SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended June 30, 2023
Context: This filing discloses the equity securities held by Cohen & Steers, Inc. as a registered investment adviser. The document lists individual holdings, share counts, and voting authority but does not contain the company's own financial performance metrics (revenue, profit, cash flow).
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for Cohen & Steers, Inc.'s revenue, profit, cash flow, or margins. Form 13F filings are strictly for reporting investment holdings, not corporate financial results.
Debt and Liquidity: The filing text does not provide a clear value for the company's debt or liquidity position.
Portfolio Overview: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), infrastructure, and high-yield income funds. Significant holdings include Invitation Homes, Prologis, Welltower, and various closed-end funds and ETFs.
Material Changes and Voting Authority
Comparison to Prior Period: The filing text does not provide a clear value for changes versus the prior comparable period (Q1 2023). This specific document only lists the holdings as of June 30, 2023, without historical comparison data.
Voting Authority: The firm exercises "Sole" voting authority for the vast majority of listed positions. Several large positions, particularly in REITs and utilities, show "Shared" voting authority, indicating co-management or specific fund structures.
Guidance, Outlook, and Risks
Management Commentary: The filing text does not provide a clear value for management commentary, guidance, or outlook. Form 13F is a regulatory disclosure of holdings and does not include narrative sections.
Risks and Contingencies: No specific risks or contingencies are detailed in this text. However, the concentration in real estate and energy infrastructure sectors implies exposure to interest rate sensitivity and commodity price fluctuations.
Unusual Items: The portfolio includes significant positions in warrants (e.g., Net Power Inc.) and preferred stocks (e.g., Wells Fargo, Entertainment Properties Trust), which carry different risk profiles than common equity.
Important Facts for Investor Verification
- Top Holdings by Share Count: Verify the valuation of massive positions in Invitation Homes (80.5M shares), Welltower (38.0M shares), Prologis (35.8M shares), and Healthcare Realty Trust (63.5M shares).
- REIT Concentration: Confirm the firm's exposure to the residential, industrial, and healthcare real estate sectors, which dominate the share count.
- Income Fund Exposure: Note the significant allocation to closed-end funds and ETFs focused on income, such as Pimco, Nuveen, and BlackRock funds.
- Energy and Infrastructure: Verify holdings in midstream energy (Kinder Morgan, Enterprise Products) and utilities (NextEra Energy, Dominion Resources).
- Reporting Limitations: Acknowledge that this document does not reflect the firm's own financial health, only its investment portfolio.