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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
+35.42%
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
$657M
AUM Growth
+$168M
Cap. Flow
+$42M
Cap. Flow %
6.39%
Top 10 Hldgs %
75.06%
Holding
110
New
28
Increased
2
Reduced
1
Closed
4

Top Buys

Rank Stock Value
1
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$5.22M
2
GAINN
Gladstone Investment Corp 5.00% Notes due 2026
GAINN
+$3.87M
3
DUKB
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
+$3.81M
4
USB.PRR icon
US Bancorp Series M Preferred Stock
USB.PRR
+$3.48M
5
NRUC
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
+$3.23M

Top Sells

Rank Stock Value
1
CFR.PRB icon
Cullen/Frost Bankers Series B Preferred Stock
CFR.PRB
+$515K
2
DHCNL
Diversified Healthcare Trust 6.25% Senior Notes due 2046
DHCNL
+$489K
3
DHCNI
Diversified Healthcare Trust 5.625% Senior Notes due 2042
DHCNI
+$229K

Sector Composition

Rank Sector Weight
1 Materials 36.12%
2 Financials 19.24%
3 Real Estate 10.97%
4 Industrials 7.07%
5 Consumer Discretionary 3.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MERC icon
1
Mercer International
MERC
$42.3M
$237M 36.11%
16,480,000
– –
NTP
2
DELISTED
Nam Tai Property Inc.
NTP
$71.2M 10.84%
5,774,800
– –
GS icon
3
Goldman Sachs
GS
$300B
$36.5M 5.55%
111,500
– –
MTN icon
4
Vail Resorts
MTN
$5.32B
$24.5M 3.73%
84,000
– –
RJF icon
5
Raymond James Financial
RJF
$33.8B
$24.4M 3.71%
298,125
– –
SRL icon
6
Scully Royalty
SRL
$77.3M
$23.8M 3.63%
2,732,477
– –
AMGN icon
7
Amgen
AMGN
$208B
$23M 3.5%
92,500
– –
HLIO icon
8
Helios Technologies
HLIO
$2.57B
$21.9M 3.33%
300,000
– –
GLW icon
9
Corning
GLW
$119B
$16M 2.43%
367,350
– –
SIGI icon
10
Selective Insurance
SIGI
$5.65B
$14.5M 2.21%
200,000
– –
JEF icon
11
Jefferies Financial Group
JEF
$12.6B
$10.9M 1.65%
377,472
– –
LMHB
12
DELISTED
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
$8.13M 1.24%
320,000
– –
EMR icon
13
Emerson Electric
EMR
$83.9B
$8.03M 1.22%
89,000
– –
BA icon
14
Boeing
BA
$171B
$6.98M 1.06%
27,400
– –
DTW
15
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
$323M
$5.21M 0.79%
+200,000
New +$5.22M
PFSW
16
DELISTED
PFSweb, Inc.
PFSW
$5.06M 0.77%
750,000
– –
XLNX
17
DELISTED
Xilinx Inc
XLNX
$4.96M 0.75%
40,000
– –
CTBB
18
DELISTED
Qwest Corp 6.5% Notes due 2056
CTBB
$4.6M 0.7%
180,000
+40,000
+29% +$1.02M
XOM icon
19
ExxonMobil
XOM
$644B
$4.44M 0.68%
79,600
– –
DIS icon
20
Walt Disney
DIS
$167B
$4.25M 0.65%
23,027
– –
GAINN
21
DELISTED
Gladstone Investment Corp 5.00% Notes due 2026
GAINN
$3.88M 0.59%
+150,000
New +$3.87M
DUKB
22
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
$454M
$3.76M 0.57%
+140,000
New +$3.81M
USB.PRR icon
23
US Bancorp Series M Preferred Stock
USB.PRR
$457M
$3.48M 0.53%
+140,000
New +$3.48M
FCNCP icon
24
First Citizens BancShares 5.375% Series A Preferred Stock
FCNCP
$279M
$3.23M 0.49%
120,000
– –
NRUC
25
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
$223M
$3.17M 0.48%
+120,000
New +$3.23M
1
2 3 4

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IPW
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CCG
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BBWA
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IAT Reinsurance's Q1 2021 Portfolio in Review

As of Q1 2021, IAT Reinsurance held 110 positions worth $657M, up 34% from $489M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

IAT Reinsurance deployed $42M of net new capital in Q1 2021, opening 28 new positions and adding to 2 existing holdings. Its largest new stake was DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077: 200,000 shares worth $5.21M.

By sector, the portfolio is most concentrated in Materials at 36% of assets, up from 35% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Diversified Healthcare Trust 5.625% Senior Notes due 2042, an estimated $229K trimmed.

  • IAT Reinsurance's largest Q1 2021 buy was DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077: 200,000 shares worth $5.21M.
  • IAT Reinsurance added most to Customers Bancorp 5.375% Subordinated Notes Due 2034 in Q1 2021, an estimated $1.02M increase.
  • IAT Reinsurance's biggest Q1 2021 reduction was Diversified Healthcare Trust 5.625% Senior Notes due 2042, cutting an estimated $229K.
  • IAT Reinsurance fully exited Cullen/Frost Bankers Series B Preferred Stock in Q1 2021, selling an estimated $515K.
  • IAT Reinsurance's ten largest holdings make up 75% of its $657M portfolio in Q1 2021.
  • IAT Reinsurance opened 28 new positions and closed 4 in Q1 2021.
  • IAT Reinsurance's portfolio value rose 34% quarter-over-quarter to $657M.

Based on IAT Reinsurance's 13F filing for Q1 2021, filed 11 May 2021.