SEC Form 13F Summary: BROOKFIELD Corp
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by BROOKFIELD Corp for the reporting period ending December 31, 2023. The document discloses the company's holdings in equity securities, including common stocks, preferred stocks, and partnership units, as well as derivative positions (puts and calls). It does not contain operational financial statements (revenue, profit, cash flow) for Brookfield Corp itself, but rather a snapshot of its investment portfolio.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio with significant exposure to infrastructure, energy, and real estate sectors. Key metrics derived from the table include:
- Total Disclosed Value: The filing lists numerous positions with values ranging from thousands to billions of dollars. Notable large positions include Brookfield Business Corp ($1.1B), Brookfield Renewable Corp ($1.0B), and TransAlta Corp ($295M).
- Top Holdings by Value:
- Brookfield Business Corp: $1,099,860,713
- Brookfield Renewable Corp: $999,579,674
- Brookfield Corp (Common Stock): $1,321,335,109
- Energy Transfer LP: $188,871,248
- Williams Cos Inc: $183,643,097
- Derivative Activity: The portfolio includes put and call options on several energy and infrastructure names, such as Cheniere Energy, Energy Transfer LP, and Williams Cos Inc.
- Voting Authority: Voting rights are categorized as Sole, Shared, or None. Significant "Sole" voting authority is held in Brookfield-affiliated entities (e.g., Brookfield Business Partners, Brookfield Renewable Partners).
Material Changes and Portfolio Strategy
As a quarterly snapshot, this filing does not explicitly state percentage changes from the prior period. However, the composition indicates a heavy concentration in:
- Energy & Midstream: Significant holdings in Energy Transfer LP, Williams Cos Inc, Enterprise Products Partners, and Kinder Morgan.
- Real Estate (REITs): Diversified exposure including Prologis, American Homes 4 Rent, Digital Realty, and Public Storage.
- Utilities: Positions in NextEra Energy, PG&E Corp, and Sempra.
- Internal Holdings: Substantial positions in other Brookfield entities, suggesting cross-holding or management of affiliated assets.
Guidance, Risks, and Contingencies
Management Commentary: This filing type does not include management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. The portfolio's heavy weighting in energy and real estate sectors implies exposure to commodity price volatility, interest rate sensitivity, and regulatory changes affecting infrastructure and utilities.
Unusual Items: The filing lists several positions with "None" voting authority and significant put/call option activity, indicating active risk management or hedging strategies on specific energy assets.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio against the company's latest 10-K or 10-Q to assess the proportion of assets held in liquid securities versus private assets.
- Confirm the voting authority status (Sole vs. Shared) for the large Brookfield-affiliated holdings to understand control dynamics.
- Review the specific put/call option positions (e.g., on Cheniere Energy, Williams Cos) to determine if they represent hedging or speculative strategies.
- Check for any discrepancies between the "Value" column and current market prices for the reported share counts as of the period end.
- Investigate the "DFND" (Deferred) status noted in the investment discretion column for the majority of holdings.