Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of Brookfield Asset Management Inc. and two other included managers as of the period ended December 31, 2012. The report was filed on February 14, 2013, by A.J. Silber, Vice President of Legal Affairs. The filing covers 182 distinct security entries with a total reported value of approximately $15.81 billion.
Key Financial Metrics
As a Form 13F filing, this document discloses long-only equity positions and does not contain revenue, profit, cash flow, or debt metrics for the reporting manager itself. Key portfolio metrics include:
- Total Portfolio Value: $15,811,370,000 (approx. $15.81 billion)
- Number of Holdings: 182
- Reporting Managers: Brookfield Asset Management Inc., Brookfield Investment Management Inc., and Brookfield Asset Management Private Institutional Capital Adviser (Canada) LP.
Top Holdings by Value
| Issuer | Value ($000s) | Shares/Units |
|---|---|---|
| General Growth Properties Inc. | 3,576,627 | 357,662,764 |
| Brookfield Office Properties Inc. | 2,493,625 | 249,362,561 |
| Rouse Properties, Inc. | 2,658,060 | 26,580,603 |
| Brookfield Residential Properties | 1,318,466 | 73,493,112 |
| American Tower Corp. | 965,660 | 1,249,724 |
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (September 30, 2012) to calculate material changes in holdings. However, the portfolio composition reveals a heavy concentration in:
- Real Estate Investment Trusts (REITs): Significant positions in office, residential, retail, and industrial properties (e.g., Brookfield Office Properties, AvalonBay, Simon Property Group).
- Energy and Midstream: Substantial holdings in pipeline and energy infrastructure (e.g., Kinder Morgan, Spectra Energy, Williams Cos).
- Brookfield Affiliates: The manager holds significant positions in its own affiliated entities, including Brookfield Office Properties and Brookfield Residential Properties.
Guidance, Outlook, and Risks
This filing is a regulatory disclosure of holdings and does not contain management commentary, financial guidance, outlook, or specific risk factors regarding the manager's operations. The filing includes standard representations that the information is true and correct.
Important Facts for Investor Verification
- Affiliated Holdings: Verify the extent of ownership in Brookfield-affiliated entities (Office Properties, Residential Properties, CDA Office Properties) to understand potential conflicts of interest or internal capital allocation.
- Concentration Risk: The top 5 holdings represent a significant portion of the total $15.81 billion portfolio, indicating high concentration in real estate and energy sectors.
- Reporting Scope: Confirm that this report includes holdings for three distinct managers under the Brookfield umbrella, not just the primary filer.
- Missing Data: Note that this document does not provide data on short positions, derivatives, or non-equity assets, which may be part of the broader investment strategy.