Brianne Gardner Brookfield Asset Management BAM-T HOLD Jul 23, 2025

He prefers BN to BAM. BN is the controlling shareholder of BAM, among others. Significant insider ownership of BN. Likes the broader base of earnings, plus that's where management's strategic thinking is focused.

He owns BN, a better place to go, and it owns 75% of BAM. He always likes to stand next to the guys driving the bus. BN has all the benefits of BAM and its subsidiaries, plus huge real estate portfolio which is valued at almost nothing right now.

Long term, prefers BN to BAM. However, short term, hearing discussions about redomiciling to New York and being included on US indices. This would likely catalyze some demand. There's a good case for making this play.

One of his go-to names in the Brookfield suite. If you're after growth, look at BN; the parent that owns all the entities underneath, including a big chunk of BAM. Private asset markets are still quite strong. Good for the younger folks who are looking for more torque higher.

BAM deals with third-party capital that comes in. Higher dividend, but perhaps a bit less growth. Good if you're in retirement or approaching it. Neat that it's done as well as BN, but you're getting the nice dividend too.

Both in client TFSAs.

Has done quite well, as has that whole space. Under nice, steady accumulation. Solid uptrend.

His higher conviction for a long-term hold would be with the parent, BN.

Income stream from asset management. Trading very richly compared to projected earnings and to peers. Wouldn't buy at these levels.

The closer you are to the top of the house in the Brookfield framework, the closer you are to the CEO and the Board, and the incentive structures tend to favour them. Doesn't have the great yield, but has upside. BAM offers you the yield and, broadly speaking, growth aspects. He'd encourage you to stay near the top of the house, depending on how much yield you need for your life circumstances.

For BIP.UN, it's not really whether Mark Carney got elected or not, or tariffs, because it's a global business. Infrastructure, toll roads, coal, etc. Very diversified. 

Sensational performer since it was spun out. Has had a meaningful re-rating, partially resulting from controversial decision to be domiciled in the US; this allows them to be included in large US indices, benefitting from passive ETF buying. Will do well, but likely won't outpace the parent BN to the same extent as the last number of years.