SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2016
Context: This filing discloses the equity securities held by the investment manager at the end of the third quarter of 2016. The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), and high-yield fixed income instruments.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report holdings by value and share count, not corporate financial performance metrics such as revenue, profit, or cash flow.
- Portfolio Focus: Significant exposure to Real Estate (e.g., Prologis, UDR, Simon Property Group) and Energy Infrastructure (e.g., Enterprise Products Partners, Kinder Morgan).
- Top Holdings by Value (Selected):
- Prologis Inc.: $36,994,881
- UDR Inc.: $45,437,718
- Spirit Realty Capital: $58,936,994
- HCP Inc.: $41,360,821
- General Growth Properties Inc.: $18,990,448
- Fixed Income Exposure: Includes substantial corporate bond positions, such as Lloyds Banking Group ($114.7M), RBS ($107.8M), and HSBC Holdings ($75.1M).
- Voting Authority: The manager reports "Sole" or "Shared" voting authority for the majority of positions, with "None" for certain preferred shares or specific fund structures.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of September 30, 2016. It does not include the prior quarter's data (June 30, 2016) or a summary of purchases and sales. Therefore, material changes in position size cannot be calculated from this document alone.
Notable Holdings: The portfolio includes significant positions in distressed or restructuring real estate entities (e.g., General Growth Properties, HCP Inc.) alongside stable dividend payers (e.g., NextEra Energy, Verizon).
Guidance, Risks, and Contingencies
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, guidance, or outlook.
Risks and Contingencies:
- Concentration Risk: High concentration in the Real Estate and Energy sectors exposes the portfolio to sector-specific regulatory and interest rate risks.
- Liquidity Risk: Holdings include various MLPs and REITs which may have varying liquidity profiles compared to large-cap equities.
- Valuation Risk: The filing lists market values as of the reporting date; actual liquidation values may differ.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing Column 4 (Value) to assess total Assets Under Management (AUM) for this specific account.
- Compare the "Sole" vs. "Shared" voting authority columns to understand the extent of the manager's control over the reported securities.
- Cross-reference the "Put/Call" column (Column 5) to identify any derivative positions, though this filing primarily lists "SH" (Shares).
- Review the specific CUSIPs for preferred shares (e.g., Bank of America, Barclays) to confirm dividend yield assumptions.
- Check subsequent filings (Form 13F-HR for Q4 2016) to determine if these positions were maintained, increased, or liquidated.