Group 1 - Brookfield Residential Properties ULC will release its 2025 fourth quarter and year-end results on February 12, 2026, after market closes [1] - The financial results will be available on the company's website [1] - A conference call to discuss the results and current business initiatives is scheduled for February 13, 2026, at 11:00 am (EST) [2] Group 2 - Brookfield Residential is a leading land developer and homebuilder in North America, involved in creating master-planned communities and conducting homebuilding operations [3] - The company also engages in strategic real estate opportunities, including infill projects and joint ventures [3] - Brookfield Residential is part of Brookfield Corporation, a global alternative asset manager [3]

Core Thesis - Brookfield Corporation is viewed as a powerful long-term compounding machine, often compared to Berkshire Hathaway, due to its vertically integrated model and focus on critical real assets [3][5] Company Overview - Brookfield Corporation operates as a multi-asset manager with a focus on real estate, credit, renewable power, infrastructure, venture capital, and private equity, managing over $1 trillion in third-party capital [2][3] - The company generates earnings through three interconnected engines: asset management, wealth solutions, and operating businesses [4] Financial Performance - Brookfield has a three-decade track record of approximately 19% annualized returns, with management guiding toward over 20% growth in distributable earnings [5] - The company's shares were trading at $47.29, with trailing and forward P/E ratios of 134.24 and 13.77, respectively [1] Market Position - Despite its strong performance and growth potential, Brookfield trades at a significant sum-of-the-parts discount, with the market undervaluing its Wealth Solutions, real estate, carried interest, and operating platforms [5] - The complexity of Brookfield's business model has kept many retail investors on the sidelines, but this complexity also conceals its potential for sustained compounding and multiple expansion [3][5]

Core Viewpoint - The focus is on identifying GARP (growth at a reasonable price) stocks while also exploring various investment opportunities across the market [1]. Group 1: Investment Strategy - The investment approach does not adhere to a specific time horizon; stocks are held as long as the investment thesis remains valid, with exits occurring when facts change [1]. - The use of market-beating algorithms developed with Python has been instrumental in identifying attractive investment opportunities within the portfolio [1]. Group 2: Professional Background - The individual has experience working at TipRanks as an analysis/news writer and editor, which has enhanced market awareness and understanding of reader interests [1]. - Attention to detail has been emphasized, with a recognition of the prevalence of misinformation in the market that needs correction [1].

Group 1 - Brookfield Corporation will host its fourth quarter 2025 conference call and webcast on February 12, 2026, at 10:00 am (ET) with results released at approximately 7:00 am (ET) [1] - The company focuses on building long-term wealth through three core businesses: Alternative Asset Management, Wealth Solutions, and Operating Businesses in renewable power, infrastructure, business and industrial services, and real estate [1] - Brookfield Corporation has a track record of delivering over 15% annualized returns to shareholders for over 30 years, supported by its investment and operational experience [2] Group 2 - The company emphasizes a conservatively managed balance sheet and extensive operational experience, which allows it to access unique investment opportunities [2] - The Brookfield Ecosystem is highlighted as a fundamental principle where each group within the organization benefits from being part of the broader entity [2] - Brookfield Corporation is publicly traded on both the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol BN [2]

Group 1 - Brookfield Renewable Partners L.P. plans to redeem all outstanding Class A Preferred Limited Partnership Units, Series 7, for cash on January 31, 2026, at a redemption price of C$25.00 per unit, totaling C$175 million funded from available liquidity [1] - Holders of Series 7 Preferred Units of record as of January 15, 2026, will receive a final quarterly distribution of C$0.34375 per unit [1] Group 2 - Brookfield Renewable operates one of the largest publicly traded platforms for renewable power, with a diverse portfolio including hydroelectric, wind, solar, and storage facilities [2] - The company also invests in sustainable solutions such as nuclear services, carbon capture, agricultural renewable natural gas, materials recycling, and eFuels manufacturing [2] - Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, which manages over $1 trillion in assets [4]

Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

Core Insights - Brookfield Asset Management (BAM) is one of the largest alternative asset managers globally, with over $1 trillion in assets under management [1] Company Overview - BAM operates as a separate entity from Brookfield, indicating a strategic focus on its own growth and investment opportunities [1] Investment Strategy - The investment approach emphasizes a blend of value and growth, seeking solid companies that are undervalued due to weak market sentiment, as well as identifying lesser-known businesses with significant potential [1]

