Many years later, as Cardinal Capital Management, Inc. sifted through the ash of its quarterly filings, it would remember the day it sold 44,619 shares of Brookfield Corporation as the morning the rain began to taste of copper and the air grew heavy with the scent of burnt paper. The transaction, worth $2.92 million at the average price of a stock that had once been as steady as the hands of a clockmaker, was recorded on October 3, 2025, though in the fevered dreams of the market, it might have happened in the year of the locusts.
What happened
On the third day of the third quarter, Cardinal Capital, a name that had once carried the weight of empires in the world of finance, divested itself of a portion of Brookfield. The sale, cloaked in the bureaucratic fog of SEC filings, left behind a trail of numbers: 44,619 shares, $2.92 million, and a remaining stake of 2,164,145 shares, now valued at $148.58 million. The wind carried the shares like autumn leaves, and the market, ever the scribe, noted that Brookfield’s position had shrunk to 4.3% of Cardinal’s reportable assets-a reduction as quiet as the closing of a ledger in a forgotten vault.
What else to know
The sale was not a betrayal but a recalibration, a shift in the tides of a portfolio that had long danced with the ghosts of GIL, SU, and MFC. These names, etched into the stone of Cardinal’s holdings, now stood shoulder to shoulder with Brookfield, each holding a piece of the pie: 4.5%, 4.4%, 4.3%, 4.3%, 4.2%. The numbers, like constellations, mapped a cosmos of capital where Brookfield’s $68.09 price tag shimmered, a 29% rise over a year that had seen the S&P 500 lag behind like a tired horse.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $77.5 billion |
| Net Income (TTM) | $2.9 billion |
| Dividend Yield | 0.51% |
| Price (as of market close October 6, 2025) | $68.09 |
Company Snapshot
Brookfield, that great alchemist of real estate and renewable power, had long been a lighthouse for Cardinal. Its dual model-investing its own capital alongside clients’-was a dance as old as the tides. Yet in the grand theater of finance, even the most steadfast partnerships could falter. The company’s reach extended from the smog-choked towers of New York to the rice fields of Asia-Pacific, a colossus straddling continents and sectors with the grace of a man walking on water.
Foolish take
The sale was less a rejection than a sigh. In the world of Cardinal, where assets under management were measured in billions, $2.9 million was a whisper. Yet the market, ever hungry for drama, spun it into a tale of woe. The truth, as always, lay in the margins: Brookfield remained a top-five holding, its presence as enduring as the scent of old books in a library. Perhaps the sale was merely a prelude, a gesture to the future where Brookfield’s shares might rise again, like phoenixes from the ashes of a slow-burning fire.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a financial institution.
13F Reportable Assets: Investment holdings that institutional managers must disclose quarterly to the SEC if they exceed $100 million in U.S. equity assets.
Alternative Asset Management: Investment management focused on non-traditional assets like real estate, infrastructure, private equity, and hedge funds.
Quarterly Average Pricing: The average price of a security over a specific three-month reporting period.
Dividend Yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Outperforming: Achieving a higher return than a benchmark index or comparable investment.
Dual Model: An investment approach where a firm invests both its own capital and clients’ funds in the same assets.
Institutional Clients: Organizations such as pension funds, insurance companies, or endowments that invest large sums of money.
Real Assets: Physical or tangible assets like real estate, infrastructure, or commodities, as opposed to financial assets.
Private Equity: Investments made directly into private companies or buyouts of public companies, often to restructure or grow them.
Venture Capital: Financing provided to early-stage, high-potential growth companies in exchange for equity or ownership stake.
TTM: The 12-month period ending with the most recent quarterly report.
And so, the candle burned a little lower. 🕯️
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2025-10-07 04:02