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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
-5.07%
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
$667M
AUM Growth
-$74.6M
Cap. Flow
-$29.8M
Cap. Flow %
-4.47%
Top 10 Hldgs %
79.4%
Holding
101
New
6
Increased
4
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
RILYZ icon
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
+$3.5M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$3.41M
3
PRIF.PRJ
Priority Income Fund Inc 6.000% Series J Term Preferred Stock due 2028
PRIF.PRJ
+$1.49M
4
PSEC.PRA icon
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
+$1.2M
5
PRHI
Presurance Holdings
PRHI
+$747K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$8.07M
2
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$4.02M
3
NRUC
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
+$3.29M
4
CGABL
The Carlyle Group 4.625% Subordinated Notes due 2061
CGABL
+$2.55M
5
QVCGP
QVC Group Inc 8.0% Preferred Stock
QVCGP
+$2.17M

Sector Composition

Rank Sector Weight
1 Materials 28.64%
2 Financials 21.9%
3 Real Estate 20.21%
4 Industrials 7.79%
5 Consumer Discretionary 4.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JCI icon
26
Johnson Controls International
JCI
$88.7B
$1.63M 0.24%
23,874
– –
CVX icon
27
Chevron
CVX
$385B
$1.62M 0.24%
16,000
– –
GE icon
28
GE Aerospace
GE
$383B
$1.56M 0.23%
24,277
– –
MCD icon
29
McDonald's
MCD
$188B
$1.51M 0.23%
6,250
– –
PRIF.PRJ
30
DELISTED
Priority Income Fund Inc 6.000% Series J Term Preferred Stock due 2028
PRIF.PRJ
$1.5M 0.23%
+60,000
New +$1.49M
OXSQG icon
31
Oxford Square Capital 5.50% Notes due 2028
OXSQG
$1.26M 0.19%
50,000
-50,000
-50% -$1.26M
SPB icon
32
Spectrum Brands
SPB
$2.04B
$1.22M 0.18%
12,799
– –
PSEC.PRA icon
33
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
$87.3M
$1.17M 0.18%
+50,000
New +$1.2M
AXS.PRE icon
34
AXIS Capital Holdings Ltd Series E
AXS.PRE
$414M
$1.02M 0.15%
40,000
– –
FOX icon
35
Fox Class B
FOX
$22.1B
$929K 0.14%
25,028
+34
+0.1% +$1.17K
SLMBP
36
SLM Corp Series B
SLMBP
$187M
$923K 0.14%
15,000
– –
WSBCP
37
DELISTED
WesBanco Inc 6.75% Series A Preferred Stock
WSBCP
$849K 0.13%
30,000
+15,000
+100% +$426K
CDK
38
DELISTED
CDK Global, Inc.
CDK
$808K 0.12%
19,000
– –
PG icon
39
Procter & Gamble
PG
$338B
$797K 0.12%
5,700
– –
PRHI
40
Presurance Holdings
PRHI
$20.6M
$720K 0.11%
+35,714
New +$747K
NNN icon
41
NNN REIT
NNN
$9.03B
$561K 0.08%
13,000
– –
DUKB
42
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
$455M
$536K 0.08%
20,000
-40,000
-67% -$1.09M
RILYK
43
DELISTED
BRC Group Holdings 5.50% Senior Notes Due 2026
RILYK
$513K 0.08%
20,000
-40,000
-67% -$1.02M
PMT.PRC
44
PennyMac Mortgage Investment Trust 6.75% Series C Preferred Shares
PMT.PRC
$181M
$507K 0.08%
+20,000
New +$499K
BRK.A icon
45
Berkshire Hathaway Class A
BRK.A
$1.1T
$411K 0.06%
1
– –
BP icon
46
BP
BP
$114B
$410K 0.06%
15,000
– –
INBKZ icon
47
First Internet Bancorp 6.0% Fixed-to-Floating Rate Subordinated Notes due 2029
INBKZ
$37.9M
$405K 0.06%
15,000
-10,000
-40% -$266K
ABBV icon
48
AbbVie
ABBV
$433B
$210K 0.03%
1,948
– –
IBM icon
49
IBM
IBM
$213B
$208K 0.03%
1,569
– –
WPG.PRI
50
DELISTED
Washington Prime Group Inc. 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Int
WPG.PRI
$160K 0.02%
35,000
– –
1
2
3 4

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IAT Reinsurance's Q3 2021 Portfolio in Review

As of Q3 2021, IAT Reinsurance held 101 positions worth $667M, down 10% from $742M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

IAT Reinsurance withdrew a net $29.8M in Q3 2021, closing 21 positions and reducing 8 holdings. Its most notable exit was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, an estimated $8.07M position sold in full.

By sector, the portfolio is most concentrated in Materials at 29% of assets, up from 28% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in BRC Group Holdings 5.25% Senior Notes due 2028 worth $3.52M.

  • IAT Reinsurance's largest Q3 2021 buy was BRC Group Holdings 5.25% Senior Notes due 2028: 140,000 shares worth $3.52M.
  • IAT Reinsurance added most to DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077 in Q3 2021, an estimated $3.41M increase.
  • IAT Reinsurance's biggest Q3 2021 reduction was Oxford Square Capital 5.50% Notes due 2028, cutting an estimated $1.26M.
  • IAT Reinsurance fully exited Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056 in Q3 2021, selling an estimated $8.07M.
  • IAT Reinsurance's ten largest holdings make up 79% of its $667M portfolio in Q3 2021.
  • IAT Reinsurance opened 6 new positions and closed 21 in Q3 2021.
  • IAT Reinsurance's portfolio value fell 10% quarter-over-quarter to $667M.

Based on IAT Reinsurance's 13F filing for Q3 2021, filed 15 Nov 2021.