Group 1 - Major public sector pension funds in the UK are negotiating to acquire a stake in the holiday resort operator Center Parcs [1] - Institutions involved in the discussions include Greater Manchester Pension Fund, Local Pension Partnership, and Lothian Pension Fund, aiming to purchase 15% to 20% of the company [1] - The negotiations are part of a capital restructuring by Brookfield Asset Management, the Canadian owner of Center Parcs, which will retain majority ownership post-financing [1] Group 2 - Center Parcs operates five resorts in the UK and one in Longford Forest, Ireland, with a valuation of approximately £4.5 billion (around $6.1 billion) [1] - The refinancing is expected to be completed in the first quarter of 2026 [1]

Group 1 - Qualivian Investment Partners' Q3 2025 investor letter indicates that the fund outperformed the iShares MSCI USA Quality Factor ETF by 69.2% and 61.3% on a gross and net basis since inception through September 30, 2025, and exceeded the S&P 500 by 32.7% and 26.1% respectively [1] - The fund's top five holdings are highlighted as its best picks for 2025 [1] Group 2 - Brookfield Corporation (NYSE:BN) is identified as a key stock in the investor letter, with a one-month return of 0.50% and a 52-week gain of 20.73%, closing at $46.27 per share on December 23, 2025, with a market capitalization of $103.98 billion [2] - Qualivian Investment Partners sold its position in Copart (CPRT) and initiated a new position in Brookfield Corporation, which is described as a leading Canadian-based global alternative investment firm with over $1 trillion in assets under management [3] - Brookfield's operations are divided into three core businesses: Asset Management, Wealth Solutions, and Operating Businesses, which include renewable power, infrastructure, private equity, and real estate [3]

Core Insights - Pershing Square Capital Management, led by Bill Ackman, maintains a concentrated portfolio focused on high-conviction investments, emphasizing dominant franchises and long-duration cash flows [1][2] Portfolio Overview - The majority of capital is allocated to a few global compounders, with modest and selective position changes reflecting maintenance around core convictions rather than dramatic rotations [2][14] Key Holdings - **Uber Technologies (UBER)**: 30,270,518 shares valued at $2.97 billion, representing over 20% of the portfolio; slight reduction of 30,643 shares indicates rebalancing rather than a change in conviction [3][4] - **Brookfield Corp (BN)**: 41,020,231 shares valued at $2.81 billion, about 19% of assets; modest trim of 140,166 shares reinforces its status as a core compounding vehicle [5] - **Howard Hughes Holdings (HHH)**: 18,852,064 shares valued at $1.55 billion; unchanged position reflects patience in long-term real estate development strategy [6] - **Alphabet Inc. (GOOG)**: 6,324,031 shares valued at $1.54 billion; unchanged position highlights its role as a durable cash-generating franchise [7] - **Restaurant Brands International (QSR)**: 22,915,496 shares valued at $1.47 billion; slight reduction of 85,418 shares, yet remains a top holding with significant growth potential [8] - **Amazon.com (AMZN)**: 5,823,316 shares valued at $1.28 billion; unchanged position indicates confidence in long-term cash flow potential [9] - **Alphabet Inc. (GOOGL)**: 4,843,973 shares valued at $1.18 billion; reduction of 519,007 shares (-9.68%) reflects portfolio concentration management [10] - **Chipotle Mexican Grill (CMG)**: 21,541,177 shares valued at $844.2 million; unchanged position emphasizes operational excellence and brand-driven unit economics [11] - **Hilton Worldwide (HLT)**: 3,030,578 shares valued at $786.3 million; steady holding reflects confidence in asset-light lodging models [12] - **Seaport Entertainment Group (SEG)**: 5,023,780 shares valued at $115.1 million; stable position with no activity this quarter [13] Strategic Takeaways - The portfolio remains extremely concentrated, with the top five positions accounting for the majority of assets, reinforcing a preference for depth over breadth [14] - Changes in the portfolio were incremental, consisting mainly of small trims rather than aggressive repositioning [14] - High-quality compounders dominate the portfolio, with Uber, Brookfield, Alphabet, Amazon, and Chipotle anchoring it with durable cash flows [14] - Patience is a defining feature of the strategy, as minimal turnover and unchanged core positions reflect confidence in long-term investment theses [15]