SEC Filing Summary: Cohen & Steers, Inc. (13F-HR)
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 March 31, 2008. The filing is a "Combination Report," meaning it covers a portion of the manager's holdings, with other holdings reported by separate managers (specifically Frank Russell Company and Cohen & Steers Europe SA). The report details equity securities held with investment discretion.
Key Financial Metrics
As a 13F filing, this document reports portfolio holdings rather than the operating financials (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The following metrics reflect the reported portfolio:
- Total Portfolio Value: $16,069,978,000 (approx. $16.07 billion).
- Total Number of Holdings: 366 distinct securities.
- Top Sector Exposure: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Utilities, and Energy Infrastructure (MLPs), consistent with the firm's investment strategy.
- Largest Single Holdings (by Value):
- General Growth Properties: $694.8 million
- Host Hotels & Resorts: $302.4 million
- Simon Property Group: $869.2 million
- Prologis: $300.2 million
- Public Storage: $467.7 million
Material Changes and Portfolio Composition
This filing represents a snapshot of holdings as of March 31, 2008. It does not provide comparative data against the prior quarter (December 31, 2007) within this specific text. However, the composition indicates a significant focus on income-generating assets:
- Real Estate: Extensive holdings in retail, office, residential, and hospitality REITs (e.g., Vornado Realty Trust, AvalonBay Communities, Equity Residential).
- Utilities & Energy: Significant positions in utility companies (e.g., Duke Energy, Exelon, Southern Co) and Master Limited Partnerships (e.g., Enterprise Products Partners, Williams Partners).
- Financials: Holdings in major banks and financial services firms (e.g., Bank of America, Citigroup, Wells Fargo).
Guidance, Outlook, and Risks
Management Commentary: This filing type does not contain management commentary, forward-looking guidance, or strategic outlooks. It is a regulatory disclosure of current positions.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in real estate and financial sectors as of Q1 2008 implies exposure to interest rate sensitivity and the emerging credit market volatility of that period. The report notes that some holdings are reported by other managers, indicating a complex multi-manager structure.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $16.07 billion against the firm's total Assets Under Management (AUM) to understand the scope of this specific report.
- Concentration Risk: Note the heavy weighting in Real Estate and Utilities; verify if this aligns with the firm's stated investment mandate.
- Reporting Scope: Confirm that this is a "Combination Report" and that additional holdings may exist in filings by Frank Russell Company or Cohen & Steers Europe SA.
- Timing: The data reflects positions as of March 31, 2008, and does not account for market movements or trading activity in the subsequent quarter.