SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended December 31, 2021
Context: This filing discloses the equity securities held by Cohen & Steers, Inc. at the end of the reporting period. As a Form 13F, it details long positions in stocks, REITs, and closed-end funds, categorized by voting authority (Sole, Shared, or None).
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report the value of holdings in thousands of dollars but do not disclose the company's own revenue, profit, cash flow, or debt levels. The following metrics reflect the reported portfolio values.
- Portfolio Focus: Heavy concentration in Real Estate Investment Trusts (REITs), Closed-End Funds (CEFs), and Energy/Midstream infrastructure.
- Top Holdings by Value (Selected):
- Host Hotels & Resorts Inc.: $78,444,869
- Healthpeak Properties Inc.: $69,789,876
- Duke Realty Corporation: $52,062,228
- Invitation Homes Inc.: $44,829,515
- Kimco Realty Corporation: $44,987,603
- Welltower Inc.: $34,432,881
- Americold Realty Trust: $35,913,261
- Voting Authority: The majority of positions are held with "Sole" discretion. Significant positions in REITs and utilities (e.g., American Tower, Digital Realty, NextEra Energy) show "Shared" voting authority, indicating co-management or fund-of-fund structures.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot for the period ended December 31, 2021. It does not include the prior quarter's data; therefore, material changes in share counts or values cannot be calculated from this document alone.
Portfolio Characteristics:
- Real Estate Dominance: The portfolio is heavily weighted toward real estate sectors, including hospitality (Host Hotels), healthcare (Healthpeak, Welltower), industrial/logistics (Duke Realty, Prologis), and residential (Invitation Homes, Essex Property Trust).
- Income Focus: Significant holdings in Closed-End Funds (e.g., BlackRock, Nuveen, PIMCO, Eaton Vance) suggest a strategy focused on income generation and yield.
- Energy Exposure: Notable positions in midstream and energy infrastructure, including Kinder Morgan, Enterprise Products Partners, and Cheniere Energy.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, management commentary, or earnings outlooks.
Risks and Contingencies:
- Concentration Risk: The portfolio shows high concentration in the real estate sector, making it sensitive to interest rate changes and property market cycles.
- Liquidity: While most holdings are publicly traded equities, the significant portion in Closed-End Funds and REITs may exhibit different liquidity profiles compared to broad market equities.
- Regulatory Disclaimer: The filing explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column (in thousands) to assess total assets under management for this specific account.
- Compare the "Shared" vs. "Sole" voting authority columns to understand the extent of co-investment or fund-of-fund structures.
- Review the specific CUSIPs for Closed-End Funds to confirm the underlying asset classes (e.g., municipal bonds, high yield, preferred stocks).
- Check subsequent filings (e.g., Q1 2022) to determine if the heavy real estate weighting was maintained or adjusted.
- Confirm if the "Value" column reflects market value at period end or includes any adjustments for derivatives (though derivatives are generally not reported in the main table of a standard 13F).