SEC Filing Summary: Cohen & Steers, Inc. (Form 13F-HR)
Business Context and Reporting Period
Reporting Manager: Cohen & Steers, Inc.
Filing Type: Form 13F Combination Report (partial holdings reported here; partial reported by other managers including Frank Russell Company).
Reporting Period: Quarter ended March 31, 2012.
Signatory: Lisa Phelan, Senior Vice President and Chief Compliance Officer.
Submission Date: May 15, 2012.
Key Financial Metrics
Note: As a Form 13F filing, this document reports equity holdings and does not contain the manager's internal revenue, profit, cash flow, or debt metrics.
- Total Reported Value: $29,674,138 (approx. $29.7 million).
- Total Number of Holdings: 424 entries.
- Portfolio Composition: Heavily concentrated in Real Estate Investment Trusts (REITs), Preferred Stocks, and High-Yield Income Funds. Significant exposure to Energy MLPs and Utilities.
- Top Holdings by Value (Reported):
- Simon Property Group Inc.: $3,468,271,000 (Note: Value column in source text appears to be in thousands, but the magnitude suggests a potential data formatting anomaly in the raw text or a specific reporting unit; however, based strictly on the provided text column "VALUE (x$1000)", the figure is 3,468,271).
- Vornado Realty Trust: $1,289,630,000 (Text: 1,289,630).
- ProLogis Inc.: $1,224,108,000 (Text: 1,224,108).
- Public Storage: $1,146,451,000 (Text: 1,146,451).
- Ventas Inc.: $1,011,456,000 (Text: 1,011,456).
Material Changes and Portfolio Activity
This filing represents a snapshot of holdings as of March 31, 2012. The document does not provide a comparative table against the prior quarter (December 31, 2011) to explicitly calculate net purchases or sales within this specific text block. However, the presence of a "Combination Report" indicates that the total portfolio managed by Cohen & Steers is larger than the $29.7 million reported in this specific submission, with other portions reported by affiliated managers.
Outlook, Risks, and Contingencies
Management Commentary: Not applicable. Form 13F filings are statutory disclosures of holdings and do not contain management discussion, guidance, or forward-looking statements.
Risks: The portfolio exhibits high concentration risk in the real estate sector (REITs) and interest-rate sensitive securities (Preferred Stocks, MLPs, High Yield Funds).
Unusual Items: The filing lists holdings with "Shared" voting authority for many positions, indicating co-management or fund-of-fund structures. Several holdings are listed with "Other Managers" (e.g., Cohen & Steers Capital Management, Inc. and Cohen & Steers Europe S.A.).
Investor Verification Checklist
- Verify Total AUM: Confirm the total assets under management by aggregating this report with the filings of the "Other Managers" listed (Frank Russell Company, Cohen & Steers Capital Management, Inc., Cohen & Steers Europe S.A.).
- Check Data Units: Verify the "Value" column scaling. The header states "(x$1000)", but the top holdings (e.g., Simon Property Group at 3,468,271) imply values in the billions if interpreted literally as thousands, which may exceed the "Value Total" of $29.7 million listed on the summary page. This discrepancy requires reconciliation with the full dataset.
- Confirm Voting Authority: Review the "Sole," "Shared," and "None" columns to understand the extent of control Cohen & Steers has over the reported positions.
- Review Related Filings: Cross-reference with the 13F filings of the affiliated managers to get a complete picture of the firm's strategy and exposure.