Brookfield Corp. fund now trades at 20 per cent of its initial value and is one of the worst-performing equities on the Toronto Stock Exchange
launched its Select Opportunities Income Fund in 2014 with three objectives: provide holders of its units with quarterly cash distributions; maximize total return; and preserve capital.
It’s a rare misstep for Brookfield, the stewards of capital who collected more than US$90-billion in new money last year from institutional investors who hope to piggyback on the money manager’s acumen. Unfortunately, the typical Brookfield magic eluded the retail investors who put the TSX-listed fund in their portfolios.
Brookfield Select Opportunities Income Fund isn’t a conventional mutual fund. Instead, Brookfield structured it as a “closed-end fund,” which trades on the Toronto Stock Exchange like an equity. So the price of the fund changed each day, based on how much investors were willing to pay for it. Certainly, the first two years were not indicative of what followed for the fund, as it had a few good periods. The fund returned 33.8 per cent in 2016 and posted double-digit returns in 2019 and 2021.
In the Brookfield fund’s most recent annual report, it says it had a lifetime investment loss through the end of 2021 averaging nearly 4 per cent per year, well below the returns of two benchmarks, the BofA Merrill Lynch US High Yield Index and the S&P/TSX Composite Index .Investors who simply rode the Brookfield train in other ways did far better: From the debut of the Brookfield Select Opportunities Income Fund in May of 2014 through this week, the shares and units of Brookfield Corp.
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