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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
+28.69%
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
$489M
AUM Growth
+$84M
Cap. Flow
-$19.8M
Cap. Flow %
-4.05%
Top 10 Hldgs %
72.68%
Holding
94
New
5
Increased
1
Reduced
3
Closed
12

Top Buys

Rank Stock Value
1
FCNCP icon
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
+$3.22M
2
CTBB
Qwest Corp 6.5% Notes due 2056
CTBB
+$2.56M
3
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$1.73M
4
SLMBP
SLM Corp Series B
SLMBP
+$660K
5
CFR.PRB icon
Cullen/Frost Bankers Series B Preferred Stock
CFR.PRB
+$511K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$12.3M
2
WFC.PRZ icon
Wells Fargo & Co Series Z Preferred Stock
WFC.PRZ
+$3.02M
3
WTFCP
Wintrust Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
WTFCP
+$2.65M
4
HBANO
Huntington Bancshares Incorporated Depositary Shares
HBANO
+$2.02M
5
SOJE
Southern Company Series 2020C 4.20% Junior Subordinated Notes due Oct 15 2060
SOJE
+$2M

Sector Composition

Rank Sector Weight
1 Materials 34.54%
2 Financials 20.77%
3 Industrials 7.98%
4 Real Estate 7.21%
5 Consumer Discretionary 5.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LMHA
76
DELISTED
Legg Mason, Inc. 6.375% Junior Subordinated Notes due 2056
LMHA
– –
-40,000
Closed -$1.02M
DVR
77
DELISTED
CAL DIVE INTERNATIONAL INC COM
DVR
$0 ﹤0.01%
500,000
– –
1 2 3
4

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CCG
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BBWA
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EWM
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IAT Reinsurance's Q4 2020 Portfolio in Review

As of Q4 2020, IAT Reinsurance held 94 positions worth $489M, up 21% from $405M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

IAT Reinsurance withdrew a net $19.8M in Q4 2020, closing 12 positions and reducing 3 holdings. Its most notable exit was Wells Fargo & Co Series Z Preferred Stock, an estimated $3.02M position sold in full.

By sector, the portfolio is most concentrated in Materials at 35% of assets, up from 27% a quarter earlier, followed by Financials and Industrials.

Against the trend, IAT Reinsurance opened a new position in First Citizens BancShares 5.375% Series A Preferred Stock worth $3.25M.

  • IAT Reinsurance's largest Q4 2020 buy was First Citizens BancShares 5.375% Series A Preferred Stock: 120,000 shares worth $3.25M.
  • IAT Reinsurance added most to Qwest Corp 6.5% Notes due 2056 in Q4 2020, an estimated $2.56M increase.
  • IAT Reinsurance's biggest Q4 2020 reduction was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, cutting an estimated $12.3M.
  • IAT Reinsurance fully exited Wells Fargo & Co Series Z Preferred Stock in Q4 2020, selling an estimated $3.02M.
  • IAT Reinsurance's ten largest holdings make up 73% of its $489M portfolio in Q4 2020.
  • IAT Reinsurance opened 5 new positions and closed 12 in Q4 2020.
  • IAT Reinsurance's portfolio value rose 21% quarter-over-quarter to $489M.

Based on IAT Reinsurance's 13F filing for Q4 2020, filed 1 Feb 2021.