SEC Filing Summary: Cohen & Steers, Inc. (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly report filed by Cohen & Steers Capital Management Inc., an institutional investment manager. The report covers the calendar quarter ended December 31, 2008, and was signed on February 14, 2009. The filing is a "Combination Report," meaning it covers a portion of the manager's holdings, with other holdings reported by separate managers (specifically Frank Russell Company and Cohen & Steers Europe SA).
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings and does not contain the company's own revenue, profit, or cash flow statements. The following metrics reflect the portfolio managed by the firm:
- Total Portfolio Value: $8,778,021,000 (approx. $8.78 billion).
- Total Number of Holdings: 350 distinct securities.
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Utilities, and Closed-End Funds (CEFs), consistent with the firm's specialization in real assets and income strategies.
- Top Holdings by Value:
- Simon Property Group Inc: $667,582,000
- Public Storage Inc: $396,771,000
- Vornado Realty Trust: $480,906,000
- Host Hotels & Resorts Co: $231,973,000
- Prologis: $200,903,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (September 30, 2008) to calculate specific material changes in position size or value. However, the snapshot of the portfolio as of year-end 2008 reveals:
- Significant Exposure to Real Estate: The portfolio holds substantial positions in major REITs including Equity Residential, AvalonBay Communities, and Macerich Co.
- Utility Sector Weighting: Notable holdings include Duke Energy, Exelon Corp, and PG&E Corp.
- Financial Sector Exposure: The portfolio includes positions in major banks such as Bank of America, Citigroup, and Wells Fargo, as well as various preferred stock issuers (e.g., Barclays, Royal Bank of Scotland).
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical reports of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in real estate and financial sectors as of December 31, 2008, implies significant exposure to the ongoing global financial crisis and the commercial real estate downturn prevalent at that time. The filing includes a standard representation that the information is true and correct, but no specific contingencies or unusual items are detailed in the text provided.
Investor Verification Checklist
- Verify the total portfolio value of $8.78 billion against the firm's total assets under management (AUM) to understand the scope of this specific reporting entity.
- Confirm the specific holdings reported by the "Other Managers" (Frank Russell Company and Cohen & Steers Europe SA) to get a complete picture of the firm's total exposure.
- Compare these holdings against the Q3 2008 13F filing to identify specific buy/sell activity during the fourth quarter of 2008.
- Review the firm's own 10-K or 10-Q filings for Cohen & Steers, Inc. to obtain actual revenue, profit, and liquidity data, which are not present in this 13F report.