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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
+16.96%
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
$678M
AUM Growth
+$30.9M
Cap. Flow
-$46.2M
Cap. Flow %
-6.82%
Top 10 Hldgs %
74.79%
Holding
137
New
19
Increased
–
Reduced
22
Closed
17

Top Buys

Rank Stock Value
1
ETP.PRC
Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRC
+$3M
2
RNR.PRF icon
RenaissanceRe Holdings 5.75% Series F Preference Share
RNR.PRF
+$1.5M
3
DCP.PRB
DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRB
+$1.5M
4
UNMA
Unum Group 6.250% Junior Subordinated Notes due 2058
UNMA
+$1.25M
5
ENBA
Enbridge Inc. 6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078
ENBA
+$1.02M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$13.5M
2
MTN icon
Vail Resorts
MTN
+$9.01M
3
RJF icon
Raymond James Financial
RJF
+$7.69M
4
VTRB
Ventas Realty, Ltd Partnership
VTRB
+$3M
5
GPC icon
Genuine Parts
GPC
+$2.07M

Sector Composition

Rank Sector Weight
1 Materials 42.56%
2 Financials 16.14%
3 Real Estate 9.42%
4 Industrials 6.89%
5 Consumer Discretionary 5.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RMPL.PR
51
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
– –
UNMA
52
Unum Group 6.250% Junior Subordinated Notes due 2058
UNMA
$257M
$1.24M 0.18%
+50,000
New +$1.25M
WTW icon
53
Willis Towers Watson
WTW
$31.2B
$1.21M 0.18%
7,950
– –
SGZA.CL
54
DELISTED
Selective Insurance Group, Inc.
SGZA.CL
$1.14M 0.17%
45,000
-5,000
-10% -$125K
TEL icon
55
TE Connectivity
TEL
$59.6B
$1.13M 0.17%
12,500
– –
USB icon
56
US Bancorp
USB
$98.2B
$1.01M 0.15%
20,300
– –
ENBA
57
DELISTED
Enbridge Inc. 6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078
ENBA
$1.01M 0.15%
+40,000
New +$1.02M
APO.PRB
58
DELISTED
Apollo Global Management, Inc. 6.375 percent Series B Preferred Shares
APO.PRB
$994K 0.15%
40,000
– –
MDLQ
59
DELISTED
Medley LLC 7.25% Notes due 2024
MDLQ
$994K 0.15%
40,000
– –
ECCX
60
DELISTED
Eagle Point Credit Co 6.6875% Notes due 2028
ECCX
$984K 0.15%
+40,000
New +$985K
MCD icon
61
McDonald's
MCD
$192B
$979K 0.14%
6,250
– –
MDLX
62
DELISTED
Medley LLC 6.875% Senior Notes due 2026
MDLX
$950K 0.14%
40,000
– –
STAG.PRC
63
DELISTED
Stag Industrial, Inc. 6.875% Series C Cumulative Redeemable Preferred Stock
STAG.PRC
$898K 0.13%
35,000
-20,000
-36% -$510K
REXR.PRA
64
DELISTED
Rexford Industrial Realty, Inc 5.875% Series A Cumulative Redeemable Preferred Stock
REXR.PRA
$849K 0.13%
35,000
– –
WRB.PRD
65
DELISTED
W.R. Berkley Corporation5.75% Subordinated Debentures due 2056
WRB.PRD
$817K 0.12%
33,000
– –
JCI icon
66
Johnson Controls International
JCI
$88.8B
$799K 0.12%
23,874
– –
GBLL
67
DELISTED
Global Indemnity Group, LLC 7.875% Subordinated Notes due 2047
GBLL
$772K 0.11%
30,000
– –
PBY
68
DELISTED
Prospect Capital Corporaton 6.25% Notes due 2028
PBY
$754K 0.11%
+30,000
New +$752K
OAK.PRA
69
Brookfield Oaktree Holdings LLC 6.625% Series A Preferred Units
OAK.PRA
$2.49B
$752K 0.11%
+30,000
New +$750K
WPG.PRI
70
DELISTED
Washington Prime Group Inc. 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Int
WPG.PRI
$752K 0.11%
35,000
– –
AMH.PRG icon
71
American Homes 4 Rent Series G
AMH.PRG
$105M
$723K 0.11%
30,000
– –
AGN
72
DELISTED
Allergan plc
AGN
$713K 0.11%
4,278
– –
BP icon
73
BP
BP
$116B
$685K 0.1%
15,937
-206
-1% -$8.65K
CBL.PRD
74
DELISTED
CBL& Associates Properties, Inc. Depositary Shares each representing a 1/10th fractional interest of
CBL.PRD
$674K 0.1%
35,000
– –
CTDD
75
DELISTED
Qwest Corp 6.75% Notes due 2057
CTDD
$666K 0.1%
30,000
– –
1 2
3
4 5

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IAT Reinsurance's Q2 2018 Portfolio in Review

As of Q2 2018, IAT Reinsurance held 137 positions worth $678M, up 4.8% from $647M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

IAT Reinsurance withdrew a net $46.2M in Q2 2018, closing 17 positions and reducing 22 holdings. Its most notable exit was Allison Transmission, an estimated $1.5M position sold in full.

By sector, the portfolio is most concentrated in Materials at 43% of assets, up from 32% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu worth $3M.

  • IAT Reinsurance's largest Q2 2018 buy was Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu: 120,000 shares worth $3M.
  • IAT Reinsurance's biggest Q2 2018 reduction was Berkshire Hathaway Class A, cutting an estimated $13.5M.
  • IAT Reinsurance fully exited Allison Transmission in Q2 2018, selling an estimated $1.5M.
  • IAT Reinsurance's ten largest holdings make up 75% of its $678M portfolio in Q2 2018.
  • IAT Reinsurance opened 19 new positions and closed 17 in Q2 2018.
  • IAT Reinsurance's portfolio value rose 4.8% quarter-over-quarter to $678M.

Based on IAT Reinsurance's 13F filing for Q2 2018, filed 7 Aug 2018.