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 March 31, 2015
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. It details holdings across various sectors, with a significant concentration in real estate, energy infrastructure, and midstream partnerships. The filing categorizes voting authority as Sole, Shared, or None, and identifies investment discretion levels.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 150 distinct equity positions. While specific aggregate portfolio value is not explicitly summed in the text, the largest individual holdings by share count and value include:
- General Growth Properties, Inc.: 299,504,977 shares (Value: $8,850,372,000 approx based on column 4).
- Brookfield Property Partners LP: 45,249,901 shares (Value: $1,034,179,000 approx).
- Brookfield Canada Office Properties: 10,564,117 shares (Value: $239,035,000 approx).
- Prologis Inc: 9,110,828 shares (Value: $396,868,000 approx).
- Outfront Media Inc: 8,979,698 shares (Value: $268,673,000 approx).
- Williams Cos Inc: 5,577,508 shares (Value: $282,166,000 approx).
Derivatives: The filing includes positions in Put and Call options (e.g., BHP Billiton, Freeport-McMoRan, General Motors) and warrants (General Motors).
Liquidity and Debt: The filing text does not provide data on the company's cash flow, debt levels, or liquidity ratios, as Form 13F is strictly a disclosure of holdings.
Material Changes and Voting Authority
Voting Authority Distribution:
- Sole Discretion: The majority of holdings are reported with Sole voting authority (e.g., Apple, Coca-Cola, General Electric).
- Shared Discretion: Significant positions in Real Estate Investment Trusts (REITs) and Energy Partnerships show Shared voting authority. Notable examples include CBL & Associates Properties (4.1M shares shared), Douglas Emmett (1.8M shares shared), and NorthStar Realty Finance (2.4M shares shared).
- None: Certain holdings, such as Brookfield High Income Fund and Toll Brothers, report "None" for voting authority, often indicating specific fund structures or derivative positions.
Unusual Items: The filing includes a substantial position in General Growth Properties (nearly 300 million shares), which represents a dominant portion of the reported equity value. Additionally, there are specific derivative positions (Puts/Calls) on industrial and energy stocks like Parker Drilling and Cooper Tire.
Guidance, Outlook, and Risks
Management Commentary: This filing contains no management commentary, forward-looking guidance, or outlook statements. It is a statutory disclosure of holdings only.
Risks and Contingencies: The filing does not discuss operational risks or contingencies. However, the concentration of assets in the real estate and energy sectors implies exposure to interest rate fluctuations and commodity price volatility.
Investor Verification Checklist
- Verify the valuation of the General Growth Properties position, as it represents the single largest reported asset value.
- Confirm the nature of "Shared" voting authority in major REIT holdings to understand governance influence.
- Review the derivative positions (Puts/Calls) to assess hedging strategies versus speculative intent.
- Check for any subsequent filings (13F-HR) to see if these positions were adjusted in the following quarter.
- Validate the "None" voting authority entries for internal funds (e.g., Brookfield High Income Fund) to ensure proper classification.