Business Context and Reporting Period
This Form 13F-HR filing is submitted by Cohen & Steers Capital Management, Inc. for the reporting period ended March 31, 2011. The report is a "13F Combination Report," indicating that a portion of the holdings are reported herein while other portions are reported by other managers (specifically Frank Russell Company and Cohen & Steers Europe SA). The filing discloses equity securities held for the account of the institutional investment manager.
Key Financial Metrics
As this is a Form 13F filing, it reports portfolio holdings rather than the operating financials (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The following metrics reflect the reported portfolio:
- Total Portfolio Value: $21,261,062,000 (approx. $21.26 billion).
- Total Number of Holdings: 434 distinct entries.
- Ownership Type: The vast majority of holdings are reported as "Sole" voting authority, with some positions showing shared voting authority.
- Top Holdings by Value:
- Prologis: $43,169,003,000 (Note: Value in table is in thousands, so $43.17M)
- UDR Inc: $22,185,038,000 (Note: Value in table is in thousands, so $22.19M)
- Equity Residential: $21,268,837,000 (Note: Value in table is in thousands, so $21.27M)
- Simon Property Group Inc: $18,882,195,000 (Note: Value in table is in thousands, so $18.88M)
- Sunstone Hotel Investors Inc: $18,595,046,000 (Note: Value in table is in thousands, so $18.60M)
Correction on Top Holdings Interpretation: The table header indicates "mkt_val (x1000)". Therefore, the largest single position listed is Prologis at $43,169,003 (approx. $43.2 million), not billions. The total portfolio value is $21,261,062,000 (approx. $21.3 billion).
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (December 31, 2010) to calculate material changes in holdings. However, the portfolio composition reveals a distinct strategic focus:
- Real Estate Heavyweight: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs) and real estate-related equities, consistent with Cohen & Steers' investment mandate. Major holdings include Prologis, UDR Inc, Equity Residential, Simon Property Group, and Sunstone Hotel Investors.
- Income and Closed-End Funds: Significant allocations are made to Closed-End Funds (CEFs) focused on income, high yield, and preferred securities (e.g., Eaton Vance, BlackRock, PIMCO, and Nuveen funds).
- Energy and MLPs: Notable exposure to Master Limited Partnerships (MLPs) and energy infrastructure, including Enterprise Products Partners, Kinder Morgan, and Magellan Midstream Partners.
Guidance, Outlook, and Risks
This filing type (Form 13F) does not contain management commentary, forward-looking guidance, or specific risk disclosures regarding the manager's operations. The filing includes a standard disclaimer stating that the report is not an admission of beneficial ownership and that Cohen & Steers, Inc. disclaims beneficial ownership of shares reported pursuant to Rule 13d-4.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of the total portfolio allocated to the top 10 REIT holdings to assess sector concentration risk.
- Discretionary vs. Shared Authority: Review the "sh_prn" (shares with shared voting authority) column to determine the extent of co-investment or shared control in major positions.
- Comparison to Prior Period: Cross-reference this filing with the Q4 2010 13F filing to identify specific buy/sell activity in the top holdings.
- CEFs Valuation: Note that holdings in Closed-End Funds are reported at market value; investors should verify if these funds are trading at a premium or discount to Net Asset Value (NAV).
- Manager Scope: Confirm that this "Combination Report" represents the full scope of Cohen & Steers' managed assets or if significant assets are managed by the other listed managers (Frank Russell Company, Cohen & Steers Europe SA).