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 September 30, 2013
Context: This filing discloses the equity securities held by BROOKFIELD Corp as of the end of the third quarter of 2013. The table lists individual holdings, including issuer names, security titles, CUSIP numbers, share quantities, and market values. It details voting authority (Sole, Shared, None) and investment discretion.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings rather than consolidated financial statements for BROOKFIELD Corp itself. Key portfolio metrics derived from the table include:
- Top Holdings by Value:
- GENERAL GROWTH PPTYS INC NEW COM: $357,662,764 (Sole Discretion) + $203,717,625 (Other Discretion)
- BROOKFIELD OFFICE PPTYS INC COM: $249,362,561
- BROOKFIELD RESIDENTIAL PPTYS COM: $81,493,112
- BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN: $45,199,271
- BROOKFIELD CDA OFFICE PPTYS TR UNIT: $10,564,117
- Significant Non-Affiliate Holdings:
- ROUSE PPTYS INC COM: $26,580,603 (Sole) + $18,265,478 (Other)
- Iron Mountain Inc COM: $4,462,214
- Spectra Energy Corp COM: $4,810,185
- TransCanada Corp COM: $4,116,180
- Investment Discretion: The majority of holdings are reported with "DFND 1" (Discretionary) or "DFND 2" (Non-Discretionary) status, with voting authority split between Sole, Shared, and None.
Material Changes and Observations
Note: As this is a static snapshot of holdings for the period ended September 30, 2013, the filing text does not provide comparative data against the prior quarter (June 30, 2013) to calculate material changes in position size or value. However, the following structural observations are present:
- Concentration in Real Estate and Infrastructure: The portfolio is heavily weighted toward real estate investment trusts (REITs) and infrastructure partners, including significant positions in Brookfield-affiliated entities (Office, Residential, Property Partners) and external REITs (General Growth Properties, Rouse Properties, Simon Property Group).
- Energy Sector Exposure: Substantial holdings in energy midstream and infrastructure companies, including Spectra Energy, TransCanada, Enterprise Products Partners, and Kinder Morgan.
- Derivatives and Warrants: The filing includes specific positions in warrants (e.g., Bank of America, General Motors, JPMorgan Chase) and preferred shares (EPR Properties).
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook statements. Form 13F is a regulatory disclosure of holdings and does not include narrative analysis.
Risks and Contingencies:
- Concentration Risk: A significant portion of the reported value is concentrated in a small number of issuers, particularly those affiliated with the Brookfield ecosystem.
- Liquidity and Voting: Several large positions (e.g., Brookfield Office Properties, General Growth Properties) are held with "None" voting authority or shared authority, indicating potential limitations on direct control or specific trust structures.
- Regulatory Disclaimer: The filing explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Affiliated Holdings: Verify the relationship between BROOKFIELD Corp and its top holdings (Brookfield Office, Residential, Property Partners) to understand potential conflicts of interest or internal capital allocation strategies.
- General Growth Properties: Confirm the status of the $561M+ position in General Growth Properties, noting the split between Sole and Other discretion, which may indicate different fund mandates.
- Warrant Positions: Review the specific expiration dates and strike prices for the warrant holdings in Bank of America, General Motors, and JPMorgan Chase to assess leverage and risk exposure.
- Missing Data: The filing does not provide the total aggregate value of the portfolio, cash positions, or debt levels of BROOKFIELD Corp itself; these must be sourced from other filings (e.g., 10-K, 10-Q).