SEC Filing Summary: Cohen & Steers, Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Cohen & Steers, Inc. for the reporting period ending December 31, 2014. The document discloses the company's holdings in equity securities, including common stocks, preferred stocks, and exchange-traded funds (ETFs), as required by the Securities and Exchange Commission.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio with significant exposure to Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and financial sector equities. Key observations include:
- Top Holdings by Value: The largest positions by reported value include ProLogis Inc. ($29.5M), UDR Inc. ($33.4M), Sunstone Hotel Investors Inc. ($32.3M), and Equity Residential ($29.8M).
- Real Estate Focus: The portfolio contains substantial holdings in residential, retail, and industrial REITs, such as Simon Property Group ($13.7M), Vornado Realty Trust ($13.4M), and Regency Centers Corp. ($14.1M).
- Energy and MLPs: Significant allocations are made to energy infrastructure, including Enterprise Products Partners ($2.4M), Plains GP Holdings ($1.6M), and MarkWest Energy Partners ($1.2M).
- Financials: Major positions include Bank of America Corp. ($1.3M), JP Morgan Chase & Co. ($443k), and Wells Fargo & Co. ($356k).
Note: This filing reports the value of securities held (Column 4) and does not provide aggregate revenue, profit, cash flow, or debt metrics for Cohen & Steers, Inc. itself.
Material Changes and Voting Authority
The filing provides a snapshot of holdings as of the period end; it does not contain comparative data to the prior quarter to determine material changes in position size. However, the voting authority columns indicate:
- Sole Discretion: The majority of positions are held with sole voting discretion.
- Shared Discretion: Several large positions, particularly in REITs and MLPs (e.g., Equity Residential, ProLogis, Simon Property Group), are held with shared voting authority, suggesting co-management or specific fund structures.
Guidance, Risks, and Contingencies
As a statutory disclosure of holdings, this Form 13F does not contain management commentary, forward-looking guidance, or specific risk factors. The filing includes a standard disclaimer stating 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 Column 4 (Value) to assess the scale of assets under management for this specific reporting entity.
- Confirm the breakdown of "Shared" vs. "Sole" voting authority to understand the extent of co-investment or fund-of-fund structures.
- Cross-reference the top 10 holdings (e.g., UDR, Sunstone, ProLogis) with the company's broader investment strategy to confirm alignment with their stated focus on real estate and infrastructure.
- Check subsequent filings (e.g., Q1 2015) to analyze turnover rates and changes in sector allocation.