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 December 31, 2018
Context: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It details the number of shares, value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of equity securities, including common stocks, preferred stocks, and exchange-traded funds (ETFs). The portfolio is heavily weighted toward Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and income-generating funds.
Top Holdings by Value (Selected):
- Vereit Inc: $97,577,315 (1,752,192 shares)
- UDR Inc: $44,224,930 (1,752,192 shares)
- Welltower Inc: $24,865,579 (1,725,920 shares)
- Prologis Inc: $22,757,529 (1,336,322 shares)
- HCP Inc: $22,898,362 (639,551 shares)
- Invitation Homes Inc: $38,017,950 (763,400 shares)
- Site Centers Corp: $30,264,073 (335,023 shares)
- VICI Properties Inc: $30,091,026 (565,109 shares)
Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions. Several large positions (e.g., UDR, Welltower, Vereit) also list "Shared" voting authority, indicating co-management or specific fund structures.
Material Changes and Observations
Comparison to Prior Period: This filing is a snapshot of holdings as of December 31, 2018. The provided text does not contain the prior quarter's data (September 30, 2018); therefore, specific changes in share counts or values versus the prior period cannot be calculated from this document alone.
Portfolio Characteristics:
- Real Estate Focus: Significant concentration in residential, industrial, and healthcare REITs.
- Energy/MLP Exposure: Notable holdings in midstream energy partnerships (e.g., Kinder Morgan, Enterprise Products Partners, Energy Transfer LP).
- Fixed Income/Income Funds: Extensive holdings in closed-end funds and ETFs focused on municipal bonds, high yield, and preferred stocks (e.g., BlackRock, Nuveen, PIMCO funds).
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies are detailed in this table format.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the percentage weight of the top 10 holdings, particularly the heavy exposure to Vereit, UDR, and Invitation Homes.
- Shared Voting Authority: Investigate the specific fund structures for positions marked with "Shared" voting authority to understand the extent of the manager's control versus other parties.
- Turnover Analysis: Compare this list against the Q3 2018 13F filing to determine the turnover rate and identify significant new entries or exits in the REIT and MLP sectors.
- Valuation Timing: Confirm that the values listed reflect market prices as of December 31, 2018, and adjust for any subsequent market movements if analyzing current exposure.