SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended June 30, 2017
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the second quarter of 2017. It details the number of shares, value, and voting authority for a diverse portfolio of public equities, primarily focused on real estate, energy, infrastructure, and industrial sectors.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of holdings rather than corporate financial performance (revenue, profit, or cash flow). Key portfolio metrics include:
- Total Holdings Disclosed: The table lists over 100 distinct issuers.
- Top Holdings by Value (Selected):
- General Growth Properties, Inc.: $258,233,612
- Brookfield Property Partners LP: $50,438,485
- Brookfield Renewable Partners LP: $56,068,944
- Brookfield Business Partners LP: $24,784,250
- Norbord Inc.: $17,322,897
- Transalta Corporation: $14,007,164
- Voting Authority: Voting rights are categorized as Sole, Shared, or None. Significant "Shared" voting authority is noted in major real estate and energy partnerships (e.g., American Campus Communities, CBL & Associates, Kinder Morgan).
- Derivatives: The filing includes positions in Call and Put options (e.g., General Motors, Atwood Oceanics, CF Industries, PowerShares QQQ Trust).
Material Changes and Portfolio Structure
As a quarterly snapshot, this filing does not explicitly state changes versus the prior period (March 31, 2017) within the text provided. However, the structure reveals:
- Concentration: Significant exposure to Brookfield-affiliated entities (Property, Renewable, Business, Infrastructure Partners) and large-scale real estate investment trusts (REITs).
- Discretionary Management: Most positions are marked as "DFND" (Discretionary), indicating the manager has full authority over these trades.
- Non-Voting Positions: Several large positions, including BHP Billiton, Chevron, Exxon Mobil, and Potash Corp, are listed with "None" for voting authority, suggesting these may be held in specific accounts or structures where voting rights are not exercised by the reporting manager.
Guidance, Risks, and Contingencies
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The primary risk disclosed implicitly is the concentration of assets in specific sectors (Real Estate, Energy, Infrastructure) and the reliance on the accuracy of the reported share counts and values.
Important Facts for Investor Verification
- Valuation Basis: Verify that the "Value" column (in thousands) reflects the market price as of June 30, 2017, and compare this to current market prices to assess unrealized gains or losses.
- Affiliated Holdings: Confirm the extent of ownership in Brookfield-affiliated entities (Property, Renewable, Business, Infrastructure) to understand potential conflicts of interest or strategic alignment.
- Voting Rights: Investigate the "Shared" vs. "Sole" voting authority distinctions, particularly in large REIT and MLP positions, to understand the firm's influence on corporate governance.
- Derivative Exposure: Review the specific Call and Put positions (e.g., General Motors, CF Industries) to determine if these represent hedging strategies or speculative bets.
- Missing Data: The filing text does not provide total portfolio value, cash positions, or debt levels for Brookfield Corp itself; it only lists specific equity holdings.