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 September 30, 2015
Context: This filing discloses the equity securities held by the investment manager as of the end of the third quarter of 2015. 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 manager's own revenue, profit, cash flow, or debt levels.
- Portfolio Focus: Significant exposure to Real Estate (e.g., Equity Residential, UDR Inc., Simon Property Group, Welltower Inc.) and Energy Infrastructure/MLPs (e.g., Enterprise Products Partners, Kinder Morgan, Energy Transfer Equity).
- Top Holdings by Value (Selected):
- Host Hotels & Resorts Inc.: $56,741,881
- Equity Residential: $25,453,869
- UDR Inc.: $41,387,056
- Welltower Inc.: $19,529,672
- Simon Property Group Inc.: $18,670,002
- Apartment Investment & Management Co.: $22,467,820
- Voting Authority: The manager reports "Sole" or "Shared" voting authority for the majority of positions, with "None" for certain preferred shares or specific fund structures.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings for the period ended September 30, 2015. It does not include the prior quarter's data (June 30, 2015) within this specific document text; therefore, specific quantitative changes (buys/sells) cannot be calculated from this source alone.
Portfolio Characteristics:
- Concentration: The portfolio shows high concentration in specific REIT sectors, particularly residential (Equity Residential, UDR, Apartment Investment & Management) and hospitality (Host Hotels & Resorts, Sunstone Hotel Investors).
- Income Focus: Heavy allocation to closed-end funds and preferred securities (e.g., Eaton Vance, Nuveen, PIMCO funds) designed for income generation.
- Energy Exposure: Substantial holdings in midstream energy partnerships (MLPs) such as Enterprise Products Partners, Kinder Morgan, and Magellan Midstream.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies:
- Market Risk: The portfolio is exposed to interest rate sensitivity, particularly given the high allocation to REITs and MLPs, which are often rate-sensitive.
- Liquidity: While most holdings are publicly traded, the concentration in specific sectors (Real Estate and Energy) creates sector-specific liquidity risks.
- Regulatory Disclaimer: The filing explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, noting that this represents only the reported equity holdings and may not reflect the full AUM of the firm.
- Confirm the specific breakdown of "Shared" vs. "Sole" voting authority for large positions to understand control dynamics.
- Cross-reference these holdings with the firm's 10-Q or 10-K filings for the same period to obtain actual financial performance metrics (revenue, net income) which are absent here.
- Review the specific CUSIPs for preferred shares (e.g., Barclays, Digital Realty) to understand the fixed-income characteristics embedded in the equity filing.
- Check for any subsequent filings (13F-HR) for the fourth quarter to track turnover and strategy shifts post-September 2015.