SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Quarter ended March 31, 2018
Context: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It details the number of shares, market value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of equity securities, including common stocks, preferred stocks, and exchange-traded funds (ETFs). The portfolio is heavily weighted toward Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and high-yield income funds.
Top Holdings by Value (Selected):
- Cousins Properties Inc.: $58,193,783
- UDR Inc.: $36,324,762
- Host Hotels & Resorts Inc.: $35,311,753
- Healthcare Trust of America: $30,583,062
- Invitation Homes Inc.: $27,534,861
- Prologis Inc.: $18,582,774
- VICI Properties Inc.: $18,824,392
- Apartment Investment & Management Co.: $18,435,141
Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions. Some positions (e.g., Agree Realty, American Realty Capital) report "Shared" voting authority.
Material Changes and Observations
Comparison to Prior Period: As this is a static snapshot of holdings as of March 31, 2018, the filing text does not provide comparative data against the prior quarter (December 31, 2017) to calculate material changes in position size or value.
Portfolio Characteristics:
- Real Estate Focus: Significant concentration in residential, retail, and industrial REITs (e.g., Cousins Properties, UDR, Prologis, Invitation Homes).
- Energy/Midstream: Substantial holdings in MLPs and energy infrastructure (e.g., Kinder Morgan, Enterprise Products Partners, Sunoco Logistics).
- Income Strategies: Heavy allocation to closed-end funds and ETFs focused on dividends and income (e.g., PIMCO funds, Eaton Vance funds, BlackRock municipal funds).
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in interest-rate-sensitive sectors (REITs, MLPs, Preferred Stocks) implies exposure to interest rate fluctuations and credit risk.
Key Facts for Investor Verification
- Top Concentration: Verify the performance and valuation of the top 10 holdings, which represent a significant portion of the disclosed portfolio value.
- REIT Exposure: Confirm the aggregate exposure to the real estate sector, which appears to be the primary investment theme.
- MLP Holdings: Review the specific Master Limited Partnership positions for distribution coverage and commodity price sensitivity.
- Voting Rights: Note the distinction between "Sole" and "Shared" voting authority, particularly for large positions like Agree Realty and American Realty Capital.
- Valuation Basis: Values are reported in thousands (x$1,000) based on market prices as of the quarter-end date.