SEC Filing Summary: Cohen & Steers, Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Cohen & Steers, Inc. for the reporting period ending March 31, 2024. The document discloses the company's holdings in equity securities, including common stocks, preferred stocks, and warrants, as required by the Securities and Exchange Commission. It details the number of shares held, the value of those holdings, and the voting authority (Sole, Shared, or None) for each position.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of individual security holdings rather than consolidated financial statements for Cohen & Steers, Inc. itself. Key portfolio characteristics include:
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Infrastructure, and Energy/Midstream sectors, consistent with the firm's investment strategy.
- Top Holdings by Share Count: Significant positions include Healthcare Realty Trust Inc. (63,751,770 shares), Invitation Homes Inc. (72,624,686 shares), Realty Income Corporation (40,042,306 shares), and Welltower Inc. (39,533,128 shares).
- Top Holdings by Value: Major value positions include Prologis Inc. (28,788,314 shares), Simon Property Group Inc. (20,597,320 shares), and Healthcare Realty Trust Inc. (63,751,770 shares).
- Voting Authority: The majority of positions are held with Sole voting discretion. A significant number of large REIT and infrastructure positions (e.g., American Homes 4 Rent, American Tower, Digital Realty) are held with Shared voting authority.
- Derivatives: The filing lists holdings in warrants (e.g., Net Power Inc.) and preferred securities (e.g., Bank of America, Wells Fargo).
Material Changes and Portfolio Activity
Note: As this is a snapshot of holdings at a specific date, the filing text does not explicitly state the net change in shares or value compared to the prior quarter (December 31, 2023). Investors must compare this table against the previous 13F filing to determine material changes.
- Notable Positions: The firm maintains substantial exposure to residential REITs (Invitation Homes, American Homes 4 Rent) and data center/infrastructure REITs (Digital Realty, Equinix, Crown Castle).
- Energy Exposure: Significant holdings in midstream and energy infrastructure, including Energy Transfer LP, Enterprise Products Partners, and Cheniere Energy Inc.
- Technology: While present, technology holdings (e.g., Apple, Microsoft, NVIDIA) represent a smaller portion of the total share count compared to the real estate and energy sectors.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook statements. Form 13F is a regulatory disclosure of holdings and does not include narrative analysis.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. The portfolio's heavy concentration in interest-rate-sensitive sectors (REITs, Utilities, Midstream) implies exposure to interest rate volatility, though specific risk factors are not detailed in this document.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the percentage weight of the top 10 holdings, which appear to be dominated by REITs and infrastructure.
- Shared Voting Authority: Review the "Shared" voting authority columns for major positions (e.g., Healthcare Realty Trust, Invitation Homes) to understand potential co-investment structures or fund-of-fund arrangements.
- Preferred Securities: Note the holdings in preferred stocks (e.g., Entertainment Properties Trust Pfd. E, Kimco Realty Corp 7.250 Conv/Perp Sr:N) which carry different risk/return profiles than common equity.
- Comparison to Prior Period: Cross-reference this March 31, 2024 data with the December 31, 2023 filing to identify new entries, exits, or significant position sizing changes.
- Valuation Method: The "Value" column is reported to the nearest dollar; verify if this aligns with the market price on the last trading day of the quarter.