While macroeconomic uncertainties, trade tensions, and geopolitical tensions have made the TSX Composite Index highly volatile of late, some fundamentally strong Canadian stocks are still outpacing the broader market by a wide margin.
One such top stock is Brookfield Corporation (TSX: BN), which has jumped over 28% in the past year, far outpacing the TSX benchmark’s 13% gain. With this, the TSX-listed Brookfield stock currently trades at around $80 per share, giving it a market cap of about $128 billion. While it’s not mainly a high-yield dividend stock, the company does provide a modest annualized yield of about 0.7%, paid out quarterly.
Backed by a well-diversified global portfolio and decades of proven capital allocation, Brookfield’s latest first quarter results, released on May 8, not only beat Street analysts’ expectations but also reaffirmed the strength of its asset-light investment model. Before discussing where Brookfield could be in 2029, let’s quickly review key factors behind its recent stock price surge and some key highlights from its latest earnings report.
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Key highlights from Brookfield Corp’s latest earnings
One of the key factors that might be working in Brookfield stock’s favour could be its model of being an asset-light investment firm, which lets it focus more on managing money rather than owning all the assets itself. With that, the company seems to be riding strong inflows into its asset management arm despite the broader market uncertainties.
In the first quarter of 2025, Brookfield’s distributable earnings jumped 27% YoY (year over year) to hit US$1.5 billion. On a per-share basis, that translated into $0.98, again well above the year-ago figure. The investment giant’s asset management division brought in US$684 million of earnings during the quarter, up sharply due to strong fund inflows.
Meanwhile, earnings from its wealth solutions arm also surged by 58% YoY to US$430 million with the help of consistent growth of its insurance business. And let’s not forget the operating businesses, including real estate and renewables, which collectively contributed US$426 million last quarter. This growth was mainly backed by solid leasing activity and its shift toward more capital-light real estate models.
Where will Brookfield stock be four years from now?
Now, let’s get back to the big question. Where could Brookfield be heading by 2029?
If we look at the company’s growth track record and current strategy, the future looks quite promising. It’s important to note that Brookfield is focused on delivering over 15% annual returns to shareholders, a target it has managed to hit consistently for over three decades. With a record $165 billion in deployable capital, the company has the financial strength to grab global opportunities, even in unpredictable markets.
Moreover, it’s not just about the amount of money it has but how wisely it uses that capital. Brookfield is scaling its asset management business, expanding its wealth solutions platform, and continuing to unlock value by selling mature assets at attractive prices. That clearly shows its disciplined strategy, which could accelerate its growth even further in the years to come.
Given all these factors, I wouldn’t be surprised if Brookfield stock doubles or even triples in value in four years and outperforms the broader market by a huge margin. That is why I’m not just watching from the sidelines. I already hold Brookfield stock in my portfolio.
