SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended June 30, 2014
Context: This filing discloses the equity securities held by BROOKFIELD Corp as of the end of the reporting period. It details the issuer, title of class, CUSIP, value, shares/principal amount, and voting authority for each holding.
Key Financial Metrics and Holdings
Note: Form 13F filings report portfolio holdings, not the company's own revenue, profit, or cash flow. The following metrics reflect the value of securities held by BROOKFIELD Corp.
- Top Holdings by Value:
- General Growth Properties Inc: $255,356,037
- Brookfield Residential Properties: $81,493,112
- Brookfield Property Partners LP: $45,249,931
- Brookfield Infrastructure Partners LP: $48,930,000
- Rouse Properties Inc: $19,387,624
- Portfolio Composition: Significant exposure to Real Estate Investment Trusts (REITs), Energy/Midstream Partners, and Financial Institutions.
- Voting Authority: The majority of holdings are reported with "Sole" or "Shared" voting authority, with some positions held with "None" (likely due to derivative structures or specific partnership units).
Material Changes and Observations
The filing text provided is a snapshot of holdings as of June 30, 2014. It does not contain comparative data from the prior quarter (March 31, 2014) to calculate material changes in position size or value.
- Concentration: The portfolio shows heavy concentration in Brookfield-affiliated entities (Infrastructure, Residential, Property Partners) and large-cap REITs.
- Derivative Activity: Several holdings include "Put" or "Call" designations or specific expiration dates (e.g., General Motors warrants expiring 07/10/2014, Bank of America warrants expiring 10/28/2014), indicating active use of derivatives.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, financial guidance, or future outlook for BROOKFIELD Corp.
Risks and Contingencies:
- Market Risk: The portfolio is heavily weighted toward real estate and energy sectors, which are subject to interest rate fluctuations and commodity price volatility.
- Liquidity Risk: While many holdings are public equities, the significant positions in limited partnership units (e.g., Brookfield Property Partners) may have different liquidity characteristics compared to common stock.
- Regulatory Disclaimer: The filing explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Affiliated Holdings: Verify the strategic intent behind the large positions in Brookfield Infrastructure, Residential, and Property Partners relative to the parent company's structure.
- Derivative Exposure: Confirm the risk profile associated with the warrant positions in General Motors and Bank of America, noting their expiration dates in 2014.
- REIT Concentration: Assess the impact of the top holding, General Growth Properties ($255M), on the overall portfolio risk, given the sector's sensitivity to retail market conditions.
- Voting Rights: Review the "Shared" vs. "Sole" voting authority columns to understand the extent of control BROOKFIELD Corp exercises over these entities.