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 December 31, 2022
Context: This filing discloses the equity securities held by Brookfield Corp at the end of the reporting period. The portfolio is heavily concentrated in real estate, infrastructure, energy, and utilities sectors, with significant holdings in Brookfield's own affiliated entities and a diverse range of public equities.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings disclose holdings by value and share count but do not report the reporting company's revenue, profit, cash flow, or debt. The following metrics reflect the disclosed portfolio positions.
- Total Disclosed Value: The filing lists hundreds of individual positions. The largest single position by value is Cheniere Energy Partners LP at approximately $5.78 billion.
- Top Holdings by Value (Selected):
- Cheniere Energy Partners LP: ~$5.78 billion
- Brookfield Corporation: ~$4.15 billion
- Brookfield Renewable Corp: ~$1.23 billion
- Brookfield Renewable Partners: ~$1.74 billion
- Brookfield Business Corp: ~$0.90 billion
- Brookfield Asset Management Ltd: ~$0.93 billion
- PG&E Corp: ~$254.4 million
- CenterPoint Energy Inc: ~$209.4 million
- Williams Cos Inc: ~$154.5 million
- Portfolio Breadth: The filing includes over 300 distinct issuers, ranging from large-cap industrials and technology firms to specialized REITs and energy MLPs.
Material Changes and Voting Authority
Voting Authority: The majority of positions are held with "Discretionary" (DFND) voting authority. A significant portion of the holdings in Brookfield-affiliated entities (e.g., Brookfield Corp, Brookfield Business, Brookfield Renewable) are held with "Sole" voting authority.
Derivatives: The filing discloses the use of call and put options for several positions, including:
- Activision Blizzard: Put options (100,000 shares).
- AMC Entertainment: Call options (100,000 shares).
- Horizon Therapeutics: Both Call and Put options.
- Select Sector SPDR Trusts: Significant Call and Put positions in Industrial and Mid-Cap ETFs.
Note: As this is a snapshot of holdings at period-end, specific material changes (increases or decreases) compared to the prior quarter cannot be calculated without the previous filing data.
Outlook, Risks, and Contingencies
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, guidance, or forward-looking statements.
Risks and Contingencies:
- Concentration Risk: The portfolio shows high concentration in the energy and infrastructure sectors, particularly through massive stakes in Cheniere Energy Partners and various Brookfield subsidiaries.
- Affiliated Holdings: Significant exposure to the reporting manager's own corporate family (Brookfield Corp, Asset Management, Business, Infrastructure, Renewable), which may present related-party considerations.
- Market Exposure: The use of options (puts and calls) indicates active hedging or speculative strategies on specific equities and ETFs.
Key Facts for Investor Verification
- Cheniere Energy Stake: Verify the strategic rationale for the ~$5.78 billion position in Cheniere Energy Partners LP, which is the largest single asset in the filing.
- Brookfield Family Exposure: Confirm the total aggregate value of holdings across all Brookfield-affiliated entities (Corp, Asset Management, Business, Infrastructure, Renewable) to assess internal concentration.
- Derivative Usage: Review the specific terms and expiration dates of the disclosed call and put options (e.g., on Activision Blizzard, AMC, Horizon Therapeutics) to understand the risk profile.
- REIT and MLP Exposure: Assess the liquidity and valuation risks associated with the numerous Real Estate Investment Trust (REIT) and Master Limited Partnership (MLP) holdings, which are sensitive to interest rate environments.
- Missing Data: Note that this filing does not provide data on the reporting company's own financial health (revenue, debt, cash flow), only its investment portfolio.