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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
MERC icon
1
Mercer International
MERC
$42.3M
$288M 42.56%
16,480,000
– –
NTP
2
DELISTED
Nam Tai Property Inc.
NTP
$63.2M 9.33%
5,774,800
– –
MTN icon
3
Vail Resorts
MTN
$5.32B
$31.3M 4.61%
114,000
-36,800
-24% -$9.01M
AMGN icon
4
Amgen
AMGN
$208B
$26.8M 3.95%
145,000
– –
GS icon
5
Goldman Sachs
GS
$300B
$24.5M 3.61%
111,025
-475
-0.4% -$113K
RJF icon
6
Raymond James Financial
RJF
$33.8B
$19.4M 2.87%
326,025
-123,975
-28% -$7.69M
SRL icon
7
Scully Royalty
SRL
$77.3M
$16.2M 2.39%
2,732,477
– –
HLIO icon
8
Helios Technologies
HLIO
$2.57B
$14.5M 2.13%
300,000
– –
JEF icon
9
Jefferies Financial Group
JEF
$12.6B
$11.6M 1.71%
570,709
– –
SIGI icon
10
Selective Insurance
SIGI
$5.65B
$11M 1.62%
200,000
– –
BRK.A icon
11
Berkshire Hathaway Class A
BRK.A
$1.1T
$10.2M 1.5%
36
-46
-56% -$13.5M
BA icon
12
Boeing
BA
$171B
$9.19M 1.36%
27,400
– –
GLW icon
13
Corning
GLW
$119B
$8.6M 1.27%
312,550
– –
PFSW
14
DELISTED
PFSweb, Inc.
PFSW
$7.29M 1.08%
750,000
– –
EMR icon
15
Emerson Electric
EMR
$83.9B
$6.15M 0.91%
89,000
– –
TFCF
16
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
$3.69M 0.55%
75,000
– –
WALA
17
DELISTED
Western Alliance Bancorporation
WALA
$3.59M 0.53%
140,000
– –
BX icon
18
Blackstone
BX
$102B
$3.22M 0.47%
100,000
– –
PG icon
19
Procter & Gamble
PG
$336B
$3.08M 0.45%
39,400
– –
ETP.PRC
20
DELISTED
Energy Transfer Operating, L.P. 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRC
$3M 0.44%
+120,000
New +$3M
XOM icon
21
ExxonMobil
XOM
$644B
$2.9M 0.43%
35,000
– –
MSI icon
22
Motorola Solutions
MSI
$72.3B
$2.88M 0.43%
24,750
-2,700
-10% -$298K
WFC icon
23
Wells Fargo
WFC
$261B
$2.77M 0.41%
50,000
-38,000
-43% -$2.04M
CDK
24
DELISTED
CDK Global, Inc.
CDK
$2.68M 0.4%
41,164
-17,833
-30% -$1.15M
XLNX
25
DELISTED
Xilinx Inc
XLNX
$2.61M 0.39%
40,000
– –
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.