Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Cohen & Steers Capital Management Inc. for the period ended December 31, 2009. The filing represents a "Combination Report," meaning it covers a portion of the holdings for the reporting manager, with other holdings reported by separate managers (specifically Frank Russell Company and Cohen & Steers Europe SA). The report discloses equity securities held for the account of clients and proprietary accounts, with a total of 371 holdings entries.
Key Financial Metrics
As a Form 13F filing, this document reports portfolio holdings rather than the operating financials (revenue, profit, cash flow) of Cohen & Steers, Inc. itself. The key metrics provided relate to the managed portfolio:
- Total Portfolio Value: $13,298,375,000 (approximately $13.3 billion).
- Number of Holdings: 371 distinct securities.
- Top Holdings by Value:
- Simon Property Group Inc: $1,166,664,000
- Prologis: $518,170,000
- Public Storage Inc: $683,452,000
- Host Hotels & Resorts: $390,307,000
- Vornado Realty Trust: $406,688,000
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Real Estate Operating Companies (REOCs), and Closed-End Funds (CEFs), consistent with the firm's specialization in real estate and infrastructure.
Material Changes and Portfolio Composition
This filing is a snapshot of holdings as of December 31, 2009, and does not provide comparative data against the prior quarter (September 30, 2009) to calculate material changes in position size or value. However, the composition indicates a significant allocation to:
- Real Estate: Major positions in retail (Simon Property Group, Macerich), industrial (Prologis, PS Business Parks), residential (Equity Residential, AvalonBay), and hospitality (Host Hotels, Sunstone Hotel Investors).
- Energy and Infrastructure: Holdings in energy MLPs (Enterprise Products Partners, Kinder Morgan) and utilities (Duke Energy, Exelon).
- Financials: Significant positions in major banks (Bank of America, JPMorgan Chase, Wells Fargo) and insurance companies (MetLife, Aflac).
Guidance, Risks, and Contingencies
Management Commentary and Guidance: Form 13F filings do not contain management guidance, outlook, or commentary on future performance. This document is a regulatory disclosure of past holdings.
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. disclaims beneficial ownership of shares reported pursuant to Rule 13d-4. The portfolio's heavy concentration in real estate and financial sectors implies exposure to interest rate risk, commercial real estate market cycles, and credit risk, though specific risk factors are not detailed in this form.
Important Facts for Investors to Verify
- Partial Reporting: This is a "Combination Report." Investors must verify if other managers (Frank Russell Company, Cohen & Steers Europe SA) hold additional assets for the same accounts to get a complete picture of the total exposure.
- Valuation Lag: The values reported are as of December 31, 2009. Market values may have changed significantly by the filing date (February 12, 2010).
- Ownership Structure: The filing explicitly disclaims beneficial ownership for many positions, indicating these are likely held in a custodial or advisory capacity for clients rather than as proprietary holdings of the firm.
- Concentration Risk: The top 10 holdings represent a substantial portion of the reported $13.3 billion value, indicating high concentration in specific real estate and financial names.