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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
+6.48%
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
$225M
AUM Growth
-$316M
Cap. Flow
+$912K
Cap. Flow %
0.41%
Top 10 Hldgs %
64.43%
Holding
88
New
6
Increased
5
Reduced
2
Closed
8

Top Buys

Rank Stock Value
1
MGRE
Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064
MGRE
+$5.11M
2
ET.PRE
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
+$3.02M
3
CVX icon
Chevron
CVX
+$2.41M
4
ATHS
Athene Holding Ltd 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
ATHS
+$1.78M
5
J icon
Jacobs Solutions
J
+$1.78M

Top Sells

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
+$5.01M
2
MS.PRF icon
Morgan Stanley Series F Preferred Stock
MS.PRF
+$2.5M
3
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$2.22M
4
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
5
SCE.PRM
SCE Trust VII 7.50% Trust Preference Securities
SCE.PRM
+$1.57M

Sector Composition

Rank Sector Weight
1 Financials 38.26%
2 Technology 11.85%
3 Industrials 9.41%
4 Consumer Discretionary 5.75%
5 Healthcare 3.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTS icon
51
Vitesse Energy
VTS
$665M
$420K 0.19%
42,469
-42,469
-50% -$932K
ABBV icon
52
AbbVie
ABBV
$435B
$355K 0.16%
1,948
– –
OZKAP
53
Bank OZK 4.625% Series A Preferred Stock
OZKAP
$226M
$348K 0.15%
60,000
– –
SLMBP
54
SLM Corp Series B
SLMBP
$189M
$342K 0.15%
4,500
– –
IBM icon
55
IBM
IBM
$222B
$286K 0.13%
1,500
– –
PRHI
56
Presurance Holdings
PRHI
$18.7M
$282K 0.13%
35,714
– –
OPINL
57
DELISTED
Office Properties Income Trust 6.375% Senior Notes due 2050
OPINL
$220K 0.1%
40,000
– –
GEHC icon
58
GE HealthCare
GEHC
$31.7B
$133K 0.06%
5,040
– –
LTSL
59
DELISTED
Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes due 2027
LTSL
$93.5K 0.04%
5,000
– –
ADNT icon
60
Adient
ADNT
$1.61B
$39.3K 0.02%
1,193
– –
WAB icon
61
Wabtec
WAB
$50B
$27.2K 0.01%
647
– –
DNOW icon
62
DNOW Inc
DNOW
$2.6B
$16.7K 0.01%
1,100
– –
CBL
63
CBL Properties
CBL
$1.75B
$15.1K 0.01%
658
– –
KD icon
64
Kyndryl
KD
$3.07B
$6.53K ﹤0.01%
300
– –
KALU icon
65
Kaiser Aluminum
KALU
$2.91B
$6.25K ﹤0.01%
70
– –
DVR
66
DELISTED
CAL DIVE INTERNATIONAL INC COM
DVR
$500 ﹤0.01%
500,000
– –
DTW
67
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
$323M
– –
-90,000
Closed -$2.22M
MS.PRF icon
68
Morgan Stanley Series F Preferred Stock
MS.PRF
$858K
– –
-100,000
Closed -$2.5M
SCE.PRM
69
SCE Trust VII 7.50% Trust Preference Securities
SCE.PRM
$523M
– –
-60,000
Closed -$1.57M
NI.PRB
70
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
– –
-80,000
Closed -$2M
STT.PRD
71
DELISTED
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
– –
-200,000
Closed -$5.01M
WFC.PRR
72
DELISTED
WELLS FARGO & COMPANY Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R
WFC.PRR
– –
-60,000
Closed -$1.51M
VST.WS.A
73
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
– –
-33,717
Closed -$246
1 2
3

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IAT Reinsurance's Q1 2024 Portfolio in Review

As of Q1 2024, IAT Reinsurance held 88 positions worth $225M, down 58% from $541M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

IAT Reinsurance's Q1 2024 filing shows 6 new, 5 increased, 2 reduced and 8 closed positions. Its largest new stake was Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064: 200,000 shares worth $2.55M. The largest sale 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, an estimated $5.01M.

By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 27% a quarter earlier, followed by Technology and Industrials.

  • IAT Reinsurance's largest Q1 2024 buy was Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064: 200,000 shares worth $2.55M.
  • IAT Reinsurance added most to Chevron in Q1 2024, an estimated $2.41M increase.
  • IAT Reinsurance's biggest Q1 2024 reduction was Vitesse Energy, cutting an estimated $932K.
  • IAT Reinsurance fully exited 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 in Q1 2024, selling an estimated $5.01M.
  • IAT Reinsurance's ten largest holdings make up 64% of its $225M portfolio in Q1 2024.
  • IAT Reinsurance opened 6 new positions and closed 8 in Q1 2024.
  • IAT Reinsurance's portfolio value fell 58% quarter-over-quarter to $225M.

Based on IAT Reinsurance's 13F filing for Q1 2024, filed 9 May 2024.