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 September 30, 2017
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the quarter. It details the number of shares, value, and voting authority for a diverse portfolio of public equities, including significant holdings in real estate, energy, infrastructure, and consumer sectors.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists numerous individual positions with values ranging from thousands to hundreds of millions of dollars. The portfolio is heavily weighted toward Real Estate Investment Trusts (REITs), Energy Midstream/Infrastructure, and Utilities.
| Top Holdings by Value (Selected) | Value (Approx. $) | Shares/Units |
|---|---|---|
| General Growth Properties (Common Stock) | $326,519,413 | 326,519,413 |
| Vistra Energy Corp (Common Stock) | $42,760,701 | 42,760,701 |
| Brookfield Property Partners LP | $50,438,485 | 50,438,485 |
| Brookfield Renewable Partners LP | $56,068,944 | 56,068,944 |
| Brookfield Business Partners LP | $24,784,250 | 24,784,250 |
| Transalta Corporation | $14,007,164 | 14,007,164 |
| Terraform Global Inc | $19,536,004 | 19,536,004 |
Liquidity and Debt: As a Form 13F, this document does not report the company's own liquidity, debt, or cash flow. It only reports the value of external equity holdings.
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 entities (e.g., Brookfield Property Partners, Brookfield Renewable Partners), is held with "Sole" voting authority. Other large positions, such as General Growth Properties and Vistra Energy, are listed with "DFND" (Discretionary) authority but show "0" for sole/shared voting in specific columns, indicating complex ownership structures or shared control.
Derivatives: The filing includes positions in Put and Call options for several issuers, including BHP Billiton, Peabody Energy, T-Mobile US, and SPDR S&P 500 ETF Trust.
Guidance, Risks, and Contingencies
Guidance: This filing contains no management commentary, forward-looking guidance, or outlook on future performance.
Risks: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The portfolio's heavy concentration in real estate and energy sectors implies exposure to interest rate fluctuations and commodity price volatility, though specific risk factors are not detailed in this form.
Investor Verification Checklist
- Affiliated Holdings: Verify the relationship between Brookfield Corp and its large holdings in Brookfield Property Partners, Renewable Partners, and Business Partners to understand potential conflicts of interest or consolidation effects.
- General Growth Properties: Confirm the status of the $326M position in General Growth Properties, noting the specific voting authority classification.
- Derivative Exposure: Review the Put/Call positions (e.g., Peabody Energy, BHP Billiton) to assess hedging strategies or speculative bets.
- Valuation Accuracy: Cross-reference the reported share counts and values with market prices as of September 30, 2017, to ensure the "Value" column reflects accurate period-end pricing.
- Voting Rights: Investigate the "Shared" vs. "Sole" voting authority for major positions to determine the extent of Brookfield's control over these entities.