SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2015
Context: This filing discloses the equity securities held by BROOKFIELD Corp as of the end of the reporting period. It details the issuer, class of security, CUSIP, value, share/principal amount, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of equity securities, primarily consisting of common stocks, limited partnership units, and preferred shares. The portfolio is heavily weighted toward Real Estate Investment Trusts (REITs), Energy/Midstream partnerships, and Utilities.
Top Holdings by Value (Selected):
- General Growth Properties: $7,778,144,000 (299,504,977 shares)
- Brandywine Realty Trust: $145,600,000 (11,818,206 shares)
- Brookfield Canada Office Properties Trust: $194,380,000 (10,564,117 units)
- Brookfield Property Partners L.P.: $260,286,000 (12,128,906 shares)
- CBL & Associates Properties: $187,673,000 (13,648,969 shares)
- Outfront Media: $195,265,000 (9,387,737 shares)
- Prologis: $345,501,000 (8,881,779 shares)
- Enterprise Products Partners: $130,769,000 (5,251,762 shares)
- Northstar Realty Finance Corp: $128,277,000 (10,386,778 shares)
- PG&E Corp: $195,084,000 (3,694,780 shares)
Voting Authority: The majority of holdings are reported with "Sole" voting authority. Several large positions (e.g., American Tower, AvalonBay, Boardwalk Pipeline, Brandywine Realty) show "Shared" voting authority, indicating co-investment or managed accounts where voting rights are split.
Material Changes and Derivative Positions
Derivatives: The filing discloses specific derivative positions:
- Put Options: Held on Bank of Nova Scotia (122,500 shares), SPDR S&P 500 ETF (275,000 shares), SPDR Oil & Gas Exploration (370,000 shares), and Weyerhaeuser (100,000 shares).
- Call Options: Held on Golar LNG (75,000 shares) and Trinity Industries (100,000 shares).
Comparison to Prior Period: This filing is a snapshot of holdings as of September 30, 2015. The provided text does not contain data for the prior quarter (June 30, 2015); therefore, material changes in position size or new entries cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risks or contingencies. However, the concentration in Real Estate and Energy sectors implies exposure to interest rate fluctuations, commodity price volatility, and sector-specific regulatory changes.
Unusual Items: The filing includes a significant holding in General Growth Properties ($7.7 billion), which was a major real estate developer at the time. The presence of "DFND" (Discretionary) and "DFND 2/3" codes indicates the nature of the investment management authority over these accounts.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value and the percentage weight of the top 10 holdings, particularly the $7.7 billion position in General Growth Properties.
- Related Party Transactions: Confirm the extent of holdings in Brookfield-affiliated entities (e.g., Brookfield Canada Office Properties, Brookfield Property Partners, Brookfield Infrastructure Partners) to assess potential conflicts of interest or internal capital allocation.
- Voting Rights: Investigate the "Shared" voting authority positions to understand the structure of co-investments and the firm's actual control over corporate governance in those entities.
- Derivative Exposure: Review the specific terms of the Put and Call options disclosed to understand the firm's hedging strategies or speculative bets on specific equities and sectors.
- Regulatory Compliance: Ensure the filing was submitted within the required 45-day window following the quarter-end (by November 14, 2015).