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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
+7.2%
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
$541M
AUM Growth
+$36M
Cap. Flow
+$4.97M
Cap. Flow %
0.92%
Top 10 Hldgs %
71.21%
Holding
86
New
8
Increased
5
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
STT.PRD
State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
STT.PRD
+$5.02M
2
TVE
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
+$4.07M
3
DFP
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
+$3.43M
4
MS.PRF icon
Morgan Stanley Series F Preferred Stock
MS.PRF
+$2.5M
5
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
+$2M

Top Sells

Rank Stock Value
1
PFSW
PFSweb, Inc.
PFSW
+$5.58M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$4.03M
3
DCP.PRC
DCP Midstream, LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRC
+$2.99M
4
TBB
AT&T 5.350% Global Notes due 2066
TBB
+$2.89M

Sector Composition

Rank Sector Weight
1 Materials 28.89%
2 Financials 26.61%
3 Industrials 5.9%
4 Real Estate 5.27%
5 Healthcare 5.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DIS icon
26
Walt Disney
DIS
$167B
$2.08M 0.39%
23,070
– –
NI.PRB
27
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
$2M 0.37%
+80,000
New +$2M
GE icon
28
GE Aerospace
GE
$374B
$1.93M 0.36%
18,952
– –
RILYZ icon
29
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
$1.89M 0.35%
140,000
– –
VTS icon
30
Vitesse Energy
VTS
$651M
$1.86M 0.34%
84,938
+42,469
+100% +$979K
MCD icon
31
McDonald's
MCD
$192B
$1.85M 0.34%
6,250
– –
TVC
32
Tennessee Valley Authority Power Bonds 1998 Series D due June 1 2028
TVC
$246M
$1.82M 0.34%
80,000
+20,000
+33% +$439K
TEL icon
33
TE Connectivity
TEL
$59.6B
$1.76M 0.32%
12,500
– –
SCHW
34
Charles Schwab
SCHW
$183B
$1.72M 0.32%
25,000
– –
SCE.PRM
35
SCE Trust VII 7.50% Trust Preference Securities
SCE.PRM
$526M
$1.57M 0.29%
+60,000
New +$1.57M
WFC.PRR
36
DELISTED
WELLS FARGO & COMPANY Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R
WFC.PRR
$1.51M 0.28%
+60,000
New +$1.51M
AXS.PRE icon
37
AXIS Capital Holdings Ltd Series E
AXS.PRE
$414M
$1.49M 0.28%
70,000
– –
JCI icon
38
Johnson Controls International
JCI
$88.8B
$1.38M 0.25%
23,874
– –
USB.PRS icon
39
US Bancorp Series O Preferred Stock
USB.PRS
$311M
$1.17M 0.22%
60,000
– –
SPB icon
40
Spectrum Brands
SPB
$2.04B
$1.02M 0.19%
12,799
– –
OZKAP
41
Bank OZK 4.625% Series A Preferred Stock
OZKAP
$225M
$1M 0.19%
60,000
– –
AQNB
42
Algonquin Power & Utilities Corp Series 2019-A
AQNB
$359M
$966K 0.18%
+40,000
New +$978K
PSEC.PRA icon
43
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
$87.3M
$881K 0.16%
50,000
– –
PG icon
44
Procter & Gamble
PG
$336B
$835K 0.15%
5,700
– –
CUBB
45
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
$67.2M
$800K 0.15%
40,000
– –
HPP.PRC
46
Hudson Pacific Properties 4.750% Series C Preferred Stock
HPP.PRC
$243M
$747K 0.14%
55,000
– –
CHN
47
DELISTED
China Fund
CHN
$695K 0.13%
68,399
– –
FOX icon
48
Fox Class B
FOX
$21.8B
$692K 0.13%
25,028
– –
NNN icon
49
NNN REIT
NNN
$9.04B
$560K 0.1%
13,000
– –
HTLFP
50
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
$552K 0.1%
22,500
– –
1
2
3

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IAT Reinsurance's Q4 2023 Portfolio in Review

As of Q4 2023, IAT Reinsurance held 86 positions worth $541M, up 7.1% from $505M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance's Q4 2023 filing shows 8 new, 5 increased, 2 reduced and 4 closed positions. Its largest new stake was State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D: 200,000 shares worth $5.01M. The largest sale was PFSweb, Inc., an estimated $5.58M.

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

  • IAT Reinsurance's largest Q4 2023 buy was State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D: 200,000 shares worth $5.01M.
  • IAT Reinsurance added most to Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029 in Q4 2023, an estimated $4.07M increase.
  • IAT Reinsurance's biggest Q4 2023 reduction was DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077, cutting an estimated $4.03M.
  • IAT Reinsurance fully exited PFSweb, Inc. in Q4 2023, selling an estimated $5.58M.
  • IAT Reinsurance's ten largest holdings make up 71% of its $541M portfolio in Q4 2023.
  • IAT Reinsurance opened 8 new positions and closed 4 in Q4 2023.
  • IAT Reinsurance's portfolio value rose 7.1% quarter-over-quarter to $541M.

Based on IAT Reinsurance's 13F filing for Q4 2023, filed 8 Feb 2024.