SEC Filing Summary: Cohen & Steers, Inc. (Form 13F-HR)
Business Context and Reporting Period
Reporting Manager: Cohen & Steers, Inc.
Reporting Period: Quarter ended March 31, 2013
Filing Date: May 14, 2013
Report Type: 13F Combination Report (includes holdings reported by other managers)
Other Included Managers: Cohen & Steers Capital Management, Inc. and Cohen & Steers Europe SPRL.
Key Financial Metrics
Note: As a Form 13F filing, this document reports equity holdings and does not contain revenue, profit, cash flow, or debt metrics for the reporting manager itself.
- Total Value of Reported Holdings: $32,618,437,000 (approx. $32.6 billion)
- Total Number of Holdings: 417 entries
- Primary Investment Focus: Real Estate Investment Trusts (REITs), Energy Infrastructure (MLPs), and Preferred Securities.
Material Changes and Portfolio Composition
This filing represents a snapshot of holdings as of March 31, 2013. The portfolio is heavily concentrated in the real estate and energy sectors, consistent with the firm's investment strategy.
- Top Holdings by Value:
- Simon Property Group Inc.: $3,552,490,000
- Vornado Realty Trust: $1,159,087,000
- Public Storage: $1,090,467,000
- ProLogis Inc.: $1,356,094,000
- Ventas Inc.: $1,383,429,000
- Sector Exposure: Significant exposure to Retail REITs (Simon Property, Kimco Realty), Residential REITs (Equity Residential, Avalonbay), and Healthcare REITs (Ventas, Health Care REIT). Substantial positions in Energy MLPs (Enterprise Products Partners, MarkWest Energy Partners).
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, forward-looking guidance, or strategic outlook. Form 13F is a regulatory disclosure of past holdings, not a forward-looking earnings release.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in interest-rate-sensitive sectors (REITs and MLPs) implies exposure to interest rate fluctuations and real estate market cycles.
Key Facts for Investor Verification
- Valuation Date: Verify that the $32.6 billion total value reflects market prices as of March 31, 2013, not current market values.
- Combined Reporting: Confirm that the reported holdings include assets managed by Cohen & Steers Capital Management, Inc. and Cohen & Steers Europe SPRL, not just the primary entity.
- Voting Authority: Note that for many large positions (e.g., Simon Property, Vornado), voting authority is split between "Sole" and "Shared," indicating co-investment or fund structures where voting rights are distributed.
- Missing Data: This document does not disclose short positions, derivatives (other than listed puts/calls), or non-equity assets (such as private real estate or cash).