Core Insights - Brookfield Asset Management's President Connor Teskey emphasizes the company's integration of AI technology in its operations [1] - Teskey expresses confidence in the "robust" fundamentals of the real estate market, indicating a positive outlook for the sector [1] Company Utilization of AI - The company is actively utilizing artificial intelligence to enhance its operational efficiency and decision-making processes [1] Real Estate Market Outlook - Teskey highlights strong underlying fundamentals in the real estate market, suggesting resilience and potential growth opportunities [1]

Core Insights - The investment strategy focuses on long-term macro and secular trends, identifying companies that will be essential in the future [1] - The portfolio is typically concentrated, holding 8-12 companies, with a buy-and-hold philosophy aimed at long-term income generation and growth opportunities [1] Investment Approach - A top-down approach is employed, starting with macro trends and drilling down to industries and companies with strong fundamentals [1] - The emphasis is on durable themes that shape the future, ensuring that selected companies have proven management and attractive valuations [1] Portfolio Management - The strategy includes a mix of long-term income generation and selective large growth opportunities for outsized returns [1] - Patience is a key component, allowing long-term ideas to compound over time [1]

Group 1 - Brookfield Corporation and Brookfield Asset Management Ltd. will host their Investor Day on September 10, 2025, in New York [1] - The event for Brookfield Asset Management will take place from 1:00 p.m. to 3:00 p.m. (ET), followed by Brookfield Corporation's event from 3:30 p.m. to 5:30 p.m. (ET) [1] - A live webcast of the event will be available, and a replay will be accessible shortly after the event for those unable to attend live [2] Group 2 - Brookfield Corporation is a leading global investment firm focused on long-term wealth building, with three core businesses: Alternative Asset Management, Wealth Solutions, and Operating Businesses [3] - The company has delivered over 15% annualized returns to shareholders for over 30 years, supported by its investment and operational experience [4] - Brookfield Asset Management Ltd. manages over $1 trillion in assets across various sectors, including infrastructure and renewable power, focusing on long-term investments [5]

Core Insights - The current income value proposition of BIP remains strong, indicating a positive outlook for the company [1] Group 1 - The analyst has consistently maintained a bullish stance on BIP, suggesting confidence in its financial performance [1] - The analyst has a beneficial long position in BIPC shares, indicating personal investment interest [2] - The analyst's background includes over a decade of experience in financial management and contributions to the development of capital markets in Latvia [1]

Core Viewpoint - Danone has successfully launched a €1.3 billion dual-tranche bond issue to enhance its funding flexibility and extend the maturity of its debt [1][2]. Group 1: Bond Issue Details - The bond issue consists of two tranches: €800 million in 2-year floating rate notes with a coupon of Euribor 3 months + 27 basis points, and €500 million in undated deeply subordinated fixed rate resettable notes with a fixed resettable coupon of 3.95% [6]. - The proceeds will be used for general corporate purposes, including refinancing existing €500 million undated deeply subordinated fixed rate resettable notes callable in September 2026 [1][2]. Group 2: Financial Reporting and Credit Metrics - The undated deeply subordinated notes will be fully accounted as equity under IFRS standards and treated as 50% equity by Moody's and Standard & Poor's in their credit metrics [2]. - The settlement of the bond issue is expected to take place on September 8, 2025, and the bonds will be listed on Euronext Paris [2]. Group 3: Investor Confidence and Company Overview - The bond issue was widely subscribed by a diversified investor base, indicating high confidence in Danone's business model and credit profile [3]. - Danone is a leading global food and beverage company with a focus on health-oriented products, generating €27.4 billion in sales in 2024 and operating in over 120 markets [3].

Core Insights - Bill Ackman has made significant moves in his Pershing Square Capital Management portfolio, with approximately 58% of the portfolio concentrated in three companies [2][4][9]. Company Summaries Uber Technologies (20.6%) - Ackman invested heavily in Uber, acquiring 30.3 million shares, making it the largest position in the portfolio [4]. - Uber's user base reached 180 million, a 15% year-over-year increase, with a 2% rise in trips per user [5]. - The company reported a 35% year-over-year growth in adjusted EBITDA, driven by a 20% increase in delivery gross bookings [5]. - Uber's stock is currently valued at about 1.2 times its gross bookings, with expectations for high teen growth, indicating it is fairly valued [8]. - The company is strategically positioned in the autonomous vehicle industry, having partnered with 20 companies, including Waymo [6][7]. Brookfield Corporation (19.7%) - Ackman has gradually built a position in Brookfield Corporation over the last five quarters, making it the second-largest holding [9]. - The company reported a 13% increase in distributable earnings per share last quarter and anticipates 21% annual growth from 2024 to 2029 [10]. - Brookfield's Wealth Solutions segment has seen rapid growth, with insurance assets increasing from $45 billion to $135 billion in two years, projected to exceed $300 billion by 2029 [10][11]. - The company is utilizing free cash flow for share buybacks and new investments, enhancing its earnings potential [12]. Alphabet Inc. (17.9%) - Ackman initially purchased shares of Alphabet in early 2023, viewing the market's reaction to generative AI as an overreaction [13]. - Alphabet's core advertising business grew by 10% year-over-year, with Google Search increasing by 12% [14]. - The Google Cloud segment experienced a 32% year-over-year sales increase, contributing significantly to overall operating earnings [15]. - Alphabet faces regulatory challenges, with the Department of Justice ruling it operates an illegal monopoly, which could impact its business model [16]. - The stock trades at less than 21 times forward earnings expectations, the lowest among the "Magnificent Seven" stocks, presenting a compelling investment opportunity [17].

