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, 2019
Context: This filing discloses the equity securities held by Cohen & Steers, Inc. at the end of the second quarter of 2019. As a Form 13F, this document details the portfolio composition of a registered investment manager but does not contain the company's own financial performance metrics (revenue, profit, cash flow).
Key Financial Metrics and Portfolio Composition
Note: As this is a holdings disclosure, the company's internal financial metrics (revenue, profit, debt) are not reported. The following metrics reflect the reported portfolio holdings.
- Total Portfolio Value: The filing lists numerous holdings with values in thousands of dollars. The aggregate value is not explicitly summed in the text, but individual positions range from hundreds to tens of millions.
- Top Holdings by Value (Selected):
- Vereit Inc: $117,357,389 (1,057,390 shares)
- Invitation Homes Inc: $46,070,788 (1,231,472 shares)
- VICI Properties Inc: $49,081,803 (1,081,763 shares)
- Welltower Inc: $26,084,911 (2,126,703 shares)
- Prologis Inc: $22,889,777 (1,833,471 shares)
- UDR Inc: $41,614,606 (1,868,080 shares)
- Public Storage: $8,050,898 (1,917,482 shares)
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), including residential (Invitation Homes, UDR, Welltower), industrial (Prologis), and data center/infrastructure (Vereit, CyrusOne, Equinix) sectors. Significant holdings also exist in Master Limited Partnerships (MLPs) and energy midstream companies (Kinder Morgan, Enterprise Products Partners, Plains GP Holdings).
- Voting Authority: The majority of holdings are reported with "Sole" voting authority. A significant number of positions (e.g., American Homes 4 Rent, American Tower, CyrusOne) are reported with "Shared" voting authority, indicating co-investment or joint management arrangements.
Material Changes and Observations
Note: This filing is a snapshot of holdings as of June 30, 2019. It does not provide comparative data against the prior quarter (March 31, 2019) within this text, so material changes cannot be calculated from this source alone.
- Portfolio Concentration: The manager maintains large positions in specific REITs, with several holdings exceeding $10 million in value.
- Derivatives: The filing indicates the use of options (Put/Call) for certain positions, though the specific volume of derivatives is not detailed in the summary columns provided.
- Shared Authority: The presence of "Shared" voting authority on major positions suggests the firm may be managing assets for clients or in partnership with other entities for these specific securities.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks. This document is strictly a regulatory disclosure of past holdings.
Risks and Contingencies:
- Market Risk: The portfolio is heavily exposed to the real estate and energy sectors, making it sensitive to interest rate changes, commodity prices, and sector-specific regulatory shifts.
- Liquidity Risk: While most holdings are publicly traded equities, the concentration in specific REITs and MLPs could present liquidity challenges in volatile market conditions.
- Regulatory Disclaimer: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Verify Sector Exposure: Confirm the firm's heavy weighting in REITs and MLPs aligns with the investor's risk tolerance regarding interest rate sensitivity and energy sector volatility.
- Check Voting Rights: Investigate the "Shared" voting authority positions to understand the extent of co-investment or client asset management versus proprietary trading.
- Compare with Prior Filings: To assess trading activity, compare this June 30, 2019 snapshot against the March 31, 2019 Form 13F to identify significant buys or sells.
- Review Top Holdings: Verify the current status of top holdings like Vereit, Invitation Homes, and VICI Properties, as these represent a significant portion of the disclosed portfolio value.
- Understand Limitations: Acknowledge that this filing does not reflect the firm's own financial health (revenue, debt, cash flow), only the assets it manages or owns.