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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
+28.69%
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
$489M
AUM Growth
+$84M
Cap. Flow
-$19.8M
Cap. Flow %
-4.05%
Top 10 Hldgs %
72.68%
Holding
94
New
5
Increased
1
Reduced
3
Closed
12

Top Buys

Rank Stock Value
1
FCNCP icon
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
+$3.22M
2
CTBB
Qwest Corp 6.5% Notes due 2056
CTBB
+$2.56M
3
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$1.73M
4
SLMBP
SLM Corp Series B
SLMBP
+$660K
5
CFR.PRB icon
Cullen/Frost Bankers Series B Preferred Stock
CFR.PRB
+$511K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$12.3M
2
WFC.PRZ icon
Wells Fargo & Co Series Z Preferred Stock
WFC.PRZ
+$3.02M
3
WTFCP
Wintrust Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
WTFCP
+$2.65M
4
HBANO
Huntington Bancshares Incorporated Depositary Shares
HBANO
+$2.02M
5
SOJE
Southern Company Series 2020C 4.20% Junior Subordinated Notes due Oct 15 2060
SOJE
+$2M

Sector Composition

Rank Sector Weight
1 Materials 34.54%
2 Financials 20.77%
3 Industrials 7.98%
4 Real Estate 7.21%
5 Consumer Discretionary 5.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MERC icon
1
Mercer International
MERC
$42.3M
$169M 34.54%
16,480,000
– –
NTP
2
DELISTED
Nam Tai Property Inc.
NTP
$33.8M 6.91%
5,774,800
– –
GS icon
3
Goldman Sachs
GS
$300B
$30M 6.12%
111,500
– –
MTN icon
4
Vail Resorts
MTN
$5.32B
$23.4M 4.79%
84,000
– –
AMGN icon
5
Amgen
AMGN
$208B
$21.3M 4.35%
92,500
– –
RJF icon
6
Raymond James Financial
RJF
$33.8B
$19M 3.89%
298,125
– –
HLIO icon
7
Helios Technologies
HLIO
$2.57B
$16M 3.27%
300,000
– –
GLW icon
8
Corning
GLW
$119B
$15.3M 3.12%
367,350
– –
DIS icon
9
Walt Disney
DIS
$167B
$14.3M 2.93%
23,027
– –
SRL icon
10
Scully Royalty
SRL
$77.3M
$13.5M 2.77%
2,732,477
– –
SIGI icon
11
Selective Insurance
SIGI
$5.65B
$13.4M 2.74%
200,000
– –
BX icon
12
Blackstone
BX
$102B
$12.8M 2.62%
38,000
– –
JEF icon
13
Jefferies Financial Group
JEF
$12.6B
$8.88M 1.81%
377,472
– –
LMHB
14
DELISTED
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
$8.19M 1.67%
320,000
-480,000
-60% -$12.3M
EMR icon
15
Emerson Electric
EMR
$83.9B
$7.15M 1.46%
89,000
– –
BA icon
16
Boeing
BA
$171B
$6.97M 1.42%
27,400
– –
XLNX
17
DELISTED
Xilinx Inc
XLNX
$5.67M 1.16%
40,000
– –
PFSW
18
DELISTED
PFSweb, Inc.
PFSW
$5.05M 1.03%
750,000
– –
CTBB
19
DELISTED
Qwest Corp 6.5% Notes due 2056
CTBB
$3.56M 0.73%
140,000
+100,000
+250% +$2.56M
XOM icon
20
ExxonMobil
XOM
$644B
$3.28M 0.67%
79,600
– –
FCNCP icon
21
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
$279M
$3.25M 0.66%
+120,000
New +$3.22M
CHN
22
DELISTED
China Fund
CHN
$1.95M 0.4%
68,399
– –
CUBB
23
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
$67.1M
$1.82M 0.37%
+70,000
New +$1.73M
ABBV icon
24
AbbVie
ABBV
$443B
$1.65M 0.34%
15,371
– –
DFP
25
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$1.56M 0.32%
77,797
– –
1
2 3 4

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IAT Reinsurance's Q4 2020 Portfolio in Review

As of Q4 2020, IAT Reinsurance held 94 positions worth $489M, up 21% from $405M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

IAT Reinsurance withdrew a net $19.8M in Q4 2020, closing 12 positions and reducing 3 holdings. Its most notable exit was Wells Fargo & Co Series Z Preferred Stock, an estimated $3.02M position sold in full.

By sector, the portfolio is most concentrated in Materials at 35% of assets, up from 27% a quarter earlier, followed by Financials and Industrials.

Against the trend, IAT Reinsurance opened a new position in First Citizens BancShares 5.375% Series A Preferred Stock worth $3.25M.

  • IAT Reinsurance's largest Q4 2020 buy was First Citizens BancShares 5.375% Series A Preferred Stock: 120,000 shares worth $3.25M.
  • IAT Reinsurance added most to Qwest Corp 6.5% Notes due 2056 in Q4 2020, an estimated $2.56M increase.
  • IAT Reinsurance's biggest Q4 2020 reduction was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, cutting an estimated $12.3M.
  • IAT Reinsurance fully exited Wells Fargo & Co Series Z Preferred Stock in Q4 2020, selling an estimated $3.02M.
  • IAT Reinsurance's ten largest holdings make up 73% of its $489M portfolio in Q4 2020.
  • IAT Reinsurance opened 5 new positions and closed 12 in Q4 2020.
  • IAT Reinsurance's portfolio value rose 21% quarter-over-quarter to $489M.

Based on IAT Reinsurance's 13F filing for Q4 2020, filed 1 Feb 2021.