SEC Filing Summary: Cohen & Steers, Inc. (Form 13F)
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Institutional Investment Managers)
Reporting Period: The filing lists a period end of December 31, 2025. Note: This date appears to be a future date relative to current market timelines; standard 13F filings cover the most recent completed quarter.
Business Context: Cohen & Steers is a global investment management firm specializing in real estate, infrastructure, and natural resources. This filing discloses the equity securities held by the firm's investment advisory accounts as of the period end.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for Cohen & Steers' corporate revenue, profit, cash flow, or margins. Form 13F filings disclose portfolio holdings, not the operating financial statements of the investment manager.
Debt and Liquidity: The filing text does not provide a clear value for the firm's corporate debt or liquidity positions.
Portfolio Holdings: The filing details a diversified portfolio of equity securities. Key holdings by share count include:
- Real Estate & REITs: Significant positions in Welltower Inc. (33.5M shares), Host Hotels & Resorts Inc. (70.7M shares), Invitation Homes Inc. (56.7M shares), and Prologis Inc. (23.6M shares).
- Infrastructure & Utilities: Major holdings in Crown Castle Inc. (39.8M shares), Digital Realty Trust Inc. (28.0M shares), and NextEra Energy Inc. (7.4M shares).
- Technology: Holdings include NVIDIA Corporation (18,000 shares), Microsoft Corporation (5,200 shares), and Apple Inc. (12,000 shares).
- Energy & Natural Resources: Positions in Exxon Mobil Corporation (240,205 shares), Chevron Corporation (225,583 shares), and Freeport-McMoRan Inc. (271,668 shares).
- Proprietary ETFs: The firm holds significant positions in its own ETFs, including Cohen & Steers Real Estate ETF (780,000 shares) and Cohen & Steers Infrastructure Opportunities ETF (600,000 shares).
Material Changes and Voting Authority
Voting Authority: The firm reports "Sole" voting authority for the vast majority of holdings. For several large positions (e.g., Acadia Realty Trust, Agree Realty Corp., American Tower Corporation), the firm reports "Shared" voting authority, indicating co-investment or managed accounts where voting rights are split.
Derivatives: The filing lists specific Put/Call positions. Notable examples include:
- Put Options: Acadia Realty Trust (19,375 shares).
- Call Options: None explicitly listed in the "Call" column for the top holdings, though the "Put/Call" column indicates specific derivative positions for certain issuers.
Guidance, Outlook, and Risks
Management Commentary: The filing text does not provide a clear value for management commentary, guidance, or outlook. Form 13F is a regulatory disclosure of holdings and does not contain forward-looking statements or strategic updates.
Risks and Contingencies: The filing text does not provide a clear value for specific risk factors or contingencies. However, the portfolio composition indicates exposure to interest rate sensitivity (via REITs and Utilities), commodity price volatility (via Energy and Natural Resources), and technology sector concentration.
Investor Verification Checklist
- Verify Reporting Date: Confirm the accuracy of the "2025 Dec 31" period end date, as this appears to be a future date and may indicate a data entry error in the source text.
- Check 13F-HR vs. 13F-NT: Verify if this is a full report (13F-HR) or a non-trading report (13F-NT) to understand if the holdings represent active management or passive retention.
- Assess "Shared" Authority: Investigate the specific accounts where "Shared" voting authority is reported to understand the firm's actual control over these large positions.
- Review Proprietary ETF Holdings: Analyze the size of holdings in Cohen & Steers' own ETFs relative to external holdings to gauge internal capital allocation.
- Derivative Exposure: Cross-reference the "Put/Call" columns with market data to assess the firm's hedging strategies or directional bets on specific issuers like Acadia Realty Trust.