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 December 31, 2015
Context: This filing discloses the equity securities held by the investment manager as of the end of the reporting period. It details the number of shares, value, and voting authority for a diversified portfolio of public equities.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists holdings across multiple sectors, with a significant concentration in Real Estate Investment Trusts (REITs), Energy/Midstream, and Infrastructure. The total value of reported holdings is not explicitly summed in the text, but individual positions range from thousands to hundreds of millions of dollars.
- Top Holdings by Value (Selected):
- General Growth Properties: $299,504,977 (299,504,977 shares)
- Brandywine Realty Trust: $12,643,252 (12,643,252 shares)
- Brookfield Canada Office Properties Trust: $10,564,117 (10,564,117 shares)
- Outfront Media Inc: $9,638,171 (9,638,171 shares)
- Prologis Inc: $7,454,157 (7,454,157 shares)
- Brookfield Property Partners LP: $45,249,901 (45,249,901 units)
- Brookfield Renewable Energy Partners LP: $40,026,986 (40,026,986 units)
- Voting Authority: The manager exercises "Sole" voting authority for the majority of positions. "Shared" authority is noted for several large positions, including American Tower Corp, American Water Works, AvalonBay Communities, and Brookfield Property Partners LP.
- Derivatives: The filing includes positions in Call and Put options (e.g., HSBC Holdings, SPDR S&P 500 ETF, Trinity Industries) and warrants (General Motors).
Material Changes and Portfolio Activity
Comparison to Prior Period: As this is a static snapshot of holdings as of December 31, 2015, the filing text does not provide comparative data against the prior quarter (September 30, 2015) to calculate net purchases or sales. Material changes in specific positions cannot be quantified without the preceding filing.
Notable Position Types:
- Related Party Holdings: Significant holdings in Brookfield-affiliated entities (Brookfield Property Partners, Brookfield Renewable Energy Partners, Brookfield Canada Office Properties Trust).
- Distressed/Complex Situations: Large holdings in General Growth Properties (which filed for bankruptcy in 2016) and Rouse Company (which merged with Simon Property Group in 2017).
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks. They are strictly regulatory disclosures of holdings.
Risks and Contingencies:
- Concentration Risk: The portfolio shows high concentration in the Real Estate and Energy sectors.
- Derivative Exposure: The presence of Put options (e.g., HSBC, iShares High Yield ETF) indicates hedging strategies or bearish views on specific assets.
- Liquidity: While most holdings are public equities, the sheer size of positions in certain REITs (e.g., General Growth Properties) may present liquidity constraints during market stress.
Key Facts for Investor Verification
- Related Party Transactions: Verify the extent of the manager's influence over the significant holdings in Brookfield-affiliated entities (Property Partners, Renewable Energy Partners).
- Distressed Assets: Investigate the status of the $299 million position in General Growth Properties, which was a major distressed asset at the time of filing.
- Voting Control: Review the "Shared" voting authority positions to understand potential conflicts or co-investment arrangements with other institutional investors.
- Derivative Strategy: Analyze the specific terms of the Call and Put options held to determine if they represent hedging or speculative positions.
- Valuation Accuracy: Confirm that the reported values (Column 4) reflect the market price as of December 31, 2015, particularly for illiquid or distressed securities.