Business Context and Reporting Period
This Form 13F-HR filing is a combination report submitted by Cohen & Steers Capital Management, Inc. for the quarter ended June 30, 2011. The report discloses equity holdings managed by Cohen & Steers and includes holdings reported on behalf of one other manager, Cohen & Steers Europe SA. The filing was signed on August 12, 2011, by Lisa Phelan, Senior Vice President and Chief Compliance Officer.
Key Financial Metrics
As this is a Form 13F filing, it reports portfolio holdings rather than the operating financial results (revenue, profit, cash flow) of the management firm itself. The following metrics reflect the reported portfolio value:
- Total Portfolio Value: $26,509,518,000 (approximately $26.5 billion).
- Total Number of Holdings: 432 distinct securities.
- Ownership Structure: The report includes holdings where Cohen & Steers has sole voting power, shared voting power, or shared dispositive power.
- Top Holdings by Value:
- Host Hotels & Resorts: $55,171,795,000 (Note: Value appears to be in thousands per table header, implying $55.2M, but context suggests large institutional positions. Based on table header "mkt_val (x1000)", the value is $55,171,795,000 is incorrect interpretation of the raw number 55,171,795. The table header says "mkt_val (x1000)". The total is 26,509,518 (thousands) = $26.5 Billion. Therefore, Host Hotels is $55,171,795,000? No, the total is 26.5B. The entry for Host Hotels is 55,171,795. If the total is 26,509,518, the individual entry cannot be 55 billion. The table header "mkt_val (x1000)" applies to the total. The individual entries are likely in thousands as well. 55,171,795 * 1,000 = $55.1 Billion. This exceeds the total. Re-evaluating: The total is 26,509,518 (thousands) = $26.5 Billion. The Host Hotels entry is 55,171,795. This is mathematically impossible if the unit is thousands. The unit for individual rows might be dollars, or the total is in millions? The text says "Value Total: 26,509,518 (thousands)". This equals $26.5 Billion. The Host Hotels entry is 55,171,795. If this is in thousands, it is $55B. If it is in dollars, it is $55M. Given the total is $26.5B, the Host Hotels holding must be $55M (55,171,795 dollars) or the total is mislabeled. However, looking at the total sum of 432 entries, if the average is $60M, 432 * 60M = $25B. This fits. Therefore, the individual "mkt_val" column is likely in dollars, while the "Value Total" summary line is in thousands. Wait, the summary line says "26,509,518 (thousands)". That is $26.5 Billion. If the individual rows are in dollars, the sum of 432 rows averaging $60M would be $25B. This is consistent. So Host Hotels is ~$55M.
- Correction on Top Holdings: Based on the total portfolio value of ~$26.5 billion and 432 holdings, the largest positions are likely in the range of $50M - $100M.
- Host Hotels & Resorts: $55,171,795 (approx. $55.2M)
- General Growth Properties Inc: $43,629,175 (approx. $43.6M)
- Developers Diversified Realty: $42,213,626 (approx. $42.2M)
- ProLogis Inc.: $33,005,752 (approx. $33.0M)
- UDR Inc: $26,566,230 (approx. $26.6M)
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (March 31, 2011) to quantify material changes in holdings. However, the portfolio composition reveals a distinct strategic focus:
- Real Estate Heavyweight: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs) and real estate-related equities, consistent with Cohen & Steers' investment philosophy. Major holdings include Host Hotels & Resorts, General Growth Properties, ProLogis, and UDR Inc.
- Income and Preferred Securities: Significant holdings in closed-end funds (CEFs) and preferred stocks (e.g., Barclays Bank preferreds, Cogdell preferreds) indicate a focus on income generation.
- Diversification: While real estate is dominant, the portfolio includes exposure to energy (Exxon Mobil, Chevron, Devon Energy), financials (Bank of America, JPMorgan Chase), and technology (Apple, Microsoft, Oracle).
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks and Contingencies: The filing includes a standard disclaimer stating that the report is not an admission of beneficial ownership and that Cohen & Steers disclaims beneficial ownership of shares reported pursuant to Rule 13d-4. The concentration in real estate and income-oriented securities implies exposure to interest rate fluctuations and real estate market cycles, though specific risk factors are not detailed in this form.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $26.5 billion as of June 30, 2011.
- Top Concentrations: Confirm the specific share counts and market values of the top 5 holdings (Host Hotels, General Growth Properties, Developers Diversified Realty, ProLogis, UDR) to understand the fund's largest exposures.
- Reporting Scope: Note that this is a "Combination Report" including holdings for Cohen & Steers Europe SA; investors should verify if they are analyzing the US or global mandate.
- Ownership Type: Review the "Sole" vs. "Shared" voting/dispositive power columns to understand the extent of Cohen & Steers' control over the reported securities.
- Missing Data: Acknowledge that this filing does not provide revenue, profit, or cash flow data for Cohen & Steers, Inc. itself, nor does it provide quarter-over-quarter change metrics.