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, 2013
Context: This filing discloses the equity securities held by Cohen & Steers, Inc. as a registered investment manager. The table lists individual issuers, share counts, and voting authority. It does not contain the company's own financial performance metrics (revenue, profit, cash flow) but rather its portfolio composition.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing details a diversified portfolio with significant exposure to Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and financial sector equities. Specific aggregate portfolio value is not explicitly stated in the text, but individual position values are provided in thousands of dollars.
- Top Holdings by Value (Selected):
- ProLogis Inc: 34,890,546 shares valued at approx. $1,289,206,000 (Column 4).
- UDR Inc: 35,328,340 shares valued at approx. $824,917,000 (Column 4).
- Simon Property Group Inc: 20,919,257 shares valued at approx. $3,183,074,000 (Column 4).
- Equity Residential: 26,132,276 shares valued at approx. $1,355,481,000 (Column 4).
- Host Hotels & Resorts Inc: 36,990,645 shares valued at approx. $719,098,000 (Column 4).
- Asset Classes: Heavy concentration in Real Estate (e.g., Avalonbay, Boston Properties, Digital Realty) and Energy Infrastructure (e.g., Enterprise Products, Magellan Midstream, Kinder Morgan).
- Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions. "Shared" authority is noted for specific REIT holdings (e.g., American Assets Trust, Apartment Investment & Management Co.).
Material Changes Versus Prior Period
Data Limitation: This filing is a snapshot of holdings as of December 31, 2013. The provided text does not contain the prior quarter's (September 30, 2013) data. Therefore, specific material changes, net purchases, or sales cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not include management discussion, financial guidance, or forward-looking statements.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. The portfolio's heavy concentration in interest-rate-sensitive sectors (Real Estate and MLPs) implies exposure to interest rate risk, though this is an inference from the holdings rather than a stated risk in the text.
Important Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the percentage weight of the top 10 holdings, which appear to be dominated by large-cap REITs and MLPs.
- Valuation Basis: Confirm that the "Value" column (Column 4) represents the fair market value at the quarter-end date (Dec 31, 2013) and is expressed in thousands.
- Voting Rights: Note the distinction between "Sole" and "Shared" voting authority, particularly for REIT holdings where shared authority may indicate co-investment or specific fund structures.
- Derivatives: The "Put/Call" column (Column 5) is blank for all listed securities, indicating no reported short positions or derivative overlays in this specific table.