SEC Filing Summary: Cohen & Steers, Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Cohen & Steers, Inc. for the reporting period ending September 30, 2023. As a registered investment adviser, the company is required to disclose its holdings in equity securities. The filing details the specific stocks, shares, and voting authority held by the firm at the close of the quarter.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings but does not aggregate total portfolio value, revenue, profit, or cash flow for Cohen & Steers, Inc. itself. Key portfolio characteristics include:
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Energy Infrastructure (MLPs), and Fixed Income funds.
- Top Holdings by Share Count: Significant positions include Invitation Homes Inc. (~79.5M shares), Healthcare Realty Trust Inc. (~64.4M shares), and Welltower Inc. (~40.8M shares).
- Voting Authority: The firm exercises "Sole" voting authority for the majority of positions. "Shared" authority is noted for several large REIT and utility holdings (e.g., Acadia Realty Trust, American Homes 4 Rent, Digital Realty Trust).
- Derivatives: The filing lists holdings in warrants (e.g., Net Power Inc.) and preferred stocks (e.g., Bank of America, Entertainment Properties Trust).
Material Changes Versus Prior Period
The filing text provided does not contain comparative data from the prior quarter (June 30, 2023). Therefore, material changes in position size, new acquisitions, or divestitures cannot be determined from this document alone.
Guidance, Outlook, and Risks
Form 13F filings are historical snapshots of holdings and do not contain management commentary, forward-looking guidance, or risk factors.
- Unusual Items: The portfolio includes a diverse mix of commodity-linked equities (e.g., Barrick Gold, Freeport-McMoRan) and specialized income funds (e.g., Pimco, Nuveen, BlackRock), indicating a strategy focused on yield and inflation hedging.
- Contingencies: No legal contingencies or specific risk disclosures are present in this filing type.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by cross-referencing with the company's 10-Q or 10-K filings, as Form 13F does not report total assets under management.
- Confirm the "Shared" voting authority positions (e.g., Digital Realty Trust, Prologis) to understand potential co-investment structures or fund-of-fund arrangements.
- Review the concentration risk in the REIT sector, which appears to be the dominant asset class in this quarter's holdings.
- Check for any subsequent filings (13F-HR/A) that may amend these positions for the quarter.