SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Schedule 13F)
Reporting Period: Quarter ended December 31, 2016
Context: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It details the issuer, class of security, CUSIP, value, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for the company's revenue, profit, cash flow, or operating margins. Form 13F filings report portfolio holdings, not the issuer's financial performance.
Debt and Liquidity: The filing text does not provide a clear value for the company's debt or liquidity positions.
Portfolio Highlights (Selected Holdings by Value):
- Spirit Realty Capital: $67,681,848
- Prologis Inc.: $31,912,098
- Host Hotels & Resorts Inc.: $32,264,111
- UDR Inc.: $43,988,376
- Simon Property Group Inc.: $17,207,073
- Healthcare Trust of America: $19,490,245
- Barclays Bank 8.25 Corp Bond: $84,225,000
- Lloyds Banking Group 7.5 Corp Bond: $94,764,000
- RBS 8.625 Corp Bond: $94,600,000
Voting Authority: The manager reported "Sole" voting authority for the vast majority of holdings. "Shared" authority was noted for select positions such as Alexandria Real Estate Equities, American Homes 4 Rent, and Prologis.
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes versus the prior comparable period. Form 13F filings are snapshots of holdings at a specific date and do not inherently contain comparative data or change analysis within the document text provided.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management guidance or future outlook. This form is a regulatory disclosure of holdings and does not contain forward-looking statements.
Risks and Contingencies: The filing text does not provide a clear value for specific risks or contingencies. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Unusual Items: The portfolio contains significant positions in corporate bonds (e.g., Barclays, Lloyds, RBS) alongside a heavy concentration in Real Estate Investment Trusts (REITs) and Master Limited Partnerships (MLPs), consistent with the firm's investment strategy.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the total aggregate value of the portfolio to assess the weight of the top holdings (e.g., Spirit Realty, Prologis, UDR) relative to the firm's total assets under management.
- Fixed Income Exposure: Confirm the nature of the large corporate bond holdings (Barclays, Lloyds, RBS) to understand credit risk exposure, as these are reported in the equity section of the 13F.
- Voting Control: Note the distinction between "Sole" and "Shared" voting authority, particularly for large REIT positions where shared authority may indicate co-investment or specific fund structures.
- Missing Financials: Investors seeking Cohen & Steers' own financial performance (revenue, profit) must refer to the company's Form 10-K or 10-Q, as this document only lists the securities the firm manages.