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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
+6.48%
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
$225M
AUM Growth
-$316M
Cap. Flow
+$912K
Cap. Flow %
0.41%
Top 10 Hldgs %
64.43%
Holding
88
New
6
Increased
5
Reduced
2
Closed
8

Top Buys

Rank Stock Value
1
MGRE
Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064
MGRE
+$5.11M
2
ET.PRE
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
+$3.02M
3
CVX icon
Chevron
CVX
+$2.41M
4
ATHS
Athene Holding Ltd 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
ATHS
+$1.78M
5
J icon
Jacobs Solutions
J
+$1.78M

Top Sells

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
+$5.01M
2
MS.PRF icon
Morgan Stanley Series F Preferred Stock
MS.PRF
+$2.5M
3
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$2.22M
4
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
5
SCE.PRM
SCE Trust VII 7.50% Trust Preference Securities
SCE.PRM
+$1.57M

Sector Composition

Rank Sector Weight
1 Financials 38.26%
2 Technology 11.85%
3 Industrials 9.41%
4 Consumer Discretionary 5.75%
5 Healthcare 3.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NTP
26
DELISTED
Nam Tai Property Inc.
NTP
$1.72M 0.76%
5,774,800
– –
ET.PRE
27
DELISTED
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
$1.01M 0.45%
+120,000
New +$3.02M
AQNB
28
Algonquin Power & Utilities Corp Series 2019-A
AQNB
$359M
$1M 0.44%
80,000
+40,000
+100% +$997K
PSEC.PRA icon
29
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
$87.8M
$955K 0.42%
50,000
– –
PG icon
30
Procter & Gamble
PG
$345B
$925K 0.41%
5,700
– –
AXS.PRE icon
31
AXIS Capital Holdings Ltd Series E
AXS.PRE
$412M
$907K 0.4%
70,000
– –
ECCV
32
Eagle Point Credit Company 5.375% Notes due 2029
ECCV
$90.1M
$897K 0.4%
120,000
– –
DO
33
DELISTED
Diamond Offshore Drilling, Inc.
DO
$854K 0.38%
208,583
– –
CUBB
34
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
$67.2M
$791K 0.35%
40,000
– –
JCI icon
35
Johnson Controls International
JCI
$93.1B
$780K 0.35%
23,874
– –
GE icon
36
GE Aerospace
GE
$391B
$768K 0.34%
18,952
– –
FOX icon
37
Fox Class B
FOX
$22.2B
$716K 0.32%
25,028
– –
CHN
38
DELISTED
China Fund
CHN
$683K 0.3%
68,399
– –
SPB icon
39
Spectrum Brands
SPB
$2.09B
$670K 0.3%
12,799
– –
BRK.A icon
40
Berkshire Hathaway Class A
BRK.A
$1.11T
$634K 0.28%
1
– –
USB.PRS icon
41
US Bancorp Series O Preferred Stock
USB.PRS
$311M
$627K 0.28%
60,000
– –
BP icon
42
BP
BP
$109B
$565K 0.25%
15,000
– –
HPP.PRC
43
Hudson Pacific Properties 4.750% Series C Preferred Stock
HPP.PRC
$244M
$564K 0.25%
55,000
– –
HTLFP
44
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
$560K 0.25%
22,500
– –
NNN icon
45
NNN REIT
NNN
$8.97B
$556K 0.25%
13,000
– –
RILYZ icon
46
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
$544K 0.24%
140,000
– –
XOM icon
47
ExxonMobil
XOM
$638B
$535K 0.24%
79,600
– –
ATHS
48
Athene Holding Ltd 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
ATHS
$572M
$510K 0.23%
+70,000
New +$1.78M
BEPJ
49
Brookfield BRP Holdings 7.250% Perpetual Subordinated Notes
BEPJ
$147M
$500K 0.22%
+20,000
New +$500K
ATLCL icon
50
Atlanticus Holdings 6.125% Senior Notes due 2026
ATLCL
$149M
$475K 0.21%
20,000
– –
1
2
3

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IAT Reinsurance's Q1 2024 Portfolio in Review

As of Q1 2024, IAT Reinsurance held 88 positions worth $225M, down 58% from $541M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

IAT Reinsurance's Q1 2024 filing shows 6 new, 5 increased, 2 reduced and 8 closed positions. Its largest new stake was Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064: 200,000 shares worth $2.55M. The largest sale 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, an estimated $5.01M.

By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 27% a quarter earlier, followed by Technology and Industrials.

  • IAT Reinsurance's largest Q1 2024 buy was Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064: 200,000 shares worth $2.55M.
  • IAT Reinsurance added most to Chevron in Q1 2024, an estimated $2.41M increase.
  • IAT Reinsurance's biggest Q1 2024 reduction was Vitesse Energy, cutting an estimated $932K.
  • IAT Reinsurance fully exited 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 in Q1 2024, selling an estimated $5.01M.
  • IAT Reinsurance's ten largest holdings make up 64% of its $225M portfolio in Q1 2024.
  • IAT Reinsurance opened 6 new positions and closed 8 in Q1 2024.
  • IAT Reinsurance's portfolio value fell 58% quarter-over-quarter to $225M.

Based on IAT Reinsurance's 13F filing for Q1 2024, filed 9 May 2024.