SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Quarter ended March 31, 2018
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the first quarter of 2018. It details the number of shares, value, and voting authority for a diverse portfolio of public equities, primarily focused on infrastructure, energy, real estate, and midstream sectors.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists over 100 individual holdings. While the total aggregate portfolio value is not explicitly summed in the text, the largest individual positions by value include:
- General Growth Properties: 327,053,880 shares valued at approximately $6.69 billion (Sole Voting Authority).
- Teekay Offshore Partners LP: 213,170,090 shares valued at approximately $483.9 million (Discretionary).
- Vistra Energy Corp: 42,760,701 shares valued at approximately $890.7 million (Discretionary).
- Norbord Inc.: 34,787,535 shares valued at approximately $1.23 billion (Discretionary).
- Brookfield Renewable Partners LP: 56,068,944 units valued at approximately $1.75 billion (Sole Voting Authority).
Asset Classes: The portfolio is heavily weighted toward Master Limited Partnerships (MLPs), Real Estate Investment Trusts (REITs), and energy infrastructure companies. Notable holdings include Kinder Morgan, Enbridge, Williams Partners, and Simon Property Group.
Material Changes and Voting Authority
Voting Authority Distribution:
- Sole Discretion: Significant holdings in affiliated Brookfield entities (e.g., Brookfield Property Partners, Brookfield Renewable Partners) and General Growth Properties are reported with "Sole" voting authority.
- Discretionary: The majority of the public equity portfolio (e.g., Vistra Energy, Teekay Offshore, Norbord) is reported with "Discretionary" voting authority.
Derivatives: The filing includes positions in Put options for specific ETFs, including the iShares MSCI Emerging Markets ETF (450,000 shares) and SPDR S&P 500 ETF Trust (250,000 shares).
Guidance, Outlook, and Risks
Management Commentary: This filing is a statutory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook statements.
Risks and Contingencies: The filing does not disclose specific risks or contingencies. However, the concentration in energy infrastructure and real estate sectors implies exposure to commodity price volatility and interest rate sensitivity.
Unusual Items: The filing includes a significant position in General Growth Properties (327 million shares), which may reflect a specific strategic holding or restructuring context relevant to the reporting period.
Investor Verification Checklist
- Affiliated Holdings: Verify the relationship between Brookfield Corp and the "Sole" voting authority positions in Brookfield Property Partners, Brookfield Renewable Partners, and Brookfield Infrastructure Partners.
- General Growth Properties: Investigate the context of the massive 327 million share position in General Growth Properties, as this represents a significant concentration of risk.
- Derivative Exposure: Confirm the hedging strategy behind the Put options held on the MSCI Emerging Markets ETF and S&P 500 ETF.
- MLP Concentration: Assess the aggregate exposure to Master Limited Partnerships (e.g., Kinder Morgan, Enbridge, Williams) given the sector's sensitivity to regulatory and commodity changes.
- Valuation Consistency: Cross-reference the reported share counts and values with market prices as of March 31, 2018, to ensure accuracy of the reported portfolio value.