SEC Filing Summary: Cohen & Steers, Inc. (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Cohen & Steers Capital Management Inc., an institutional investment manager. The report covers the period ended September 30, 2005, and was signed on November 9, 2005, by Robert Steers, Co-Chairman and Co-Chief Executive Officer. The filing includes holdings managed on behalf of the reporting manager and one other included manager, Houlihan Rovers, SA.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. Key portfolio metrics include:
- Total Portfolio Value: $16,696,411,000 (Reported as 16,696,411 in thousands).
- Total Number of Holdings: 194 distinct securities.
- Primary Investment Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs) and utility companies, consistent with the firm's specialization in real estate and infrastructure.
- Largest Holdings by Value:
- Equity Office Properties: $612,487,000
- Simon Property Group: $510,032,000
- Vornado Realty Trust: $528,077,000
- Ventas Inc.: $378,774,000
- Host Marriott: $224,248,000
Material Changes and Portfolio Composition
This filing represents a snapshot of holdings as of the quarter-end date. It does not provide comparative data against the prior quarter (June 30, 2005) to determine material changes in position size or new entries. The portfolio demonstrates a diversified approach within the real estate and utility sectors, including:
- Real Estate Sectors: Residential (e.g., AvalonBay, Equity Residential), Retail (e.g., Simon Property Group, Macerich), Office (e.g., Equity Office Properties), and Healthcare (e.g., Ventas, Health Care REIT).
- Utilities and Energy: Significant positions in major utility providers such as Duke Energy, Southern Co, and Exelon Corp.
- Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions, with some shared authority noted in specific holdings.
Guidance, Outlook, and Risks
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 market conditions.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in real estate and utility sectors implies exposure to interest rate fluctuations, property market cycles, and regulatory changes affecting the utility industry.
Unusual Items: The report includes a small number of preferred stock holdings (e.g., Crescent Real Estate Pr.A, Host Marriott Pr.C) alongside common equity positions.
Key Facts for Investor Verification
- Portfolio Concentration: Verify the firm's heavy weighting in REITs and utilities to assess sector-specific risk exposure.
- Top 10 Holdings: Review the specific tickers of the largest positions (Equity Office, Simon, Vornado, Ventas) to understand the primary drivers of portfolio value.
- Reporting Scope: Confirm that the reported value ($16.7 billion) represents the aggregate holdings for Cohen & Steers Capital Management and the included manager, Houlihan Rovers, SA.
- Timing: Note that this data reflects positions as of September 30, 2005, and does not reflect subsequent trading activity.