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 March 31, 2022
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. The portfolio is categorized by voting authority (Discretionary, Sole, Shared, None) and includes common stocks, preferred stocks, partnership units, and derivatives (calls/puts).
Key Financial Metrics and Portfolio Composition
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F filings report holdings and voting authority, not the operating financial performance of the reporting manager.
Portfolio Highlights (Selected Holdings by Value):
- Energy & Midstream: Significant positions in Energy Transfer LP ($14.6M), Equitrans Midstream Corp ($11.6M), Plains All American Pipeline ($9.1M), and Kinder Morgan ($4.6M).
- Real Estate (REITs): Major holdings include Invitation Homes ($3.1M), Healthpeak Properties ($3.0M), VICI Properties ($4.1M), and Vornado Realty Trust ($9.4M).
- Utilities & Infrastructure: Large stakes in PG&E Corp ($12.7M), Nisource ($6.3M), FirstEnergy Corp ($5.3M), and CenterPoint Energy ($7.6M).
- Brookfield Affiliates (Sole Discretion): The filing lists substantial holdings in Brookfield's own ecosystem, including Brookfield Renewable Partners ($68.7M), Brookfield Renewable Corp ($44.8M), and Brookfield Business Partners ($26.3M).
- Technology & Consumer: Notable positions in Amazon ($7.1M), Microsoft ($21.8M), and Meta Platforms ($5.0M), though these are relatively smaller compared to the energy/infrastructure focus.
Material Changes and Voting Authority
Voting Authority Distribution:
- Discretionary (DFND 1 & 2): The majority of the listed securities are held with discretionary voting authority, split between "Sole" and "Shared" discretion.
- Sole Discretion: Significant blocks of Brookfield-affiliated securities (e.g., Brookfield Renewable, Brookfield Business) and specific large-cap holdings (e.g., Alibaba, AT&T) are listed under Sole Discretion.
- Derivatives: The portfolio includes Put and Call options on various securities (e.g., Ambac Financial, Amicus Therapeutics, Kohl's), indicating active hedging or speculative strategies alongside long equity positions.
Comparison to Prior Period: The filing text does not provide a clear value for the prior period's holdings; therefore, material changes cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: The filing text does not provide a clear value for management commentary, guidance, or outlook. Form 13F is a regulatory disclosure of holdings and does not contain narrative financial analysis.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. The portfolio's heavy concentration in energy, midstream, and real estate sectors exposes the manager to sector-specific regulatory and commodity price risks.
Important Facts for Investor Verification
- Affiliate Concentration: Verify the total exposure to Brookfield's own subsidiaries (Renewable, Business, Infrastructure) which represent a significant portion of the "Sole Discretion" holdings.
- Derivative Exposure: Review the specific Put/Call positions (e.g., on Kohl's, Ambac, Amicus) to understand the net directional bias and hedging strategies employed.
- Sector Weighting: Confirm the aggregate weight of the Energy/Midstream and Utility sectors, which appear to be the dominant themes of the portfolio.
- Reporting Limitations: Acknowledge that this document reflects holdings at a single point in time (March 31, 2022) and does not reflect subsequent trading activity or current market values.