Hennessy Focus Fund on Brookfield Asset Management Ltd.
Thesis
Brookfield Asset Management is positioned by the fund as a direct beneficiary of the physical infrastructure required for AI. The managers cite Brookfield's projection of $7 trillion of investment in physical infrastructure over the next decade and expect substantial value to accrue to companies supplying data centers and the power needed to run them. Brookfield Asset Management is an existing portfolio investment explicitly identified as benefiting from this spending wave. The fund sees this as part of a multi-year secular AI infrastructure opportunity rather than a short-term cycle.
“We are direct beneficiaries of this spending through our investments in Brookfield Corporation, Brookfield Asset Management, and Applied Materials.”