SEC Filing Summary: Cohen & Steers, Inc.
Business Context and Reporting Period
Filing Type: Form 13F Information Table
Company: Cohen & Steers, Inc.
Reporting Period: Quarter ended December 31, 2024
Context: This filing discloses the equity securities held by the investment manager as of the end of the reporting period. The portfolio reflects a diversified strategy with significant exposure to Real Estate Investment Trusts (REITs), utilities, energy infrastructure, and broad market equities.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report holdings by share count and value, not the company's internal revenue or profit metrics.
- Portfolio Focus: Heavy concentration in Real Estate (REITs) and Infrastructure, consistent with the firm's specialty.
- Top Holdings by Share Count:
- Healthcare Realty Trust Inc.: 62,865,392 shares
- Invitation Homes Inc.: 61,645,138 shares
- Host Hotels & Resorts Inc.: 50,002,916 shares
- VICI Properties Inc.: 47,831,205 shares
- Welltower Inc.: 37,910,647 shares
- Top Holdings by Value (Estimated):
- Prologis Inc.: ~$28.3M (2,994,557 shares)
- Healthcare Realty Trust Inc.: ~$62.9M (62,865,392 shares)
- Invitation Homes Inc.: ~$61.6M (61,645,138 shares)
- Host Hotels & Resorts Inc.: ~$50.0M (50,002,916 shares)
- Weyerhaeuser Company: ~$38.9M (1,095,726 shares)
- Other Key Sectors: Utilities (NextEra Energy, Duke Energy), Energy (Exxon Mobil, Chevron), and Technology (Microsoft, NVIDIA, Apple).
Material Changes and Voting Authority
Voting Authority: The filing indicates that Cohen & Steers holds "Sole" voting authority for the vast majority of positions. However, significant "Shared" voting authority is reported for several large REIT and utility positions, including:
- Acadia Realty Trust (Shared: 12,971,085 shares)
- Agree Realty Corp. (Shared: 6,222,403 shares)
- American Tower Corporation (Shared: 16,882,738 shares)
- Prologis Inc. (Shared: 20,892,657 shares)
- Weyerhaeuser Company (Shared: 32,498,431 shares)
Derivatives: The filing lists specific Put/Call options for certain positions (e.g., Adobe Systems, Advanced Micro Devices, Alphabet, Amazon), indicating hedging or leverage strategies on specific tech holdings.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or earnings outlooks.
Risks and Contingencies:
- Concentration Risk: The portfolio shows high concentration in the Real Estate sector, making it sensitive to interest rate fluctuations and commercial property valuations.
- Liquidity: While many holdings are large-cap liquid stocks, the sheer volume of shares in specific REITs (e.g., Healthcare Realty Trust) represents a significant block that could impact market price upon liquidation.
- Regulatory: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio against the firm's latest 10-Q or 10-K to assess asset growth.
- Confirm the "Shared" voting authority arrangements for major REIT holdings to understand potential co-investment structures.
- Review the specific Put/Call positions (e.g., Alphabet, Amazon) to determine if they represent hedging against the firm's broader tech exposure.
- Compare the weight of the top 10 holdings against the previous quarter's 13F to identify significant rebalancing in the REIT sector.
- Check for any new positions in high-volatility sectors (e.g., Energy, Tech) that may signal a shift in investment thesis.