SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Cohen & Steers Capital Management Inc.
Reporting Period: Quarter ended March 31, 2009.
Filing Date: May 14, 2009.
Report Type: 13F Combination Report (includes holdings reported by other managers, specifically Cohen & Steers Europe SA and Frank Russell Company).
Key Financial Metrics
Total Portfolio Value: $6,364,185,000 (approx. $6.36 billion).
Total Number of Holdings: 318 entries.
Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Utilities, and Closed-End Funds (CEFs), consistent with the manager's specialization in real assets and income strategies.
| Top 5 Holdings by Value | Value (Thousands) | Shares |
|---|---|---|
| Simon Property Group Inc | 466,611 | 13,470,267 |
| Public Storage Inc | 338,540 | 6,127,419 |
| Vornado Realty Trust | 171,043 | 5,145,737 |
| Nationwide Health Properties | 156,381 | 7,047,404 |
| AMB Property Corp | 183,977 | 12,776,141 |
Note: The table above lists the top holdings by reported value. AMB Property Corp is listed with a value of $183,977,000, placing it among the top positions.
Material Changes and Portfolio Composition
Comparison to Prior Period: This filing is a snapshot of holdings as of March 31, 2009. The provided text does not contain data for the prior quarter (December 31, 2008); therefore, specific material changes in position size or new entries cannot be calculated from this document alone.
Portfolio Characteristics: The portfolio demonstrates a significant allocation to real estate equities (e.g., Equity Residential, AvalonBay Communities, Host Hotels & Resorts) and utility stocks (e.g., Duke Energy, Exelon, PG&E). There is also a notable presence of preferred stocks and closed-end funds (e.g., Eaton Vance, BlackRock, and Claymore funds).
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the heavy concentration in real estate and utilities as of March 2009 implies exposure to interest rate sensitivity and the broader economic downturn affecting commercial real estate valuations during that period.
Unusual Items: The report is a "Combination Report," indicating that a portion of the holdings is reported by other managers (Cohen & Steers Europe SA and Frank Russell Company). This is a standard administrative structure for multi-manager or international operations and is not an unusual item.
Key Facts for Investor Verification
- Portfolio Size: Verify the total value of $6.36 billion against the firm's total Assets Under Management (AUM) to determine the scope of this specific reporting entity.
- Concentration Risk: Confirm the percentage of the portfolio allocated to the Real Estate sector, as the top holdings are predominantly REITs.
- Voting Authority: Note that for many large positions (e.g., Simon Property Group, Public Storage), the manager holds "Shared" voting authority, indicating potential co-investment or fund-of-fund structures.
- Reporting Scope: Verify if the "Combination Report" status means this filing represents the entire firm's US equity holdings or only a specific subset managed by Cohen & Steers Capital Management Inc.
- Timing: Acknowledge that this data reflects the market environment of Q1 2009, a period of significant financial market volatility.