SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended June 30, 2018
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the second quarter of 2018. It details the number of shares, value, and voting authority for a diverse portfolio of public equities, primarily focused on energy infrastructure, real estate, and utilities.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists holdings across multiple sectors with significant concentration in Energy Midstream, Real Estate Investment Trusts (REITs), and Utilities. Values are reported in thousands of dollars.
- Top Holdings by Value (Selected):
- General Growth Properties: $6,681,711 (327,053,880 shares)
- Teekay Offshore Partners LP: $562,769 (213,170,090 shares)
- Vistra Energy Corp: $1,011,718 (42,760,702 shares)
- Energy Transfer Partners LP: $362,133 (18,774,746 shares)
- Brookfield Renewable Partners LP: $1,684,872 (56,068,944 shares)
- Investment Authority: The majority of holdings are reported under "Discretionary" management (DFND), with specific blocks held under "Sole" voting authority (e.g., General Growth Properties, Brookfield Property Partners).
- Derivatives: The portfolio includes call and put options on select positions (e.g., Ambev SA, SPDR S&P 500 ETF, Weatherford Intl).
Material Changes and Observations
Comparison to Prior Period: As this is a static snapshot of holdings as of June 30, 2018, the filing text does not provide comparative data against the prior quarter (March 31, 2018) to calculate net purchases or sales. Material changes in position size cannot be determined from this document alone.
Notable Positions:
- Brookfield Affiliates: Significant holdings in related entities including Brookfield Property Partners, Brookfield Renewable Partners, and Brookfield Infrastructure Partners, all reported with Sole voting authority.
- Energy Sector: Heavy exposure to midstream energy partners (e.g., Enterprise Products Partners, Plains All American Pipeline, Williams Partners).
- Real Estate: Diversified REIT holdings including American Homes 4 Rent, Cousins Properties, and Simon Property Group.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies:
- Concentration Risk: The portfolio shows high concentration in specific sectors (Energy and Real Estate), which may expose the fund to sector-specific volatility.
- Derivative Exposure: The presence of call and put options indicates active risk management or speculative positioning on certain assets.
- Regulatory Disclaimer: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Valuation Accuracy: Verify the "Value" column (in thousands) against market prices on June 30, 2018, to confirm the reported portfolio size.
- Voting Rights: Note the distinction between "Sole" and "Discretionary" voting authority, particularly for Brookfield-affiliated entities where the manager may have direct control.
- Derivative Positions: Investigate the specific terms of the call and put options listed (e.g., on Ambev SA and Weatherford Intl) to understand potential leverage or hedging strategies.
- Related Party Transactions: Review the significant holdings in Brookfield's own spin-off entities (Renewable, Infrastructure, Property Partners) for potential conflicts of interest or strategic alignment.