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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
-5.72%
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
$647M
AUM Growth
-$69.5M
Cap. Flow
-$28.1M
Cap. Flow %
-4.35%
Top 10 Hldgs %
71.09%
Holding
130
New
17
Increased
7
Reduced
6
Closed
12

Top Buys

Rank Stock Value
1
CMSA
CMS Energy Corp 5.625% Junior Subordinated Notes due 2078
CMSA
+$2M
2
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$1.84M
3
SGZA.CL
Selective Insurance Group, Inc.
SGZA.CL
+$1.26M
4
WALA
Western Alliance Bancorporation
WALA
+$1.03M
5
APO.PRB
Apollo Global Management, Inc. 6.375 percent Series B Preferred Shares
APO.PRB
+$993K

Top Sells

Rank Stock Value
1
STX icon
Seagate
STX
+$19.9M
2
PG icon
Procter & Gamble
PG
+$16.2M
3
VR.PRA.CL
Validus Holdings, Ltd.
VR.PRA.CL
+$1.69M
4
NS.PRC
NuStar Energy L.P. 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
NS.PRC
+$1.56M
5
AXS.PRE icon
AXIS Capital Holdings Ltd Series E
AXS.PRE
+$1.48M

Sector Composition

Rank Sector Weight
1 Materials 31.72%
2 Financials 21.88%
3 Real Estate 11.19%
4 Industrials 7.45%
5 Consumer Discretionary 6.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STAG.PRC
51
DELISTED
Stag Industrial, Inc. 6.875% Series C Cumulative Redeemable Preferred Stock
STAG.PRC
$1.4M 0.22%
55,000
+35,000
+175% +$900K
SCHW
52
Charles Schwab
SCHW
$183B
$1.31M 0.2%
25,000
– –
SRC.PRA
53
DELISTED
Spirit Realty Capital, Inc. 6.000 Percent Series A Cumulative Redeemable Preferred Stock
SRC.PRA
$1.3M 0.2%
60,000
– –
SGZA.CL
54
DELISTED
Selective Insurance Group, Inc.
SGZA.CL
$1.26M 0.2%
+50,000
New +$1.26M
RMPL.PR
55
DELISTED
RiverNorth Capital and Income Fund, Inc. 5.875%% Series A Term Preferred Stock $0.0001 par value per share
RMPL.PR
$1.26M 0.19%
50,000
– –
TEL icon
56
TE Connectivity
TEL
$59.6B
$1.25M 0.19%
12,500
– –
WTW icon
57
Willis Towers Watson
WTW
$31.2B
$1.21M 0.19%
7,950
– –
WRB.PRB
58
DELISTED
W.R. BERKLEY CORPORATION 5.625% Subordinated Debentures due 2053
WRB.PRB
$1.03M 0.16%
41,000
+21,000
+105% +$524K
USB icon
59
US Bancorp
USB
$98.2B
$1.02M 0.16%
20,300
– –
MDLQ
60
DELISTED
Medley LLC 7.25% Notes due 2024
MDLQ
$1.01M 0.16%
40,000
– –
MDLX
61
DELISTED
Medley LLC 6.875% Senior Notes due 2026
MDLX
$999K 0.15%
40,000
– –
APO.PRB
62
DELISTED
Apollo Global Management, Inc. 6.375 percent Series B Preferred Shares
APO.PRB
$996K 0.15%
+40,000
New +$993K
MCD icon
63
McDonald's
MCD
$192B
$977K 0.15%
6,250
– –
OPINI
64
DELISTED
Office Properties Income Trust 5.875% Senior Notes due 2046
OPINI
$916K 0.14%
+36,000
New +$907K
SNHNL
65
DELISTED
Senior Housing Properties Trust 6.25% Senior Notes Due 2046
SNHNL
$912K 0.14%
+35,000
New +$906K
MBFIO
66
DELISTED
MB Financial Inc. Noncumulative Perpetual Preferred Stock Series C Depositary Shares
MBFIO
$866K 0.13%
34,500
– –
JCI icon
67
Johnson Controls International
JCI
$88.8B
$841K 0.13%
23,874
– –
REXR.PRA
68
DELISTED
Rexford Industrial Realty, Inc 5.875% Series A Cumulative Redeemable Preferred Stock
REXR.PRA
$839K 0.13%
35,000
-35,000
-50% -$846K
WRB.PRD
69
DELISTED
W.R. Berkley Corporation5.75% Subordinated Debentures due 2056
WRB.PRD
$832K 0.13%
+33,000
New +$831K
MDT icon
70
Medtronic
MDT
$109B
$794K 0.12%
9,900
– –
GBLL
71
DELISTED
Global Indemnity Group, LLC 7.875% Subordinated Notes due 2047
GBLL
$769K 0.12%
30,000
– –
CFR.PRA.CL
72
DELISTED
CULLEN/FROST BANKERS, INC. 5.375% SER A Called
CFR.PRA.CL
$748K 0.12%
30,000
– –
AGN
73
DELISTED
Allergan plc
AGN
$720K 0.11%
+4,278
New +$718K
WPG.PRI
74
DELISTED
Washington Prime Group Inc. 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Int
WPG.PRI
$716K 0.11%
35,000
– –
AMH.PRG icon
75
American Homes 4 Rent Series G
AMH.PRG
$105M
$695K 0.11%
30,000
+10,000
+50% +$240K
1 2
3
4 5

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IAT Reinsurance's Q1 2018 Portfolio in Review

As of Q1 2018, IAT Reinsurance held 130 positions worth $647M, down 9.7% from $716M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance withdrew a net $28.1M in Q1 2018, closing 12 positions and reducing 6 holdings. Its most notable exit was Validus Holdings, Ltd., an estimated $1.69M position sold in full.

By sector, the portfolio is most concentrated in Materials at 32% of assets, down from 33% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in CMS Energy Corp 5.625% Junior Subordinated Notes due 2078 worth $2M.

  • IAT Reinsurance's largest Q1 2018 buy was CMS Energy Corp 5.625% Junior Subordinated Notes due 2078: 80,000 shares worth $2M.
  • IAT Reinsurance added most to Western Alliance Bancorporation in Q1 2018, an estimated $1.03M increase.
  • IAT Reinsurance's biggest Q1 2018 reduction was Seagate, cutting an estimated $19.9M.
  • IAT Reinsurance fully exited Validus Holdings, Ltd. in Q1 2018, selling an estimated $1.69M.
  • IAT Reinsurance's ten largest holdings make up 71% of its $647M portfolio in Q1 2018.
  • IAT Reinsurance opened 17 new positions and closed 12 in Q1 2018.
  • IAT Reinsurance's portfolio value fell 9.7% quarter-over-quarter to $647M.

Based on IAT Reinsurance's 13F filing for Q1 2018, filed 11 May 2018.