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., an institutional investment manager. The report covers the period ended June 30, 2006, and was signed by Robert Steers, Co-Chairman and Co-Chief Executive Officer, on August 14, 2006. The filing is a "Combination Report," indicating that a portion of the holdings are reported here while others are reported by other managers (specifically Frank Russell Company and Houlihan Rovers, SA).
Key Financial Metrics
As a Form 13F filing, this document discloses equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Cohen & Steers itself. Key portfolio metrics include:
- Total Portfolio Value: $17,824,287,000 (approx. $17.82 billion).
- Total Number of Holdings: 232 distinct securities.
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), utilities, and select industrial and consumer staples companies.
- Largest Holdings by Value (Selected):
- Equity Office Properties: $896,377,000
- Vornado Realty Trust: $752,244,000
- Host Hotels & Resorts: $300,962,000
- Simon Property Group: $547,076,000
- Ventas Inc.: $396,883,000
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of June 30, 2006, and does not contain comparative data against the prior quarter (March 31, 2006) to determine material changes in position size or turnover. However, the composition reveals a distinct strategy focused on income-generating assets:
- Real Estate Dominance: A significant majority of the top holdings are REITs, including apartment communities (Equity Residential, AvalonBay), office properties (Equity Office, Vornado), retail (Simon Property Group), and healthcare facilities (Ventas, Health Care REIT).
- Utilities and Energy: Substantial positions in utility companies (Duke Energy, Southern Co, Exelon) and energy infrastructure (Kinder Morgan, Williams Partners).
- Voting Authority: For many holdings, voting authority is split between "Sole" and "Shared," indicating co-management or shared control arrangements with other entities.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings forecasts, or management commentary regarding future market conditions.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in the real estate and utility sectors implies exposure to interest rate fluctuations, property market cycles, and regulatory changes affecting utilities. The presence of preferred stock holdings (e.g., Crescent Real Estate, Windrose Medical Properties) indicates exposure to fixed-income-like equity risks.
Investor Verification Checklist
- Verify the total portfolio value of $17.82 billion against the firm's total assets under management (AUM) to determine the percentage of assets managed by this specific reporting entity.
- Confirm the "Combination Report" status to ensure all holdings are accounted for by cross-referencing filings from the other listed managers (Frank Russell Company, Houlihan Rovers, SA).
- Review the specific REIT holdings to assess exposure to specific sub-sectors (e.g., hospitality vs. residential) given the high concentration in real estate.
- Note that this filing does not disclose short positions, derivatives, or non-equity assets (such as bonds or cash), which may represent a significant portion of the firm's total strategy.