RBC Reports 8.08% Stake (7.20M) in Brookfield Business Partners

Royal Bank of Canada reports beneficial ownership of 7,195,849 limited partnership units of Brookfield Business Partners LP, equal to 8.08% of the class.

Rhea-AI Filing Summary

Royal Bank of Canada reports beneficial ownership of 7,195,849 limited partnership units of Brookfield Business Partners LP, equal to 8.08% of the class. The filing shows RBC holds shared voting power and shared dispositive power over the reported units and identifies the organization as a Canadian entity. The statement classifies related subsidiaries by function, including broker-dealer and investment adviser roles.

The filing is submitted on Schedule 13G/A and includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. An exhibit lists a Power of Attorney.

Positive

• Material disclosure: Reports beneficial ownership of 7,195,849 units (8.08%), a clearly quantified, investor-relevant holding.
• Transparency on authority: Specifies shared voting and shared dispositive power for the reported units.
• Entity clarity: Identifies related RBC subsidiaries and their regulatory roles (broker-dealer, investment adviser, non-U.S. institution).
• Certification included: Filing contains Item 10 certification asserting holdings were acquired in the ordinary course and not for control purposes.

Negative

• None.

Insights

Financial Analyst

RBC discloses a material, passive 8.08% stake (7.20M units) in Brookfield Business Partners; position shows shared voting and dispositive authority.

From an investment-analytics perspective, a disclosed holding above 5% is material for market structure and shareholder concentration. The Schedule 13G/A format and the certification indicate the position is reported as passive rather than an active control intent. The filing also clarifies which RBC entities play advisory or broker roles, which helps separate client/advisory activity from principal ownership. This disclosure is informative for ownership registries and governance monitoring.

Corporate Governance Expert

An institutional holder reports 8.08% ownership; the filing states holdings are not intended to influence issuer control.

For governance assessment, the report increases transparency about shareholder concentration at Brookfield Business Partners LP. The use of Schedule 13G/A and the Item 10 certification indicate the reporter claims passive intent. The filing names subsidiaries and their regulatory classifications, which helps identify which entities may exercise voting or advisory roles. No statements in the filing suggest an active governance campaign or changes to board control.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake did Royal Bank of Canada disclose in Brookfield Business Partners (BBU)?

Royal Bank of Canada disclosed beneficial ownership of 7,195,849 units, representing 8.08% of the limited partnership units.

Which SEC form was filed to report the RBC position in BBU?

The position was reported on Schedule 13G/A (Amendment No. 2).

Does RBC have sole voting or dispositive power over the reported BBU units?

No. The filing reports 0 sole voting power and 0 sole dispositive power, with 7,195,849 in shared voting power and 7,195,849 in shared dispositive power.

Is the RBC holding reported as intended to influence control of BBU?

The Item 10 certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Who filed the Schedule 13G/A and which issuer is it about (symbol BBU)?

The filing was made by Royal Bank of Canada reporting ownership in Brookfield Business Partners LP (BBU), CUSIP G16234109.

Which RBC subsidiaries are identified in the filing and what roles do they have?

The filing names RBC Capital Markets, LLC (broker-dealer), RBC Global Asset Management Inc. (investment adviser), RBC Phillips Hager & North Investment Counsel Inc. (non-U.S. institution), and RBC Private Counsel (USA) Inc. (investment adviser).

What is the event date reported in the Schedule 13G/A for the BBU position?

The statement lists the date of the event requiring the filing as 06/30/2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/08/2025 - 02:09 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

BROOKFIELD BUSINESS PARTNERS LP

(Name of Issuer)

Limited Partnership Units

(Title of Class of Securities)

G16234109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G16234109

1

Names of Reporting Persons

Royal Bank of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,195,849.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,195,849.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,195,849.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.08 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BROOKFIELD BUSINESS PARTNERS LP
(b)	Address of issuer's principal executive offices: 73 Front Street, 5th Floor, Hamilton, Bermuda, HM 12
Item 2.
(a)	Name of person filing: Royal Bank of Canada
(b)	Address or principal business office or, if none, residence: 200 Bay Street, Toronto, Ontario, M5J QJ5, Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Limited Partnership Units
(e)	CUSIP No.: G16234109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,195,849
(b)	Percent of class: 8.08 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 7,195,849
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 7,195,849
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. RBC Capital Markets, LLC: A broker -dealer registered under section 15 of the Act (15 U.S.C 78o). RBC Global Asset Management Inc.: An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). RBC Phillips Hager & North Investment Counsel Inc.: A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J). RBC Private Counsel (USA) Inc.: An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). Royal Trust Corporation of Canada, GFC Partnership and RT Partnership are entities that beneficially own in aggregate less than one percent of the reported securities.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Royal Bank of Canada

Signature:	/s/ Terry Fallon
Name/Title:	Managing Director
Date:	08/08/2025

Exhibit Information

99.1 Power of Attorney