SEC Filing Summary: Cohen & Steers, Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Cohen & Steers, Inc., a registered investment adviser. The reporting period covers holdings as of September 30, 2025. The document details the equity securities held by the firm, including common stocks, preferred stocks, and exchange-traded funds (ETFs), along with voting authority and share counts.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings but does not aggregate total portfolio value, revenue, profit, or cash flow for Cohen & Steers, Inc. itself. Instead, it lists individual security positions. Key observations include:
- Asset Classes: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Energy Infrastructure (MLPs), Utilities, and Fixed Income ETFs.
- Top Holdings by Share Count: Significant positions include Host Hotels & Resorts Inc. (85.8M shares), Hudson Pacific Properties (60.7M shares), Invitation Homes Inc. (70.9M shares), and Welltower Inc. (33.6M shares).
- Voting Authority: The firm exercises "Sole" voting authority for the vast majority of positions. "Shared" authority is noted for several large REIT and utility positions (e.g., Acadia Realty Trust, Agree Realty Corp., American Homes 4 Rent).
- Derivatives: The filing lists minimal derivative activity, primarily rights (e.g., BlackRock Income Trust) and warrants (e.g., Net Power Inc).
Material Changes and Portfolio Activity
Note: As this is a single-period snapshot, material changes versus the prior comparable period cannot be calculated from this text alone.
- Concentration: The portfolio demonstrates a distinct thematic focus on income-generating assets, with large allocations to healthcare REITs (Welltower, Ventas), residential REITs (Invitation Homes, UDR), and energy midstream companies (Enterprise Products Partners, Kinder Morgan).
- ETF Exposure: Significant holdings in BlackRock, Nuveen, and PIMCO ETFs suggest a strategy utilizing managed funds for fixed income and diversified equity exposure.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook statements. It is a statutory disclosure of holdings only.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. However, the concentration in interest-rate-sensitive sectors (REITs, Utilities) implies exposure to interest rate volatility.
Investor Verification Checklist
- Total Portfolio Value: Verify the aggregate market value of these holdings in the accompanying Form 13F cover page or quarterly report (10-Q), as this text only lists share counts and per-share values for individual items.
- Turnover Rate: Compare this list against the June 30, 2025 filing to determine the firm's trading activity and turnover rate for the quarter.
- Shared Voting Authority: Investigate the specific agreements regarding the "Shared" voting authority noted in large positions like Host Hotels & Resorts and Hudson Pacific Properties.
- Concentration Risk: Assess the percentage of the total portfolio represented by the top 10 holdings to evaluate concentration risk.