Business Context and Reporting Period
This Form 13F-HR filing is a combination report submitted by Cohen & Steers Capital Management Inc. for the quarter ended March 31, 2007. The report covers holdings managed by Cohen & Steers Capital Management Inc. and one other included manager, Cohen & Steers Europe SA. The filing was signed by Robert Steers, Co-Chairman and Co-Chief Executive Officer, on May 14, 2007.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than corporate financial performance (revenue, profit, or cash flow). The key metrics provided are:
- Total Portfolio Value: $20,768,973,000 (approximately $20.77 billion).
- Total Number of Holdings: 372 entries.
- Number of Other Managers Included: 1 (Cohen & Steers Europe SA).
- Primary Investment Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Utilities, and Closed-End Funds (CEFs).
Material Changes and Portfolio Composition
This filing represents a snapshot of holdings at the end of the period; it does not provide comparative data against the prior quarter to calculate material changes in position size or value. However, the composition reveals significant strategic positioning:
- Top Holdings by Value: The largest positions include Liberty Property Trust ($605.8M), Prologis ($387.6M), Vornado Realty Trust ($769.2M), and Simon Property Group ($717.4M).
- REIT Dominance: A substantial portion of the portfolio consists of equity REITs, including Apartment Invt & Mgmt ($446.2M), AvalonBay Communities ($519.9M), and Equity Residential ($641.4M).
- Utility Exposure: Significant holdings in utility companies such as Duke Energy ($175.4M), Consolidated Edison ($116.0M), and PG&E Corp ($112.5M).
- Closed-End Funds: The manager holds numerous CEFs, including various BlackRock, Eaton Vance, and Nuveen funds.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks. This document is a regulatory disclosure of past holdings only.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in real estate and utility sectors implies exposure to interest rate fluctuations, property market cycles, and regulatory changes affecting utility rates. The presence of "Shared" voting authority in several large positions (e.g., Alexandria Real Estate Equities, AMB Property Corp) indicates co-management or shared control arrangements for those specific assets.
Important Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $20.77 billion against the firm's total assets under management (AUM) to understand the scope of this specific reporting entity.
- Concentration Risk: Note the heavy weighting in the Real Estate and Utility sectors, which may correlate strongly with interest rate movements.
- Reporting Scope: Confirm that this is a "Combination Report" including Cohen & Steers Europe SA, meaning the holdings listed are not solely under the direct control of the New York-based manager.
- Voting Authority: Review the "Shared" voting authority columns for major REIT holdings to understand the extent of the manager's direct control versus shared influence.
- Missing Data: The filing does not provide cost basis, unrealized gains/losses, or transaction activity (buys/sells) during the quarter.