SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended June 30, 2016
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. It details the number of shares, value, and voting authority for a diversified portfolio of public equities, primarily focused on real estate, energy, infrastructure, and financial sectors.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists holdings across multiple issuers. While a total aggregate portfolio value is not explicitly summed in the text, the largest individual positions by value include:
- General Growth Properties: Approximately $299.5 million (combined entries).
- Brookfield Renewable Energy Partners LP: Approximately $51.1 million.
- Brookfield Property Partners LP: Approximately $47.3 million.
- Brookfield Canada Office Properties TR: Approximately $15.1 million.
- TransAlta Corporation: Approximately $14.0 million.
Voting Authority: The manager exercises "Sole" voting authority for the majority of common stock holdings. "Shared" voting authority is noted for several Real Estate Investment Trusts (REITs) and energy partnerships, indicating co-investment or fund structures where voting rights are split.
Material Changes and Portfolio Activity
Derivatives and Options: The filing discloses the use of derivative instruments, including:
- Put Options: Held on CurrencyShares Euro Trust, HSBC Holdings, JPMorgan Chase, and United States Oil Fund.
- Call Options: Held on General Motors, Ishares Silver Trust, Ishares MSCI EAFE ETF, and Kraton Performance Polymers.
Concentration: The portfolio shows significant concentration in the energy and real estate sectors, with substantial holdings in midstream energy partners (e.g., Enterprise Products Partners, Kinder Morgan) and REITs (e.g., CBL & Associates Properties, Spirit Realty Capital).
Guidance, Outlook, and Risks
Management Commentary: This Form 13F is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The presence of put options on specific equities and commodities (e.g., Oil, Euro) suggests hedging strategies against market volatility in those specific areas.
Key Facts for Investor Verification
- Self-Holdings: Verify the extent of Brookfield Corp's holdings in its own affiliated entities (e.g., Brookfield Property Partners, Brookfield Renewable Energy Partners) to understand internal capital allocation.
- Distressed Assets: Note the significant position in General Growth Properties ($299.5M), which was undergoing bankruptcy proceedings during this period; verify the status of these holdings in subsequent filings.
- Derivative Exposure: Confirm the specific strike prices and expiration dates of the listed put and call options to assess the net risk exposure on the underlying assets.
- Voting Rights: Review the "Shared" voting authority entries to understand the governance structure of the underlying funds or partnerships.