Core Insights - Danone is evolving its leadership structure to operate through three geographical divisions: EMEA, Asia Pacific, and Americas, enhancing agility and market impact as part of its Renew Danone strategy [1][3] - The company aims to accelerate its transformation with a more compact and simpler organization at the top [3] - Danone generated €27.4 billion in sales in 2024, with a mission to bring health through food to as many people as possible [4] Leadership Changes - Christian Stammkoetter, President for Asia, Africa, and the Middle East, will leave Danone after 19 years, remaining in his role until the end of the year [2] - Pablo Perversi is appointed President EMEA, Bruno Chevot is appointed President APAC, and Henri Bruxelles is appointed President Americas [6] - Laurent Sacchi will lead Sustainability efforts to further the company's health mission through sustainability and social impact [2] Strategic Goals - Danone's Renew strategy focuses on restoring growth, competitiveness, and long-term value creation [4] - The company aims to achieve B Corp certification globally by 2025, reflecting its commitment to sustainability [4]

Core Insights - Brookfield Corporation has delivered impressive wealth-building returns, averaging over 15% annually for the past 30 years, outperforming the S&P 500 and many leading companies [1] - Over the past five years, Brookfield has achieved a robust 19.2% average annual total return, significantly higher than the S&P 500's 13.8% [3] - A $1,000 investment in Brookfield five years ago would be worth over $2,400 today, compared to approximately $1,900 for the same investment in the S&P 500 [3] Financial Performance - The company has an impressive 18% annualized earnings growth rate, driven by the rapid expansion of its wealth solutions business [4] - The wealth solutions platform has grown from about $2 billion in insurance assets under management (AUM) four years ago to over $110 billion today, largely due to strong organic growth and acquisitions [4] - Recent acquisitions include AEL for $4.3 billion in 2023 and American National for $5.1 billion in 2022, contributing to over $2 billion in annual earnings from this business [4] Asset Management Expansion - Brookfield has significantly expanded its alternative investment management platform, which now has over $1 trillion in AUM [5] - The expansion has been achieved through strategic partnerships and the launch of new flagship investment funds, focusing on megatrends such as infrastructure, renewable energy, and private credit [5] Future Outlook - The company anticipates that the next five years will be even better, with ongoing rapid expansion of its wealth solutions and asset management platforms expected to drive higher total returns for investors [6]

Core Insights - AI stocks are currently perceived to be trading in bubble territory, with many companies exhibiting extremely high valuations, a sentiment echoed by OpenAI CEO Sam Altman [2] Group 1: Investment Focus - iREIT+HOYA Capital emphasizes income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging opportunities [1] Group 2: Market Sentiment - The acknowledgment of inflated valuations in AI stocks indicates a cautious market sentiment, suggesting a potential reevaluation of investment strategies in this sector [2]

Core Viewpoint - Brookfield Corporation has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid to repurchase up to 10% of the public float of its outstanding Class A Preference Shares, with the bid period extending from August 22, 2025, to August 21, 2026 [1][3]. Summary by Relevant Sections Normal Course Issuer Bid - The renewed normal course issuer bid allows Brookfield to purchase Preferred Shares on the open market, with all acquired shares to be cancelled [1][3]. - The company has not made any purchases under the current issuer bid that commenced on August 22, 2024, which will expire on August 21, 2025 [3]. Series and Trading Information - The company has various series of Preferred Shares, with the maximum number of shares subject to purchase varying by series. For example, Series 2 has a maximum of 1,717 shares, while Series 24 has a maximum of 2,966 shares [2][14]. - The average daily trading volume for these shares ranges from 1,000 to 11,864, depending on the series [2]. Automatic Share Purchase Plan - Brookfield plans to implement an automatic share purchase plan around the week of September 22, 2025, allowing for purchases during internal trading black-out periods [4]. Company Overview - Brookfield Corporation is a leading global investment firm focused on long-term wealth creation across three core businesses: Alternative Asset Management, Wealth Solutions, and Operating Businesses in renewable power, infrastructure, and real estate [6][7]. - The company has a history of delivering over 15% annualized returns to shareholders for more than 30 years, supported by its investment and operational expertise [7].