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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
-5.07%
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
$667M
AUM Growth
-$74.6M
Cap. Flow
-$29.8M
Cap. Flow %
-4.47%
Top 10 Hldgs %
79.4%
Holding
101
New
6
Increased
4
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
RILYZ icon
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
+$3.5M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$3.41M
3
PRIF.PRJ
Priority Income Fund Inc 6.000% Series J Term Preferred Stock due 2028
PRIF.PRJ
+$1.49M
4
PSEC.PRA icon
Prospect Capital Corp 5.35% Series A Preferred Stock
PSEC.PRA
+$1.2M
5
PRHI
Presurance Holdings
PRHI
+$747K

Top Sells

Rank Stock Value
1
LMHB
Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056
LMHB
+$8.07M
2
CUBB
Customers Bancorp 5.375% Subordinated Notes Due 2034
CUBB
+$4.02M
3
NRUC
National Rural Utilities Cooperative Finance Corp 5.500% Subordinated Notes due 2064
NRUC
+$3.29M
4
CGABL
The Carlyle Group 4.625% Subordinated Notes due 2061
CGABL
+$2.55M
5
QVCGP
QVC Group Inc 8.0% Preferred Stock
QVCGP
+$2.17M

Sector Composition

Rank Sector Weight
1 Materials 28.64%
2 Financials 21.9%
3 Real Estate 20.21%
4 Industrials 7.79%
5 Consumer Discretionary 4.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MERC icon
1
Mercer International
MERC
$42.3M
$191M 28.64%
16,480,000
– –
NTP
2
DELISTED
Nam Tai Property Inc.
NTP
$134M 20.13%
5,774,800
– –
GS icon
3
Goldman Sachs
GS
$300B
$42.1M 6.32%
111,500
– –
SRL icon
4
Scully Royalty
SRL
$77.3M
$33.8M 5.07%
2,978,397
-2
-0% -$26
MTN icon
5
Vail Resorts
MTN
$5.32B
$28.1M 4.21%
84,000
– –
RJF icon
6
Raymond James Financial
RJF
$33.8B
$27.5M 4.12%
298,125
– –
HLIO icon
7
Helios Technologies
HLIO
$2.57B
$24.6M 3.69%
300,000
– –
AMGN icon
8
Amgen
AMGN
$208B
$19.7M 2.95%
92,500
– –
SIGI icon
9
Selective Insurance
SIGI
$5.65B
$15.1M 2.26%
200,000
– –
GLW icon
10
Corning
GLW
$119B
$13.4M 2.01%
367,350
– –
JEF icon
11
Jefferies Financial Group
JEF
$12.6B
$13.4M 2.01%
377,472
– –
DTW
12
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
$323M
$9.85M 1.48%
380,000
+130,000
+52% +$3.41M
PFSW
13
DELISTED
PFSweb, Inc.
PFSW
$9.68M 1.45%
750,000
– –
EMR icon
14
Emerson Electric
EMR
$83.9B
$7.54M 1.13%
80,000
-9,000
-10% -$898K
XLNX
15
DELISTED
Xilinx Inc
XLNX
$6.04M 0.91%
40,000
– –
BA icon
16
Boeing
BA
$171B
$6.03M 0.9%
27,400
– –
XOM icon
17
ExxonMobil
XOM
$644B
$4.68M 0.7%
79,600
– –
BX icon
18
Blackstone
BX
$102B
$4.42M 0.66%
38,000
– –
DIS icon
19
Walt Disney
DIS
$167B
$3.9M 0.59%
23,070
+43
+0.2% +$7.67K
RILYZ icon
20
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
$3.52M 0.53%
+140,000
New +$3.5M
WFC icon
21
Wells Fargo
WFC
$261B
$2.32M 0.35%
50,000
– –
DFP
22
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$1.83M 0.27%
77,797
– –
SCHW
23
Charles Schwab
SCHW
$183B
$1.82M 0.27%
25,000
– –
CHN
24
DELISTED
China Fund
CHN
$1.74M 0.26%
68,399
– –
TEL icon
25
TE Connectivity
TEL
$59.6B
$1.72M 0.26%
12,500
– –
1
2 3 4

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IAT Reinsurance's Q3 2021 Portfolio in Review

As of Q3 2021, IAT Reinsurance held 101 positions worth $667M, down 10% from $742M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

IAT Reinsurance withdrew a net $29.8M in Q3 2021, closing 21 positions and reducing 8 holdings. Its most notable exit was Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056, an estimated $8.07M position sold in full.

By sector, the portfolio is most concentrated in Materials at 29% of assets, up from 28% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in BRC Group Holdings 5.25% Senior Notes due 2028 worth $3.52M.

  • IAT Reinsurance's largest Q3 2021 buy was BRC Group Holdings 5.25% Senior Notes due 2028: 140,000 shares worth $3.52M.
  • IAT Reinsurance added most to DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077 in Q3 2021, an estimated $3.41M increase.
  • IAT Reinsurance's biggest Q3 2021 reduction was Oxford Square Capital 5.50% Notes due 2028, cutting an estimated $1.26M.
  • IAT Reinsurance fully exited Legg Mason, Inc. 5.45% Junior Subordinated Notes due 2056 in Q3 2021, selling an estimated $8.07M.
  • IAT Reinsurance's ten largest holdings make up 79% of its $667M portfolio in Q3 2021.
  • IAT Reinsurance opened 6 new positions and closed 21 in Q3 2021.
  • IAT Reinsurance's portfolio value fell 10% quarter-over-quarter to $667M.

Based on IAT Reinsurance's 13F filing for Q3 2021, filed 15 Nov 2021.