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, 2021
Context: This filing discloses the equity securities held by Brookfield Corp at the end of the reporting period. The portfolio is heavily concentrated in infrastructure, energy, real estate, and utilities, with significant holdings in affiliated Brookfield entities and a diverse range of public equities.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing lists individual security values in thousands of dollars. While a precise aggregate total is not explicitly summed in the text, the portfolio includes positions valued in the hundreds of millions (e.g., PG&E Corp at ~$20.5M, Plains All American Pipeline at ~$10.7M) and billions in aggregate across hundreds of holdings.
Top Holdings by Value (Selected):
- PG&E Corp: 20,534,725 shares (~$20.5M)
- Energy Transfer LP: 15,724,963 shares (~$15.7M)
- Plains All American Pipeline LP: 10,685,788 shares (~$10.7M)
- CenterPoint Energy Inc: 7,662,642 shares (~$7.7M)
- FirstEnergy Corp: 5,669,025 shares (~$5.7M)
- Brookfield Renewable Corp: 1,650,511 shares (~$44.8M)
- Brookfield Renewable Partners: 2,460,542 shares (~$68.7M)
- Brookfield Asset Management Inc: 7,869,681 shares (~$130.3M)
Debt and Liquidity: Not applicable. Form 13F reports equity holdings only and does not disclose corporate debt, cash flow, or liquidity metrics.
Material Changes and Voting Authority
Voting Authority: The filing distinguishes between "Sole," "Shared," and "None" voting authority. A significant portion of the portfolio, particularly in affiliated Brookfield entities and large utility holdings, is reported with "Shared" or "Sole" discretion.
Derivatives: The portfolio includes Call and Put options on various securities (e.g., Advanced Micro Devices, Carnival Corp, Xilinx Inc), indicating active hedging or speculative strategies alongside long equity positions.
Affiliated Holdings: The filing reveals substantial positions in Brookfield-affiliated entities, including Brookfield Asset Management, Brookfield Business Partners, Brookfield Infrastructure Corp, and Brookfield Renewable Corp/Partners, suggesting a strategic alignment with the parent organization's ecosystem.
Guidance, Outlook, and Risks
Guidance/Outlook: This filing is a regulatory disclosure of holdings and does not contain management commentary, financial guidance, or future outlook statements.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in energy, utilities, and real estate sectors exposes the portfolio to regulatory changes, commodity price volatility, and interest rate sensitivity. The presence of SPACs (Special Purpose Acquisition Companies) and warrants indicates exposure to merger-related risks.
Key Facts for Investor Verification
- Affiliated Concentration: Verify the extent of holdings in Brookfield-affiliated entities (Asset Management, Renewable, Infrastructure) to understand potential conflicts of interest or strategic alignment.
- Derivative Exposure: Review the specific Call and Put positions (e.g., AMD, Carnival, Xilinx) to assess hedging strategies or directional bets.
- SPAC Holdings: Note the significant number of SPAC units and warrants held (e.g., Churchill Capital Corp VI, Austerlitz Acquisition Corp), which carry specific redemption and merger risks.
- Sector Weighting: Confirm the heavy weighting in Utilities and Energy sectors, which may impact portfolio performance based on interest rate environments and energy prices.
- Voting Discretion: Distinguish between "Sole" and "Shared" voting authority to understand the level of control Brookfield Corp exercises over its investments.