SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Cohen & Steers Capital Management Inc.
Reporting Period: Quarter ended September 28, 2007.
Filing Date: November 14, 2007.
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: $19,733,968,000 (approx. $19.73 billion).
Total Number of Holdings: 362 entries.
Primary Asset Class: Equity securities (Common Stock, Preferred Stock, and Partnership Units).
Top Holdings by Value:
- Host Hotels & Resorts: $473,440,000
- Equity Residential: $618,750,000
- Liberty Property Trust: $495,501,000
- Simon Property Group: $788,556,000
- Vornado Realty Trust: $788,539,000
- UDR Inc: $344,990,000
- Prologis: $449,290,000
- Public Storage: $537,279,000
- Strategic Hotel Capital: $212,792,000
- Starwood Hotels & Resorts: $276,970,000
Note: The filing lists individual security values in thousands. The aggregate value is derived from the summary page total.
Material Changes and Portfolio Composition
Portfolio Focus: The portfolio demonstrates a heavy concentration in Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs), consistent with Cohen & Steers' investment strategy. Significant positions are held in residential, retail, office, and hospitality sectors.
Other Sectors:
- Utilities: Significant holdings in Duke Energy, Exelon, Entergy, and Consolidated Edison.
- Energy: Positions in Exxon Mobil, Chevron, ConocoPhillips, and various MLPs (e.g., Enterprise Products Partners, Magellan Midstream).
- Financials: Holdings in Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.
- Consumer Staples: Positions in Procter & Gamble, Coca-Cola, and PepsiCo.
Comparison to Prior Period: This filing is a snapshot of holdings as of September 28, 2007. The provided text does not contain the prior quarter's data; therefore, specific material changes (buys/sells) versus the prior period cannot be calculated from this document alone.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or earnings outlooks.
Risks and Contingencies:
- Concentration Risk: The portfolio is heavily weighted toward the real estate sector, exposing it to interest rate fluctuations and property market cycles.
- Liquidity: While most holdings are publicly traded equities, some closed-end funds and partnership units may have different liquidity profiles.
- Regulatory: The filing represents a "Combination Report," indicating that not all assets under management by the broader Cohen & Steers group are reported in this single document; some are reported by other managers (e.g., Cohen & Steers Europe SA).
Investor Verification Checklist
- Verify Total AUM: Confirm if the $19.73 billion represents the total assets under management for the entire firm or only the specific accounts managed by Cohen & Steers Capital Management Inc. for this report.
- Check for Off-Balance Sheet Items: Review if any significant derivatives or non-equity assets are excluded from this 13F report.
- Compare with 10-Q/10-K: Cross-reference these holdings with the company's own financial statements to understand the impact of these investments on their own balance sheet if they are significant.
- Real Estate Sector Exposure: Analyze the specific sub-sectors (e.g., hospitality vs. residential) to assess sensitivity to the 2007 economic environment.
- Other Managers: Investigate the holdings reported by "Cohen & Steers Europe SA" and "Frank Russell Company" to get a complete picture of the firm's global exposure.