SEC Filing Summary: Cohen & Steers, Inc. (13F-HR)
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 June 30, 2008. The filing represents a "Combination Report," meaning it covers a portion of the manager's holdings, with other holdings reported by separate managers (specifically Frank Russell Company and Cohen & Steers Europe SA). The report was signed on August 14, 2008, by Lisa Phelan, Senior Vice President and Chief Compliance Officer.
Key Financial Metrics
As a Form 13F filing, this document discloses equity holdings rather than the company's own financial performance (revenue, profit, or cash flow). The following metrics reflect the portfolio managed by the firm:
- Total Portfolio Value: $16,561,494,000 (approx. $16.56 billion).
- Total Number of Holdings: 377 distinct securities.
- Asset Class Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Utilities, and Closed-End Funds (CEFs), consistent with the firm's specialization in real assets and income strategies.
- Top Holdings by Value:
- Host Hotels & Resorts Co: $324,275,000
- General Growth Properties: $582,429,000
- Vornado Realty Trust: $618,957,000
- Ventas Inc: $447,749,000
- Simon Property Group Inc: $749,994,000
Material Changes and Portfolio Composition
This filing provides a snapshot of holdings as of June 30, 2008, and does not contain comparative data against the prior quarter (March 31, 2008) within the text provided. However, the composition indicates a significant exposure to the real estate and utility sectors. Notable positions include substantial investments in hotel REITs (Host Hotels, Strategic Hotel Capital, Sunstone Hotel Investors) and retail REITs (Simon Property Group, Macerich Co, General Growth Properties). The portfolio also holds significant positions in utility companies such as Duke Energy, Exelon, and Dominion Resources.
Guidance, Risks, and Contingencies
Form 13F filings do not contain management guidance, forward-looking statements, or risk factor disclosures. The filing strictly lists securities held with voting authority. The concentration in real estate and high-yield instruments implies exposure to interest rate risk and real estate market volatility, though specific risk commentary is not present in this document.
Investor Verification Checklist
- Verify the total assets under management (AUM) for Cohen & Steers Capital Management Inc. to understand the proportion of the firm's total AUM represented by this specific report.
- Compare the June 30, 2008 holdings against the March 31, 2008 13F filing to identify significant buy/sell activity in the REIT and utility sectors.
- Review the concurrent 13F filings from the "Other Managers" listed (Frank Russell Company and Cohen & Steers Europe SA) to obtain a complete picture of the firm's total reported holdings.
- Assess the impact of the 2008 financial market conditions on the specific REIT and utility holdings listed, particularly those with high leverage or exposure to commercial real estate.