — U.S. banks, insurers, and select foreign issuers. By targeting securities with reset features or floating-rate components, the fund manages duration in a range that typically stays below intermediate-term benchmarks. Cohen & Steers' broader fixed-income platform, led by William Scapell, supplies the credit analysis and trading execution. The firm's long-standing focus on income-oriented real assets and preferreds informs security selection, with active duration management as the primary risk-control lever. Cohen & Steers, Inc. has no publicly reported dedicated headcount for this single fund, but the parent firm employed roughly 400 professionals globally as of early 2024. The fund itself is externally managed, with no employees of its own. Its listed closed-end structure separates it from the firm's institutional separate accounts and open-end mutual funds, making daily trading volume and discount-to-NAV dynamics relevant to shareholder returns. The parent firm's New York headquarters serves as the fund's operational base. A structural differentiator is the fund's unwavering focus on preferreds with limited duration within a closed-end wrapper — a format that lets management use gearing to magnify income distributions. Most preferred-heavy strategies sit in open-end funds or ETFs, where redemptions can force untimely sales. The permanent capital framework here allows the team to ride out credit dislocations that would trip up daily-liquid competitors.
General information
Firm type
Asset Manager
Year founded
2010
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Joseph M. Harvey
President and Chief Executive Officer, Cohen & Steers, Inc.
William F. Scapell
Head of Fixed Income and Preferred Securities, Cohen & Steers, Inc.
Sector focus
Frequently asked questions
Who runs investment decisions for the Cohen & Steers Ltd Duration Preferred & Income Fund?
The fund is managed by Cohen & Steers, Inc.'s fixed-income and preferred-securities team, led by William F. Scapell. Scapell has overseen the firm's preferred strategies since the early 2000s. Day-to-day execution draws on the broader credit research and trading resources of the parent company.
What is the fund's investment mandate in plain terms?
The fund invests primarily in preferred securities — hybrid instruments that sit between debt and equity in a company's capital structure — while targeting a duration profile that limits sensitivity to interest-rate changes. Its focus is on investment-grade issuers, predominantly financial institutions such as banks and insurance companies. The objective is high current income with capital preservation as a secondary goal.
How does the closed-end structure affect the strategy?
As a closed-end fund, the portfolio capital is permanent — shares trade on the NYSE among investors, and the manager does not face redemption requests. This allows the team to use leverage to boost income distributions and to hold positions through market dislocations that might force selling in an open-end fund. The share price can trade at a premium or discount to net asset value, which is an additional return variable for shareholders.
What distinguishes this fund from other preferred-stock strategies?
The fund explicitly targets limited-duration preferreds — those with floating-rate features, near-term resets, or short maturities — rather than the longer-duration fixed-rate preferreds that dominate broad preferred indices. This focus aims to deliver yield with materially less interest-rate risk. The use of leverage within a closed-end wrapper further differentiates the income profile from most open-end or ETF alternatives.
Is this fund structured as a single family office or private vehicle?
No — the Cohen & Steers Ltd Duration Preferred & Income Fund is a publicly traded, NYSE-listed closed-end management investment company registered under the Investment Company Act of 1940. It is available to any investor able to purchase shares on the open market. It bears no relation to a family office or private investment partnership.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: