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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
+18.57%
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
$589M
AUM Growth
+$62.5M
Cap. Flow
-$25.1M
Cap. Flow %
-4.26%
Top 10 Hldgs %
70.19%
Holding
147
New
14
Increased
2
Reduced
16
Closed
20

Top Buys

Rank Stock Value
1
HAL icon
Halliburton
HAL
+$4.82M
2
BPYPP
Brookfield Property Partners LP 6.50% Class A Cumulative Redeemable Perpetual Preferred Units
BPYPP
+$1.74M
3
CMSD
CMS Energy Corp 5.875% Junior Subordinated Notes due 2079
CMSD
+$1.52M
4
PRIF.PRC
Priority Income Fund, Inc. 6.625% Series C Term Preferred Stock due 2024, par value $0.01 per share
PRIF.PRC
+$1.49M
5
MGR
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
+$1.47M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$7.57M
2
CMSA
CMS Energy Corp 5.625% Junior Subordinated Notes due 2078
CMSA
+$2.82M
3
DUKB
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
+$2.35M
4
GS icon
Goldman Sachs
GS
+$2.32M
5
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
+$2.12M

Sector Composition

Rank Sector Weight
1 Materials 37.5%
2 Financials 16.35%
3 Real Estate 9.43%
4 Industrials 6.48%
5 Healthcare 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DCP.PRB
51
DELISTED
DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRB
$1.46M 0.25%
60,000
– –
NEE.PRN icon
52
NextEra Energy Capital Holdings Series N Junior Subordinated Debentures due March 1 2079
NEE.PRN
$601M
$1.4M 0.24%
+55,000
New +$1.39M
WTW icon
53
Willis Towers Watson
WTW
$31.2B
$1.4M 0.24%
7,950
– –
CHN
54
DELISTED
China Fund
CHN
$1.39M 0.24%
68,399
– –
UNMA
55
Unum Group 6.250% Junior Subordinated Notes due 2058
UNMA
$257M
$1.3M 0.22%
50,000
– –
BC.PRA
56
DELISTED
Brunswick Corporation 6.500% Senior Notes due 2048
BC.PRA
$1.3M 0.22%
50,000
-30,000
-38% -$767K
RMPL.PR
57
DELISTED
RiverNorth Capital and Income Fund, Inc. 5.875%% Series A Term Preferred Stock $0.0001 par value per share
RMPL.PR
$1.28M 0.22%
50,000
– –
GE icon
58
GE Aerospace
GE
$374B
$1.21M 0.21%
24,277
-971
-4% -$45.7K
SRC.PRA
59
DELISTED
Spirit Realty Capital, Inc. 6.000 Percent Series A Cumulative Redeemable Preferred Stock
SRC.PRA
$1.2M 0.2%
50,000
– –
MCD icon
60
McDonald's
MCD
$192B
$1.19M 0.2%
6,250
– –
PRHI
61
Presurance Holdings
PRHI
$21.2M
$1.13M 0.19%
35,714
– –
SNHNI
62
DELISTED
SENIOR HOUSING PROPERTIES TRUST 5.625% Senior Notes due 2042
SNHNI
$1.07M 0.18%
47,000
– –
SCHW
63
Charles Schwab
SCHW
$183B
$1.07M 0.18%
25,000
– –
TBC
64
DELISTED
AT&T Inc. 5.625% Global Notes due 2067
TBC
$1.02M 0.17%
40,000
-60,000
-60% -$1.49M
TEL icon
65
TE Connectivity
TEL
$59.6B
$1.01M 0.17%
12,500
– –
ECCX
66
DELISTED
Eagle Point Credit Co 6.6875% Notes due 2028
ECCX
$1.01M 0.17%
40,000
– –
APO.PRB
67
DELISTED
Apollo Global Management, Inc. 6.375 percent Series B Preferred Shares
APO.PRB
$982K 0.17%
40,000
– –
USB icon
68
US Bancorp
USB
$98.2B
$978K 0.17%
20,300
– –
BUD icon
69
AB InBev
BUD
$170B
$924K 0.16%
+11,000
New +$846K
FOX icon
70
Fox Class B
FOX
$21.8B
$898K 0.15%
+25,032
New +$954K
JCI icon
71
Johnson Controls International
JCI
$88.8B
$882K 0.15%
23,874
– –
AFGB
72
American Financial Group 5.875% Subordinated Debentures due 2059
AFGB
$103M
$874K 0.15%
+35,000
New +$877K
GBLL
73
DELISTED
Global Indemnity Group, LLC 7.875% Subordinated Notes due 2047
GBLL
$772K 0.13%
30,000
– –
MDLQ
74
DELISTED
Medley LLC 7.25% Notes due 2024
MDLQ
$754K 0.13%
40,000
– –
PBY
75
DELISTED
Prospect Capital Corporaton 6.25% Notes due 2028
PBY
$741K 0.13%
30,000
– –
1 2
3
4 5

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IAT Reinsurance's Q1 2019 Portfolio in Review

As of Q1 2019, IAT Reinsurance held 147 positions worth $589M, up 12% from $526M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

IAT Reinsurance withdrew a net $25.1M in Q1 2019, closing 20 positions and reducing 16 holdings. Its most notable exit was CMS Energy Corp 5.625% Junior Subordinated Notes due 2078, an estimated $2.82M position sold in full.

By sector, the portfolio is most concentrated in Materials at 38% of assets, up from 33% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Halliburton worth $4.67M.

  • IAT Reinsurance's largest Q1 2019 buy was Halliburton: 159,500 shares worth $4.67M.
  • IAT Reinsurance added most to Walt Disney in Q1 2019, an estimated $1.18M increase.
  • IAT Reinsurance's biggest Q1 2019 reduction was Berkshire Hathaway Class A, cutting an estimated $7.57M.
  • IAT Reinsurance fully exited CMS Energy Corp 5.625% Junior Subordinated Notes due 2078 in Q1 2019, selling an estimated $2.82M.
  • IAT Reinsurance's ten largest holdings make up 70% of its $589M portfolio in Q1 2019.
  • IAT Reinsurance opened 14 new positions and closed 20 in Q1 2019.
  • IAT Reinsurance's portfolio value rose 12% quarter-over-quarter to $589M.

Based on IAT Reinsurance's 13F filing for Q1 2019, filed 14 May 2019.