SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Cohen & Steers Capital Management Inc.
Reporting Period: Quarter ended March 31, 2010.
Filing Date: May 14, 2010.
Report Type: 13F Combination Report (includes holdings reported by other managers, specifically Cohen & Steers Europe SA and Frank Russell Company).
Disclaimer: The filing explicitly states it is not an admission of beneficial ownership by Cohen & Steers, Inc. or its subsidiaries for the securities reported.
Key Financial Metrics
Total Portfolio Value: $14,735,646,000 (approx. $14.74 billion).
Total Number of Holdings: 333 entries.
Top Holdings by Market Value:
- Prologis: $43,300,345,000 (Note: Value appears to be in thousands in source, totaling $43.3M, but context suggests aggregate portfolio is $14.7B. Re-evaluating source column "mkt_val" as thousands. Prologis is $43,300,345 thousand = $43.3B? No, total is 14,735,646 thousand. Prologis is $43,300,345 thousand? That exceeds total. Correction: The source text lists "mkt_val" as 43,300,345 for Prologis and Total as 14,735,646. This is a data inconsistency in the provided text or the Prologis entry is an outlier/error in the raw text provided. However, looking at the "Value Total" line at the bottom: 14,735,646. The Prologis entry "43,300,345" is likely a typo in the provided text or represents a different unit. Given the total is ~14.7B, Prologis cannot be 43B. I will list the top holdings based on the provided numbers but note the discrepancy if necessary. Actually, looking at the list, many values are in the millions (e.g., Host Hotels 26,264,057). If the total is 14,735,646 (thousands), then the total is $14.7B. The Prologis entry of 43,300,345 is mathematically impossible if the total is 14,735,646. I will assume the "Value Total" is the correct aggregate and list the largest holdings that fit within that logic, or simply report the text values as found.
Correction on Data Interpretation: The "Value Total" is 14,735,646 (thousands) = $14.74 Billion. Several individual entries (e.g., Prologis 43,300,345; Host Hotels 26,264,057; Kimco 20,052,841) exceed this total in the raw text provided. This suggests the raw text may contain formatting errors or the "mkt_val" column for specific large REITs is misaligned. I will report the aggregate total as the primary metric and list the largest holdings by share count or value as presented, noting the data anomaly.
Top Holdings (by reported Market Value in text):
- Prologis: $43,300,345 (thousands) - Note: Exceeds reported portfolio total; data anomaly in source.
- Host Hotels & Resorts: $26,264,057 (thousands)
- Kimco Realty Corp: $20,052,841 (thousands)
- Simon Property Group Inc: $17,424,598 (thousands)
- Developers Diversified Realty: $20,722,895 (thousands)
Asset Class Focus: Heavy concentration in Real Estate Investment Trusts (REITs), including residential (Equity Residential, AvalonBay), retail (Simon Property Group, Kimco), and hospitality (Host Hotels, Vornado Realty Trust). Significant holdings in Closed-End Funds (CEFs) and preferred securities.
Material Changes
The filing is a quarterly snapshot (Form 13F) and does not provide comparative data against the prior period (December 31, 2009) within this document. Therefore, material changes in holdings, additions, or deletions cannot be determined from this text alone.
Guidance, Outlook, and Risks
Management Commentary: None provided. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, guidance, or outlook.
Risks and Contingencies: The filing includes a standard disclaimer that the report is not an admission of beneficial ownership. The portfolio's heavy concentration in real estate and financial sectors implies exposure to interest rate risk and real estate market volatility, though specific risk factors are not detailed in this form.
Investor Verification Checklist
- Data Integrity: Verify the market value figures for top holdings (e.g., Prologis, Host Hotels) as several individual entries in the source text exceed the reported total portfolio value of $14.74 billion.
- Ownership Structure: Confirm the distinction between "Sole" and "Shared" voting/discretionary authority, as many large positions (e.g., Host Hotels, Kimco) show significant "Shared" or "None" discretion columns.
- Combined Reporting: Note that this is a "Combination Report" including holdings from Cohen & Steers Europe SA and Frank Russell Company; ensure analysis accounts for the full scope of the manager's reported assets.
- REIT Concentration: Assess the specific exposure to the real estate sector, which appears to be the dominant asset class in the portfolio.