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 June 30, 2019
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. The data reflects holdings across multiple investment accounts (indicated by Voting Authority codes DFND 1, 2, 3, 4, 5 and SOLE), including significant positions in energy infrastructure, real estate, and midstream partnerships.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide revenue, profit, cash flow, or margin data for Brookfield Corp itself. Form 13F filings report portfolio holdings, not the operating financial results of the reporting manager.
Debt and Liquidity: The filing text does not provide debt or liquidity metrics for Brookfield Corp.
Portfolio Highlights (Top Holdings by Value):
- Energy & Midstream: Significant positions in Energy Transfer LP (~$395M), Enlink Midstream LLC (~$174M), Williams Cos Inc (~$447M), and Kinder Morgan Inc (~$277M).
- Real Estate: Major holdings in Physicians Realty Trust (~$163M), VICI Properties Inc (~$108M), and Highwoods Properties Inc (~$142M).
- Infrastructure & Utilities: Substantial stakes in Enbridge Inc (~$118M), TC Energy Corp (~$133M), and NextEra Energy Inc (~$65M).
- Brookfield Affiliates: Large internal holdings in Brookfield Property Partners LP (~$1.55B), Brookfield Renewable Partners LP (~$1.94B), and Brookfield Business Partners LP (~$949M).
Material Changes and Voting Authority
Voting Authority Distribution: The portfolio is managed across several distinct accounts:
- DFND 1: The largest segment, containing the majority of public equity holdings in energy, real estate, and technology.
- DFND 3 & 4: Contain specific strategic holdings, including large positions in Terraform Power Inc (~$1.95B value) and GrafTech International Ltd (~$2.64B value).
- SOLE: Includes direct holdings in Brookfield Property REIT Inc and various Brookfield Partners LP units.
Derivatives: The filing lists Put and Call options on SPDR S&P 500 ETF Trust (SPY) and Cheniere Energy Inc, indicating hedging or speculative strategies alongside long equity positions.
Guidance, Outlook, and Risks
Management Commentary: The filing text does not contain management commentary, forward-looking guidance, or outlook statements.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy.
Unusual Items: The portfolio shows heavy concentration in Master Limited Partnerships (MLPs) and Real Estate Investment Trusts (REITs), which are subject to specific tax and regulatory environments distinct from standard corporations.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, noting that some large positions (e.g., Terraform Power, GrafTech) are held in specific sub-accounts (DFND 4/5).
- Confirm the distinction between "Sole" voting authority (direct control) and "Discretionary" (DFND) authority to understand the scope of Brookfield's direct influence versus managed assets.
- Review the Put/Call option positions on SPY and Cheniere Energy to assess hedging exposure against the long equity positions.
- Check for subsequent filings (13F-HR) to track changes in these positions for the following quarter.
- Validate the large holdings in Brookfield-affiliated entities (Partners LPs) to understand potential related-party exposure.