Cohen & Steers, Inc. delivered resilient Q1 results despite late-quarter AUM declines driven by poor markets. CNS's focus on high-duration equity hybrids, real estate, and infrastructure makes it highly sensitive to yield curve shifts and reinflation risks. A possible enduring ceasefire and maybe normalization of shipping has CNS standing to benefit a lot, but most AMs with megacap-dominated indexed/quasi-indexed products also will benefit a lot.