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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
+3.64%
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
$150M
AUM Growth
-$371M
Cap. Flow
-$377M
Cap. Flow %
-251.58%
Top 10 Hldgs %
42%
Holding
134
New
14
Increased
–
Reduced
44
Closed
21

Top Buys

Rank Stock Value
1
AXP icon
American Express
AXP
+$4.07M
2
UZC
United States Cellular Corporation 7.25% Senior Notes due 2064
UZC
+$995K
3
ECCZ.CL
Eagle Point Credit Company Inc.
ECCZ.CL
+$981K
4
WTW icon
Willis Towers Watson
WTW
+$582K
5
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$534K

Top Sells

Rank Stock Value
1
MERC icon
Mercer International
MERC
+$155M
2
SRL icon
Scully Royalty
SRL
+$31M
3
NTP
Nam Tai Property Inc.
NTP
+$30.3M
4
GS icon
Goldman Sachs
GS
+$19.9M
5
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$19.3M

Sector Composition

Rank Sector Weight
1 Financials 27.79%
2 Industrials 16.4%
3 Healthcare 6.46%
4 Consumer Discretionary 6.33%
5 Consumer Staples 5.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WTFCM
101
DELISTED
Wintrust Financial Corporation Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
WTFCM
– –
-120,000
Closed -$3.06M
HWCPL
102
DELISTED
Hancock Whitney Corporation 5.95% Subordinated Notes due 2045
HWCPL
– –
-40,000
Closed -$972K
WPX
103
DELISTED
WPX Energy, Inc.
WPX
– –
-87,000
Closed -$576K
SNHNI
104
DELISTED
SENIOR HOUSING PROPERTIES TRUST 5.625% Senior Notes due 2042
SNHNI
– –
-30,000
Closed -$736K
UPL
105
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
– –
-15,000
Closed -$96K
TFCF
106
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
– –
-275,000
Closed -$7.44M
CFC.PRB.CL
107
DELISTED
Countrywide Capital V
CFC.PRB.CL
– –
-56,000
Closed -$1.44M
EQCO.CL
108
DELISTED
Equity Commonwealth
EQCO.CL
– –
-70,000
Closed -$1.68M
ELA.CL
109
DELISTED
ENTERGY LOUSIANA LLC 1ST MTG BD 5.875 SER DUE 6/15/41 (TX)
ELA.CL
– –
-53,000
Closed -$1.33M
HERO
110
DELISTED
HERCULES OFFSHORE INC COM STK
HERO
– –
-5
Closed –
GSF.CL
111
DELISTED
GOLDMAN SACHS GROUP INC 6.125% NTS DUE 2060
GSF.CL
– –
-50,000
Closed -$1.27M
ARY.CL
112
DELISTED
ARES CAPITAL CORPORATION 7.75% SENIOR NOTES DUE 2040 (MD)
ARY.CL
– –
-12,000
Closed -$300K
HCC
113
DELISTED
HCC INSURANCES HOLDINGS INC
HCC
– –
-93,000
Closed -$7.21M
PSB.PRR
114
DELISTED
PS BUSINESS PKS INC CALIF DEP SHS REP 1/1000TH SER R 6.875%
PSB.PRR
– –
-60,000
Closed -$1.5M
AOG
115
DELISTED
AURORA OIL & GAS CORPORATION COM (UTAH)
AOG
$0 ﹤0.01%
+1,000
New –
HAXS
116
DELISTED
BPO MGMT SVCS INC PA COM STK (PA)
HAXS
$0 ﹤0.01%
+2,384
New –
ARU.CL
117
DELISTED
Ares Capital Corporation
ARU.CL
– –
-30,000
Closed -$761K
DLR.PRF.CL
118
DELISTED
Digital Realty Trust Inc
DLR.PRF.CL
– –
-10,000
Closed -$253K
1 2 3 4
5

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IAT Reinsurance's Q4 2015 Portfolio in Review

As of Q4 2015, IAT Reinsurance held 134 positions worth $150M, down 71% from $521M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

IAT Reinsurance withdrew a net $377M in Q4 2015, closing 21 positions and reducing 44 holdings. Its most notable exit was Twenty-First Century Fox, Inc. Class B, an estimated $7.44M position sold in full.

By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 27% a quarter earlier, followed by Industrials and Healthcare.

Against the trend, IAT Reinsurance opened a new position in American Express worth $3.9M.

  • IAT Reinsurance's largest Q4 2015 buy was American Express: 56,000 shares worth $3.9M.
  • IAT Reinsurance's biggest Q4 2015 reduction was Mercer International, cutting an estimated $155M.
  • IAT Reinsurance fully exited Twenty-First Century Fox, Inc. Class B in Q4 2015, selling an estimated $7.44M.
  • IAT Reinsurance's ten largest holdings make up 42% of its $150M portfolio in Q4 2015.
  • IAT Reinsurance opened 14 new positions and closed 21 in Q4 2015.
  • IAT Reinsurance's portfolio value fell 71% quarter-over-quarter to $150M.

Based on IAT Reinsurance's 13F filing for Q4 2015, filed 3 Feb 2016.