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, for the period ended December 31, 2006. The report was signed by Robert Steers, Co-Chairman and Co-Chief Executive Officer, on February 14, 2007. It is classified as a 13F Combination Report, indicating that a portion of the holdings are reported here while others are reported by other managers (specifically, Houlihan Rovers, SA and Frank Russell Company are listed as other managers).
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 itself. The key metrics provided relate to the portfolio under management:
- Total Portfolio Value: $20,255,865,000 (approx. $20.26 billion).
- Total Number of Holdings: 294 entries.
- Primary Investment Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), utilities, and dividend-paying equities. Top holdings by value include Equity Office Properties ($1.27B), Equity Residential ($647M), and Host Hotels & Resorts ($444M).
- Voting Authority: The manager reports "Shared" voting authority for the vast majority of positions, with some "Sole" authority noted for specific holdings.
Material Changes
The filing text provided is a snapshot of holdings as of December 31, 2006. It does not provide comparative data against the prior quarter (September 30, 2006) or prior year. Therefore, specific material changes in position size, new acquisitions, or divestitures cannot be determined from this document alone.
Guidance, Outlook, and Risks
Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The document strictly lists securities held, their values, and voting rights. No unusual items or specific risk disclosures are present in this text.
Investor Verification Checklist
- Portfolio Concentration: Verify the exposure to the Real Estate sector, which appears to be the dominant theme given the high value of REIT holdings (e.g., Equity Office, Equity Residential, Vornado Realty).
- Manager Attribution: Confirm the split of assets between Cohen & Steers and the other reporting managers (Houlihan Rovers, SA) to understand the total assets under management for the specific strategy.
- Valuation Timing: Note that values are as of December 31, 2006; verify current market prices to assess unrealized gains or losses since the filing date.
- Dividend Exposure: Review the significant holdings in utility and dividend-focused funds (e.g., Eaton Vance, Blackrock Dividend Achievers) to assess income generation potential.