SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table (Statement of Beneficial Ownership)
Reporting Period: Quarter ended December 31, 2013
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, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the portfolio's composition rather than the company's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Portfolio Focus: Heavy concentration in Real Estate Investment Trusts (REITs), Energy/Midstream Partners, and Infrastructure-related equities.
- Top Holdings by Value:
- General Growth Properties Inc: $255,356,037 (255,356,037 shares)
- BROOKFIELD Office Properties Inc: $249,362,561 (249,362,561 shares)
- BROOKFIELD Residential Properties: $81,493,112 (81,493,112 shares)
- BROOKFIELD Property Partners LP: $45,199,271 (45,199,271 units)
- ROUSE Properties Inc: $19,387,624 (19,387,624 shares)
- Notable Non-Real Estate Holdings: Significant positions in Spectra Energy Corp ($6,074,285), Williams Cos Inc ($4,415,281), and American Tower Corp ($3,429,024).
- Voting Authority: The majority of holdings are reported with "Sole" voting authority, though many large positions (e.g., General Growth Properties, Rouse Properties) are listed with "None" for sole authority, indicating shared or disclaimed voting rights in those specific entries.
Material Changes and Observations
Note: As this is a single-period snapshot, material changes versus the prior period cannot be calculated from this text alone. However, the following observations are notable:
- Related Party Exposure: The portfolio contains massive holdings in entities directly related to the BROOKFIELD family of companies (Office Properties, Residential Properties, Property Partners, CDA Office Properties).
- Derivatives: The filing includes holdings in warrants (e.g., Bank of America, General Motors, JPMorgan Chase) and preferred stock (e.g., Crown Castle, EPR Properties).
- ETF Exposure: The portfolio includes diversified exposure through iShares and SPDR ETFs covering S&P 500, Mid-Cap, Small-Cap, and International markets.
Guidance, Risks, and Contingencies
Guidance and Outlook: The filing text does not provide management commentary, future guidance, or outlook statements. Form 13F is a regulatory disclosure of holdings, not an earnings report.
Risks and Contingencies:
- Concentration Risk: The portfolio is heavily concentrated in the real estate and energy sectors, which are sensitive to interest rate fluctuations and commodity prices.
- Related Party Transactions: Significant holdings in affiliated entities may present conflicts of interest or complex valuation dependencies.
- Liquidity: While many holdings are public equities, the large block sizes in specific REITs could impact market liquidity upon sale.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column to assess total exposure.
- Confirm the voting authority status ("Sole", "Shared", "None") for the largest holdings to understand control dynamics.
- Compare these holdings against the prior quarter's 13F filing to identify net buys or sells in key positions like General Growth Properties or Spectra Energy.
- Review the specific CUSIPs for warrants and preferred stocks to understand the maturity dates and strike prices not fully detailed in the summary table.
- Assess the correlation between the "Shared" voting authority holdings and potential joint ventures or co-investment structures.