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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
+3.29%
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
$405M
AUM Growth
+$40.4M
Cap. Flow
+$47.5M
Cap. Flow %
11.73%
Top 10 Hldgs %
73.78%
Holding
100
New
15
Increased
4
Reduced
1
Closed
11

Top Buys

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$20.3M
2
GLW icon
Corning
GLW
+$4.64M
3
DIS icon
Walt Disney
DIS
+$2.88M
4
HBANO
Huntington Bancshares Incorporated Depositary Shares
HBANO
+$2.05M
5
BX icon
Blackstone
BX
+$2.03M

Top Sells

Rank Stock Value
1
ANG.PRB
American National Group Series B
ANG.PRB
+$1.21M
2
RILYM
B. Riley Financial, Inc. 6.375% Senior Notes due 2025
RILYM
+$1.04M
3
WALA
Western Alliance Bancorporation
WALA
+$887K
4
UNMA
Unum Group 6.250% Junior Subordinated Notes due 2058
UNMA
+$749K
5
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$546K

Sector Composition

Rank Sector Weight
1 Materials 26.85%
2 Financials 18.32%
3 Real Estate 13.64%
4 Industrials 7.22%
5 Healthcare 6.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TDW.WS.B
76
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$0 ﹤0.01%
976
– –
WALA
77
DELISTED
Western Alliance Bancorporation
WALA
– –
-35,000
Closed -$887K
SOJB
78
DELISTED
The Southern Company Series 2016A 5.25% Junior Subordinated Notes due October 1, 2076
SOJB
– –
-10,000
Closed -$251K
DRUA
79
DELISTED
Dominion Energy, Inc 2016 Series A 5.25% Enhanced Junior Subordinated Notes due 2076
DRUA
– –
-14,000
Closed -$356K
DVR
80
DELISTED
CAL DIVE INTERNATIONAL INC COM
DVR
$0 ﹤0.01%
500,000
– –
1 2 3
4

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IAT Reinsurance's Q3 2020 Portfolio in Review

As of Q3 2020, IAT Reinsurance held 100 positions worth $405M, up 11% from $365M the previous quarter. Its ten largest holdings account for 74% of the portfolio.

IAT Reinsurance deployed $47.5M of net new capital in Q3 2020, opening 15 new positions and adding to 4 existing holdings. Its largest new stake was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056: 800,000 shares worth $20.4M.

By sector, the portfolio is most concentrated in Materials at 27% of assets, down from 37% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI), an estimated $546K trimmed.

  • IAT Reinsurance's largest Q3 2020 buy was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056: 800,000 shares worth $20.4M.
  • IAT Reinsurance added most to Corning in Q3 2020, an estimated $4.64M increase.
  • IAT Reinsurance's biggest Q3 2020 reduction was INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI), cutting an estimated $546K.
  • IAT Reinsurance fully exited American National Group Series B in Q3 2020, selling an estimated $1.21M.
  • IAT Reinsurance's ten largest holdings make up 74% of its $405M portfolio in Q3 2020.
  • IAT Reinsurance opened 15 new positions and closed 11 in Q3 2020.
  • IAT Reinsurance's portfolio value rose 11% quarter-over-quarter to $405M.

Based on IAT Reinsurance's 13F filing for Q3 2020, filed 13 Nov 2020.