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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
+3.13%
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
$548M
AUM Growth
-$34.3M
Cap. Flow
-$46.4M
Cap. Flow %
-8.46%
Top 10 Hldgs %
77.04%
Holding
124
New
3
Increased
5
Reduced
13
Closed
37

Top Buys

Rank Stock Value
1
GLW icon
Corning
GLW
+$1.59M
2
SPB icon
Spectrum Brands
SPB
+$725K
3
SACC
Sachem Capital Corp. 6.875% Notes due 2024
SACC
+$250K
4
GS icon
Goldman Sachs
GS
+$21.7K

Top Sells

Rank Stock Value
1
MSI icon
Motorola Solutions
MSI
+$4.22M
2
ETP.PRD
Energy Transfer Operating, L.P. 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRD
+$3.45M
3
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$3.37M
4
SREA
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
+$2.41M
5
MGR
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
+$2.1M

Sector Composition

Rank Sector Weight
1 Materials 37%
2 Financials 21.64%
3 Real Estate 9.2%
4 Industrials 7.78%
5 Healthcare 6.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BUD icon
76
AB InBev
BUD
$170B
– –
-11,000
Closed -$1.05M
CMSD
77
CMS Energy Corp 5.875% Junior Subordinated Notes due 2079
CMSD
$557M
– –
-40,000
Closed -$1.13M
CTDD
78
DELISTED
Qwest Corp 6.75% Notes due 2057
CTDD
– –
-30,000
Closed -$766K
ECCX
79
DELISTED
Eagle Point Credit Co 6.6875% Notes due 2028
ECCX
– –
-40,000
Closed -$1.02M
ESGRP
80
DELISTED
Enstar Group Depositary Shares Rep 1/1000 Preference Shares
ESGRP
– –
-60,000
Closed -$1.62M
GPC icon
81
Genuine Parts
GPC
$17.1B
$0 ﹤0.01%
2
-19,106
-100% -$1.96M
JPM icon
82
JPMorgan Chase
JPM
$935B
– –
-5,655
Closed -$666K
MGR
83
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
– –
-80,000
Closed -$2.1M
MSI icon
84
Motorola Solutions
MSI
$72.3B
– –
-24,750
Closed -$4.22M
NSA.PRA
85
DELISTED
National Storage Affiliates Trust 6.000% Series A Preferred Shares
NSA.PRA
– –
-20,000
Closed -$527K
ADAMN
86
Adamas Trust 8.00% Series D Preferred Stock
ADAMN
$128M
– –
-20,000
Closed -$500K
OXSQZ
87
DELISTED
Oxford Square Capital 6.25% Notes due 2026
OXSQZ
– –
-80,000
Closed -$2.03M
RILYN icon
88
BRC Group Holdings 6.50% Senior Notes Due 2026
RILYN
– –
-40,000
Closed -$1.01M
SREA
89
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
$632M
– –
-90,000
Closed -$2.41M
STX icon
90
Seagate
STX
$194B
– –
-500
Closed -$27K
WTW icon
91
Willis Towers Watson
WTW
$31.2B
– –
-7,950
Closed -$1.53M
NEWTL
92
DELISTED
NewtekOne, Inc. 5.75% Notes due 2024
NEWTL
– –
-17,000
Closed -$436K
AQNA
93
DELISTED
Algonquin Power & Utilities Corp 6.875% Series 2018-A
AQNA
– –
-30,000
Closed -$835K
DCP.PRC
94
DELISTED
DCP Midstream, LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRC
– –
-20,000
Closed -$490K
SJIJ
95
DELISTED
South Jersey Industries, Inc. 5.625% Junior Subordinated Notes due 2079
SJIJ
– –
-40,000
Closed -$1.04M
ECCY
96
DELISTED
Eagle Point Credit Company Inc. 6.75% Notes due 2027
ECCY
– –
-60,000
Closed -$1.53M
PNNTG
97
DELISTED
PennantPark Investment Corporation 5.50% Notes Due 2024
PNNTG
– –
-30,000
Closed -$746K
ETP.PRE
98
DELISTED
Energy Transfer Operating, L.P. Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Pref
ETP.PRE
– –
-50,000
Closed -$1.27M
ETP.PRD
99
DELISTED
Energy Transfer Operating, L.P. 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRD
– –
-140,000
Closed -$3.45M
ETP.PRC
100
DELISTED
Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRC
– –
-15,000
Closed -$367K
1 2 3
4
5

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IAT Reinsurance's Q4 2019 Portfolio in Review

As of Q4 2019, IAT Reinsurance held 124 positions worth $548M, down 5.9% from $582M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

IAT Reinsurance withdrew a net $46.4M in Q4 2019, closing 37 positions and reducing 13 holdings. Its most notable exit was Motorola Solutions, an estimated $4.22M position sold in full.

By sector, the portfolio is most concentrated in Materials at 37% of assets, up from 36% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Spectrum Brands worth $823K.

  • IAT Reinsurance's largest Q4 2019 buy was Spectrum Brands: 12,799 shares worth $823K.
  • IAT Reinsurance added most to Corning in Q4 2019, an estimated $1.59M increase.
  • IAT Reinsurance's biggest Q4 2019 reduction was INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI), cutting an estimated $3.37M.
  • IAT Reinsurance fully exited Motorola Solutions in Q4 2019, selling an estimated $4.22M.
  • IAT Reinsurance's ten largest holdings make up 77% of its $548M portfolio in Q4 2019.
  • IAT Reinsurance opened 3 new positions and closed 37 in Q4 2019.
  • IAT Reinsurance's portfolio value fell 5.9% quarter-over-quarter to $548M.

Based on IAT Reinsurance's 13F filing for Q4 2019, filed 12 Feb 2020.