Business Context and Reporting Period
This Form 13F-HR filing is a Combination Report submitted by Cohen & Steers, Inc. for the quarter ended September 30, 2012. The report covers holdings managed by Cohen & Steers, Inc. and two other included managers: Cohen & Steers Capital Management, Inc. and Cohen & Steers Europe S.A. The filing was signed on November 14, 2012, by Lisa Phelan, Senior Vice President and Chief Compliance Officer.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of the investment manager itself. The following metrics reflect the reported portfolio:
- Total Portfolio Value: $29,540,744,000 (approx. $29.5 billion).
- Total Number of Holdings: 405 entries.
- Investment Discretion: The manager reported "Sole" or "Shared" discretion for all listed positions.
- Top Holdings by Value:
- Simon Property Group Inc.: $3,284,101,000
- Vornado Realty Trust: $1,532,379,000
- ProLogis Inc.: $1,436,777,000
- Equity Residential: $1,401,578,000
- Host Hotels & Resorts Inc.: $921,611,000
Material Changes and Portfolio Composition
This filing is a snapshot of holdings as of the period end and does not provide comparative data against the prior quarter (June 30, 2012) to calculate material changes in position size or value. However, the portfolio composition indicates a heavy concentration in:
- Real Estate Investment Trusts (REITs): Significant positions in retail (Simon Property Group, Regency Centers), residential (Equity Residential, Avalonbay Communities), and industrial (ProLogis, DCT Industrial Trust) 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, PPL Corp).
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks. This document is strictly a regulatory disclosure of current holdings.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in real estate and energy sectors implies exposure to interest rate fluctuations, commodity price volatility, and sector-specific regulatory changes.
Important Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $29.5 billion against the firm's total assets under management (AUM) to understand the scope of this specific report.
- Combination Report Status: Note that this is a combination report; some holdings are reported by other managers (Frank Russell Company is listed as another manager reporting for this manager, though the summary page lists Cohen & Steers Capital Management and Cohen & Steers Europe as included managers).
- Top Concentrations: The top 5 holdings represent a significant portion of the reported value; verify if these positions align with the firm's stated investment strategy.
- Reporting Lag: The data reflects positions as of September 30, 2012, and was filed in mid-November 2012; current positions may differ significantly.