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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
+7.2%
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
$541M
AUM Growth
+$36M
Cap. Flow
+$4.97M
Cap. Flow %
0.92%
Top 10 Hldgs %
71.21%
Holding
86
New
8
Increased
5
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
STT.PRD
State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
STT.PRD
+$5.02M
2
TVE
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
+$4.07M
3
DFP
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
+$3.43M
4
MS.PRF icon
Morgan Stanley Series F Preferred Stock
MS.PRF
+$2.5M
5
NI.PRB
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
+$2M

Top Sells

Rank Stock Value
1
PFSW
PFSweb, Inc.
PFSW
+$5.58M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$4.03M
3
DCP.PRC
DCP Midstream, LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRC
+$2.99M
4
TBB
AT&T 5.350% Global Notes due 2066
TBB
+$2.89M

Sector Composition

Rank Sector Weight
1 Materials 28.89%
2 Financials 26.61%
3 Industrials 5.9%
4 Real Estate 5.27%
5 Healthcare 5.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
51
Berkshire Hathaway Class A
BRK.A
$1.11T
$543K 0.1%
1
– –
BP icon
52
BP
BP
$107B
$531K 0.1%
15,000
– –
OPINL
53
DELISTED
Office Properties Income Trust 6.375% Senior Notes due 2050
OPINL
$517K 0.1%
40,000
– –
ATLCL icon
54
Atlanticus Holdings 6.125% Senior Notes due 2026
ATLCL
$149M
$464K 0.09%
20,000
– –
GEHC icon
55
GE HealthCare
GEHC
$31.5B
$390K 0.07%
5,040
– –
SLMBP
56
SLM Corp Series B
SLMBP
$188M
$304K 0.06%
4,500
– –
ABBV icon
57
AbbVie
ABBV
$433B
$302K 0.06%
1,948
– –
PRHI
58
Presurance Holdings
PRHI
$19.4M
$275K 0.05%
35,714
– –
IBM icon
59
IBM
IBM
$224B
$245K 0.05%
1,500
– –
LTSL
60
DELISTED
Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes due 2027
LTSL
$93.8K 0.02%
5,000
– –
WAB icon
61
Wabtec
WAB
$50B
$82.1K 0.02%
647
– –
ADNT icon
62
Adient
ADNT
$1.58B
$43.4K 0.01%
1,193
– –
CBL
63
CBL Properties
CBL
$1.77B
$16.1K ﹤0.01%
658
– –
DNOW icon
64
DNOW Inc
DNOW
$2.6B
$12.5K ﹤0.01%
1,100
– –
KD icon
65
Kyndryl
KD
$3.04B
$6.23K ﹤0.01%
300
– –
KALU icon
66
Kaiser Aluminum
KALU
$2.93B
$4.98K ﹤0.01%
70
– –
DVR
67
DELISTED
CAL DIVE INTERNATIONAL INC COM
DVR
$500 ﹤0.01%
+500,000
New +$500
VST.WS.A
68
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
$246 ﹤0.01%
33,717
– –
TBB
69
AT&T 5.350% Global Notes due 2066
TBB
$1.05B
– –
-130,000
Closed -$2.89M
DCP.PRC
70
DELISTED
DCP Midstream, LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRC
– –
-120,000
Closed -$2.99M
PFSW
71
DELISTED
PFSweb, Inc.
PFSW
– –
-750,000
Closed -$5.58M
1 2
3

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EWM
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IAT Reinsurance's Q4 2023 Portfolio in Review

As of Q4 2023, IAT Reinsurance held 86 positions worth $541M, up 7.1% from $505M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance's Q4 2023 filing shows 8 new, 5 increased, 2 reduced and 4 closed positions. Its largest new stake was State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D: 200,000 shares worth $5.01M. The largest sale was PFSweb, Inc., an estimated $5.58M.

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

  • IAT Reinsurance's largest Q4 2023 buy was State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D: 200,000 shares worth $5.01M.
  • IAT Reinsurance added most to Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029 in Q4 2023, an estimated $4.07M increase.
  • IAT Reinsurance's biggest Q4 2023 reduction was DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077, cutting an estimated $4.03M.
  • IAT Reinsurance fully exited PFSweb, Inc. in Q4 2023, selling an estimated $5.58M.
  • IAT Reinsurance's ten largest holdings make up 71% of its $541M portfolio in Q4 2023.
  • IAT Reinsurance opened 8 new positions and closed 4 in Q4 2023.
  • IAT Reinsurance's portfolio value rose 7.1% quarter-over-quarter to $541M.

Based on IAT Reinsurance's 13F filing for Q4 2023, filed 8 Feb 2024.