Benjamin Morton
Head of Global Infrastructure
27 years experience
Benjamin Morton, Executive Vice President, is Head of Global Infrastructure and a senior portfolio manager for Cohen & Steers’ infrastructure portfolios, including those focused on master limited partnerships. He has 23 years of infrastructure-related investment experience. Prior to joining Cohen & Steers in 2003, Mr. Morton worked at Salomon Smith Barney as a research associate for three years, covering the utility and pipeline sectors. He also worked at the New York Mercantile Exchange as a research analyst covering energy commodities. Upon completing graduate school with a focus on environmental economics and policy, Mr. Morton began his career as an intermediary in the emissions trading market. He holds a BA from the University of Rochester and an MES from Yale University. Mr. Morton is based in New York.
Insights by Benjamin Morton
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Recession and the roadmap for listed and private real estate
March 2023 | 4 mins
We see an economic backdrop that will create an opportunity for strong vintage returns for both listed and private real estate.
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Turbines and towers set to benefit from historic infrastructure program
March 2023 | 9 mins
The U.S. is poised to make its largest investment in infrastructure in 70 years, strengthening an already compelling investment case.
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(1) Source: BofA Securities Global Research, 11/13/2020. Analysis aggregating more than 1,800 studies on fiscal multipliers.
(2) 12/31/2005–9/30/2021. Source: FTSE, MSCI, FactSet, Cohen & Steers. Annualized returns: global listed infrastructure (GLI): 7.8%; global equities (GEq): 7.9%. Standard deviation: GLI: 12.8; GEq: 15.6. GLI capture vs. GEq: upside: 67%; downside: 64%.
(3) 6/1/1991–9/30/2021. Source: Bloomberg, Refinitiv, U.S. Bureau of Labor Statistics, Cohen & Steers proprietary analysis. Inflation beta: GLI: 4.8; GEq: 1.5; U.S. Treasuries: -1.2. Inflation beta is the linear regression beta of 1-year real returns to the difference between the y/y realized inflation rate (U.S. CPI) and lagged 1-year-ahead expected inflation (median inflation expectation from Univ. of Michigan Survey of 1-year-ahead inflation expectations), including the level of the lagged expected inflation rate.
(4) At October 31, 2021. Source: JPMorgan Chase.
Index definitions and important disclosures
An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment.
Global listed infrastructure: FTSE Developed Core Infrastructure 50/50 Index, a market-capitalization-weighted index of infrastructure and infrastructure-related securities in worldwide developed markets; constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites, and telecommunication towers. Inflation beta calculation (above) based on a 50/50 Blend of Datastream World Pipelines and Datastream World Gas, Water and Multi-Utilities through July 2008; Dow Jones Brookfield Global Infrastructure Index thereafter. The Dow Jones Brookfield Global Infrastructure Index is a float-adjusted market-capitalization-weighted index that measures performance of globally domiciled companies that derive more than 70% of their cash flows from infrastructure lines of business. Global equities: MSCI World Index, a free-float-adjusted index that measures the performance of large- and mid-capitalization companies representing developed-market countries and is net of dividend withholding taxes. U.S. Treasuries: ICE BofA U.S. 7-10 Year Treasury Index is composed of U.S. Treasury Notes with a 7-10-year maturity.
Data quoted represents past performance, which is no guarantee of future results. The information presented above does not reflect the performance of any fund or other account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any market forecast made in this document will be realized. The views and opinions presented in this document are as of the date of publication and are subject to change without notice. This material represents an assessment of the market environment at a specific point in time and should not be relied upon as investment advice, does not constitute a recommendation to buy or sell a security or other investment and is not intended to predict or depict performance of any investment. This material is not being provided in a fiduciary capacity and is not intended to recommend any investment policy or investment strategy or to account for the specific objectives or circumstances of any investor. We consider the information to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of appropriateness for investment. Cohen & Steers does not provide investment, tax or legal advice. Please consult with your investment, tax or legal professional regarding your individual circumstances prior to investing. The views and opinions expressed are not necessarily those of any broker/dealer or its affliates. Nothing discussed or suggested should be construed as permission to supersede or circumvent any broker/dealer policies, procedures, rules or guidelines.