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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
+16.96%
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
$678M
AUM Growth
+$30.9M
Cap. Flow
-$46.2M
Cap. Flow %
-6.82%
Top 10 Hldgs %
74.79%
Holding
137
New
19
Increased
–
Reduced
22
Closed
17

Top Buys

Rank Stock Value
1
ETP.PRC
Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRC
+$3M
2
RNR.PRF icon
RenaissanceRe Holdings 5.75% Series F Preference Share
RNR.PRF
+$1.5M
3
DCP.PRB
DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRB
+$1.5M
4
UNMA
Unum Group 6.250% Junior Subordinated Notes due 2058
UNMA
+$1.25M
5
ENBA
Enbridge Inc. 6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078
ENBA
+$1.02M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$13.5M
2
MTN icon
Vail Resorts
MTN
+$9.01M
3
RJF icon
Raymond James Financial
RJF
+$7.69M
4
VTRB
Ventas Realty, Ltd Partnership
VTRB
+$3M
5
GPC icon
Genuine Parts
GPC
+$2.07M

Sector Composition

Rank Sector Weight
1 Materials 42.56%
2 Financials 16.14%
3 Real Estate 9.42%
4 Industrials 6.89%
5 Consumer Discretionary 5.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DNOW icon
101
DNOW Inc
DNOW
$2.58B
$15K ﹤0.01%
1,100
– –
KALU icon
102
Kaiser Aluminum
KALU
$2.61B
$7K ﹤0.01%
70
– –
TDW.WS.A
103
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
104
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$3K ﹤0.01%
976
– –
DVR
105
DELISTED
CAL DIVE INTERNATIONAL INC COM
DVR
$1K ﹤0.01%
+500,000
New +$1K
ALSN icon
106
Allison Transmission
ALSN
$9.5B
– –
-38,330
Closed -$1.5M
AXS.PRE icon
107
AXIS Capital Holdings Ltd Series E
AXS.PRE
$411M
– –
-60,000
Closed -$1.48M
KHC icon
108
Kraft Heinz
KHC
$30.7B
– –
-10,608
Closed -$661K
MDT icon
109
Medtronic
MDT
$109B
– –
-9,900
Closed -$794K
SOJC
110
Southern Company Series 2017B 5.25% Junior Subordinated Notes due Dec 1 2077
SOJC
$365M
– –
-20,000
Closed -$486K
STX icon
111
Seagate
STX
$194B
– –
-500
Closed -$29K
OPINI
112
DELISTED
Office Properties Income Trust 5.875% Senior Notes due 2046
OPINI
– –
-36,000
Closed -$916K
CFR.PRA.CL
113
DELISTED
CULLEN/FROST BANKERS, INC. 5.375% SER A Called
CFR.PRA.CL
– –
-30,000
Closed -$748K
SNHNL
114
DELISTED
Senior Housing Properties Trust 6.25% Senior Notes Due 2046
SNHNL
– –
-35,000
Closed -$912K
AFGE.CL
115
DELISTED
American Financial Group, Inc 6 % Subordinated Debentures due 2054 Called for Redemption
AFGE.CL
– –
-20,000
Closed -$517K
SWJ.CL
116
DELISTED
STANLEY BLACK & DECKER, INC. 5.75% Junior Subordinated Debentures due 2052
SWJ.CL
– –
-10,000
Closed -$253K
ALL.PRF.CL
117
DELISTED
The Allstate Corporation Depositary Shares Series F Called for redemption
ALL.PRF.CL
– –
-10,000
Closed -$261K
MBFIO
118
DELISTED
MB Financial Inc. Noncumulative Perpetual Preferred Stock Series C Depositary Shares
MBFIO
– –
-34,500
Closed -$866K
DYN.WS.A
119
DELISTED
Dynegy Inc.
DYN.WS.A
– –
-33,717
Closed -$9K
PRH
120
DELISTED
PRUDENTIAL FINANCIAL, INC. 5.70% DUE 2053
PRH
– –
-20,000
Closed -$503K
1 2 3 4
5

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IAT Reinsurance's Q2 2018 Portfolio in Review

As of Q2 2018, IAT Reinsurance held 137 positions worth $678M, up 4.8% from $647M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

IAT Reinsurance withdrew a net $46.2M in Q2 2018, closing 17 positions and reducing 22 holdings. Its most notable exit was Allison Transmission, an estimated $1.5M position sold in full.

By sector, the portfolio is most concentrated in Materials at 43% of assets, up from 32% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu worth $3M.

  • IAT Reinsurance's largest Q2 2018 buy was Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu: 120,000 shares worth $3M.
  • IAT Reinsurance's biggest Q2 2018 reduction was Berkshire Hathaway Class A, cutting an estimated $13.5M.
  • IAT Reinsurance fully exited Allison Transmission in Q2 2018, selling an estimated $1.5M.
  • IAT Reinsurance's ten largest holdings make up 75% of its $678M portfolio in Q2 2018.
  • IAT Reinsurance opened 19 new positions and closed 17 in Q2 2018.
  • IAT Reinsurance's portfolio value rose 4.8% quarter-over-quarter to $678M.

Based on IAT Reinsurance's 13F filing for Q2 2018, filed 7 Aug 2018.