BBAMBrookfield Asset Management Inc Class A Limited Voting Shares

Brookfield Asset Management runs infrastructure, real estate and renewable power with other people's money.

The specialisation is real assets: ports, pipelines, communication towers, roads, power plants, offices. Such investments produce predictable, inflation-linked cash flow, which is why pension funds and insurers with long liabilities buy them.

The company was separated from the group so that a shareholder gets the management business itself — the fee on capital managed — rather than a stake in the assets. That makes the stock more predictable: fees are steady while asset valuations swing.

Risks: rates, which set the value of real assets; the ability to raise new capital; and concentration in real estate, where offices remain a sore subject after the shift to remote work. The company pays a dividend and plans it as an obligation.