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, 2022. The document discloses the company's holdings in equity securities, including common stocks, preferred stocks, and exchange-traded funds (ETFs), as required by the Securities and Exchange Commission.
Key Financial Metrics and Portfolio Composition
The filing details specific security positions rather than the company's own financial performance (revenue, profit, or cash flow). Key portfolio metrics include:
- Portfolio Focus: Heavy concentration in Real Estate Investment Trusts (REITs), infrastructure, and income-generating funds.
- Top Holdings by Share Count:
- Invitation Homes Inc.: 79,065,439 shares
- Welltower Inc.: 40,144,429 shares
- Duke Realty Corporation: 41,238,418 shares
- Healthcare Realty Trust Inc.: 35,382,865 shares
- Realty Income Corporation: 33,494,541 shares
- Investment Authority: The vast majority of positions are held with Sole voting authority. A significant number of large positions (e.g., Invitation Homes, Welltower, Duke Realty) are held with Shared voting authority.
- Derivatives: The filing lists "Put/Call" columns, but no specific put or call option positions are reported in the provided data; all entries show "SH" (Shares) or "PFD" (Preferred).
Material Changes and Observations
As this is a standalone snapshot of holdings for the quarter ended September 30, 2022, no comparative data regarding changes from the prior period (June 30, 2022) is available in this text. However, the following structural observations are noted:
- Shared Authority Prevalence: Many of the largest positions by share count are marked with "Shared" voting authority, indicating these may be held in managed accounts where Cohen & Steers shares discretion with other managers or clients.
- Sector Concentration: The portfolio shows distinct exposure to residential REITs (Invitation Homes, Sun Communities), healthcare REITs (Welltower, Healthcare Realty Trust), and industrial/logistics REITs (Prologis, Duke Realty).
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings do not contain management commentary, earnings guidance, or future outlooks. This document is strictly a regulatory disclosure of current holdings.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or legal contingencies are disclosed within the data table itself.
Investor Verification Checklist
- Verify Voting Authority: Confirm the extent of "Shared" vs. "Sole" voting authority for top holdings to understand the firm's direct control over these assets.
- Compare Prior Periods: Cross-reference this filing with the Q2 2022 Form 13F to identify specific buy/sell activity and portfolio rotation.
- Assess REIT Exposure: Evaluate the concentration risk given the significant holdings in residential and healthcare real estate sectors.
- Check for Omitted Securities: Note that Form 13F only covers equity securities; it does not disclose holdings in bonds, cash, or private equity, which may be significant for a firm like Cohen & Steers.