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IAT Reinsurance Portfolio holdings

AUM $310M
1-Year Est. Return 13.37%
This Fund
S&P 500
This Quarter Est. Return
+28.69%
1 Year Est. Return
+13.37%
3 Year Est. Return
+22.45%
5 Year Est. Return
+25.65%
10 Year Est. Return
+209.01%
AUM
$489M
AUM Growth
+$84M
Cap. Flow
-$19.8M
Cap. Flow %
-4.05%
Top 10 Hldgs %
72.68%
Holding
94
New
5
Increased
1
Reduced
3
Closed
12

Top Buys

Rank Stock Value
1
FCNCP icon
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
+$3.22M
2
CTBB
Qwest Corp 6.5% Notes due 2056
CTBB
+$2.56M
3
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$1.73M
4
SLMBP
SLM Corp Series B
SLMBP
+$660K
5
CFR.PRB icon
Cullen/Frost Bankers Series B Preferred Stock
CFR.PRB
+$511K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$12.3M
2
WFC.PRZ icon
Wells Fargo & Co Series Z Preferred Stock
WFC.PRZ
+$3.02M
3
WTFCP
Wintrust Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
WTFCP
+$2.65M
4
HBANO
Huntington Bancshares Incorporated Depositary Shares
HBANO
+$2.02M
5
SOJE
Southern Company Series 2020C 4.20% Junior Subordinated Notes due Oct 15 2060
SOJE
+$2M

Sector Composition

Rank Sector Weight
1 Materials 34.54%
2 Financials 20.77%
3 Industrials 7.98%
4 Real Estate 7.21%
5 Consumer Discretionary 5.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TEL icon
26
TE Connectivity
TEL
$62.2B
$1.51M 0.31%
12,500
– –
WFC icon
27
Wells Fargo
WFC
$268B
$1.51M 0.31%
50,000
– –
CVX icon
28
Chevron
CVX
$380B
$1.35M 0.28%
16,000
– –
MCD icon
29
McDonald's
MCD
$190B
$1.34M 0.27%
6,250
– –
SCHW
30
Charles Schwab
SCHW
$185B
$1.33M 0.27%
25,000
– –
GE icon
31
GE Aerospace
GE
$391B
$1.31M 0.27%
24,277
– –
JCI icon
32
Johnson Controls International
JCI
$93.2B
$1.11M 0.23%
23,874
– –
DCP.PRB
33
DELISTED
DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRB
$1.09M 0.22%
50,000
– –
SPB icon
34
Spectrum Brands
SPB
$2.11B
$1.01M 0.21%
12,799
– –
CDK
35
DELISTED
CDK Global, Inc.
CDK
$985K 0.2%
19,000
– –
PRHI
36
Presurance Holdings
PRHI
$20.6M
$823K 0.17%
35,714
– –
KO icon
37
Coca-Cola
KO
$372B
$823K 0.17%
15,000
– –
IEH
38
DELISTED
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
$802K 0.16%
30,000
-10,000
-25% -$267K
PG icon
39
Procter & Gamble
PG
$343B
$793K 0.16%
5,700
– –
SLMBP
40
SLM Corp Series B
SLMBP
$188M
$790K 0.16%
+15,000
New +$660K
FOX icon
41
Fox Class B
FOX
$21.9B
$770K 0.16%
24,994
– –
GM icon
42
General Motors
GM
$77.3B
$767K 0.16%
2,327
– –
NNN icon
43
NNN REIT
NNN
$8.97B
$532K 0.11%
13,000
– –
CFR.PRB icon
44
Cullen/Frost Bankers Series B Preferred Stock
CFR.PRB
$101M
$515K 0.11%
+20,000
New +$511K
WPG.PRI
45
DELISTED
Washington Prime Group Inc. 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Int
WPG.PRI
$492K 0.1%
35,000
– –
DHCNL
46
Diversified Healthcare Trust 6.25% Senior Notes due 2046
DHCNL
$489K 0.1%
20,000
– –
DHCNI
47
Diversified Healthcare Trust 5.625% Senior Notes due 2042
DHCNI
$249M
$470K 0.1%
20,000
– –
BRK.A icon
48
Berkshire Hathaway Class A
BRK.A
$1.11T
$348K 0.07%
1
– –
LTSL
49
DELISTED
Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes due 2027
LTSL
$327K 0.07%
20,000
– –
MDLQ
50
DELISTED
Medley LLC 7.25% Notes due 2024
MDLQ
$314K 0.06%
40,000
– –
1
2
3 4

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IPW
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CCG
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TL
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BBWA
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EWM
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IAT Reinsurance's Q4 2020 Portfolio in Review

As of Q4 2020, IAT Reinsurance held 94 positions worth $489M, up 21% from $405M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

IAT Reinsurance withdrew a net $19.8M in Q4 2020, closing 12 positions and reducing 3 holdings. Its most notable exit was Wells Fargo & Co Series Z Preferred Stock, an estimated $3.02M position sold in full.

By sector, the portfolio is most concentrated in Materials at 35% of assets, up from 27% a quarter earlier, followed by Financials and Industrials.

Against the trend, IAT Reinsurance opened a new position in First Citizens BancShares 5.375% Series A Preferred Stock worth $3.25M.

  • IAT Reinsurance's largest Q4 2020 buy was First Citizens BancShares 5.375% Series A Preferred Stock: 120,000 shares worth $3.25M.
  • IAT Reinsurance added most to Qwest Corp 6.5% Notes due 2056 in Q4 2020, an estimated $2.56M increase.
  • IAT Reinsurance's biggest Q4 2020 reduction was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, cutting an estimated $12.3M.
  • IAT Reinsurance fully exited Wells Fargo & Co Series Z Preferred Stock in Q4 2020, selling an estimated $3.02M.
  • IAT Reinsurance's ten largest holdings make up 73% of its $489M portfolio in Q4 2020.
  • IAT Reinsurance opened 5 new positions and closed 12 in Q4 2020.
  • IAT Reinsurance's portfolio value rose 21% quarter-over-quarter to $489M.

Based on IAT Reinsurance's 13F filing for Q4 2020, filed 1 Feb 2021.