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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
+1.71%
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
$505M
AUM Growth
-$12.8M
Cap. Flow
-$7.83M
Cap. Flow %
-1.55%
Top 10 Hldgs %
71.37%
Holding
87
New
4
Increased
–
Reduced
1
Closed
9

Top Buys

Rank Stock Value
1
TVC
Tennessee Valley Authority Power Bonds 1998 Series D due June 1 2028
TVC
+$1.3M
2
TVE
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
+$638K

Top Sells

Rank Stock Value
1
WFC.PRQ
Wells Fargo & Co.
WFC.PRQ
+$2.52M
2
ET.PRE
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
+$1.93M
3
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$1.79M
4
SREA
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
+$1.44M
5
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$941K

Sector Composition

Rank Sector Weight
1 Materials 28.01%
2 Financials 25.84%
3 Industrials 7.57%
4 Real Estate 5.64%
5 Healthcare 5.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ATLCL icon
51
Atlanticus Holdings 6.125% Senior Notes due 2026
ATLCL
$149M
$446K 0.09%
20,000
– –
GEHC icon
52
GE HealthCare
GEHC
$31.7B
$343K 0.07%
5,040
– –
ABBV icon
53
AbbVie
ABBV
$435B
$290K 0.06%
1,948
– –
PRHI
54
Presurance Holdings
PRHI
$18.7M
$288K 0.06%
35,714
– –
SLMBP
55
SLM Corp Series B
SLMBP
$189M
$279K 0.06%
4,500
– –
IBM icon
56
IBM
IBM
$222B
$210K 0.04%
1,500
– –
LTSL
57
DELISTED
Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes due 2027
LTSL
$90.3K 0.02%
5,000
– –
WAB icon
58
Wabtec
WAB
$50B
$68.8K 0.01%
647
– –
ADNT icon
59
Adient
ADNT
$1.61B
$43.8K 0.01%
1,193
– –
CBL
60
CBL Properties
CBL
$1.75B
$13.8K ﹤0.01%
658
– –
DNOW icon
61
DNOW Inc
DNOW
$2.6B
$13.1K ﹤0.01%
1,100
– –
VST.WS.A
62
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
$5.49K ﹤0.01%
33,717
– –
KALU icon
63
Kaiser Aluminum
KALU
$2.91B
$5.27K ﹤0.01%
70
– –
KD icon
64
Kyndryl
KD
$3.07B
$4.53K ﹤0.01%
300
– –
CSWCZ
65
DELISTED
Capital Southwest 7.75% Notes due 2028
CSWCZ
– –
-20,000
Closed -$503K
SREA
66
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
$629M
– –
-60,000
Closed -$1.44M
ET.PRE
67
DELISTED
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
– –
-80,000
Closed -$1.93M
NI.PRB
68
DELISTED
NiSource Inc. Depositary Shares representing 1/1,000th ownership interest in a share of 6.50% Series B Preferred Stock and 1/1,000th ownership interest in a share of Series B-1 Preferred Stock
NI.PRB
– –
-25,000
Closed -$630K
WFC.PRQ
69
DELISTED
Wells Fargo & Co.
WFC.PRQ
– –
-100,000
Closed -$2.52M
TDW.WS.A
70
DELISTED
Tidewater Inc. Series A Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.A
– –
-903
Closed -$1.05K
TDW.WS.B
71
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
– –
-976
Closed -$195
IEH
72
DELISTED
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
– –
-72,500
Closed -$1.79M
1 2
3

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IAT Reinsurance's Q3 2023 Portfolio in Review

As of Q3 2023, IAT Reinsurance held 87 positions worth $505M, down 2.5% from $518M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance's Q3 2023 filing shows 4 new, 1 reduced and 9 closed positions. Its largest new stake was Tennessee Valley Authority Power Bonds 1998 Series D due June 1 2028: 60,000 shares worth $1.3M. The largest sale was Wells Fargo & Co., an estimated $2.52M.

By sector, the portfolio is most concentrated in Materials at 28% of assets, up from 26% a quarter earlier, followed by Financials and Industrials.

  • IAT Reinsurance's largest Q3 2023 buy was Tennessee Valley Authority Power Bonds 1998 Series D due June 1 2028: 60,000 shares worth $1.3M.
  • IAT Reinsurance's biggest Q3 2023 reduction was DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077, cutting an estimated $941K.
  • IAT Reinsurance fully exited Wells Fargo & Co. in Q3 2023, selling an estimated $2.52M.
  • IAT Reinsurance's ten largest holdings make up 71% of its $505M portfolio in Q3 2023.
  • IAT Reinsurance opened 4 new positions and closed 9 in Q3 2023.
  • IAT Reinsurance's portfolio value fell 2.5% quarter-over-quarter to $505M.

Based on IAT Reinsurance's 13F filing for Q3 2023, filed 13 Nov 2023.