Form 4: Cohen & Steers VP Morton Boosts UTF Stake

Benjamin Morton, Vice President and Portfolio Manager at Cohen & Steers Infrastructure Fund, acquired 139 common shares through a rights offering.

Summary

• Benjamin Morton, a Vice President and Portfolio Manager of Cohen & Steers Infrastructure Fund Inc. (UTF), acquired additional common shares.
• The transaction involved the purchase of 139 common shares at a price of $23.56 per share.
• This acquisition was made pursuant to a pro rata rights offering, where shareholders as of September 22, 2025, received one right for each whole common share held.
• Each right entitled holders to purchase one new common share for every five rights held.
• The rights offering also included an oversubscription privilege for shareholders who fully exercised their rights.
• Following this transaction, Morton's direct beneficial ownership in the fund increased to 835.936 common shares.
• The subscription period for the rights offering closed on October 16, 2025, which was also the transaction date.

Sentiment

Score: 7

Explanation: The sentiment is positive due to an insider increasing their stake in the company through a rights offering, which typically signals confidence in the company's future.

Positives

• A key insider, Benjamin Morton, increased his direct beneficial ownership in the fund, signaling confidence in its future prospects.
• Participation in the rights offering at the subscription price of $23.56 per share demonstrates a commitment to the fund's capital structure and strategy.

Stakeholder Impact

• Shareholders who participated in the rights offering maintained their proportional ownership and potentially benefited from the subscription price.
• Non-participating shareholders experienced dilution of their ownership percentage.
• The fund received additional capital from the rights offering, which can be used for investment or operational purposes.

Key Dates

Recommendation

The acquisition of additional shares by a Vice President and Portfolio Manager through a rights offering is a strong indicator of insider confidence. This suggests that management believes the shares are undervalued or that the fund has strong future prospects, making it a favorable signal for potential investors.

Keywords

Cohen & Steers Infrastructure Fund, UTF, Insider Buying, Form 4, Rights Offering, Common Stock, Portfolio Manager, Investment Fund