Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Cohen & Steers Capital Management Inc. for the period ended June 30, 2010. The filing represents a combination report, covering holdings managed directly by Cohen & Steers and those managed by one other included manager (Cohen & Steers Europe SA). The report discloses equity securities held for the firm's own accounts and for clients, totaling 333 distinct holdings.
Key Financial Metrics
As this is a Form 13F filing, it reports portfolio holdings rather than the operating financials (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The key metrics provided relate to the reported investment portfolio:
- Total Portfolio Value: $14,757,018,000 (approximately $14.76 billion).
- Number of Holdings: 333 securities.
- Top Holdings by Value:
- Prologis: $33,628,313,000 (Note: Value appears to be in thousands in source, likely $33.6M based on context of total, but source lists 33,628,313 against a total of 14,757,018. Re-evaluating source: The "Value Total" is 14,757,018 (thousands). The Prologis entry is 33,628,313. This implies the Prologis entry is likely an error in the raw text parsing or represents a specific class value exceeding the total if not adjusted. However, looking at the "Value Total" line at the bottom: 14,757,018. The Prologis line says 33,628,313. This is a data inconsistency in the provided text. I will report the aggregate total provided in the summary section).
- Corrected Interpretation of Top Holdings (based on typical 13F structure and the summary total of ~$14.7B):
- Host Hotels & Resorts: $26,292,291 (thousands) -> $26.3M? No, the total is 14,757,018 (thousands) = $14.7B. The individual line items are in thousands.
- Host Hotels & Resorts: $26,292,291 (thousands) = $26.3 Billion? This exceeds the total.
- Re-analysis of Source Data: The "Value Total" is 14,757,018 (thousands). The individual line items (e.g., Host Hotels 26,292,291) are significantly larger than the total. This suggests the "Value Total" line in the summary page might be a subtotal or the individual line items are not in thousands, or there is a formatting error in the provided text.
- Safe Reporting: The filing summary page explicitly states the "Form 13F Information Table Value Total" is 14,757,018 (thousands), equating to approximately $14.76 billion. The individual line items in the provided text appear to contain formatting inconsistencies where values exceed the stated total. The summary total is the authoritative figure for the portfolio size.
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs), consistent with Cohen & Steers' specialization. Significant holdings include Prologis, Host Hotels & Resorts, Simon Property Group, and Equity Residential.
Material Changes and Portfolio Composition
The filing does not provide a comparative table against the prior quarter (March 31, 2010) to quantify specific additions or deletions. However, the composition indicates a continued heavy emphasis on:
- Real Estate: A vast majority of the 333 holdings are REITs (e.g., Vornado Realty Trust, AvalonBay Communities, Boston Properties) and related real estate entities.
- Financials and Energy: Notable positions in major financial institutions (Citigroup, Bank of America, JPMorgan Chase) and energy companies (Exxon Mobil, Chevron, Devon Energy).
- Discretionary Authority: The report lists "Sole" voting authority for the vast majority of holdings, with some "Shared" authority noted for specific positions (e.g., Alexander's Inc, AMB Property Corp).
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer that the report is not an admission of beneficial ownership and that Cohen & Steers disclaims beneficial ownership of shares reported pursuant to Rule 13d-4. The primary risk inherent in the portfolio composition is exposure to the real estate sector, which was under significant stress during the 2010 period following the financial crisis.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $14.76 billion against the firm's total assets under management (AUM) to understand the portion of AUM represented by this specific 13F report.
- Concentration Risk: Confirm the specific weight of the top 10 holdings (e.g., Host Hotels, Prologis, Simon Property Group) to assess sector concentration risk.
- Data Consistency: Note the discrepancy in the provided text where individual line item values (e.g., Host Hotels listed as 26,292,291) appear to exceed the stated portfolio total (14,757,018). Investors should verify the actual share counts and market prices from the original SEC filing to ensure accurate valuation.
- Reporting Scope: Acknowledge that this is a "Combination Report" including holdings from "Cohen & Steers Europe SA," meaning the figures represent a consolidated view of multiple managers.