SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp (Reporting Manager)
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended June 30, 2022
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. The portfolio is categorized by voting authority (Discretionary, Sole, Shared, None) and includes a mix of public equities, real estate investment trusts (REITs), and derivatives (calls/puts).
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report holdings by value and share count, not corporate financial performance (revenue, profit, cash flow) of the reporting manager.
- Portfolio Scope: The filing lists over 200 distinct issuers across various sectors including Energy, Real Estate, Technology, Healthcare, and Financials.
- Top Holdings by Value (Sole Discretionary):
- Brookfield Business Corp: 47,992,611 shares valued at approximately $1.10 billion.
- Brookfield Renewable Partners: 2,392,480 shares valued at approximately $68.7 million.
- Brookfield Renewable Corp: 1,596,103 shares valued at approximately $44.8 million.
- Brookfield Business Partners: 556,867 shares valued at approximately $26.3 million.
- Brookfield Infrastructure Corp: 553,044 shares valued at approximately $13.0 million.
- Top External Holdings (Discretionary):
- PG&E Corp: 121,343 shares valued at approximately $12.2 million.
- Energy Transfer LP: 146,873 shares valued at approximately $14.7 million.
- Equitrans Midstream Corp: 67,535 shares valued at approximately $10.6 million.
- CenterPoint Energy Inc: 217,376 shares valued at approximately $7.3 million.
- Derivatives: The portfolio includes Call and Put options on various issuers (e.g., Activision Blizzard, Alnylam Pharmaceuticals, Kohl's Corp, Twitter Inc).
Material Changes and Voting Authority
The filing distinguishes holdings based on the manager's voting authority:
- Sole Discretion: Significant holdings in Brookfield-affiliated entities (Business Corp, Renewable Partners, Infrastructure Corp) and specific external positions (e.g., Alibaba Group, American Equity Investment Life, Transalta Corp, GrafTech International).
- Discretionary (Shared/None): The majority of the listed external public equities (e.g., PG&E, Energy Transfer, Equitrans) are held with "Discretionary" authority, often split between "Sole" and "Shared" or "None" voting rights.
- Unusual Items: The filing includes holdings in Special Purpose Acquisition Companies (SPACs) such as Austerlitz Acquisition Corp, Churchill Capital Corp VI, and Khosla Ventures Acquisition, indicating active participation in the SPAC market during this period.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing is a regulatory disclosure of holdings and does not contain management commentary, financial guidance, or forward-looking statements regarding Brookfield Corp's future performance.
Risks and Contingencies:
- Concentration Risk: Significant exposure to the Brookfield ecosystem (Business, Renewable, Infrastructure) within the "Sole" discretion category.
- Market Exposure: Heavy weighting in Energy Midstream (Equitrans, Energy Transfer, Kinder Morgan) and Utilities (PG&E, NextEra, Dominion), which are sensitive to interest rates and commodity prices.
- Derivative Risk: Exposure to market volatility through the use of Call and Put options on various equities.
Key Facts for Investor Verification
- Self-Holding: Verify the magnitude of the position in Brookfield Business Corp ($1.1B), which represents a significant portion of the reported portfolio value.
- Energy Sector Weighting: Confirm the strategic allocation to energy infrastructure and midstream companies (e.g., Equitrans, Energy Transfer, Kinder Morgan) which dominate the discretionary list.
- SPAC Exposure: Review the list of SPAC holdings (e.g., Austerlitz, Churchill Capital) to assess the risk profile associated with pre-merger entities.
- Voting Control: Distinguish between "Sole" discretion (often internal or controlled assets) and "Discretionary" (external managed assets) to understand the scope of active management versus passive holding.
- Missing Data: This filing does not provide data on Brookfield Corp's own revenue, profit margins, debt levels, or cash flow. Those metrics must be sourced from the company's 10-K or 10-Q filings.