SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended September 30, 2021
Context: This filing discloses the equity securities held by the investment manager as of the end of the third quarter of 2021. The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), infrastructure, and income-generating funds, consistent with the firm's investment strategy.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings disclose holdings by value and share count but do not report the manager's own revenue, profit, cash flow, or debt. The following metrics reflect the reported portfolio holdings.
- Portfolio Focus: Significant exposure to Real Estate (REITs), Energy/Midstream, Utilities, and Closed-End Funds (CEFs).
- Top Holdings by Value (Selected):
- Healthpeak Properties Inc.: $71,767,240
- Host Hotels & Resorts Inc.: $84,449,306
- Duke Realty Corporation: $51,142,558
- Healthcare Trust of America: $25,611,473
- Simon Property Group Inc.: $22,072,261
- Welltower Inc.: $27,789,044
- Prologis Inc.: $14,399,392
- Americold Realty Trust: $34,045,994
- Apartment Income Reit Co: $26,851,923
- UDR Inc.: $43,763,462
- Voting Authority: The manager reports "Sole" discretion for the vast majority of holdings. "Shared" discretion is noted for specific positions such as Alliant Energy, American Electric Power, and various REITs.
Material Changes and Observations
Comparison to prior periods is not possible as this text contains only the snapshot for the period ended September 30, 2021.
- SPAC Exposure: The portfolio includes significant positions in Special Purpose Acquisition Companies (SPACs), including Bowx Acquisition Corp ($1.6M), Rice Acquisition Corp II ($780k), and Zimmer Energy Transition Acquisition Corp ($1.5M).
- Derivatives: The filing lists "Put/Call" columns, but no specific put or call option positions are detailed in the provided text rows; all listed positions appear to be common stock ("SH").
- Concentration: There is a high concentration in the Real Estate sector, with dozens of REITs and real estate-related funds comprising the bulk of the disclosed value.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing type (Form 13F) does not contain management commentary, forward-looking guidance, or earnings outlooks. It is a regulatory disclosure of past holdings.
Risks and Contingencies:
- Market Risk: The portfolio is exposed to interest rate sensitivity, particularly given the heavy weighting in REITs and high-yield income funds.
- Liquidity Risk: Holdings include Closed-End Funds (e.g., BlackRock, Nuveen, Pimco funds) which may trade at premiums or discounts to net asset value.
- Regulatory Disclaimer: The filing explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, as the filing does not provide a total portfolio value summary.
- Confirm the specific breakdown of "Shared" vs. "Sole" voting authority for the largest REIT holdings to understand control dynamics.
- Review the specific CUSIPs for the SPAC holdings (Bowx, Rice, Zimmer) to track their merger status or liquidation outcomes post-filing.
- Check subsequent filings (Q4 2021) to determine if the large positions in hospitality REITs (e.g., Host Hotels) were maintained or reduced given the pandemic recovery context of late 2021.
- Validate the "Value" figures against market prices on September 30, 2021, to ensure the reported valuation aligns with historical closing prices.