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 March 31, 2024
Context: This filing discloses the equity securities held by BROOKFIELD Corp as of the end of the reporting period. The portfolio is heavily concentrated in infrastructure, energy, real estate, and utilities, with significant holdings in affiliated Brookfield entities.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 100 distinct equity positions. The total value of reported holdings is substantial, with the largest single position exceeding $1.3 billion.
Top Holdings by Value (Selected):
- BROOKFIELD CORP: 32,934,574 shares valued at $1,378,970,613 (Discretion: Shared)
- BROOKFIELD RENEWABLE PARTNERS: 69,190,779 shares valued at $1,607,301,796 (Discretion: Sole)
- BROOKFIELD BUSINESS CORP: 47,244,876 shares valued at $1,140,491,307 (Discretion: Sole)
- CHENIERE ENERGY PARTNERS LP: 101,620,376 shares valued at $5,019,030,371 (Discretion: Shared)
- TRANSALTA CORP: 35,500,258 shares valued at $227,826,456 (Discretion: Shared)
- PG&E CORP: 8,761,490 shares valued at $146,842,572 (Discretion: Shared)
- WILLIAMS COS INC: 5,896,375 shares valued at $229,781,734 (Discretion: Shared)
Discretionary Authority: The filing distinguishes between "Sole" discretion (typically internal or direct holdings) and "Shared" or "Discretionary" (DFND) authority (typically managed funds or external accounts).
Material Changes and Observations
Affiliated Holdings: A significant portion of the portfolio consists of securities within the Brookfield ecosystem (Brookfield Corp, Business, Infrastructure, Renewable, and Reinsurance). These are reported under both "Sole" and "Shared" discretion, indicating complex cross-holding structures.
Energy and Infrastructure Focus: The portfolio shows heavy exposure to midstream energy (Cheniere, Enterprise Products, Energy Transfer, Williams Cos) and utilities (NextEra, Duke Energy, PG&E, Sempra).
Real Estate Exposure: Significant positions in REITs including Prologis, American Homes 4 Rent, AvalonBay, and Digital Realty Trust.
Comparison to Prior Period: As this is a static snapshot of holdings as of March 31, 2024, the filing text does not provide explicit percentage changes or buy/sell activity compared to the prior quarter (December 31, 2023). Investors must compare this table against the previous 13F filing to determine material changes.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, management commentary, or earnings outlooks.
Risks and Contingencies: The filing does not detail specific risk factors. However, the concentration in energy infrastructure and real estate implies exposure to interest rate fluctuations, regulatory changes in the energy sector, and commercial real estate market conditions.
Unusual Items: The filing includes a large block of Cheniere Energy Partners LP valued at over $5 billion, which represents a dominant position in the portfolio. Additionally, there are holdings in private or less liquid entities such as Allied Gaming & Entertainment and Pinstripes Holdings.
Key Facts for Investor Verification
- Concentration Risk: Verify the total exposure to Brookfield-affiliated entities versus external third-party holdings to understand the degree of internal leverage or circular ownership.
- Valuation Methodology: Confirm the market price used for the "Value" column, particularly for partnership units (e.g., Cheniere Energy Partners) which may trade at a discount or premium to NAV.
- Discretionary Breakdown: Analyze the split between "Sole" and "Shared" discretion to determine how much of the portfolio is under direct corporate control versus managed by external fund managers.
- Recent Activity: Cross-reference with the Q4 2023 13F filing to identify significant new entries (e.g., Transalta Corp) or exits.
- Liquidity of Holdings: Assess the liquidity of the smaller positions (e.g., Vistra Corp, GrafTech International) which may have lower trading volumes.