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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
-5.07%
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
$667M
AUM Growth
-$74.6M
Cap. Flow
-$29.8M
Cap. Flow %
-4.47%
Top 10 Hldgs %
79.4%
Holding
101
New
6
Increased
4
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
RILYZ icon
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
+$3.5M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$3.41M
3
PRIF.PRJ
Priority Income Fund Inc 6.000% Series J Term Preferred Stock due 2028
PRIF.PRJ
+$1.49M
4
PSEC.PRA icon
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
+$1.2M
5
PRHI
Presurance Holdings
PRHI
+$747K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$8.07M
2
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$4.02M
3
NRUC
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
+$3.29M
4
CGABL
The Carlyle Group 4.625% Subordinated Notes due 2061
CGABL
+$2.55M
5
QVCGP
QVC Group Inc 8.0% Preferred Stock
QVCGP
+$2.17M

Sector Composition

Rank Sector Weight
1 Materials 28.64%
2 Financials 21.9%
3 Real Estate 20.21%
4 Industrials 7.79%
5 Consumer Discretionary 4.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GM icon
51
General Motors
GM
$78.6B
$123K 0.02%
2,327
– –
LTSL
52
DELISTED
Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes due 2027
LTSL
$105K 0.02%
10,000
-10,000
-50% -$105K
WAB icon
53
Wabtec
WAB
$50.5B
$56K 0.01%
647
– –
ADNT icon
54
Adient
ADNT
$1.67B
$49K 0.01%
1,193
– –
STX icon
55
Seagate
STX
$197B
$41K 0.01%
+500
New +$43.5K
CBL.PRD
56
DELISTED
CBL& Associates Properties, Inc. Depositary Shares each representing a 1/10th fractional interest of
CBL.PRD
$24K ﹤0.01%
15,000
– –
DNOW icon
57
DNOW Inc
DNOW
$2.63B
$8K ﹤0.01%
1,100
– –
KALU icon
58
Kaiser Aluminum
KALU
$2.95B
$8K ﹤0.01%
70
– –
VST.WS.A
59
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
$6K ﹤0.01%
33,717
– –
TDW.WS.A
60
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
61
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$1K ﹤0.01%
976
– –
MDLX
62
DELISTED
Medley LLC 6.875% Senior Notes due 2026
MDLX
$1K ﹤0.01%
40,000
– –
MDLQ
63
DELISTED
Medley LLC 7.25% Notes due 2024
MDLQ
$1K ﹤0.01%
40,000
– –
ACGLN icon
64
Arch Capital Group Series G Preferred Stock
ACGLN
– –
-40,000
Closed -$1.04M
BIPH
65
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081
BIPH
$160M
– –
-40,000
Closed -$1.01M
CGABL
66
The Carlyle Group 4.625% Subordinated Notes due 2061
CGABL
$322M
– –
-100,000
Closed -$2.55M
CTBB
67
DELISTED
Qwest Corp 6.5% Notes due 2056
CTBB
– –
-40,000
Closed -$1.02M
CUBB
68
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
$67.2M
– –
-150,000
Closed -$4.02M
FCNCP icon
69
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
$279M
– –
-40,000
Closed -$1.1M
GAINN
70
DELISTED
Gladstone Investment Corp 5.00% Notes due 2026
GAINN
– –
-40,000
Closed -$1.04M
NRUC
71
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
$223M
– –
-120,000
Closed -$3.29M
PRIF.PRI
72
DELISTED
Priority Income Fund, Inc. 6.125% Series I Term Preferred Stock due 2028
PRIF.PRI
– –
-50,000
Closed -$1.27M
PSA.PRP icon
73
Public Storage 4.000% Series P Preferred Share
PSA.PRP
$371M
– –
-80,000
Closed -$2.03M
RCC
74
DELISTED
Ready Capital Corp 5.75% Senior Notes due 2026
RCC
– –
-70,000
Closed -$1.82M
RC.PRE
75
Ready Capital Corp 6.50% Series E Preferred Stock
RC.PRE
$59.4M
– –
-40,000
Closed -$1M
1 2
3
4

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IPW
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CCG
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TL
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BBWA
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EWM
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IAT Reinsurance's Q3 2021 Portfolio in Review

As of Q3 2021, IAT Reinsurance held 101 positions worth $667M, down 10% from $742M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

IAT Reinsurance withdrew a net $29.8M in Q3 2021, closing 21 positions and reducing 8 holdings. Its most notable exit was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, an estimated $8.07M position sold in full.

By sector, the portfolio is most concentrated in Materials at 29% of assets, up from 28% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in BRC Group Holdings 5.25% Senior Notes due 2028 worth $3.52M.

  • IAT Reinsurance's largest Q3 2021 buy was BRC Group Holdings 5.25% Senior Notes due 2028: 140,000 shares worth $3.52M.
  • IAT Reinsurance added most to DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077 in Q3 2021, an estimated $3.41M increase.
  • IAT Reinsurance's biggest Q3 2021 reduction was Oxford Square Capital 5.50% Notes due 2028, cutting an estimated $1.26M.
  • IAT Reinsurance fully exited Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056 in Q3 2021, selling an estimated $8.07M.
  • IAT Reinsurance's ten largest holdings make up 79% of its $667M portfolio in Q3 2021.
  • IAT Reinsurance opened 6 new positions and closed 21 in Q3 2021.
  • IAT Reinsurance's portfolio value fell 10% quarter-over-quarter to $667M.

Based on IAT Reinsurance's 13F filing for Q3 2021, filed 15 Nov 2021.