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 September 30, 2022
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the third quarter of 2022. The portfolio is heavily concentrated in real estate, infrastructure, energy, and financial services sectors, with significant holdings in Brookfield's own affiliated entities.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual positions. Total value is not explicitly summed in the text, but individual position values are provided in thousands of dollars.
Top Holdings by Value (Selected):
- PG&E Corp: $16,124,458 (Sole Discretion)
- Energy Transfer LP: $14,315,566 (Sole Discretion)
- Equitrans Midstream Corp: $13,312,554 (Sole Discretion)
- Brookfield Renewable Partners: $68,749,416 (Sole Discretion)
- Brookfield Renewable Corp: $44,813,835 (Sole Discretion)
- Brookfield Business Partners: $26,279,715 (Sole Discretion)
- Brookfield Business Corp: $47,992,611 (Sole Discretion)
- Brookfield Asset Management: $130,335,896 (Sole Discretion)
Derivatives: The filing includes Put and Call options for various issuers (e.g., Activision Blizzard, Twitter, SPDR S&P 500 ETF), though specific notional values for these derivatives are not aggregated in the text.
Material Changes and Voting Authority
Voting Authority: The vast majority of holdings are reported with "Sole" voting authority. A smaller subset of positions (e.g., Cheniere Energy, Enbridge, Williams Cos) lists "Shared" voting authority.
Affiliated Holdings: Significant capital is deployed in Brookfield-affiliated entities, including Brookfield Asset Management, Brookfield Business, Brookfield Infrastructure, and Brookfield Renewable. These positions represent a substantial portion of the reported equity value.
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (June 30, 2022); therefore, material changes in position size or value cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in energy midstream, real estate (REITs), and infrastructure sectors implies exposure to interest rate fluctuations, commodity price volatility, and regulatory changes in those industries.
Unusual Items: The filing includes holdings in Special Purpose Acquisition Companies (SPACs) such as Austerlitz Acquisition Corp, Churchill Capital Corp VI, and Khosla Ventures Acquisition, indicating active participation in the SPAC market during this period.
Investor Verification Checklist
- Affiliated Concentration: Verify the total exposure to Brookfield's own family of companies (Asset Management, Business, Infrastructure, Renewable) to understand potential conflicts of interest or circular ownership structures.
- Energy Sector Exposure: Confirm the aggregate value of holdings in energy midstream and utilities (e.g., Energy Transfer, Equitrans, PG&E) given the sector's sensitivity to regulatory and commodity shifts.
- Derivative Positions: Review the specific Put/Call positions (e.g., Twitter, SPDR S&P 500) to determine if they represent hedging strategies or speculative bets not fully captured by the long equity positions.
- SPAC Holdings: Assess the risk profile of the listed SPAC investments, many of which have expiration dates noted in the filing (e.g., "W EXP 02/19/202").
- Valuation Basis: Note that values are reported in thousands; ensure proper scaling when aggregating total portfolio value.