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 June 30, 2017
Context: This filing discloses the equity securities held by the investment manager as of the end of the second quarter of 2017. The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and high-yield corporate bonds, consistent with the firm's specialization in real assets and income-oriented strategies.
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 positions.
- Portfolio Focus: Significant exposure to Real Estate (e.g., UDR Inc., Prologis Inc., Simon Property Group Inc.) and Energy Infrastructure (e.g., Kinder Morgan Inc., Enterprise Products Partners).
- Top Holdings by Value (Selected):
- UDR Inc. (Real Estate): $39,953,317
- Host Hotels & Resorts Inc. (Real Estate): $37,495,688
- Cousins Properties Inc. (Real Estate): $66,874,349
- Prologis Inc. (Real Estate): $20,415,472
- Simon Property Group Inc. (Real Estate): $11,630,970
- Fixed Income Exposure: Substantial holdings in corporate bonds, including large positions in HSBC Holdings, Credit Suisse Group, and Royal Bank of Scotland.
- Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions, with some "Shared" authority noted for specific issuers (e.g., Alliant Energy, American Homes 4 Rent).
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2017. It does not include the prior quarter's data (March 31, 2017) or a summary of changes (purchases/sales) required for a direct period-over-period comparison. Therefore, material changes in position size cannot be calculated from this text alone.
Portfolio Characteristics:
- Concentration: The portfolio shows high concentration in specific sectors, particularly residential and commercial REITs and energy midstream MLPs.
- Derivatives: The "Put/Call" column is blank for all listed securities, indicating no reported short positions or derivative overlays in this specific table view.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies:
- Market Risk: The portfolio is exposed to interest rate sensitivity (due to high bond and REIT content) and commodity price fluctuations (due to energy MLP holdings).
- Liquidity: While many holdings are large-cap public equities, some MLP and bond positions may have varying liquidity profiles.
- Regulatory Disclaimer: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): This table lists individual holdings but does not provide the total portfolio value or the firm's total AUM.
- Confirm Turnover: Investors should cross-reference with the prior quarter's 13F to calculate portfolio turnover and identify significant entry/exit points.
- Check for Omitted Securities: Form 13F only requires reporting of equity securities; it excludes cash, derivatives (unless equity-linked), and certain foreign securities. Verify if the firm holds significant non-reportable assets.
- Validate Voting Rights: Review the "Shared" vs. "Sole" voting authority columns to understand the extent of the manager's control over corporate governance for specific holdings.
- Assess Sector Concentration: Given the heavy weighting in Real Estate and Energy, verify if this aligns with the firm's stated investment mandate or if it represents a tactical deviation.