Business Context and Reporting Period
This Form 13F-HR filing is a quarterly report of holdings submitted by Cohen & Steers Capital Management Inc. for the period ended December 31, 2010. The report was filed on February 14, 2011. It is a combination report, meaning it covers a portion of the holdings for the reporting manager, with other holdings reported by additional managers (specifically Frank Russell Company and Cohen & Steers Europe SA).
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial results (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The following metrics reflect the portfolio managed by the firm:
- Total Portfolio Value: $18,987,998,000 (approx. $19.0 billion).
- Total Number of Holdings: 334 distinct securities.
- Ownership Type: The report lists holdings with "Sole" voting authority and "Shared" voting authority (indicated by the "sh_prn" column in the source data).
- Top Holdings by Value:
- Prologis: $36,309,450,000 (Note: Source data lists value in thousands, implying $36.3M, but context suggests this is likely a data entry anomaly in the raw text or represents a specific tranche; however, strictly adhering to the text provided, the value is listed as 36,309,450 thousands).
- Host Hotels & Resorts: $33,887,159,000 (Source text: 33,887,159 thousands).
- Developers Diversified Realty: $31,956,450,000 (Source text: 31,956,450 thousands).
- Kimco Realty Corp: $26,031,568,000 (Source text: 26,031,568 thousands).
- Equity Residential: $18,161,008,000 (Source text: 18,161,008 thousands).
Note: The source text lists market values in thousands. The top holdings listed above appear to be Real Estate Investment Trusts (REITs), consistent with Cohen & Steers' investment focus.
Material Changes and Portfolio Composition
This filing is a snapshot of holdings as of December 31, 2010. It does not provide comparative data against the prior quarter (September 30, 2010) to calculate material changes in position size or total portfolio value. However, the composition indicates a heavy concentration in:
- Real Estate: Significant holdings in REITs such as Prologis, Equity Residential, Simon Property Group, and Vornado Realty Trust.
- Financials: Holdings in major banks including Citigroup, Bank of America, and JPMorgan Chase.
- Closed-End Funds (CEFs): A diverse array of CEFs, particularly those focused on income, high yield, and real assets (e.g., Eaton Vance, BlackRock, PIMCO funds).
Guidance, Risks, and Contingencies
Management Commentary and Guidance: This filing contains no management commentary, forward-looking guidance, or outlook regarding the firm's future performance or market expectations.
Risks and Contingencies: The filing includes a standard disclaimer stating that the report is not an admission of beneficial ownership and that Cohen & Steers, Inc. and its subsidiaries expressly disclaim beneficial ownership of all shares reported pursuant to Rule 13d-4. No specific risk factors or contingencies are detailed in this form.
Important Facts for Investors to Verify
- Portfolio Concentration: Verify the concentration risk in the Real Estate sector, which appears to be the dominant asset class in this portfolio.
- Beneficial Ownership: Confirm that the reported shares are held for client accounts and do not represent direct beneficial ownership by Cohen & Steers, Inc. itself, as explicitly disclaimed in the filing.
- Reporting Scope: Note that this is a "Combination Report." Investors should verify if other managers (Frank Russell Company, Cohen & Steers Europe SA) hold additional positions for the same clients that are not included in this specific document.
- Valuation Timing: All values are as of December 31, 2010. Market values may have fluctuated significantly since the filing date of February 14, 2011.