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 September 30, 2016
Context: This filing discloses the equity securities held by the investment manager as of the end of the quarter. It is a regulatory disclosure of portfolio composition, not a financial performance report containing revenue, profit, or cash flow data.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of equity securities, primarily focused on real estate, infrastructure, and energy sectors. Key metrics derived from the table include:
- Total Holdings Disclosed: The table lists over 100 individual issuers.
- Top Holdings by Value (Selected):
- General Growth Properties, Inc.: $7,127,248,000 (258,233,612 shares)
- Brookfield Renewable Energy Partners LP: $1,572,634,000 (51,125,944 units)
- Brookfield Property Partners LP: $1,153,616,000 (50,332,307 units)
- Transalta Corporation: $62,209,000 (14,007,164 shares)
- Terraform Power Inc: $145,360,000 (10,450,000 shares)
- Derivatives: The portfolio includes Call options (e.g., General Motors, Goodyear) and Put options (e.g., JPMorgan Chase, United States Oil Fund, SPDR S&P 500 ETF).
- Voting Authority: Most holdings are reported with "Discretionary" authority. Significant portions of voting rights for certain REITs and infrastructure partners are reported as "Shared" or "None" (likely due to partnership structures or derivative positions).
Material Changes and Portfolio Strategy
Note: As this is a snapshot of holdings at a single point in time, the filing text does not provide comparative data against the prior quarter (June 30, 2016) to calculate material changes in position size or value. However, the composition indicates:
- Sector Concentration: Heavy allocation to Real Estate Investment Trusts (REITs) such as American Homes 4 Rent, AvalonBay Communities, and Simon Property Group.
- Infrastructure & Energy: Significant exposure to midstream energy and infrastructure via Kinder Morgan, Enterprise Products Partners, and Enbridge Energy Partners.
- Related Party Investments: Substantial holdings in Brookfield-affiliated entities (Brookfield Property, Renewable Energy, and Global Listed Infrastructure).
Guidance, Risks, and Contingencies
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook statements. Form 13F is a historical record of holdings only.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. No specific risk factors or contingencies are detailed in the text provided.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, noting that the provided text lists individual line items but does not explicitly state the total portfolio value.
- Confirm the voting authority status for the large positions in Brookfield-affiliated entities to understand the extent of control versus passive investment.
- Review the "Shared" voting authority entries (e.g., American Homes 4 Rent, American Tower) to determine if these represent joint ventures or co-investment structures.
- Check the derivative positions (Calls and Puts) to assess hedging strategies or speculative bets on specific issuers like General Motors or the broader market (SPDR S&P 500).
- Compare these holdings against the prior quarter's 13F filing (not included in this text) to identify net buying or selling activity.