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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
-5.72%
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
$647M
AUM Growth
-$69.5M
Cap. Flow
-$28.1M
Cap. Flow %
-4.35%
Top 10 Hldgs %
71.09%
Holding
130
New
17
Increased
7
Reduced
6
Closed
12

Top Buys

Rank Stock Value
1
CMSA
CMS Energy Corp 5.625% Junior Subordinated Notes due 2078
CMSA
+$2M
2
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$1.84M
3
SGZA.CL
Selective Insurance Group, Inc.
SGZA.CL
+$1.26M
4
WALA
Western Alliance Bancorporation
WALA
+$1.03M
5
APO.PRB
Apollo Global Management, Inc. 6.375 percent Series B Preferred Shares
APO.PRB
+$993K

Top Sells

Rank Stock Value
1
STX icon
Seagate
STX
+$19.9M
2
PG icon
Procter & Gamble
PG
+$16.2M
3
VR.PRA.CL
Validus Holdings, Ltd.
VR.PRA.CL
+$1.69M
4
NS.PRC
NuStar Energy L.P. 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
NS.PRC
+$1.56M
5
AXS.PRE icon
AXIS Capital Holdings Ltd Series E
AXS.PRE
+$1.48M

Sector Composition

Rank Sector Weight
1 Materials 31.72%
2 Financials 21.88%
3 Real Estate 11.19%
4 Industrials 7.45%
5 Consumer Discretionary 6.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STX icon
101
Seagate
STX
$194B
$29K ﹤0.01%
500
-375,000
-100% -$19.9M
GM.WS.B
102
DELISTED
General Motors Company
GM.WS.B
$21K ﹤0.01%
1,145
– –
TDW icon
103
Tidewater
TDW
$3.73B
$16K ﹤0.01%
557
– –
DNOW icon
104
DNOW Inc
DNOW
$2.58B
$11K ﹤0.01%
1,100
– –
DYN.WS.A
105
DELISTED
Dynegy Inc.
DYN.WS.A
$9K ﹤0.01%
33,717
– –
KALU icon
106
Kaiser Aluminum
KALU
$2.61B
$7K ﹤0.01%
70
– –
TDW.WS.A
107
DELISTED
Tidewater Inc. Series A Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.A
$3K ﹤0.01%
903
– –
TDW.WS.B
108
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$3K ﹤0.01%
976
– –
ACGLO icon
109
Arch Capital Group
ACGLO
$258M
– –
-20,000
Closed -$507K
CB icon
110
Chubb
CB
$135B
– –
-54
Closed -$8K
HAL icon
111
Halliburton
HAL
$26.9B
– –
-24,000
Closed -$1.17M
NS.PRC
112
DELISTED
NuStar Energy L.P. 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
NS.PRC
– –
-60,000
Closed -$1.56M
VER.PRF
113
DELISTED
VEREIT, Inc. 6.70% Series F Cumulative Redeemable Preferred Stock
VER.PRF
– –
-50,000
Closed -$1.28M
VR.PRA.CL
114
DELISTED
Validus Holdings, Ltd.
VR.PRA.CL
– –
-65,000
Closed -$1.69M
ECCZ.CL
115
DELISTED
Eagle Point Credit Company Inc.
ECCZ.CL
– –
-10,000
Closed -$251K
EQCO.CL
116
DELISTED
Equity Commonwealth
EQCO.CL
– –
-10,000
Closed -$254K
DVR
117
DELISTED
CAL DIVE INTERNATIONAL INC COM
DVR
– –
-500,000
Closed –
1 2 3 4
5

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PH
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IPW
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CCG
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TL
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FI
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BBWA
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IAT Reinsurance's Q1 2018 Portfolio in Review

As of Q1 2018, IAT Reinsurance held 130 positions worth $647M, down 9.7% from $716M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance withdrew a net $28.1M in Q1 2018, closing 12 positions and reducing 6 holdings. Its most notable exit was Validus Holdings, Ltd., an estimated $1.69M position sold in full.

By sector, the portfolio is most concentrated in Materials at 32% of assets, down from 33% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in CMS Energy Corp 5.625% Junior Subordinated Notes due 2078 worth $2M.

  • IAT Reinsurance's largest Q1 2018 buy was CMS Energy Corp 5.625% Junior Subordinated Notes due 2078: 80,000 shares worth $2M.
  • IAT Reinsurance added most to Western Alliance Bancorporation in Q1 2018, an estimated $1.03M increase.
  • IAT Reinsurance's biggest Q1 2018 reduction was Seagate, cutting an estimated $19.9M.
  • IAT Reinsurance fully exited Validus Holdings, Ltd. in Q1 2018, selling an estimated $1.69M.
  • IAT Reinsurance's ten largest holdings make up 71% of its $647M portfolio in Q1 2018.
  • IAT Reinsurance opened 17 new positions and closed 12 in Q1 2018.
  • IAT Reinsurance's portfolio value fell 9.7% quarter-over-quarter to $647M.

Based on IAT Reinsurance's 13F filing for Q1 2018, filed 11 May 2018.