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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
+3.13%
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
$548M
AUM Growth
-$34.3M
Cap. Flow
-$46.4M
Cap. Flow %
-8.46%
Top 10 Hldgs %
77.04%
Holding
124
New
3
Increased
5
Reduced
13
Closed
37

Top Buys

Rank Stock Value
1
GLW icon
Corning
GLW
+$1.59M
2
SPB icon
Spectrum Brands
SPB
+$725K
3
SACC
Sachem Capital Corp. 6.875% Notes due 2024
SACC
+$250K
4
GS icon
Goldman Sachs
GS
+$21.7K

Top Sells

Rank Stock Value
1
MSI icon
Motorola Solutions
MSI
+$4.22M
2
ETP.PRD
Energy Transfer Operating, L.P. 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRD
+$3.45M
3
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$3.37M
4
SREA
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
+$2.41M
5
MGR
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
+$2.1M

Sector Composition

Rank Sector Weight
1 Materials 37%
2 Financials 21.64%
3 Real Estate 9.2%
4 Industrials 7.78%
5 Healthcare 6.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BP icon
51
BP
BP
$116B
$566K 0.1%
15,000
– –
GBLL
52
DELISTED
Global Indemnity Group, LLC 7.875% Subordinated Notes due 2047
GBLL
$542K 0.1%
20,000
-10,000
-33% -$266K
PRIF.PRD
53
Priority Income Fund Inc 7.00% Series D Term Preferred Stock due 2029
PRIF.PRD
$26.7M
$515K 0.09%
20,000
– –
PRIF.PRA
54
DELISTED
Priority Income Fund, Inc. 6.375% Series A Term Preferred Stock due 2025
PRIF.PRA
$495K 0.09%
20,000
-10,000
-33% -$249K
BRK.A icon
55
Berkshire Hathaway Class A
BRK.A
$1.1T
$340K 0.06%
1
-5
-83% -$1.63M
SACC
56
DELISTED
Sachem Capital Corp. 6.875% Notes due 2024
SACC
$251K 0.05%
+10,000
New +$250K
MRK icon
57
Merck
MRK
$322B
$135K 0.02%
1,558
– –
GM icon
58
General Motors
GM
$80.4B
$87K 0.02%
2,373
– –
VST.WS.A
59
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
$73K 0.01%
33,717
– –
CBL.PRD
60
DELISTED
CBL& Associates Properties, Inc. Depositary Shares each representing a 1/10th fractional interest of
CBL.PRD
$73K 0.01%
15,000
-20,000
-57% -$165K
WAB icon
61
Wabtec
WAB
$49.1B
$50K 0.01%
647
– –
ADNT icon
62
Adient
ADNT
$1.65B
$25K ﹤0.01%
1,193
– –
DNOW icon
63
DNOW Inc
DNOW
$2.58B
$12K ﹤0.01%
1,100
– –
TDW icon
64
Tidewater
TDW
$3.73B
$11K ﹤0.01%
557
– –
KALU icon
65
Kaiser Aluminum
KALU
$2.61B
$8K ﹤0.01%
70
– –
TDW.WS.A
66
DELISTED
Tidewater Inc. Series A Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.A
$1K ﹤0.01%
903
– –
TDW.WS.B
67
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$1K ﹤0.01%
976
– –
AHL.PRE
68
Aspen Insurance Holdings Limited Depositary Shares
AHL.PRE
$189M
– –
-50,000
Closed -$1.28M
ALL.PRH icon
69
Allstate Corp
ALL.PRH
$891M
– –
-40,000
Closed -$1.05M
AMH.PRG icon
70
American Homes 4 Rent Series G
AMH.PRG
$105M
– –
-10,000
Closed -$263K
ATH.PRB
71
Athene Holding Ltd Series B
ATH.PRB
$258M
– –
-60,000
Closed -$1.57M
AVT icon
72
Avnet
AVT
$7.29B
– –
-12,000
Closed -$534K
BC.PRA
73
DELISTED
Brunswick Corporation 6.500% Senior Notes due 2048
BC.PRA
– –
-20,000
Closed -$535K
BPYPO
74
Brookfield Property Partners 6.375% Class A Cumulative Redeemable Perpetual Preferred Units Series 2
BPYPO
– –
-20,000
Closed -$518K
BPYPP
75
Brookfield Property Partners LP 6.50% Class A Cumulative Redeemable Perpetual Preferred Units
BPYPP
$118M
– –
-75,000
Closed -$1.96M
1 2
3
4 5

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IAT Reinsurance's Q4 2019 Portfolio in Review

As of Q4 2019, IAT Reinsurance held 124 positions worth $548M, down 5.9% from $582M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

IAT Reinsurance withdrew a net $46.4M in Q4 2019, closing 37 positions and reducing 13 holdings. Its most notable exit was Motorola Solutions, an estimated $4.22M position sold in full.

By sector, the portfolio is most concentrated in Materials at 37% of assets, up from 36% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Spectrum Brands worth $823K.

  • IAT Reinsurance's largest Q4 2019 buy was Spectrum Brands: 12,799 shares worth $823K.
  • IAT Reinsurance added most to Corning in Q4 2019, an estimated $1.59M increase.
  • IAT Reinsurance's biggest Q4 2019 reduction was INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI), cutting an estimated $3.37M.
  • IAT Reinsurance fully exited Motorola Solutions in Q4 2019, selling an estimated $4.22M.
  • IAT Reinsurance's ten largest holdings make up 77% of its $548M portfolio in Q4 2019.
  • IAT Reinsurance opened 3 new positions and closed 37 in Q4 2019.
  • IAT Reinsurance's portfolio value fell 5.9% quarter-over-quarter to $548M.

Based on IAT Reinsurance's 13F filing for Q4 2019, filed 12 Feb 2020.