Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of Cohen & Steers, Inc., an institutional investment manager, for the quarter ended June 30, 2012. The report was filed on August 14, 2012, and includes holdings managed by Cohen & Steers Capital Management, Inc. and Cohen & Steers Europe S.A. The filing covers 395 distinct security entries.
Key Financial Metrics
As a 13F filing, this document reports portfolio holdings rather than the operating financials (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The key metrics provided relate to the reported portfolio:
- Total Portfolio Value: $29,545,278,000 (approx. $29.5 billion).
- Number of Holdings: 395 entries.
- Investment Discretion: The manager reported "Sole" or "Shared" discretion for the listed positions.
- Top Holdings by Value:
- Simon Property Group Inc.: $3,418,201,000
- Vornado Realty Trust: $1,533,590,000
- ProLogis Inc.: $1,387,197,000
- Equity Residential: $1,482,679,000
- Public Storage: $1,154,354,000
Material Changes and Portfolio Composition
This filing is a snapshot of holdings at a specific date and does not provide comparative data against the prior quarter (March 31, 2012) to calculate material changes in position size or value. However, the composition indicates a heavy concentration in:
- Real Estate Investment Trusts (REITs): Significant allocations to retail (Simon Property Group, Regency Centers), residential (Equity Residential, Avalonbay), and industrial (ProLogis, Public Storage) sectors.
- Energy and MLPs: Holdings in energy infrastructure and midstream companies (Enterprise Products Partners, MarkWest Energy Partners).
- Preferred Securities: Various preferred stock positions in financial and utility sectors.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings do not contain management commentary, earnings guidance, or forward-looking statements regarding the manager's strategy or market outlook.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. The concentration in real estate and energy sectors implies exposure to interest rate fluctuations and commodity price volatility, though these are not explicitly detailed in this document.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the impact of the top 10 holdings, which represent a significant portion of the $29.5 billion reported value, particularly the heavy weighting in REITs.
- Reporting Scope: Confirm that this report includes all holdings for the reporting manager, as indicated by the checkmark on the "13F HOLDINGS REPORT" line.
- Valuation Timing: Note that values are reported as of June 30, 2012, and do not reflect market movements or trading activity occurring after that date.
- Missing Data: This filing does not provide data on short positions, derivatives (other than listed options if reported), or non-equity assets (such as private equity or cash).