Business Context and Reporting Period
This Form 13F-HR filing is submitted by Cohen & Steers, Inc., an institutional investment manager, for the calendar quarter ended December 31, 2012. The report was filed on February 14, 2013. It is a combination report, meaning it covers a portion of the manager's holdings, with other holdings reported by affiliated managers including Cohen & Steers Capital Management, Inc., Cohen & Steers Europe S.A., and the Frank Russell Company.
Key Financial Metrics
As a 13F filing, this document reports equity holdings rather than the company's own operating financials (revenue, profit, cash flow). The following metrics reflect the portfolio managed by the firm:
- Total Portfolio Value: $29,760,933,000 (approximately $29.76 billion).
- Total Number of Holdings: 387 distinct entries.
- Top Holdings by Value:
- Vornado Realty Trust: $1,405,104,000
- ProLogis Inc.: $1,238,475,000
- Simon Property Group Inc.: $3,448,208,000
- Ventas Inc.: $1,133,575,000
- Equity Residential: $1,253,044,000
- Investment Discretion: The manager exercises sole discretion over the majority of reported positions, with some shared discretion noted for specific issuers.
Material Changes and Portfolio Composition
This filing represents a snapshot of holdings at period end. As a 13F report, it does not provide comparative data against the prior quarter (e.g., net purchases or sales) within the text provided. However, the portfolio composition indicates a heavy concentration in:
- Real Estate Investment Trusts (REITs): Significant positions in residential (Equity Residential, Avalonbay), retail (Simon Property Group, Regency Centers), industrial (ProLogis, DCT Industrial), and healthcare (Ventas, HCP Inc.) sectors.
- Energy and Midstream: Holdings in major energy companies (Exxon Mobil, Chevron) and Master Limited Partnerships (Enterprise Products Partners, MarkWest Energy Partners).
- Financials and Utilities: Positions in major banks (JPMorgan Chase, Wells Fargo) and utility providers (NextEra Energy, Duke Energy).
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the portfolio's heavy weighting in interest-rate-sensitive sectors (REITs and Utilities) implies exposure to interest rate fluctuations. The presence of "Shared" voting authority on certain positions indicates co-management arrangements which may affect decision-making speed or strategy alignment.
Important Facts for Investor Verification
- Portfolio Scope: Verify that this report is a "Combination Report" and does not represent the total assets under management for the entire Cohen & Steers group, as other managers (Frank Russell Company, etc.) report separate portions.
- Valuation Timing: All values are based on market prices as of December 31, 2012, and do not reflect subsequent market movements.
- Concentration Risk: The top 5 holdings represent a significant portion of the reported $29.76 billion value; investors should assess the impact of sector-specific downturns in real estate.
- Voting Authority: Note the distinction between "Sole," "Shared," and "None" voting authority, which may impact the manager's ability to influence corporate governance at held companies.