SEC Filing Summary: Cohen & Steers, Inc. (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly report filed by Cohen & Steers Capital Management, Inc., an institutional investment manager. The report covers the calendar quarter ended December 31, 2011, and was signed on February 14, 2012. The filing is a "Combination Report," indicating that while this document reports a portion of the manager's holdings, other holdings are reported by separate managers, specifically Cohen & Steers Europe SA and the Frank Russell Company.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The following metrics reflect the portfolio managed by the firm:
- Total Portfolio Value: $26,616,847,000 (approx. $26.6 billion).
- Total Number of Holdings: 449 distinct securities.
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), preferred stocks, and high-yield income funds, consistent with the firm's specialization in real estate and income-oriented strategies.
- Top Holdings by Value (Selected):
- Simon Property Group Inc.: $2,925,438,000
- Equity Residential: $1,457,748,000
- ProLogis Inc.: $721,207,000
- Vornado Realty Trust: $847,993,000
- Public Storage: $924,445,000
Material Changes and Portfolio Composition
This filing provides a snapshot of holdings as of the period end and does not contain comparative data against the prior quarter (Q3 2011) to determine material changes in position size or strategy. However, the composition reveals a distinct strategic focus:
- Real Estate Dominance: A significant portion of the portfolio consists of equity REITs (e.g., Avalonbay Communities, Boston Properties, Digital Realty Trust) and mortgage REITs.
- Income Generation: Extensive holdings in closed-end funds and preferred securities (e.g., Eaton Vance funds, BlackRock funds, various corporate preferreds) indicate a mandate focused on generating current income.
- Voting Authority: The manager exercises "Sole" voting discretion on the majority of reported shares, with some positions held under "Shared" or "None" authority.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical reports of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future market conditions.
Risks and Contingencies: The filing includes a standard disclaimer stating that the report is not an admission of beneficial ownership for Cohen & Steers, Inc. or its subsidiaries, expressly disclaiming beneficial ownership pursuant to Rule 13d-4. The concentration in real estate and high-yield sectors implies exposure to interest rate risk and real estate market volatility, though specific risk factors are not detailed in this form.
Investor Verification Checklist
- Verify the total portfolio value of $26.6 billion against the firm's total assets under management (AUM) to understand the scope of this specific reporting entity.
- Confirm the split of holdings between this report and the other managers listed (Cohen & Steers Europe SA, Frank Russell Company) to get a complete picture of the firm's total exposure.
- Review the specific REIT and preferred stock holdings to assess concentration risk in the real estate and financial sectors.
- Note that this document does not reflect the operating profitability or cash flow of Cohen & Steers, Inc. itself; refer to Form 10-K or 10-Q for corporate financial performance.