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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
MERC icon
1
Mercer International
MERC
$42.3M
$221M 37.5%
16,340,000
-140,000
-0.8% -$1.92M
NTP
2
DELISTED
Nam Tai Property Inc.
NTP
$54.8M 9.31%
5,564,800
-210,000
-4% -$1.92M
AMGN icon
3
Amgen
AMGN
$208B
$27.5M 4.68%
145,000
– –
GS icon
4
Goldman Sachs
GS
$300B
$19.4M 3.3%
101,250
-12,050
-11% -$2.32M
MTN icon
5
Vail Resorts
MTN
$5.32B
$18.3M 3.1%
84,000
– –
SRL icon
6
Scully Royalty
SRL
$77.3M
$18M 3.05%
2,444,477
-288,000
-11% -$1.98M
RJF icon
7
Raymond James Financial
RJF
$33.8B
$17.5M 2.97%
326,025
– –
HLIO icon
8
Helios Technologies
HLIO
$2.57B
$14M 2.37%
300,000
– –
SIGI icon
9
Selective Insurance
SIGI
$5.65B
$12.7M 2.15%
200,000
– –
GLW icon
10
Corning
GLW
$119B
$10.3M 1.76%
312,550
– –
JEF icon
11
Jefferies Financial Group
JEF
$12.6B
$9.6M 1.63%
570,709
– –
BA icon
12
Boeing
BA
$171B
$8.68M 1.47%
22,750
-4,650
-17% -$1.79M
EMR icon
13
Emerson Electric
EMR
$83.9B
$6.09M 1.04%
89,000
– –
XLNX
14
DELISTED
Xilinx Inc
XLNX
$5.07M 0.86%
40,000
– –
HAL icon
15
Halliburton
HAL
$26.9B
$4.67M 0.79%
+159,500
New +$4.82M
PG icon
16
Procter & Gamble
PG
$336B
$4.1M 0.7%
39,400
– –
PFSW
17
DELISTED
PFSweb, Inc.
PFSW
$3.91M 0.66%
750,000
– –
IEH
18
DELISTED
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
$3.51M 0.6%
135,000
+15,000
+13% +$390K
BX icon
19
Blackstone
BX
$102B
$3.5M 0.59%
100,000
– –
MSI icon
20
Motorola Solutions
MSI
$72.3B
$3.48M 0.59%
24,750
– –
WALA
21
DELISTED
Western Alliance Bancorporation
WALA
$3.25M 0.55%
125,000
– –
DIS icon
22
Walt Disney
DIS
$167B
$3.22M 0.55%
29,017
+10,517
+57% +$1.18M
TRV icon
23
Travelers Companies
TRV
$78.1B
$2.88M 0.49%
21,000
– –
XOM icon
24
ExxonMobil
XOM
$644B
$2.83M 0.48%
35,000
– –
ETP.PRD
25
DELISTED
Energy Transfer Operating, L.P. 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetu
ETP.PRD
$2.55M 0.43%
100,000
– –
1
2 3 4 5

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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.