SEC Filing Summary: Cohen & Steers, Inc. (Form 13F-HR)
Business Context and Reporting Period
This filing is a Form 13F Combination Report submitted by Cohen & Steers Capital Management Inc. on behalf of itself and one other manager (Cohen & Steers Europe SA). The report covers the calendar quarter ended September 30, 2010, and was signed on November 12, 2010. The filing discloses equity holdings and does not represent an admission of beneficial ownership for the parent company, Cohen & Steers, Inc., pursuant to Rule 13d-4.
Key Financial Metrics
As this is a holdings report rather than a financial performance statement, revenue, profit, and cash flow metrics for the manager are not disclosed. The filing provides the following aggregate portfolio data:
- Total Portfolio Value: $17,080,992,000 (approx. $17.08 billion).
- Total Number of Holdings: 334 distinct securities.
- Reporting Managers: 2 (Cohen & Steers Capital Management Inc. and Cohen & Steers Europe SA).
- Primary Investment Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Closed-End Funds (CEFs), and dividend-paying equities.
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (June 30, 2010) to quantify material changes in holdings. However, the current composition reveals significant positions in the following sectors:
- Real Estate (REITs): Major holdings include Kimco Realty Corp ($29.2M), Prologis ($21.8M), Host Hotels & Resorts ($22.2M), Simon Property Group ($17.0M), and UDR Inc ($11.8M).
- Financials: Significant exposure to Citigroup Inc ($9.8M), Bank of America Corp ($5.6M), and General Electric Co ($5.0M).
- Closed-End Funds: Extensive holdings in various CEFs, including multiple Eaton Vance, BlackRock, and Nuveen funds.
- Energy & Utilities: Notable positions in NextEra Energy ($1.95M), Williams Cos Inc ($1.16M), and PG&E Corp ($2.2M).
Guidance, Outlook, and Risks
The filing text contains no management commentary, forward-looking guidance, or specific risk disclosures beyond the standard regulatory disclaimers. The report explicitly states that it is not an admission of beneficial ownership for Cohen & Steers, Inc. or its subsidiaries. No unusual items or contingencies are described in the provided text.
Key Facts for Investor Verification
- Portfolio Size: Verify the total managed assets of $17.08 billion against the firm's broader AUM reports.
- Concentration Risk: Note the heavy weighting in Real Estate and Financial sectors, which may correlate with specific economic cycles.
- Ownership Structure: Confirm the distinction between the reporting manager (Cohen & Steers Capital Management Inc.) and the parent entity (Cohen & Steers, Inc.) regarding beneficial ownership claims.
- Top Holdings: Review the top 10 positions (e.g., Kimco Realty, Host Hotels, Prologis) to understand the primary drivers of portfolio performance.
- Discretionary Authority: The report indicates "Sole" voting authority for the vast majority of holdings, with some "Shared" authority noted in specific entries.