Bruce Flatt

James Bruce Flatt’s 13F for the second quarter of 2026 shows a portfolio that is less a diversified fund and more a concentrated expression of the Brookfield ecosystem. The fund, BROOKFIELD Corp /ON/, holds roughly $77 billion in assets, and nearly 70 percent of that sits in Brookfield Asset Management Ltd. The two separate BAM line items, one at 65.7 percent and another at 3.8 percent, suggest distinct share classes or positions accumulated through different vehicles. This is a conviction bet on the parent company’s own fee-bearing capital, a structure that lets Flatt effectively reinvest in the firm’s management fees and future growth without taking on the operational risk of the underlying real assets. Outside the Brookfield family, the positioning is concentrated and thematic. Cheniere Energy Partners is the second-largest holding at 8 percent, a bet on LNG infrastructure and long-term gas export contracts. Space Exploration Technologies Corp, at 4.3 percent, is the only non-energy, non-Brookfield name in the top ten. That is an unusual pick for a value manager, but it fits a pattern of buying into capital-intensive, long-duration projects where the moat is scale and regulatory approval rather than price competition. The rest of the portfolio is Brookfield-affiliated vehicles: renewable energy partnerships, business corporations, and TransAlta. The repeated holdings in BBUC and BEPC suggest Flatt is using the 13F to consolidate control or signal support for these listed subsidiaries. The style is not classic value in the Graham sense. It is value in the Brookfield sense: buying assets with hard cash flows, then holding them through a corporate structure that keeps the parent at the center. The portfolio does not chase quarterly momentum. It is a statement of internal capital allocation, with the only external bets being Cheniere and SpaceX.