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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
+18.57%
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
$589M
AUM Growth
+$62.5M
Cap. Flow
-$25.1M
Cap. Flow %
-4.26%
Top 10 Hldgs %
70.19%
Holding
147
New
14
Increased
2
Reduced
16
Closed
20

Top Buys

Rank Stock Value
1
HAL icon
Halliburton
HAL
+$4.82M
2
BPYPP
Brookfield Property Partners LP 6.50% Class A Cumulative Redeemable Perpetual Preferred Units
BPYPP
+$1.74M
3
CMSD
CMS Energy Corp 5.875% Junior Subordinated Notes due 2079
CMSD
+$1.52M
4
PRIF.PRC
Priority Income Fund, Inc. 6.625% Series C Term Preferred Stock due 2024, par value $0.01 per share
PRIF.PRC
+$1.49M
5
MGR
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
+$1.47M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$7.57M
2
CMSA
CMS Energy Corp 5.625% Junior Subordinated Notes due 2078
CMSA
+$2.82M
3
DUKB
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
+$2.35M
4
GS icon
Goldman Sachs
GS
+$2.32M
5
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
+$2.12M

Sector Composition

Rank Sector Weight
1 Materials 37.5%
2 Financials 16.35%
3 Real Estate 9.43%
4 Industrials 6.48%
5 Healthcare 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ROX
101
DELISTED
Castle Brands, Inc.
ROX
$174K 0.03%
250,000
– –
MRK icon
102
Merck
MRK
$322B
$124K 0.02%
1,558
– –
VST.WS.A
103
DELISTED
Vistra Corp.Warrants to purchase Common Stock (Expiring February 2, 2024)
VST.WS.A
$73K 0.01%
33,717
– –
WAB icon
104
Wabtec
WAB
$49.1B
$48K 0.01%
+647
New +$46.6K
STX icon
105
Seagate
STX
$194B
$24K ﹤0.01%
+500
New +$22.2K
ADNT icon
106
Adient
ADNT
$1.65B
$15K ﹤0.01%
1,193
– –
DNOW icon
107
DNOW Inc
DNOW
$2.58B
$15K ﹤0.01%
1,100
– –
TDW icon
108
Tidewater
TDW
$3.73B
$13K ﹤0.01%
557
– –
KALU icon
109
Kaiser Aluminum
KALU
$2.61B
$7K ﹤0.01%
70
– –
TDW.WS.A
110
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
111
DELISTED
Tidewater Inc. Series B Warrants to purchase shares of common stock (expiring July 31, 2023)
TDW.WS.B
$3K ﹤0.01%
976
– –
BAC.PRK icon
112
Bank of America Depository Shares Series HH
BAC.PRK
$819M
– –
-40,000
Closed -$981K
CMSA
113
CMS Energy Corp 5.625% Junior Subordinated Notes due 2078
CMSA
$167M
– –
-120,000
Closed -$2.82M
CMSC
114
CMS Energy Corp 5.875% Junior Subordinated Notes due 2078
CMSC
$245M
– –
-30,000
Closed -$727K
DUKB
115
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
$454M
– –
-100,000
Closed -$2.35M
GM icon
116
General Motors
GM
$80.4B
– –
-1,228
Closed -$41K
HIG.PRG icon
117
The Hartford Insurance Group 6.000% Series G Preferred Stock
HIG.PRG
$342M
– –
-60,000
Closed -$1.51M
KEY.PRJ icon
118
KeyCorp Series F Preferred Stock
KEY.PRJ
$367M
– –
-60,000
Closed -$1.37M
PRS
119
Prudential Financial Inc 5.625% Junior Subordinated Notes due 2058
PRS
$488M
– –
-60,000
Closed -$1.4M
RNR.PRF icon
120
RenaissanceRe Holdings 5.75% Series F Preference Share
RNR.PRF
$207M
– –
-20,000
Closed -$442K
USB.PRP icon
121
US Bancorp Series K Preferred Stock
USB.PRP
$495M
– –
-40,000
Closed -$978K
WRB.PRE icon
122
W.R. Berkley Corp 5.70% Subordinated Debentures due 2058
WRB.PRE
$155M
– –
-20,000
Closed -$441K
REXR.PRA
123
DELISTED
Rexford Industrial Realty, Inc 5.875% Series A Cumulative Redeemable Preferred Stock
REXR.PRA
– –
-15,000
Closed -$336K
HWCPL
124
DELISTED
Hancock Whitney Corporation 5.95% Subordinated Notes due 2045
HWCPL
– –
-15,000
Closed -$367K
WRB.PRB
125
DELISTED
W.R. BERKLEY CORPORATION 5.625% Subordinated Debentures due 2053
WRB.PRB
– –
-20,000
Closed -$455K
2 3 4
5
6

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IAT Reinsurance's Q1 2019 Portfolio in Review

As of Q1 2019, IAT Reinsurance held 147 positions worth $589M, up 12% from $526M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

IAT Reinsurance withdrew a net $25.1M in Q1 2019, closing 20 positions and reducing 16 holdings. Its most notable exit was CMS Energy Corp 5.625% Junior Subordinated Notes due 2078, an estimated $2.82M position sold in full.

By sector, the portfolio is most concentrated in Materials at 38% of assets, up from 33% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Halliburton worth $4.67M.

  • IAT Reinsurance's largest Q1 2019 buy was Halliburton: 159,500 shares worth $4.67M.
  • IAT Reinsurance added most to Walt Disney in Q1 2019, an estimated $1.18M increase.
  • IAT Reinsurance's biggest Q1 2019 reduction was Berkshire Hathaway Class A, cutting an estimated $7.57M.
  • IAT Reinsurance fully exited CMS Energy Corp 5.625% Junior Subordinated Notes due 2078 in Q1 2019, selling an estimated $2.82M.
  • IAT Reinsurance's ten largest holdings make up 70% of its $589M portfolio in Q1 2019.
  • IAT Reinsurance opened 14 new positions and closed 20 in Q1 2019.
  • IAT Reinsurance's portfolio value rose 12% quarter-over-quarter to $589M.

Based on IAT Reinsurance's 13F filing for Q1 2019, filed 14 May 2019.