Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of Cohen & Steers Capital Management Inc. as of the quarter ended March 31, 2006. The report was signed by Robert Steers, Co-Chairman and Co-Chief Executive Officer, on May 12, 2006. The filing covers holdings managed by Cohen & Steers and one other included manager, Houlihan Rovers, SA.
Key Financial Metrics
As a Form 13F filing, this document discloses portfolio composition rather than the operating financials (revenue, profit, cash flow) of the investment manager itself. The following metrics reflect the reported portfolio:
- Total Portfolio Value: $18,303,441,000 (approximately $18.3 billion).
- Total Number of Holdings: 225 distinct securities.
- Primary Investment Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs) and utility companies, with significant positions in residential, retail, and hospitality real estate.
- Largest Holdings by Value:
- Equity Office Pptys: $630,053,000
- Vornado Realty Tr.: $784,431,000
- Simon Property Group: $580,382,000
- Ventas Inc.: $380,495,000
- Archstone-Smith Tr.: $487,410,000
Material Changes
The filing text provided does not contain comparative data from the prior quarter (December 31, 2005). Consequently, specific material changes in holdings, such as new purchases or sales, cannot be quantified from this document alone.
Guidance, Outlook, and Risks
Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or risk factors regarding the manager's future performance. The filing indicates that for the majority of positions, Cohen & Steers holds Sole voting authority, though some positions include shared voting authority or shares held by other managers.
Investor Verification Checklist
- Verify the total assets under management (AUM) for Cohen & Steers Capital Management Inc. to contextualize the $18.3 billion reported in this specific account.
- Compare this list of 225 holdings against the previous quarter's 13F filing to identify specific trades (buys/sells) and sector rotation.
- Review the "Other Included Managers" section to understand the relationship with Houlihan Rovers, SA and how the reported value is allocated between managers.
- Confirm the specific class of shares held (e.g., Common vs. Preferred) for the significant REIT positions, as the filing lists both common and preferred stock for certain issuers like Crescent Real Estate and Windrose Medical Properties.