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 September 30, 2020
Context: This filing discloses the equity securities held by the investment manager at the end of the third quarter of 2020. The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), closed-end funds, and energy infrastructure partnerships.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings disclose holdings by value and share count but do not report the manager's own revenue, profit, cash flow, or debt. The following metrics reflect the reported portfolio positions.
- Top Holdings by Value:
- Vereit Inc: $139,251,442 (Common Stock)
- Vereit Inc: $7,675,000 (Corporate Bond)
- Healthpeak Properties Inc: $34,912,789
- Ventas Inc: $34,447,140
- Medical Properties Trust Inc: $34,357,810
- UDR Inc: $36,729,142
- Invitation Homes Inc: $30,400,394
- Simon Property Group Inc: $25,996,032
- Prologis Inc: $20,527,234
- Weyerhaeuser Company: $22,676,468
- Investment Authority: The manager reported "Sole" voting authority for the vast majority of positions. Several large positions (e.g., Agree Realty, American Tower, Duke Realty) also included "Shared" voting authority.
- Asset Classes: Significant exposure to Real Estate (Residential, Retail, Industrial, Healthcare), Energy Midstream (MLPs), and Fixed Income/Closed-End Funds.
Material Changes and Observations
Comparison to prior periods is not possible as this text contains only the snapshot for the period ended September 30, 2020.
- Concentration Risk: The portfolio shows extreme concentration in specific REITs, particularly Vereit Inc (Common and Bond), Healthpeak, Ventas, and Medical Properties Trust, indicating a specialized strategy focused on healthcare and retail real estate.
- Energy Exposure: Significant holdings in energy infrastructure, including Enterprise Products Partners, Energy Transfer LP, and Kinder Morgan Inc.
- Fixed Income: Substantial holdings in closed-end funds (e.g., BlackRock, Eaton Vance, Nuveen, Pimco) and preferred stocks.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, forward-looking guidance, or strategic outlook. Form 13F is a regulatory disclosure of past holdings, not a forward-looking report.
Risks and Contingencies:
- Market Risk: High concentration in the real estate sector exposes the portfolio to interest rate fluctuations and property market volatility.
- Liquidity Risk: Significant positions in closed-end funds and specific REITs may have varying liquidity profiles compared to broad market ETFs.
- 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, noting that this filing may not represent the entire firm's assets under management (AUM) if multiple managers exist.
- Confirm the specific breakdown of "Shared" vs. "Sole" voting authority for the largest positions to understand control dynamics.
- Check subsequent filings (Q4 2020) to determine if the heavy concentration in Vereit and Healthcare REITs was maintained or adjusted.
- Review the company's 10-Q or 10-K for the same period to understand the financial performance of Cohen & Steers, Inc. itself, as this 13F only lists client holdings.
- Validate the bond holding for Vereit Inc ($7.6M) to ensure it is accounted for in fixed income exposure metrics.