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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
-2.6%
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
$518M
AUM Growth
+$28.9M
Cap. Flow
+$29.4M
Cap. Flow %
5.67%
Top 10 Hldgs %
70.82%
Holding
85
New
6
Increased
1
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
WFC.PRQ
Wells Fargo & Co.
WFC.PRQ
+$2.45M
2
SREA
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
+$1.46M
3
NI.PRB
NiSource Inc. Depositary Shares representing 1/1,000th ownership interest in a share of 6.50% Series B Preferred Stock and 1/1,000th ownership interest in a share of Series B-1 Preferred Stock
NI.PRB
+$621K
4
CSWCZ
Capital Southwest 7.75% Notes due 2028
CSWCZ
+$505K
5
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$309K

Top Sells

Rank Stock Value
1
BA icon
Boeing
BA
+$3.12M
2
DCP.PRB
DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRB
+$747K
3
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$708K
4
DUKB
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
+$628K
5
SLMBP
SLM Corp Series B
SLMBP
+$144K

Sector Composition

Rank Sector Weight
1 Financials 25.87%
2 Materials 25.69%
3 Industrials 7.65%
4 Real Estate 6.34%
5 Consumer Discretionary 4.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WFC icon
26
Wells Fargo
WFC
$261B
$2.13M 0.41%
50,000
– –
DIS icon
27
Walt Disney
DIS
$167B
$2.06M 0.4%
23,070
– –
ET.PRE
28
DELISTED
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
$1.93M 0.37%
80,000
– –
MCD icon
29
McDonald's
MCD
$192B
$1.87M 0.36%
6,250
– –
IEH
30
DELISTED
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
$1.79M 0.35%
72,500
+12,500
+21% +$309K
TEL icon
31
TE Connectivity
TEL
$59.6B
$1.75M 0.34%
12,500
– –
DFP
32
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$1.73M 0.34%
77,797
– –
GE icon
33
GE Aerospace
GE
$374B
$1.66M 0.32%
18,952
– –
JCI icon
34
Johnson Controls International
JCI
$88.8B
$1.63M 0.31%
23,874
– –
SREA
35
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
$632M
$1.44M 0.28%
+60,000
New +$1.46M
AXS.PRE icon
36
AXIS Capital Holdings Ltd Series E
AXS.PRE
$411M
$1.42M 0.27%
70,000
– –
SCHW
37
Charles Schwab
SCHW
$183B
$1.42M 0.27%
25,000
– –
USB.PRS icon
38
US Bancorp Series O Preferred Stock
USB.PRS
$310M
$1.15M 0.22%
60,000
– –
SPB icon
39
Spectrum Brands
SPB
$2.04B
$999K 0.19%
12,799
– –
VTS icon
40
Vitesse Energy
VTS
$651M
$951K 0.18%
42,469
– –
OZKAP
41
Bank OZK 4.625% Series A Preferred Stock
OZKAP
$228M
$911K 0.18%
60,000
– –
PG icon
42
Procter & Gamble
PG
$336B
$865K 0.17%
5,700
– –
PSEC.PRA icon
43
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
$87.7M
$803K 0.16%
50,000
– –
FOX icon
44
Fox Class B
FOX
$21.8B
$798K 0.15%
25,028
– –
CHN
45
DELISTED
China Fund
CHN
$757K 0.15%
68,399
– –
CUBB
46
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
$67.1M
$716K 0.14%
40,000
– –
NI.PRB
47
DELISTED
NiSource Inc. Depositary Shares representing 1/1,000th ownership interest in a share of 6.50% Series B Preferred Stock and 1/1,000th ownership interest in a share of Series B-1 Preferred Stock
NI.PRB
$630K 0.12%
+25,000
New +$621K
NNN icon
48
NNN REIT
NNN
$9.04B
$556K 0.11%
13,000
– –
HTLFP
49
DELISTED
Heartland Financial USA, Inc. Depositary Shares, each representing a 1/400th ownership interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
HTLFP
$545K 0.11%
22,500
– –
BP icon
50
BP
BP
$116B
$529K 0.1%
15,000
– –
1
2
3

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IPW
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CCG
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IAT Reinsurance's Q2 2023 Portfolio in Review

As of Q2 2023, IAT Reinsurance held 85 positions worth $518M, up 5.9% from $489M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance deployed $29.4M of net new capital in Q2 2023, opening 6 new positions and adding to 1 existing holding. Its largest new stake was Wells Fargo & Co.: 100,000 shares worth $2.52M.

By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 26% a quarter earlier, followed by Materials and Industrials.

On the sell side, the largest reduction was Boeing, an estimated $3.12M trimmed.

  • IAT Reinsurance's largest Q2 2023 buy was Wells Fargo & Co.: 100,000 shares worth $2.52M.
  • IAT Reinsurance added most to INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI) in Q2 2023, an estimated $309K increase.
  • IAT Reinsurance's biggest Q2 2023 reduction was Boeing, cutting an estimated $3.12M.
  • IAT Reinsurance fully exited DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units in Q2 2023, selling an estimated $747K.
  • IAT Reinsurance's ten largest holdings make up 71% of its $518M portfolio in Q2 2023.
  • IAT Reinsurance opened 6 new positions and closed 2 in Q2 2023.
  • IAT Reinsurance's portfolio value rose 5.9% quarter-over-quarter to $518M.

Based on IAT Reinsurance's 13F filing for Q2 2023, filed 4 Aug 2023.