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 March 31, 2014
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. It is a regulatory disclosure of investment holdings and voting authority, not a financial performance report.
Key Financial Metrics and Holdings
Note: Form 13F filings do not report revenue, profit, cash flow, margins, debt, or liquidity for the reporting company. They only list the value and quantity of securities held.
Total Portfolio Composition: The filing lists approximately 130 distinct equity positions, including common stocks, preferred stocks, limited partnership units, and exchange-traded funds (ETFs).
Top Holdings by Value (Selected):
- Brookfield Office Properties: 469,393,505 shares (Value: ~$4.26 billion)
- Brookfield Residential Properties: 81,493,112 shares (Value: ~$1.39 billion)
- Brookfield Canada Office Properties Trust: 10,564,017 units (Value: ~$2.78 billion)
- Brookfield Property Partners: 45,249,931 units (Value: ~$3.83 billion)
- General Growth Properties: 255,356,036 shares (Value: ~$1.43 billion)
- Rouse Company: 19,387,624 shares (Value: ~$6.51 billion)
Investment Discretion: The vast majority of holdings are reported with "Sole" voting authority, indicating direct control by the investment manager. Some positions show "Shared" or "None" voting authority.
Material Changes and Observations
Comparison to Prior Period: This filing text does not contain data for the prior quarter (December 31, 2013). Therefore, specific changes in share counts or values cannot be calculated from this document alone.
Portfolio Concentration: The portfolio is heavily concentrated in real estate investment trusts (REITs), infrastructure, and energy midstream partnerships. Significant holdings include major Brookfield-affiliated entities (Office, Residential, Property Partners) and external REITs such as Rouse, General Growth Properties, and Simon Property Group.
Derivatives: The filing lists several positions with "Put" or "Call" designations (e.g., Bank of America warrants, General Motors warrants), indicating the use of derivative instruments.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this table. The filing serves strictly as a snapshot of holdings.
Unusual Items: 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
- Affiliated Holdings: Verify the extent of Brookfield Corp's ownership in its own spin-off entities (Brookfield Office, Residential, Property Partners) to understand potential conflicts of interest or capital recycling strategies.
- Valuation Basis: Confirm that the "Value" column represents the fair market value as of March 31, 2014, and not a cost basis.
- Voting Rights: Review the "Voting Authority" columns to distinguish between shares held for investment versus shares held with full voting control.
- Derivative Exposure: Investigate the specific terms of the warrant positions (e.g., Bank of America, General Motors) to understand potential upside or downside exposure.
- Missing Data: Acknowledge that this document provides no data on the company's own financial health (revenue, debt, cash flow) or future earnings guidance.