Talking Markets Podcast Series (Preferreds) with Elaine Zaharis-Nikas (Cohen & Steers) & Frank Sileo (UBS CIO)
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Elaine Zaharis-Nikas serves as Head of Fixed Income and Preferred Securities and a senior portfolio manager for the Cohen & Steers preferred securities portfolios. Elaine joins Frank Sileo, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office, for a compre
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4 itemsTalking Markets Podcast Series (Preferreds) with Elaine Zaharis-Nikas (Cohen & Steers) & Frank Sileo (UBS CIO)
The desk's thesis emphasizes an optimistic outlook for preferred securities, pressing on the theme that valuations have been the primary constraint to achieving superior returns. Per the full note from UBS, preferreds in 2025 have shown returns of approximately 6% with retail-exchange-listed securities yielding around 3.6% and institutional variable-rate securities achieving about 8.3%. While current expectations mirror those of the previous year as the market adjusts, the strategic retreat of investors from overly optimistic positions suggests that preferred securities could rebound. This perspective keeps in line with the cautious positioning observed in the fixed-income landscape amidst tightening monetary policies.
Talking Markets Podcast Series (Preferreds) with Doug Baker (Nuveen) & Frank Sileo (UBS CIO)
The desk interprets the commentary from UBS and Nuveen as indicative of a challenging landscape for preferred securities, coupled with broader fixed income dynamics. Per the full note [source], Doug Baker and Frank Sileo emphasize the difficulty of navigating market volatility amidst historically tight credit spreads. With spread compression limiting investor comfort, the potential for heightened risk remains a concern going into the latter half of 2026.