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IR

IAT Reinsurance Portfolio holdings

AUM $310M
1-Year Est. Return 13.37%
This Fund
S&P 500
This Quarter Est. Return
+3.71%
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
$341M
AUM Growth
-$133M
Cap. Flow
-$138M
Cap. Flow %
-40.3%
Top 10 Hldgs %
67.74%
Holding
88
New
3
Increased
3
Reduced
5
Closed
17

Top Buys

Rank Stock Value
1
XELLL
Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085
XELLL
+$2M
2
TCPA
TransCanada PipeLines Limited 6.250% Junior Subordinated Notes due 2085
TCPA
+$1.96M
3
MERC icon
Mercer International
MERC
+$1.1M
4
ACGLN icon
Arch Capital Group Series G Preferred Stock
ACGLN
+$696K
5
WTFCN
Wintrust Financial Corp 7.875% Preferred Stock
WTFCN
+$527K

Top Sells

Rank Stock Value
1
RJF icon
Raymond James Financial
RJF
+$51.5M
2
GS icon
Goldman Sachs
GS
+$44.2M
3
SIGI icon
Selective Insurance
SIGI
+$16.2M
4
EMR icon
Emerson Electric
EMR
+$10.5M
5
TVE
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
+$6.28M

Sector Composition

Rank Sector Weight
1 Financials 16.07%
2 Technology 12.41%
3 Materials 9.99%
4 Healthcare 9.12%
5 Real Estate 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRTN.PRF
26
Triton International Ltd 7.625% Series F Preference Shares
TRTN.PRF
$147M
$2.03M 0.59%
80,000
– –
METCI
27
Ramaco Resources Inc 8.250% Senior Notes due 2030
METCI
$2.02M 0.59%
80,000
– –
XELLL
28
Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085
XELLL
$2M 0.59%
+80,000
New +$2M
AHL.PRF
29
Aspen Insurance Preference Share
AHL.PRF
$1.99M 0.58%
80,000
– –
TCPA
30
TransCanada PipeLines Limited 6.250% Junior Subordinated Notes due 2085
TCPA
$1.96M 0.57%
+80,000
New +$1.96M
MGRE
31
Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064
MGRE
$416M
$1.94M 0.57%
80,000
– –
CRBD
32
Corebridge Financial 6.375% Junior Subordinated Notes due 2064
CRBD
$529M
$1.85M 0.54%
80,000
– –
NEWTP
33
NewtekOne Inc Series B Preferred Stock
NEWTP
$50M
$1.84M 0.54%
80,000
– –
RILYZ icon
34
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
$1.72M 0.5%
140,000
– –
JCI icon
35
Johnson Controls International
JCI
$88.7B
$1.43M 0.42%
11,937
-11,937
-50% -$1.37M
AXS.PRE icon
36
AXIS Capital Holdings Ltd Series E
AXS.PRE
$412M
$1.39M 0.41%
70,000
– –
USB.PRS icon
37
US Bancorp Series O Preferred Stock
USB.PRS
$311M
$1.09M 0.32%
60,000
– –
OZKAP
38
Bank OZK 4.625% Series A Preferred Stock
OZKAP
$226M
$997K 0.29%
60,000
– –
AFGC
39
American Financial Group 5.125% Subordinated Debentures due 2059
AFGC
$143M
$948K 0.28%
50,000
+20,000
+67% +$392K
CUBB
40
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
$67.2M
$891K 0.26%
40,000
– –
HPP.PRC
41
Hudson Pacific Properties 4.750% Series C Preferred Stock
HPP.PRC
$244M
$849K 0.25%
55,000
– –
GL.PRD icon
42
Globe Life Inc 4.25% Junior Subordinated Debentures due 2061
GL.PRD
$200M
$842K 0.25%
50,000
– –
PG icon
43
Procter & Gamble
PG
$345B
$817K 0.24%
5,700
– –
SPB icon
44
Spectrum Brands
SPB
$2.04B
$756K 0.22%
12,799
– –
BRK.A icon
45
Berkshire Hathaway Class A
BRK.A
$1.1T
$755K 0.22%
1
– –
ACGLN icon
46
Arch Capital Group Series G Preferred Stock
ACGLN
$664K 0.19%
+40,000
New +$696K
CMA.PRB
47
DELISTED
Comerica Inc Series B Preferred Stock
CMA.PRB
$523K 0.15%
20,000
-60,000
-75% -$1.55M
AFGE
48
American Financial Group 4.500% Subordinated Debentures due 2060
AFGE
$130M
$507K 0.15%
30,000
– –
BEPJ
49
Brookfield BRP Holdings 7.250% Perpetual Subordinated Notes
BEPJ
$147M
$502K 0.15%
20,000
– –
ATLCL icon
50
Atlanticus Holdings 6.125% Senior Notes due 2026
ATLCL
$149M
$496K 0.15%
20,000
– –
1
2
3 4

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PH
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IPW
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CCG
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TL
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FI
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BBWA
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EWM
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IAT Reinsurance's Q4 2025 Portfolio in Review

As of Q4 2025, IAT Reinsurance held 88 positions worth $341M, down 28% from $475M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

IAT Reinsurance withdrew a net $138M in Q4 2025, closing 17 positions and reducing 5 holdings. Its most notable exit was Raymond James Financial, an estimated $51.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 33% a quarter earlier, followed by Technology and Materials.

Against the trend, IAT Reinsurance opened a new position in Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085 worth $2M.

  • IAT Reinsurance's largest Q4 2025 buy was Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085: 80,000 shares worth $2M.
  • IAT Reinsurance added most to Mercer International in Q4 2025, an estimated $1.1M increase.
  • IAT Reinsurance's biggest Q4 2025 reduction was Goldman Sachs, cutting an estimated $44.2M.
  • IAT Reinsurance fully exited Raymond James Financial in Q4 2025, selling an estimated $51.5M.
  • IAT Reinsurance's ten largest holdings make up 68% of its $341M portfolio in Q4 2025.
  • IAT Reinsurance opened 3 new positions and closed 17 in Q4 2025.
  • IAT Reinsurance's portfolio value fell 28% quarter-over-quarter to $341M.

Based on IAT Reinsurance's 13F filing for Q4 2025, filed 10 Feb 2026.