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 June 30, 2015
Context: This filing discloses the equity securities held by the investment manager at the end of the second quarter of 2015. The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and high-yield income funds, consistent with the firm's specialization in real assets and income strategies.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report holdings by value and shares, not corporate financial performance metrics (revenue, profit, cash flow) for the manager itself.
- Portfolio Focus: Significant exposure to Real Estate (REITs) and Energy Infrastructure (MLPs).
- Top Holdings by Value (Selected):
- Host Hotels & Resorts Inc.: $54,609,929
- Spirit Realty Capital: $51,734,519
- Equity Residential: $28,056,286
- UDR Inc.: $41,029,325
- Health Care REIT Inc.: $21,540,126
- Simon Property Group Inc.: $17,906,294
- Voting Authority: The manager reports "Sole" or "Shared" voting authority for the majority of positions, with "None" for certain preferred shares or specific fund structures.
- Derivatives: The table indicates the presence of Put/Call options for certain positions (e.g., Apple Inc., Bank of America), though specific contract details are limited to the "PRN AMT" column.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2015. It does not include the prior quarter's data (March 31, 2015) within this specific document text. Therefore, specific quantitative changes (buys/sells) cannot be calculated from this source alone.
Portfolio Characteristics:
- Concentration: The portfolio shows high concentration in specific REIT sectors, particularly hospitality (Host Hotels, Sunstone Hotel), residential (Equity Residential, UDR), and retail (Simon Property Group, Regency Centers).
- Energy Exposure: Significant holdings in MLPs such as Enterprise Products Partners, Kinder Morgan, and Cheniere Energy Partners.
- Preferred Securities: Notable positions in preferred stocks from financial institutions (Barclays, Royal Bank of Scotland) and REITs.
Guidance, Risks, and Contingencies
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, guidance, or outlook.
Risks and Contingencies:
- Market Risk: The portfolio is heavily weighted toward interest-rate-sensitive sectors (REITs and MLPs). Changes in interest rates could materially impact the valuation of these holdings.
- Liquidity Risk: While most holdings are publicly traded, the sheer size of positions in certain REITs (e.g., Spirit Realty Capital, Host Hotels) may present liquidity constraints during rapid portfolio rebalancing.
- Regulatory Disclaimer: The filing explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): Sum the "VALUE" column to estimate the total equity portfolio size reported in this specific table, noting that 13F filings may exclude certain non-equity assets.
- Check for Derivative Exposure: Review the "PUT/CALL" column for specific hedges or leveraged positions that are not immediately obvious from the equity holdings alone.
- Compare with Q1 2015 Filing: Retrieve the March 31, 2015 Form 13F to calculate net buys and sells for the quarter.
- Assess Sector Concentration: Confirm if the heavy weighting in REITs and MLPs aligns with the firm's stated investment strategy for the period.
- Review Voting Authority: Note the split between "Sole" and "Shared" voting authority to understand the manager's control over the underlying companies.