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 September 30, 2024. As a registered investment adviser, the company is required to disclose its holdings in equity securities. The filing details the specific stocks, shares, and voting authority held by the firm at the close of the quarter.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings but does not aggregate total portfolio value, revenue, profit, or cash flow for Cohen & Steers, Inc. itself. Key portfolio characteristics include:
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), infrastructure, and energy sectors, consistent with the firm's investment strategy.
- Top Holdings by Share Count: Significant positions include Healthcare Realty Trust (63.5M shares), VICI Properties (50.1M shares), Welltower (38.0M shares), and Invitation Homes (60.6M shares).
- Voting Authority: The firm reports "Sole" voting authority for the vast majority of positions. Several large positions (e.g., Acadia Realty Trust, American Homes 4 Rent, American Tower) report "Shared" voting authority, indicating co-investment or specific fund structures.
- Derivatives: The filing lists minimal derivative activity, primarily warrants (e.g., Net Power Inc.) and convertible preferred shares (e.g., Wells Fargo, Kimco Realty).
Material Changes and Portfolio Activity
Note: This filing is a snapshot of holdings as of September 30, 2024. It does not contain comparative data for the prior quarter (June 30, 2024) within this specific text block. Therefore, specific material changes in position size (buys/sells) cannot be calculated from this document alone.
However, the presence of specific holdings indicates active management in the following areas:
- Real Estate: Continued significant exposure to residential (Invitation Homes, Sun Communities), healthcare (Healthcare Realty Trust, Welltower), and industrial (Prologis, Weyerhaeuser) real estate.
- Energy & Infrastructure: Holdings in major energy infrastructure firms such as Kinder Morgan, Enterprise Products Partners, and NextEra Energy.
- Technology: Smaller, strategic positions in major tech firms including NVIDIA, Microsoft, and Apple, alongside specialized infrastructure plays like Equinix and Digital Realty.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. The portfolio composition suggests exposure to interest rate sensitivity (due to high REIT concentration) and sector-specific regulatory risks in energy and healthcare.
Investor Verification Checklist
- Total Portfolio Value: Verify the aggregate market value of these holdings in Cohen & Steers' quarterly earnings report (10-Q), as Form 13F does not provide a total asset value.
- Position Changes: Compare this list against the June 30, 2024, Form 13F filing to identify specific buys and sells during Q3 2024.
- Shared Authority: Investigate the "Shared" voting authority positions (e.g., Acadia Realty Trust, American Homes 4 Rent) to understand the specific fund structures or co-investment arrangements involved.
- Concentration Risk: Assess the percentage of total assets allocated to the top 10 holdings to evaluate concentration risk within the real estate sector.