Business Context and Reporting Period
This Form 13F-HR filing is submitted by Cohen & Steers Capital Management, Inc. for the reporting period ended March 31, 2005. The filing details the registrant's holdings in equity securities, primarily focusing on real estate investment trusts (REITs), utilities, and related infrastructure companies. The report covers 192 data records representing the portfolio managed by the firm.
Key Financial Metrics and Portfolio Composition
As a Form 13F filing, this document reports the value of securities held rather than the firm's internal financial performance (revenue, profit, or cash flow). The total value of the reported holdings is approximately $14.87 billion (sum of reported values in thousands).
- Total Portfolio Value: ~$14,872,698,000
- Number of Holdings: 192 issuers
- Primary Sectors: Real Estate (Residential, Retail, Office, Healthcare, Industrial), Utilities, and Energy.
- Top Holdings by Value:
- Equity Office Properties: $592,287,000
- Boston Properties: $462,380,000
- Simon Property Group: $448,684,000
- Vornado Realty Trust: $467,981,000
- Archstone-Smith Trust: $357,449,000
Material Changes and Voting Authority
The filing provides a snapshot of holdings as of the quarter-end date and does not explicitly detail material changes compared to the prior period (December 31, 2004) within this text. However, the voting authority section indicates the extent of control:
- Sole Voting Authority: The majority of shares are held with sole voting authority, indicating direct control over voting decisions for those positions.
- Shared Voting Authority: Significant shared voting authority exists in major positions such as Equity Office Properties (~144,757 shares), Boston Properties (~36,172 shares), and Simon Property Group (~65,397 shares).
- Discretionary Authority: The firm exercises sole discretionary authority for the vast majority of the portfolio.
Guidance, Outlook, and Risks
This filing type does not contain management commentary, forward-looking guidance, or specific risk disclosures regarding the firm's future outlook. The primary risk inherent in the portfolio composition is concentration in the real estate and utility sectors, which are sensitive to interest rate fluctuations and economic cycles.
Key Facts for Investor Verification
- Portfolio Concentration: Verify the firm's heavy exposure to REITs and utilities, which may correlate strongly with interest rate movements.
- Top Positions: Confirm the stability of the largest holdings (Equity Office, Boston Properties, Simon Property Group) as they represent a significant portion of the reported value.
- Voting Control: Note the presence of shared voting authority in several large-cap positions, which may indicate co-investment or specific fund structures.
- Reporting Limitations: Acknowledge that this document reflects holdings only and does not provide data on the firm's operating expenses, leverage, or cash flow.