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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
+28.69%
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
$489M
AUM Growth
+$84M
Cap. Flow
-$19.8M
Cap. Flow %
-4.05%
Top 10 Hldgs %
72.68%
Holding
94
New
5
Increased
1
Reduced
3
Closed
12

Top Buys

Rank Stock Value
1
FCNCP icon
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
+$3.22M
2
CTBB
Qwest Corp 6.5% Notes due 2056
CTBB
+$2.56M
3
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$1.73M
4
SLMBP
SLM Corp Series B
SLMBP
+$660K
5
CFR.PRB icon
Cullen/Frost Bankers Series B Preferred Stock
CFR.PRB
+$511K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$12.3M
2
WFC.PRZ icon
Wells Fargo & Co Series Z Preferred Stock
WFC.PRZ
+$3.02M
3
WTFCP
Wintrust Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
WTFCP
+$2.65M
4
HBANO
Huntington Bancshares Incorporated Depositary Shares
HBANO
+$2.02M
5
SOJE
Southern Company Series 2020C 4.20% Junior Subordinated Notes due Oct 15 2060
SOJE
+$2M

Sector Composition

Rank Sector Weight
1 Materials 34.54%
2 Financials 20.77%
3 Industrials 7.98%
4 Real Estate 7.21%
5 Consumer Discretionary 5.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BP icon
51
BP
BP
$106B
$308K 0.06%
15,000
– –
MDLX
52
DELISTED
Medley LLC 6.875% Senior Notes due 2026
MDLX
$273K 0.06%
40,000
– –
CARR icon
53
Carrier Global
CARR
$53.9B
$207K 0.04%
5,494
– –
IBM icon
54
IBM
IBM
$222B
$189K 0.04%
1,569
– –
OTIS icon
55
Otis Worldwide
OTIS
$27.8B
$185K 0.04%
2,746
– –
WAB icon
56
Wabtec
WAB
$50B
$47K 0.01%
647
– –
ADNT icon
57
Adient
ADNT
$1.61B
$41K 0.01%
1,193
– –
VST.WS.A
58
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
$13K ﹤0.01%
33,717
– –
CBL.PRD
59
DELISTED
CBL& Associates Properties, Inc. Depositary Shares each representing a 1/10th fractional interest of
CBL.PRD
$11K ﹤0.01%
15,000
– –
DNOW icon
60
DNOW Inc
DNOW
$2.6B
$8K ﹤0.01%
1,100
– –
KALU icon
61
Kaiser Aluminum
KALU
$2.91B
$7K ﹤0.01%
70
– –
TDW icon
62
Tidewater
TDW
$3.85B
$5K ﹤0.01%
557
– –
COF.PRK icon
63
Capital One Financial Series K Preferred Stock
COF.PRK
$83.8M
– –
-20,000
Closed -$486K
EQH.PRA icon
64
Equitable Holdings Series A Preferred Stock
EQH.PRA
$619M
– –
-40,000
Closed -$1.02M
GPC icon
65
Genuine Parts
GPC
$18.1B
$0 ﹤0.01%
2
– –
PFH
66
Prudential Financial Inc 4.125% Junior Subordinated Notes due 2060
PFH
$319M
– –
-10,000
Closed -$256K
PRIF.PRD
67
Priority Income Fund Inc 7.00% Series D Term Preferred Stock due 2029
PRIF.PRD
$26.7M
– –
-10,000
Closed -$249K
SOJE
68
Southern Company Series 2020C 4.20% Junior Subordinated Notes due Oct 15 2060
SOJE
$496M
– –
-80,000
Closed -$2M
WFC.PRZ icon
69
Wells Fargo & Co Series Z Preferred Stock
WFC.PRZ
$1.48B
– –
-120,000
Closed -$3.02M
WTFCP
70
DELISTED
Wintrust Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
WTFCP
– –
-100,000
Closed -$2.65M
TDW.WS.A
71
DELISTED
Tidewater Inc. Series A Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.A
$0 ﹤0.01%
903
– –
TDW.WS.B
72
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$0 ﹤0.01%
976
– –
GBLL
73
DELISTED
Global Indemnity Group, LLC 7.875% Subordinated Notes due 2047
GBLL
– –
-10,000
Closed -$260K
HBANO
74
DELISTED
Huntington Bancshares Incorporated Depositary Shares
HBANO
– –
-80,000
Closed -$2.02M
CTZ
75
DELISTED
Qwest Corporation
CTZ
– –
-30,000
Closed -$749K
1 2
3
4

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IAT Reinsurance's Q4 2020 Portfolio in Review

As of Q4 2020, IAT Reinsurance held 94 positions worth $489M, up 21% from $405M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

IAT Reinsurance withdrew a net $19.8M in Q4 2020, closing 12 positions and reducing 3 holdings. Its most notable exit was Wells Fargo & Co Series Z Preferred Stock, an estimated $3.02M position sold in full.

By sector, the portfolio is most concentrated in Materials at 35% of assets, up from 27% a quarter earlier, followed by Financials and Industrials.

Against the trend, IAT Reinsurance opened a new position in First Citizens BancShares 5.375% Series A Preferred Stock worth $3.25M.

  • IAT Reinsurance's largest Q4 2020 buy was First Citizens BancShares 5.375% Series A Preferred Stock: 120,000 shares worth $3.25M.
  • IAT Reinsurance added most to Qwest Corp 6.5% Notes due 2056 in Q4 2020, an estimated $2.56M increase.
  • IAT Reinsurance's biggest Q4 2020 reduction was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, cutting an estimated $12.3M.
  • IAT Reinsurance fully exited Wells Fargo & Co Series Z Preferred Stock in Q4 2020, selling an estimated $3.02M.
  • IAT Reinsurance's ten largest holdings make up 73% of its $489M portfolio in Q4 2020.
  • IAT Reinsurance opened 5 new positions and closed 12 in Q4 2020.
  • IAT Reinsurance's portfolio value rose 21% quarter-over-quarter to $489M.

Based on IAT Reinsurance's 13F filing for Q4 2020, filed 1 Feb 2021.