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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
-5.07%
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
$667M
AUM Growth
-$74.6M
Cap. Flow
-$29.8M
Cap. Flow %
-4.47%
Top 10 Hldgs %
79.4%
Holding
101
New
6
Increased
4
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
RILYZ icon
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
+$3.5M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$3.41M
3
PRIF.PRJ
Priority Income Fund Inc 6.000% Series J Term Preferred Stock due 2028
PRIF.PRJ
+$1.49M
4
PSEC.PRA icon
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
+$1.2M
5
PRHI
Presurance Holdings
PRHI
+$747K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$8.07M
2
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$4.02M
3
NRUC
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
+$3.29M
4
CGABL
The Carlyle Group 4.625% Subordinated Notes due 2061
CGABL
+$2.55M
5
QVCGP
QVC Group Inc 8.0% Preferred Stock
QVCGP
+$2.17M

Sector Composition

Rank Sector Weight
1 Materials 28.64%
2 Financials 21.9%
3 Real Estate 20.21%
4 Industrials 7.79%
5 Consumer Discretionary 4.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RILYN icon
76
BRC Group Holdings 6.50% Senior Notes Due 2026
RILYN
– –
-20,000
Closed -$520K
RILYT icon
77
BRC Group Holdings 6.00% Senior Notes Due 2028
RILYT
– –
-20,000
Closed -$516K
USB.PRR icon
78
US Bancorp Series M Preferred Stock
USB.PRR
$456M
– –
-40,000
Closed -$1.03M
QVCGP
79
DELISTED
QVC Group Inc 8.0% Preferred Stock
QVCGP
– –
-20,000
Closed -$2.17M
PRIF.PRH
80
DELISTED
Priority Income Fund, Inc. 6.00% Series H Term Preferred Stock due 2026
PRIF.PRH
– –
-30,000
Closed -$767K
HTLFP
81
DELISTED
Heartland Financial USA, Inc. Depositary Shares, each representing a 1/400th ownership interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
HTLFP
– –
-15,000
Closed -$416K
LMHB
82
DELISTED
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
– –
-320,000
Closed -$8.07M
IEH
83
DELISTED
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
– –
-30,000
Closed -$795K
DVR
84
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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TL
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BBWA
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EWM
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IAT Reinsurance's Q3 2021 Portfolio in Review

As of Q3 2021, IAT Reinsurance held 101 positions worth $667M, down 10% from $742M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

IAT Reinsurance withdrew a net $29.8M in Q3 2021, closing 21 positions and reducing 8 holdings. Its most notable exit was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, an estimated $8.07M position sold in full.

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

Against the trend, IAT Reinsurance opened a new position in BRC Group Holdings 5.25% Senior Notes due 2028 worth $3.52M.

  • IAT Reinsurance's largest Q3 2021 buy was BRC Group Holdings 5.25% Senior Notes due 2028: 140,000 shares worth $3.52M.
  • IAT Reinsurance added most to DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077 in Q3 2021, an estimated $3.41M increase.
  • IAT Reinsurance's biggest Q3 2021 reduction was Oxford Square Capital 5.50% Notes due 2028, cutting an estimated $1.26M.
  • IAT Reinsurance fully exited Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056 in Q3 2021, selling an estimated $8.07M.
  • IAT Reinsurance's ten largest holdings make up 79% of its $667M portfolio in Q3 2021.
  • IAT Reinsurance opened 6 new positions and closed 21 in Q3 2021.
  • IAT Reinsurance's portfolio value fell 10% quarter-over-quarter to $667M.

Based on IAT Reinsurance's 13F filing for Q3 2021, filed 15 Nov 2021.