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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
MERC icon
1
Mercer International
MERC
$42.3M
$205M 31.72%
16,480,000
– –
NTP
2
DELISTED
Nam Tai Property Inc.
NTP
$71.9M 11.12%
5,774,800
– –
MTN icon
3
Vail Resorts
MTN
$5.32B
$33.4M 5.17%
150,800
– –
GS icon
4
Goldman Sachs
GS
$300B
$28.1M 4.34%
111,500
– –
RJF icon
5
Raymond James Financial
RJF
$33.8B
$26.8M 4.15%
450,000
– –
AMGN icon
6
Amgen
AMGN
$208B
$24.7M 3.82%
145,000
– –
BRK.A icon
7
Berkshire Hathaway Class A
BRK.A
$1.1T
$24.5M 3.79%
82
– –
SRL icon
8
Scully Royalty
SRL
$77.3M
$17M 2.63%
2,732,477
– –
HLIO icon
9
Helios Technologies
HLIO
$2.57B
$16.1M 2.48%
300,000
– –
SIGI icon
10
Selective Insurance
SIGI
$5.65B
$12.1M 1.88%
200,000
– –
JEF icon
11
Jefferies Financial Group
JEF
$12.6B
$11.6M 1.8%
570,709
– –
BA icon
12
Boeing
BA
$171B
$8.98M 1.39%
27,400
– –
GLW icon
13
Corning
GLW
$119B
$8.71M 1.35%
312,550
– –
PFSW
14
DELISTED
PFSweb, Inc.
PFSW
$6.55M 1.01%
750,000
– –
EMR icon
15
Emerson Electric
EMR
$83.9B
$6.08M 0.94%
89,000
– –
WFC icon
16
Wells Fargo
WFC
$261B
$4.61M 0.71%
88,000
– –
VTRB
17
DELISTED
Ventas Realty, Ltd Partnership
VTRB
$4.37M 0.68%
175,000
+10,000
+6% +$250K
LM
18
DELISTED
Legg Mason, Inc.
LM
$4.07M 0.63%
100,000
– –
GPC icon
19
Genuine Parts
GPC
$17.1B
$3.75M 0.58%
41,800
– –
CDK
20
DELISTED
CDK Global, Inc.
CDK
$3.74M 0.58%
58,997
– –
WALA
21
DELISTED
Western Alliance Bancorporation
WALA
$3.56M 0.55%
140,000
+40,000
+40% +$1.03M
IBM icon
22
IBM
IBM
$211B
$3.43M 0.53%
23,403
– –
BX icon
23
Blackstone
BX
$102B
$3.19M 0.49%
100,000
– –
PG icon
24
Procter & Gamble
PG
$336B
$3.12M 0.48%
39,400
-194,500
-83% -$16.2M
TRV icon
25
Travelers Companies
TRV
$78.1B
$2.92M 0.45%
21,000
– –
1
2 3 4 5

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IPW
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CCG
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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.