SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp (Reporting Manager)
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2014
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 and limited partnership units.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 130 distinct holdings. The portfolio is heavily weighted toward real estate, energy infrastructure, and midstream partnerships, alongside significant positions in large-cap industrial and consumer companies.
Top Holdings by Value (Selected):
- General Growth Properties Inc: $6,013,635,000 (255,356,037 shares)
- Brookfield Residential Properties Inc: $1,536,960,000 (81,493,112 shares)
- Brookfield Property Partners LP: $952,058,000 (45,249,901 units)
- Brookfield Renewable Energy Partners LP: $1,222,024,000 (40,026,986 units)
- Brookfield CDA Office Properties Trust: $256,278,000 (10,564,117 units)
- Brookdale Senior Living Inc: $110,764,000 (3,437,749 shares)
Voting Authority: The manager exercises sole voting authority for the majority of holdings. Shared voting authority is noted for specific positions such as General Growth Properties, Rouse Properties, and Brookfield CDA Office Properties.
Material Changes and Portfolio Structure
Derivative Positions: The filing includes specific derivative instruments:
- Put Options: SPDR S&P 500 ETF Trust (25,000 units).
- Warrants: General Motors Co (multiple series expiring 2014/2015), Bank of America Corp, and JPMorgan Chase & Co.
Concentration: A significant portion of the reported value is concentrated in entities affiliated with the Brookfield family of companies (Real Estate, Infrastructure, and Renewable Energy), suggesting a strategic alignment with the parent organization's asset classes.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the presence of warrants and put options indicates active management of downside risk or leverage on specific equity positions.
Unusual Items: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Affiliated Holdings: Verify the extent of the manager's influence over Brookfield-affiliated entities (e.g., Brookfield Property Partners, Brookfield Renewable Energy) given the large share counts and voting authority.
- Derivative Exposure: Confirm the economic impact of the put options on the S&P 500 ETF and the warrants held on financial and automotive stocks.
- Shared Voting Rights: Investigate the agreements governing shared voting authority for General Growth Properties and Rouse Properties, as this may indicate joint ventures or specific governance arrangements.
- Valuation Basis: Note that values are reported in thousands (Column 4) and represent the market value at the end of the quarter, not necessarily the cost basis.