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, 2018
Context: This filing discloses the equity securities held by the investment manager at the end of the quarter. It is a regulatory disclosure of portfolio composition, not a financial performance report.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F filings report holdings, not the operating financial results of the investment manager.
Portfolio Overview: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and high-yield fixed income funds. Notable holdings include:
- Real Estate: Significant positions in UDR Inc. ($42.6M), Welltower Inc. ($22.7M), Prologis Inc. ($22.5M), and VICI Properties Inc. ($24.9M).
- Energy/MLPs: Substantial exposure to Kinder Morgan Inc. ($11.4M), Energy Transfer Partners LP ($2.8M), and Enterprise Products Partners ($2.4M).
- Fixed Income Funds: Heavy allocation to various BlackRock, PIMCO, and Nuveen municipal and high-yield funds.
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes versus the prior comparable period. This document lists holdings as of the reporting date but does not include a comparative table showing net purchases or sales relative to the previous quarter.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management commentary, guidance, or outlook. Form 13F is a static snapshot of holdings and contains no forward-looking statements.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. The portfolio composition indicates exposure to interest rate risk (via fixed income funds) and sector-specific risks in real estate and energy infrastructure.
Important Facts for Investor Verification
- Top Holdings by Value: Verify the concentration risk in UDR Inc. ($42.6M), VICI Properties ($24.9M), Welltower ($22.7M), and Prologis ($22.5M).
- Voting Authority: Most positions are held with "Sole" voting authority, though many large REIT and MLP positions show "Shared" voting authority (e.g., UDR, Welltower, Prologis).
- Fixed Income Exposure: Confirm the specific risk profile of the numerous BlackRock, PIMCO, and Nuveen fund holdings, which represent a significant portion of the portfolio's value.
- Data Limitations: Acknowledge that this filing does not reflect the total assets under management (AUM) of Cohen & Steers, but only the specific equity securities reported in this table.