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 March 31, 2016
Context: This filing discloses the equity securities held by the investment manager as of the end of the first quarter of 2016. The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and high-yield income funds, consistent with the firm's specialization in real assets and income strategies.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report holdings by value and share count but do not disclose the firm's own revenue, profit, cash flow, or debt levels. The following metrics reflect the reported portfolio holdings:
- Portfolio Focus: Significant exposure to Real Estate (e.g., UDR Inc., Equity Residential, Simon Property Group) and Energy Infrastructure (e.g., Enterprise Products Partners, Kinder Morgan).
- Top Holdings by Value (Selected):
- UDR Inc.: $1,564,815,000 (40,612,889 shares)
- Spirit Realty Capital: $589,264,000 (52,379,045 shares)
- Equity Residential: $1,184,871,000 (15,791,965 shares)
- Simon Property Group Inc.: $3,824,030,000 (18,412,200 shares)
- Public Storage: $1,467,138,000 (5,318,992 shares)
- Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions, with some "Shared" authority noted for specific large-cap holdings (e.g., Alphabet Inc., American Tower Corporation).
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of March 31, 2016. It does not include the prior quarter's data (December 31, 2015) within this specific document text; therefore, specific material changes (buys/sells) cannot be calculated from this source alone.
Portfolio Characteristics:
- Concentration: The portfolio exhibits high concentration in specific REIT sectors, particularly residential and retail properties.
- Derivatives: The filing lists "Put/Call" columns, but the provided text shows no active put or call option positions reported for the listed securities (columns are blank or indicate "SH" for shares).
Guidance, Outlook, and Risks
Management Commentary: This filing is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies:
- Market Risk: The heavy weighting in REITs and MLPs exposes the portfolio to interest rate sensitivity and commodity price fluctuations.
- Liquidity: While many holdings are large-cap public companies, the sheer volume of shares in specific REITs (e.g., Spirit Realty Capital) represents significant liquidity concentration.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): This filing lists specific holdings but does not state the total AUM of the firm or the specific fund(s) these holdings belong to.
- Confirm Fund Attribution: Determine which specific Cohen & Steers funds (e.g., Cohen & Steers Real Estate Income Fund) hold these specific positions, as the 13F aggregates holdings across accounts.
- Check for Recent Transactions: Compare this March 31, 2016 snapshot against the December 31, 2015 13F filing to identify actual buying or selling activity.
- Review Voting Records: Investigate how the "Shared" voting authority positions were voted during the 2016 proxy season.